Great Lakes Aviation Reduces Flying, Cuts Management Pay and Staffing Levels, And Releases August Traffic
CHEYENNE, Wyo., Sept. 17 -- Great Lakes Aviation, Ltd (NASDAQ: GLUX) plans to reduce system scheduled flying by ten percent for the balance of the month of September. Over half of the company's flying is in support of subsidized essential air service agreements with the U.S. Department of Transportation. In the majority of these communities, Great Lakes provides the only air service and no reductions are planned. In unsubsidized markets, the total reduction in flying is about 17 percent. Great Lakes will continue to provide scheduled flights at all of its service points and where flights have been reduced, the remaining schedule will provide early morning, mid-day and after-business flights in both directions. Revised Great Lakes Airlines schedules for travel beginning September 18, 2001 will be updated in United Airline's reservations system by midnight tonight, September 17. In a related move, Great Lakes will cut salaries for senior managers and make staffing reductions in anticipation of lower revenues resulting from traffic reductions. Great Lakes also reports its August and year to date traffic as follows: |