Delta’s net loss for the December 2008 quarter was $340 million, excluding special items and the impact of out-of-period fuel hedges. Delta’s reported net loss for the December 2008 quarter was $1.4 billion, including an over $900 million charge related to broad-based employee equity awards, and a $91 million loss on out-of-period fuel hedges.
Delta’s 2008 net loss was $503 million excluding special items that primarily consist of an over $900 million non-cash charge related to employee equity awards that were issued or vested in connection with the merger and $7.3 billion in non-cash goodwill and other intangible asset impairment charges reported earlier this year, and a $91 million loss on out-of-period fuel hedges. Delta’s reported 2008 net loss was $8.9 billion.
Delta completed its merger with Northwest during the fourth quarter and expects the merger to generate $500 million in synergies in 2009 and $2 billion in annual run-rate synergies by 2012.