e closed, Delta earned no revenues but continued to incur many of their normal operating costs. As a result of September 11th terrorist attacks, the business environment significantly worsened. Travel demand declined dramatically following the restart as a stunned nation tried to come to grips with what happened. This had a tremendous impact on Delta's net income, which fell from $897 million in 2000 to $-1,027 million in 2001. This is an astounding 214% difference from 2000 to 2001. American Airlines, who is also a major player in the aviation industry, had a similar fate. They had a net income in 2000 of $813 million but fell to $-1,762 million in 2001. Things do not seem to be getting any better in the year 2002 either. As of Oct. 15, 2002, Delta reported a third quarter net loss of $326 million, or $2.67 loss per common share. The continuing decline in the industry seems to be coming from significant cost pressures, which include increased security costs and interest expense resulting from higher levels of outstanding debt. However, third quarter operating revenues increased 0.6 percent, and passenger unit revenues increased 1.5 percent, compared to the third quarter in 2001. Our stunned nation seems to be putting the events behind.
             Since air traffic decreased significantly over the past year due to September 11th and the slow
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