This Week in Airlines
by Holly Hegeman (MF Wings)

Dallas, TX (March 30, 1997)-- Foolish readers, if last week the markets did their best imitation of the Wall Street Interest Rate Tango, this week it was more like the Wall Street Wallflower Wilt after the Federal Reserve--as expected--raised interest rates a quarter of one percent on Wednesday. The markets ended the abbreviated trading week on Thursday with a nervous sell-off of equities as the yield on the Treasury's 30-year bond broke through 7% --a level feared in the canyons of Wall Street by both stock and bond investors alike. The yield on the bond, which is generally seen as a rule-of-thumb barometer on long-term business and borrowing costs, ended the week at 7.08%. This is the highest rate since September 11.

For the week, the Dow Jones Industrials closed at 6740.59--down 64.20 points--after gaining over 100 points on Monday. The Dow Jones Transporation Index ended the week at 2404.39--suffering a 31.29 drop on Thursday alone.

As a result, after a fairly decent start to the week, Thursday was brutal to most of our Motley Flock. However, there were some notable exceptions to Thursday's generally downward pressure on the airline stocks, and yes, Foolish readers, they proved to be three of our most discussed stocks here. Now, why am I NOT surprised? Unfortunately our Goat of the Week is also an old friend of ours as well, but I digress.

TIMEWARP? HOKEY-POKEY?

First, a short thank you to those who sent me notes in regard to my likening the Wall Street Interest Rate Tango to the "Timewarp" last week. One reader pointed out to me that I sounded like I was describing the "Hokey Pokey" more than the Timewarp (Right foot out, left foot out). Another reader suggested that I had unfortunately left out the necessary hip movements, and yet another reader wrote to say that yes, not only had I left out the hip movements, but that black garters were really a necessity as well.

Whew.

Well, I am glad that all of you are paying so much attention to my dance descriptions. I thought about talking about the Bunny Hop this week, but after my obviously-less-than-accurate description of the Timewarp, I figured the Wall Street Wallflower Wilt was about all I was going to allude to today.

ROCKY MOUNTAIN HIGH

Okay, here is a new stock screen that ensures you profits every time on your airline investments -- well, at least it did for this past week! It is very simple and requires no computer program to figure it out. Very simply, if your airline has its corporate headquarters in Colorado, that's it. Last week that one qualifier was enough to give you the top three percentage gainers of the Motley Flock. (Oh, yes, there is one other qualifier--you must have been talked about by MF Wings in the previous week's update!)

FRONTIER AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FRNT)") else Response.Write("(Nasdaq: FRNT)") end if %> led all of our Motley Flock this past week as it posted a 15% increase on the week, closing at $3 7/16. Any news of note? Nope--just a related one. WESTERN PACIFIC <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WPAC)") else Response.Write("(Nasdaq: WPAC)") end if %> finally announced its earnings this past Wednesday.

So, Frontier goes up 15% on the week. Western Pacific goes up 9% on the week. However, the plot thickens. Western Pacific posted a 23.3% gain on Thursday--alone--on volume that was 4 times heavier than normal. Frontier posted a 5.8% gain on Thursday, on volume that was much less than normal.

I think this tremendous rise on Thursday can be directly attributed to the market's bullish reaction to CEO Robert Peiser's comments that came AFTER Western Pacific's earnings were announced on Wednesday.

On Wednesday, Western Pacific announced it lost $23.7 million in 1996 -- much of it in one-time writeoffs amid management changes and a less-than-stellar start by its commuter subsidiary.

In addition, Peiser advised analysts that Western Pacific had deferred monthly lease payments on at least 10 of its 15 aircraft in December and is now seeking further deferrals.

Airline analysts estimated the one-month deferrals saved WestPac at least another $2 million in losses -- based on estimates of payments of more than $200,000 a month for each of the company's Boeing 737 jets.

These losses come as Western Pacific confirmed plans to expand into Denver -- which could come as soon as June 23 -- and amid rumors, as we alluded to last week, that the airline is discussing a merger with Frontier Airlines.

Peiser called the results "clearly disappointing," and told stockholders to expect further losses during the first quarter before changes made by Western Pacific's 4-month-old management team take hold. He attributed much of the airline's losses to problems in place when he arrived -- an inefficient schedule, unprofitable routes and an inadequate reservations system, which he said have been fixed. "We're taking a company and making it far different than it was in 1996," Peiser said in an interview on Thursday. "The effects of those changes have been absolutely phenomenal in February and March."

MF Wings' translation? Ed, you ran a mismanaged outfit. But, at least you had the good sense to back off and LEAVE.

Western Pacific is not giving out any real hard cold numbers, but the company says it reaped record bookings in February after joining major computerized airline reservation systems and beefing up marketing efforts outside Colorado Springs.

More than one-third of the $20.9 million, or $1.57 a share, the company lost in the fourth quarter resulted from $7.7 million in "restructuring charges," or one-time costs of its management change. WestPac lost $3 million, or $0.27 a share, during the final quarter of 1995 and $10.5 million, or $1.12 a share, for the entire year -- its first in operation. The restructuring costs included $3.6 million in severance payments to WestPac's previous management, (Ahem--don't you like it when ineptness is recognized?) and $4.1 million for discontinued projects -- much of it for development of new reservations software.

Another $2 million in losses came from WestPac's 57% stake in Mountain Air Express, a commuter airline started last year to serve Colorado ski resorts. (Another not-so-brilliant idea--considering the position the carrier was in at the time.) The fourth-quarter loss came after a $1 million loss in the third quarter and a small profit in the second quarter, and despite a 50% jump in revenue to $37.2 million from $24.9 million a year earlier.

However, when you look at the earnings figures, it is clear that, as we have discussed earlier, expenses at Western Pacific grew even faster than revenue. (Remember that the company received an additional $20 million in capital from its two largest stockholders in the last three months-- because the company had run through a great deal of the cash it had generated with the IPO). The carrier's cost per available seat mile rose from 6.52 cents to 7.14 cents, even without restructuring costs. Fuel and oil expenses doubled from a year earlier to $9 million in the fourth quarter as jet fuel prices increased by 21% during the same period. Maintenance expenses also jumped nearly fivefold to $4.6 million because more extensive maintenance checks were required as the carrier's jets reached their first anniversary in the airline's fleet.

However, industry analysts were generally forgiving to Peiser and emphasized that these results reflected the previous management. "These results are irrelevant, because they reflect the old management team," said Will Wrightson, an analyst for Alex. Brown & Sons in Baltimore. "What's more important is how the company is positioned going forward."

And, in that regard, Foolish readers, Peiser said all the things that Wall Street likes to hear. He emphasized the GROWTH aspect of what he sees ahead for the airline. While he declined to comment on the Frontier merger rumors, he DID say that they hope to begin service to DIA (Denver) as soon as June 23. The expansion would come shortly after the airline adds four more Boeing 737s to its 15-jet fleet in May and June. Peiser said the airline has to expand to Denver because Colorado Springs is "a market too small for an airline this size." He said nonstop service would continue out of Colorado Springs, but declined to guarantee that nonstop flights would continue from the Springs to all of the carrier's 17 current destinations.

Peiser said he plans to model Western Pacific into a combination of RENO AIR <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RENO)") else Response.Write("(Nasdaq: RENO)") end if %> and VALUJET <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: VJET)") else Response.Write("(Nasdaq: VJET)") end if %>. He said Reno has an excellent reputation, offers first class service, and maintains low costs. ValuJet -- at least before a crash last year in Florida killed all aboard a DC-9 -- carved itself a strong low-cost niche in Atlanta in the shadow of industry giant DELTA AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DAL)") else Response.Write("(NYSE: DAL)") end if %>. Peiser stated that he believes he can find a similar niche at DIA in the shadow of UNITED AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UAL)") else Response.Write("(NYSE: UAL)") end if %>, which carries 77% of DIA's passenger traffic. [MF Wings' note: Yes, well, ValuJet did okay until Delta woke up out of its slumber and began to aggressively manipulate fare structures more effectively. United is not the sleeping giant Delta was for a long time with ValuJet.]

Ahem. We'll see.

Western Pacific investors, what do you think?

Frontier investors--where does this leave Frontier?

As we said last week, stay tuned for the next edition of "Senor Pena's Palace of Planes--Is there a Revolution in the Making?"

ATLAS AIR <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ATLS)") else Response.Write("(Nasdaq: ATLS)") end if %>

The third member of our Colorado fraternity is our old fave--Atlas Air. What can I say that I have not already said? We thought Wall Street overreacted when they sent the stock price of Atlas reeling earlier this year, and well, we still think that is the case. In addition, Atlas was the beneficiary of a new buy recommendation from Goldman Sachs. Goldman Sachs analyst Jordan Alliger announced on Thursday he initiated coverage of Atlas Air with a market outperform rating. The markets loved it, and Atlas Air closed up 11% week, 8.4% on Thursday alone, to end the week at $27 1/2.

AMERICA WEST AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AWA)") else Response.Write("(NYSE: AWA)") end if %>

America West can get down and kiss the ground that Merrill Lynch analyst Candace Browning walks on. Merrill Lynch tapped America West as the "Focus One" stock of the week on Wednesday, and as we all know, Wall Street just can't help but BUY when these things happen.

The stock gained some 7.4% on Wednesday in heavy trading as a result. The stock ended the week at $16 1/4, up 4% on the week.

Browning also raised her near-term rating on the stock to buy, from accumulate, keeping it as a long-term buy.

Lehman Brothers also upped its first quarter estimates on America West. More on that later in the Analysts Speak section.

AIRTRAN <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AAIR)") else Response.Write("(Nasdaq: AAIR)") end if %>

Airtran, which we talked about at length last week, continues to gain momentum, as the carrier now has a 104% gain on the year. Yes, this is the first Motley Flyer to cross the magic 100% mark for the year. The stock closed at $5 7/8 for the week, up 4%.

AirTran signed a letter of intent to acquire its eleventh Boeing 737-200 aircraft. AirTran plans to use the additional aircraft to expand its route system beginning in early July 1997.

The airline continues to announce new routes, and I, for one, will be interested in what the next quarter's earnings information shows us on this one.

DELTA AIR LINES

Delta Air Lines had a pretty good week from a stock perspective this past week, although the carrier suffered from a horrendous week otherwise. The carrier closed up 2% on the week, to close at $85 1/8.

Our thanks to a new reader in Fool Air, AAA 9039, who updated us on Goldman Sach's review of the carrier:

"This week, analyst Glenn Engel of Goldman Sachs, in his yearly review of Delta, stated that Delta has become the low-cost producer among the hub and spoke carriers and that Delta's cost advantage is likely to grow larger over the next few years. He mentioned that Delta turned around their operating margins from one of the worst among major U.S. airlines in 1992 to the best by the 4th quarter of 1996. He also mentions that "Delta's favorable financials, superior balance sheet, powerful earnings momentum, favorable cost structure and substantial free cash flow generation have not been rewarded in the financial markets."

He goes on to mention that, according to Engel, Delta's stock valuation is among the most attractive in the airline group.

Also, on Wednesday, Brian Harris, an analyst with Lehman Brothers, raised his March quarter estimates on Delta from $1.65 a share to $2.30 a share. This $0.65 increase in per share earnings amounts to an upward revision of 40%.

This meshes well, according to Harris, with management's announcement that they expect strong year-over-year improvements in system operating revenue per available seat mile for the March quarter and that operating cost per available seat mile for the quarter is expected to be essentially flat, excluding fuel expense, restructuring, and other nonrecurring charges.

However, no mention of Delta for this past week would be complete without letting you in on what else--in terms of non-financial types of events--happened to them this week.

First, a spokesperson for the National Transportation Safety Board (NTSB) said that Delta should have detected a crack in the engine housing that eventually led to the engine on an MD-80 exploding as the plane prepared for take-off last July. Two passengers were killed in this incident. Delta assured the NTSB that the company is now utilizing a second method to determine flaws such as the one that caused the accident.

Then, employees of Delta in Frankfurt, Germany, continued a hunger strike to protest the drastic cut-backs in service there, positioning themselves directly in front of Delta check-in counters. As of Friday, they were in day five of the strike.

On Thursday, a Delta 767 that was on final approach into Dallas-Fort Worth lost an 18-foot part of its wing flap, which broke off and fell roughly 5,200 feet, landing next to a main thoroughfare in Carrollton, Texas. No one was injured, and after doing a go-around at the airport, the plane landed safely.

And, if all this was not bad enough, the airline also had a grounds person die in New York at JFK, when he was trapped beneath the wheel of an L-1011 that was backing out of the gate area.

As we said, as far as Wall Street was concerned, the carrier had a pretty good week. In terms of general operations, it could have been a whole lot better.

Delta/Continental Merger Rumors still Flying

In terms of all those e-mails that I am still getting concerning a possible merger of Delta and CONTINENTAL AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CAI/B)") else Response.Write("(NYSE: CAI/B)") end if %> --I don't think we are going to see anything on that magnitude UNLESS and UNTIL the AMERICAN AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AMR)") else Response.Write("(NYSE: AMR)") end if %> BRITISH AIRWAYS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BAB)") else Response.Write("(NYSE: BAB)") end if %> alliance is approved. Then, as I said in Fool Air this week, all bets are off.

Continental announced a major expansion of its Cleveland hub this past week. Certainly if there was something on the table, I could not see the company engaging in this type of expansion -- especially considering that Delta has the large hub that it does at Cincinnati.

So, no, I don't think there is anything that will happen here until the American Airlines/British Airways alliance issue is settled.

USAIRWAYS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: U)") else Response.Write("(NYSE: U)") end if %>

USAirways announced this past week that it will go a long way in fostering the concept that Stephen Wolf wants to convey to the financial markets. Namely--that he is the person who is going to turn this carrier around. The stock closed down 1% on the week, ending at $24 7/8. Year to date, the stock has gained 6%.

Still waiting for those much-delayed dividends on your preferred stock from USAir? (ways?) Well, your wait is now over.

US Airways announced Wednesday it will pay all dividends currently outstanding on all series of its preferred stock, totaling $81.4 million, and that it will pay the regularly scheduled March and May dividends on its Series A and Series B preferred stock.

The US Airways Board of Directors declared that the company will make an immediate payment of $34.8 million to clear arrearages on its senior preferred stock, Series A, F and T. The payment on Series A will be $17.1 million, on Series F $13.7 million and on Series T $4.0 million. In addition the board declared that the company will make a payment of $46.6 million on April 17 to holders of record of its Series B preferred stock as of April 7.

With these payments, all dividends accrued but previously unpaid on US Airways Group preferred stock will have been paid. In September, 1994, US Airways Group had been prohibited under Delaware law from paying dividends on its preferred stock. [MF Wings' note: The company was prohibited from paying these dividends because Delaware law prevents companies from paying dividends when they have no capital, a defined term that approximately equals book entity in this case.] Partial payment toward amounts accrued on senior preferred stock resumed in July of 1996.

US Airways Group's board of directors also declared a regular quarterly dividend payment of $8.3 million on its Series A preferred stock payable on March 31, and a regular quarterly dividend payment of $4.7 million on its Series B preferred stock, payable on May 15 to holders of record as of May 5.

As a result of these actions, Standard & Poor's announced it had placed its single-C rating on US Airways Group Inc.'s $213 million series B preferred stock on CreditWatch with positive implications, following the company's announcement. It is expected that ratings will be raised most likely to CCC, when the $46.6 million arrearages payment is made on April 17, 1997.

TWA( AMEX: TWA)

Folks, the situation at TWA took another dive this week, as the stock took over possession of the dreaded MF Wings' Goat of the Week honors--losing 15% on the week to close at $6 13/16. Year to date, the stock has gained 4%.

Trading in the stock was heavy all week long, but especially on Tuesday and Wednesday, as it was reported on Tuesday that the opinion of TWA's independent auditors regarding its 1996 results will include a qualification regarding TWA's ability to continue as a going concern.

The exact wording of the qualification by KPMG Peat Marwick LLP will not be released until the company's annual report form 10-K for the year is filed with the Securities and Exchange Commission--which will probably be March 30.

This wording and cautionary note is directly tied to the company's cash situation.

No, in answer to some e-mails of late, I don't think this means TWA faces an immediate risk of a bankruptcy filing, nor do most airline industry analysts. This is a required thing for Peat Marwick to do, based on the pure numbers of the situation the firm are looking at -- however, it takes in account NO forward-looking information. TWA was obliged to make the disclosure because of its plans to sell $50 million of senior secured notes.

I think the greater danger in this is the public perception and publicity factor. This is really nothing more than a required statement by the auditors given the financial situation of the carrier -- as we discussed at length last week.

WORLD AIRWAYS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WLDA)") else Response.Write("(Nasdaq: WLDA)") end if %>

WorldCorp., parent corporation of World Airways, reported financial results for its fourth quarter ended December 31, 1996, this past week. (For the full report on the earnings release, just check the airline industry folder of the Motley Fool).

For the quarter, WorldCorp. reported revenues of $83.5 million, up 44% from $58.0 million in the fourth quarter of 1995. Operating income was $3.7 million versus a loss of $1.1 million in the fourth quarter of 1995. The company reported net income for the quarter of $13.9 million, or $0.71 a share, compared to net earnings of $14.7 million, or $0.69 a share, in the same quarter of 1995.

For the full year 1996, WorldCorp reported revenues of $313.7 million, up 27% from $246.6 million in full year 1995. Operating income decreased from $6.3 million in 1995 to $2.7 million in 1996. The company reported a net loss for the full year 1996 of $11.8 million, or $0.70 per share, compared to net earnings of $60.2 million, or $2.82 per share, in full year 1995. The net loss was driven primarily by scheduled service operations which were discontinued by World Airways earlier in 1996. In addition, the reduction in net earnings over the prior year resulted in part from the reduction in the net gains from issuances and purchases of equity by the company's subsidiaries, from $67.4 million in 1995 to $38.9 million in 1996. In addition, under the equity method, WorldCorp recorded its 28.9% share, or $20.9 million, of InteliData's one-time, noncash merger related charges of approximately $72.3 million.

World lost 6% on the week, closing at $7 3/8.

THE ANALYSTS SPEAK--UPGRADES, DOWNGRADES

UNITED AIRLINES

Gruntal & Co announced Thursday it raised its 1997 earnings estimate for UAL Corp. to $9.50 a share from $8.50 and reiterated its outperform (speculative) rating.

Gruntal also raised its estimate for UAL's first-quarter earnings to $1.40 a share from $1.00. Gruntal stated United had the best load factor in the industry in February (68.4%) on double-digit traffic and capacity increases.

AMERICA WEST, AMERICAN AIRLINES, SOUTHWEST AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LUV)") else Response.Write("(NYSE: LUV)") end if %>, NORTHWEST AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NWAC)") else Response.Write("(Nasdaq: NWAC)") end if %>, VALUJET, andRENO

Lehman Brothers analyst Brian Harris raised first quarter 1997 estimates on several airlines, citing the current strong industry revenue environment.

America West Holdings Corp first quarter view to $0.30 a share from $0.25.

AMR Corp first quarter view to $1.50 a share from $1.00.

Delta Air Lines first quarter estimate to $2.30 a share from $1.65.

Southwest Airlines first quarter estimate to $0.20 a share from $0.18.

US Airways first quarter estimate to $0.75 a share from $0.30.

Harris said, "This quarter is ripe with earnings surprise possibilities, with Continental, Delta, US Airways and United representing our prime candidates."

Harris also lowered some estimates:

Lowered first quarter estimates on Northwest Airlines Corp to $0.45 per share from $0.50.

Lowered ifirst quarter view on Reno Air to a loss of $0.45 a share from loss of $0.30.

Lowered first quarter view on ValuJet to a loss of $0.40 a share from a loss of $0.30.

This week's other stock activity: This week we are going to experiment and try a chart method of listing the week's stock activity. For those of you who get the update mailed, if this is impossible for you to read, please just drop me a line and we will revert back to the old form -- however, we are going to try this for this week, as it is our hope that it will be easier for you to read.)

We hope. (She says with fingers crossed!)

Weekly Performance, Rank by Percent Change over Previous Week

         Closing Price   Closing Price    Percent
Symbol     03/21/97        03/27/97       Change

FRNT         3              3  7/16        15%
ATLS        24  3/4        27  1/2         11%
WPAC         6  3/8         6 15/16         9%
ABF         29  1/8        30  3/4          6%
TOWR         2  3/4         2  7/8          5%
AAIR         5  5/8         5  7/8          4%
AWA         15  5/8        16  1/4          4%
CEA         28  1/8        29  1/4          4%
BAB        102  5/8       106  1/8          3%
AMTR         8              8  1/4          3%
DAL         83  5/8        85  1/8          2%
MEH         37  3/4        38  1/4          1%
SKYW        13  1/4        13  3/8          1%
CAIB        32  3/8        32  1/2          0%
UAL         67  1/8        67  3/8          0%
NWAC        39  1/4        39  3/8          0%
AIRT         3  1/2         3  1/2          0%
JAPNY        8  1/8         8  1/8          0%
U           25             24  7/8         -1%
LUV         23  3/8        23  1/4         -1%
KLM         29  3/8        29              -1%
AMR         85  5/8        84  1/2         -1%
COMR        22  3/4        22  3/8         -2%
VNGD         2  1/8         2  3/50        -3%
VJET         7  7/8         7  5/8         -3%
ACAI        14  1/2        14              -3%
HA           3  9/16        3  7/16        -4%
FDX         56  1/4        53  7/8         -4%
ALK         27             25  5/8         -5%
RENO         7 17/32        7  1/8         -5%
ASAI        22  3/4        21  3/8         -6%
MAIR        12  3/8        11  5/8         -6%
PAA         10  1/8         9  1/2         -6%
WLDA         7  7/8         7  3/8         -6%
MESA         6  7/8         6  1/16       -12%
TWA          8              6 13/16       -15%

FOOLISH NEWS NUGGETS

Northwest Trading Cards?

Thanks to our friend Myron over at Southwest Airlines, who passed along this little tidbit. It seems that the latest craze at Northwest Airlines is exchanging trading cards signed by pilots and bearing photos and data of various Northwest aircraft. The idea came from a Northwest pilot and although originally intended for young passengers, has turned out to be extremely popular with all passengers. I think this is a great idea.

So, MF Wings is now about to set up the MF Wings' Airline Pilot Trading Card Company. How much will you give me for a worn, tattered and frayed Jim Sovich--personally signed by Bob Crandall? (YOWSA!)

Continental and Pilots' Union begin Talks

Speaking of pilots, Continental Airlines and its pilots will begin contract talks next week that will more than likely result in a sizable pay increase for union members--considering how far behind they are in terms of industry standards.

Now, from an investor standpoint, what does this mean? Means Continental's costs are going to go up.

Given Gordon Bethune and Continental's track record in terms of growth, this does not concern me.

And, in answer to an e-mail I got this week asking me whether I could see another situation happening at Continental as has ensued at American--I will answer using Continental CEO Gordon Bethune's own words, and I quote, "Pilots deserve what's fair for the pilots. ... I see no reason to have acrimony, disruption and heartburn," Bethune said.

I believe him. No, dear readers, this one will NOT be like the continuing pain and agony that is going on with American and its union, the APA.

WINGS! Send it to me NOW!

Yes, Foolish readers, you too can have this always-informative weekly update of this always-entertaining industry sent to your personal e-mail box--at no charge. Just send me an e-mail and direct me thusly: WINGS! Send it. NOW!

We will then do everything we can to accomodate your request.

Weekly Wrap-Up

That is it for now. Thanks for reading, thanks for the notes (yes, I am finally catching up--if you have not heard from me yet, you probably will this week!), and remember, as always....

Have a great week everyone!

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