ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Wednesday, March 5, 1997 TAG: 9703050096
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Forecast gives airlines several profitable years
WASHINGTON - The nation's strong economic performance is expected to boost commercial air travel over the next several years, the Federal Aviation Administration has forecast.
The number of passengers carried by both major airlines and regional carriers will climb through 2008, the agency said in analyses prepared for the annual aviation forecast conference today.
U.S. airlines carried 573.9 million passengers last year, including 50.3 million flying to other countries. That is expected to rise to 599.3 million this year, including 56.1 million international, and 925.6 million in 2008, including 98.5 million international.
For regional carriers, the total of 57.5 million passengers last year is expected to climb to 62.5 million this year and 106.9 million in 2008.
John Rogers, director of the FAA Office of Aviation Policy and Plans, said the strong economy is a factor, as is the growing number of older people. That segment of society favors flying on vacations and to visit relatives and is relatively well off, he explained at a briefing before the conference.
Fiscal 1997 will be the third consecutive year in which the nation's airlines have grown and posted profits, said Louise Maillett, FAA acting assistant administrator for policy, planning and international aviation. Airlines had total operating profits in 1996 of $6 billion, posted a net profit of $2.7 billion and had a 30 million increase in passenger load, she said.
- Associated Press
AEP subsidiaries remove debt limits
The shareholders of three American Electric Power Co. subsidiaries have agreed to do away with limits on the amount of debt each of them can take on, AEP said Monday.
The articles of incorporation of Appalachian Power Co., Indiana Michigan Power Co. and Ohio Power Co. contained provisions limiting the amount of debt the companies could issue, including short-term debt.
The three were regional operating companies of AEP under their own names until last year, when AEP reorganized. They continue to exist in the background for legal and regulatory reasons.
Columbus, Ohio-based AEP offered the owners of the subsidiaries' preferred stock a special $1 cash incentive for each share they voted for the proposal, or, as an alternative, to buy all outstanding shares of the subsidiaries' preferred stock. AEP will pay $130 million for Appalachian Power shares whose owners responded to the offer, $77 million for shares of Indiana Michigan Power and $119 million for stock of Ohio Power.
- Staff report
Landmark division buys sports paper
Landmark Community Newspapers Inc. of Shelbyville, Ky., has bought The Cat's Pause, a newspaper that covers University of Kentucky sports. The new owner, effective March 1, is a division of Landmark Communications Inc. of Norfolk, which owns The Roanoke Times.
The sports paper, which covers Kentucky basketball and football primarily, was the first college sports publication in the country when it was started by Oscar L. Combs in September 1976.
Landmark Community Newspapers publishes 38 paid newspapers in 12 states, including four dailies; 33 shoppers and free newspapers, and several special-interest publications.
- Staff report
LENGTH: Medium: 67 linesby CNB