AirTran Airways - 2009

Case Notes Prepared by: Dr. Mernoush Banton Case Author: Charles M. Byles

A.

Case Abstract

AirTran Airways www.airtran.!o"# is a !o"prehensi$e strate%i! "ana%e"ent !ase that in!ludes the !o"pany&s !alendar year-end De!e"ber 200' (inan!ial state"ents) !o"petitor in(or"ation and "ore. The !ase ti"e settin% is the year 2009. *u((i!ient internal and e+ternal data are pro$ided to enable students to e$aluate !urrent strate%ies and re!o""end a three-year strate%i! plan (or the !o"pany. ,ead-uartered in .rlando) /lorida) AirTran Airways is traded on the New 0or1 *to!1 2+!han%e under ti!1er sy"bol AA3.

B.

Vision Statement proposed#

AirTran Airways stri$es to be!o"e the "ost pro(itable and sa(e airline in the world.

C.

Mission Statement a!tual#

AirTran Airways is dedi!ated to pro$idin% -uality (li%ht ser$i!es 2# with e"phasis on sa(ety 4# and satis(a!tion to all tra$elers 5#. 6e stri$e to "aintain our e+!ellen!e as one o( A"eri!a&s lar%est low-(are airlines in the industry by !o""ittin% to sales %rowth) (are7!ost !ontrols) %eo%raphi!al e+pansion 8#) (leet e((i!ien!y 9#) and "a+i"i:ation o( our shareholders& wealth ;#. 6e deli$er a sustainable pro(it to support our %rowth and broaden roo" (or i"pro$e"ents. 6e are !o""itted to our e"ployees 9# by !onsistently "oti$atin%) retainin%) pro"otin%) and rewardin% the" throu%h !o"pensation) bene(its) and <ob se!urity. 6e belie$e that pride and hard wor1 will trans(or" us into a stron%er) (inan!ially $iable !o"pany) while pro$idin% our !usto"ers with %reat ser$i!e and "ore !hoi!es =) '#. 5. 2. 8. 9. ;. =. 4. '. 9. Custo"er Produ!ts or ser$i!es Mar1ets Te!hnolo%y Con!ern (or sur$i$al) pro(itability) %rowth Philosophy *el(-!on!ept Con!ern (or publi! i"a%e Con!ern (or e"ployees

D.

External Audit
Opportunities 5. .ther airlines are !uttin% ba!1 in routes and 7 or (li%hts 2. *o"e airlines (iled (or ban1rupt!y
Copyri%ht > 2055 Pearson 2du!ation) 3n!. publishin% as Prenti!e ,all.

8. ,i%h entry barrier due lar%e !apital in$est"ent re-uire"ent 9. Additional airport se!urity relie(s airlines (or "aintainin% and installin% !ostly se!urity e-uip"ent ;. Dere%ulation o( the industry in 594' =. 3nternet boo1in% !auses the airlines to be "ore e((i!ient Threats 5. /uel pri!es has been in!reasin% in CA*M by 9;.= per!ent 2. 3n!rease in labor !osts due to labor unions 8. ?e%ulatory issues related to @.*. Depart"ent o( Transportation and /ederal A$iation Ad"inistration 9. 3ntense !o"petition a"on% airlines ;. 6ar and terroris" !ould disrupt leisure and business tra$elers =. De!line in business and pleasure tra$el by a$era%e ' per!ent 4. *ensiti$e to e!ono"i! downti"e with loss (ore!ast (or 2009 o( @* A9.4 billion CPM Competiti e Pro!ile Matrix

AirTran
Critical Success $actors %ei&h t 'atin & %ei&hte d Score

"etBlue
'atin & %ei&hte d Score

South#est
'atin & %ei&hted Score

Ad$ertisin% *er$i!e 7 Produ!t Buality Pri!e Mana%e"ent /inan!ial Position Custo"er Coyalty Produ!t Cines Mar1et *hare Custo"er *er$i!e *a(ety Te!hnolo%y 2"ployees Dlobal 2+pansion Total

0.50 0.04 0.0' 0.0; 0.09 0.50 0.50 0.0= 0.0' 0.0' 0.50 0.0; 0.09 (.))

5 2 2 5 2 2 5 5 2 5 2 2 5

0.20 0.2' 0.5= 0.0; 0.5' 0.20 0.50 0.0= 0.5= 0.0' 0.20 0.50 0.09 (.*(

2 9 8 2 5 8 8 8 8 8 9 8 8

0.20 0.2' 0.29 0.50 0.09 0.80 0.80 0.5' 0.29 0.29 0.90 0.5; 0.52 +.*,

8 8 9 8 8 9 2 2 9 2 8 9 2

0.80 0.25 0.29 0.5; 0.24 0.90 0.20 0.52 0.82 0.5= 0.80 0.20 0.0' +.-.

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External $actor E aluation /E$E0 Matrix

%ei&ht 'atin& %ei&hted Score 0.20 0.50 0.50 0.5'

1e2 External $actors

Opportunities

5. .ther airlines are !uttin% ba!1 in routes and 7 or (li%hts 2. *o"e airlines (iled (or ban1rupt!y 8. ,i%h entry barrier due lar%e !apital in$est"ent re-uire"ent 9. Additional airport se!urity relie(s airlines (or "aintainin% and installin% !ostly se!urity e-uip"ent ;. Dere%ulation o( the industry in 594' =. 3nternet boo1in% !auses the airlines to be "ore e((i!ient
Threats 5. /uel pri!es has been in!reasin% in

0.50 0.50 0.0; 0.0=

2 5 2 8

0.08 0.0'

5 8

0.08 0.29

CA*M by 9;.= per!ent 2. 3n!rease in labor !osts due to labor unions 8. ?e%ulatory issues related to @.*. Depart"ent o( Transportation and /ederal A$iation Ad"inistration 9. 3ntense !o"petition a"on% airlines
;. 6ar and terroris" !ould disrupt leisure

0.50 0.0' 0.0=

8 8 2

0.80 0.29 0.52

0.09 0.0; 0.50 0.50 (.))

8 5 9 8

0.24 0.0; 0.90 0.80 +..4

and business tra$elers

=. De!line in business and pleasure tra$el

by a$era%e ' per!ent 4. *ensiti$e to e!ono"i! downti"e with loss (ore!ast (or 2009 o( @* A9.4 billion

TOTA3

E.

5nternal Audit
Stren&ths 5. Cost ad$anta%e due to bein% a s"all !arrier 2. Maintains to be a low-!ost !arrier 8. *er$es in a "ore !on!entrated "ar1et) "ostly in the eastern @nited *tates
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9. ,i%hly ran1ed in o$erall -uality by Airline Buality ?atio AB?# (or the year 200' ;. 2+perien!ed "ana%e"ent tea" =. .((ers (li%hts to Can!un) Me+i!o 4. ,ead-uartered in .rlando helps the operational !ost %ea6nesses 5. Dependen!e on Atlanta "ar1et (or hub 2. *"all "ar1et share !o"pare to other airlines 8. Mu!h hi%her !urrent debt a%ainst !urrent asset by A529 "illion 9. ,i%her losses in 200' by 900E ;. A$era%e (leet a%e is 9.; years old =. 3n!rease in lon% ter" debt by 58E 4. .$erall in!rease in .peratin% Cost per A*M CA*M# by 5;.;E $inancial 'atio Anal2sis .!tober 2009#
7ro#th 'ates 8 Sales (Qtr vs year ago qtr) Net Income (YT vs YT ) Net Income (Qtr vs year ago qtr) Sales ($-Year !nn%al !vg.) Net Income ($-Year !nn%al !vg.) &v&'en's ($-Year !nn%al !vg.) Price 'atios )%rrent *+, -at&o *+, -at&o $-Year .&g/ *+, -at&o $-Year 0o1 *r&ce+Sales -at&o *r&ce+2oo3 4al%e *r&ce+)as/ 5lo1 -at&o Pro!it Mar&ins 8 6ross 7arg&n *re-Ta8 7arg&n Net *ro9&t 7arg&n $Yr 6ross 7arg&n ($-Year !vg.) $Yr *reTa8 7arg&n ($-Year !vg.) $Yr Net *ro9&t 7arg&n ($-Year !vg.) AirTran -12.90 N! "28.90 22."9 N! N! AirTran N! N! N! 0.2$ 1.$1 N! AirTran 9.# -(.# -(.9 10.0 -1.# -2.1 5ndustr2 -8.00 "."0 10#.#0 22.83 3.$$ (.#8 5ndustr2 (2.( #8.# 21.8 1.1( 1."" 1(.10 5ndustr2 2#.1 1.8 1.2 29.$ 8.$ ".# S9P .)) -9.30 -2.80 1#.90 13.1# 12."0 11."9 S9P .)) 31.$ 1(.8 2." 1.99 (.2" 13."0 S9P .)) 3#." 10.1 ".8 3#.( 1".$ 11.$

Copyri%ht > 2055 Pearson 2du!ation) 3n!. publishin% as Prenti!e ,all.

$inancial Condition e:t+,q%&ty -at&o )%rrent -at&o Q%&c3 -at&o Interest )overage 0everage -at&o 2oo3 4al%e+S/are
Adapted (ro" www."oney!entral."sn.!o"

AirTran 2."" 0.9 0.9 0.$ $.2 3.3#

5ndustr2 1.11 1.2 1.2 $.1 3.$ 8.88

S9P .)) 1.39 1.( 1.2 2".1 $.2 20.92

A & P:E 5270' 52704 5270= 5270; 52709 52708 52702 52705 52700 52799 -5.40 5'.'0 '9.=0 529.;0 5;0.00 '.40 88.40 -294.=0 =.40 -8.50 Debt: E<uit2 9.95 2.8' 2.59 5.89 0.9; 0.'2 9.0; '.29 ;9.99 -50.8'

Price: Sales 0.59 0.82 0.;4 NA 0.92 5.52 0.89 0.=4 0.'0 0.;= 'eturn on E<uit2 /80 -555.8 55.' 8.9 2.5 2.2 88.8 20.4 -=.8 =08.; 29'.8

Price: Boo6 2.5= 5.94 2.'2 9.08 2.49 8.82 ;.8; 58.49 =0.45 -4.99 'eturn on Assets /80 -58.8 2.= 0.9 0.= 0.' 52.9 2.8 -0.9 '.4 -25.8

;et Pro!it Mar&in /80 -50.4 2.8 0.' 0.; 0.4 50.9 5.; -0.8 4.= -59.0 5nterest Co era&e -5.0 2.2 5.5 NA 5.9 9.0 5.5 0.' 2.5 -2.=

5270' 52704 5270= 5270; 52709 52708 52702 52705 52700 52799

Boo6 Value: Share A2.0= A9.'= A9.5= A8.9' A8.'8 A8.;9 A.48 A.9' A.52 -A.=5

Adapted (ro" www."oney!entral."sn.!o"

5nternal $actor E aluation /5$E0 Matrix

1e2 5nternal $actors

%ei&ht

'atin&

%ei&hted Score

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Stren&ths 5. Cost ad$anta%e due to bein% a s"all !arrier 2. 8.

0.0' 0.04 0.0= 0.09 0.5 0.0= 0.0=

8 8 8 9 9 8 8

0.29 0.25 0.5' 0.8= 0.9 0.5' 0.5'

Maintains to be a low-!ost !arrier

*er$es in a "ore !on!entrated "ar1et) "ostly in the eastern @nited *tates 9. ,i%hly ran1ed in o$erall -uality by Airline Buality ?atio AB?# (or the year 200' ;. 2+perien!ed "ana%e"ent tea"
=. 4.

.((ers (li%hts to Can!un) Me+i!o ,ead-uartered in .rlando helps the operational !ost

%ea6nesses 5. Dependen!e on Atlanta "ar1et (or hub 2. 8.

0.0' 0.0' 0.09 0.09 0.0= 0.0; 0.08 (.))

2 2 5 5 2 5 2

0.5= 0.5= 0.09 0.09 0.52 0.0; 0.0= +.,*

*"all "ar1et share !o"pare to other airlines

Mu!h hi%her !urrent debt a%ainst !urrent asset by A529 "illion 9. ,i%her losses in 200' by 900E
;. =. 4.

A$era%e (leet a%e is 9.; years old 3n!rease in lon% ter" debt by 58E .$erall in!rease in .peratin% Cost per A*M CA*M# by 5;.;E

TOTA3

$.

S%OT Strate&ies
Stren&ths 5. Cost ad$anta%e due to bein% a s"all !arrier 2. Maintains to be a low-!ost !arrier 8. *er$es in a "ore %ea6nesses 5. Dependen!e on Atlanta "ar1et (or hub 2. *"all "ar1et share !o"pare to other airlines 8. Mu!h hi%her !urrent debt

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9.

;. =. 4. Opportunities
5. .ther airlines are !uttin%

!on!entrated "ar1et) "ostly in the eastern @nited *tates ,i%hly ran1ed in o$erall -uality by Airline Buality ?atio AB?# (or the year 200' 2+perien!ed "ana%e"ent tea" .((ers (li%hts to Can!un) Me+i!o ,ead-uartered in .rlando helps the operational !ost

9. ;. =. 4.

a%ainst !urrent asset by A529 "illion ,i%her losses in 200' by 900E A$era%e (leet a%e is 9.; years old 3n!rease in lon% ter" debt by 58E .$erall in!rease in .peratin% Cost per A*M CA*M# by 5;.;E

ba!1 in routes and 7 or (li%hts 2. *o"e airlines (iled (or ban1rupt!y 8. ,i%h entry barrier due lar%e !apital in$est"ent re-uire"ent 9. Additional airport se!urity relie(s airlines (or "aintainin% and installin% !ostly se!urity e-uip"ent ;. Dere%ulation o( the industry in 594' =. 3nternet boo1in% !auses the airlines to be "ore e((i!ient Threats
5. /uel pri!es has been

S=O Strate&ies 5. Ad$ertise by e"phasi:in% low-!ost !arrier) hi%h -uality and e+perien!ed tea" *2) *9) *;) .=# 2. 2+pand routes to other Caribbean and *. A"eri!an Mar1et *5) *4) .2#

%=O Strate&ies 5. 3n!rease destinations do"esti!ally to "ore eastern and "id-west "ar1ets in the @.*. .5) .2) 65) .9#

2. 8.

9. ;.

=.

in!reasin% in CA*M by 9;.= per!ent 3n!rease in labor !osts due to labor unions ?e%ulatory issues related to @.*. Depart"ent o( Transportation and /ederal A$iation Ad"inistration 3ntense !o"petition a"on% airlines 6ar and terroris" !ould disrupt leisure and business tra$elers De!line in business and

S=T Strate&ies 5. Pro"ote 3nternet boo1in% and bene(its *8) T2#

%=T Strate&ies 5. Cut on !osts by ne%otiatin% better (uel hed%in% and labor !ontra!ts 68) 69) 64) T5) T4) T=# 2. ?epla!e !ostly and older (leets with newer "odels T5) T9) 6;) 6=#

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pleasure tra$el by a$era%e ' per!ent 4. *ensiti$e to e!ono"i! downti"e with loss (ore!ast (or 2009 o( @* A9.4 billion

7.

SPACE Matrix

/*
=

Conservative
;

Aggressive

C*

-=

-;

-9

-8

-2

-5 -5

3*

-2

-8

-9

-;

Defensive

Competitive
-=

2*

$inancial Stabilit2 /$S0 ?eturn on 3n$est"ent Ce$era%e Ci-uidity 6or1in% Capital Cash /low

2 8 5 5 2

En ironmental Stabilit2 /ES0 @ne"ploy"ent Te!hnolo%i!al Chan%es Pri!e 2lasti!ity o( De"and Co"petiti$e Pressure Barriers to 2ntry

-; -2 -8 -= -2

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$inancial Stabilit2 /$S0 A era&e Competiti e Stabilit2 /CS0 Mar1et *hare Produ!t Buality Custo"er Coyalty Co"petition&s Capa!ity @tili:ation Te!hnolo%i!al Fnow-,ow Competiti e Stabilit2 /CS0 A era&e

(.*

En ironmental Stabilit2 /ES0 A era&e 5ndustr2 Stabilit2 /5S0 Drowth Potential /inan!ial *tability 2ase o( Mar1et 2ntry ?esour!e @tili:ation Pro(it Potential 5ndustr2 Stabilit2 /5S0 A era&e

=4.,

-8 -2 -8 -8 -8 =+.*

8 2 ; 9 8 4.,

0-a+is: /* G 2* H 5.' G -8.9# H - 5.= I-a+is: C* G 3* H -2.'# G 8.9# H 0.=

>.

7rand Strate&2 Matrix

'apid Mar6et 7ro#th Quadrant II Quadrant I

%ea6 Competiti e Position

Stron& Competiti e Position

Quadrant III

Slo# Mar6et 7ro#th

Quadrant IV

5. ?elated di$ersi(i!ation 2. @nrelated di$ersi(i!ation 8. Joint $enture

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5.

The 5nternal=External /5E0 Matrix

The 5$E Total %ei&hted Score *tron% 8.0 to 9.0 3 A$era%e 2.0 to 2.99 33 6ea1 5.0 to 5.99 333

,i%h 8.0 to 8.99

3K

3K

K3

The EFE Total Weighted Score

AirTran Air#a2s Mediu" 2.0 to 2.99

K33

K333

3I

Cow 5.0 to 5.99

".

?SPM
2+pand routes to other Caribbean L *. A"eri!an Mar1ets AS TAS 2 2 0.2 0.2

1e2 $actors Opportunities 5. .ther airlines are !uttin% ba!1 in routes and 7 or (li%hts 2. *o"e airlines (iled (or ban1rupt!y

%ei&ht 0.50 0.50

3n!rease Destination Do"esti!ally AS TAS 8 8 0.8 0.8

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8. ,i%h entry barrier due lar%e !apital in$est"ent re-uire"ent 9. Additional airport se!urity relie(s airlines (or "aintainin% and installin% !ostly se!urity e-uip"ent ;. Dere%ulation o( the industry in 594' =. 3nternet boo1in% !auses the airlines to be "ore e((i!ient Threats 5. /uel pri!es has been in!reasin% in CA*M by 9;.= per!ent 2. 3n!rease in labor !osts due to labor unions 8. ?e%ulatory issues related to @.*. Depart"ent o( Transportation and /ederal A$iation Ad"inistration 9. 3ntense !o"petition a"on% airlines ;. 6ar and terroris" !ould disrupt leisure and business tra$elers =. De!line in business and pleasure tra$el by a$era%e ' per!ent 4. *ensiti$e to e!ono"i! downti"e with loss (ore!ast (or 2009 o( @* A9.4 billion TOTA3 Stren&ths 5. Cost ad$anta%e due to bein% a s"all !arrier 2. Maintains to be a low-!ost !arrier 8. *er$es in a "ore !on!entrated "ar1et) "ostly in the eastern @nited *tates 9. ,i%hly ran1ed in o$erall -uality by Airline Buality ?atio AB?# (or the year 200' ;. 2+perien!ed "ana%e"ent tea" =. .((ers (li%hts to Can!un) Me+i!o 4. ,ead-uartered in .rlando helps the operational !ost %ea6nesses 5. Dependen!e on Atlanta "ar1et (or hub 2. *"all "ar1et share !o"pare to other airlines 8. Mu!h hi%her !urrent debt a%ainst !urrent asset by A529 "illion 9. ,i%her losses in 200' by 900E ;. A$era%e (leet a%e is 9.; years old =. 3n!rease in lon% ter" debt by 58E 4. .$erall in!rease in .peratin% Cost per A*M CA*M# by 5;.;E SABTOTA3 SAM TOTA3 ATT'ACT5VE;ESS SCO'E

0.0; 0.0= 0.08 0.0' 0.50 0.0' 0.0= 0.09 0.0; 0.50 0.50 (.)) 0.0' 0.04 0.0= 0.09 0.50 0.0= 0.0= 0.0' 0.0' 0.09 0.09 0.0= 0.0; 0.08 (.))

8 --2 2 ----9 8 8 8 8

0.5; --0.0= 0.5= ----0.29 0.24 0.5; 0.8 0.8 +.)4

2 --5 8 ----5 5 2 2 2

0.5 --0.08 0.29 ----0.0= 0.09 0.5 0.2 0.2 (.@+

5 2 --8 2 9 8 5 5 9 --5 --5

0.0' 0.59 --0.24 0.2 0.29 0.5' 0.0' 0.0' 0.8= --0.0= --0.08 (.B+ 4.B.

8 9 --9 8 5 2 8 2 2 --8 --8

0.29 0.2' --0.8= 0.8 0.0= 0.52 0.29 0.5= 0.5' --0.5' --0.09 +.+( 4.*4

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1.

'ecommendations

5. @tili:e the bi%%er <ets by e+pandin% routes to other popular do"esti! eastern and "id west part o( the @.*. "ar1ets (ro" .rlando Airport. *in!e the ,ead-uarter is lo!ated in .rlando) the !o"pany has a %eo%raphi!al ad$anta%e by (lyin% to the eastern and "id-west "ar1ets. *in!e the !o"pany has a hi%h debt to e-uity ratios) it would be $iable to !ut ba!1 on routes with lower passen%er per "ile and then in!rease its routes to popular Caribbean and *. A"eri!an "ar1ets without %ainin% additional debt. 2. /or" <oint $entures with other hospitality ser$i!es and touris" a((iliates. The only AG /eatured Partners pro"oted $ia the !o"pany&s web site are AGKisa and ,ert: !ar rental. The !o"pany&s web site !urrently 2009# does not o((er any pa!1a%es with other hotels or !ruise lines. *u!h <oint $enture a((iliations would ha$e no"inal !osts to the !o"pany. 8. Create *panish web site (or ,ispani! tra$elers.

L.

EPS/EBIT Analysis
A A"ount Needed: A80 "illion *to!1 Pri!e: A;.22 Ta+ ?ate: 84.2E 3nterest ?ate: ;E M *hares .utstandin%: 559);54)992
Common Stoc6 $inancin& Recession Normal Boom A;0)000)000 A5;0)000)000 A2;0)000)000 0 0 0 ;0)000)000 5;0)000)000 2;0)000)000 5')=00)000 ;;)'00)000 98)000)000 85)900)000 99)200)000 5;4)000)000 522)895);0; 522)895);0; 522)895);0; ).+@ ).BB (.+* Recession A;0)000)000 4;0)000 99)2;0)000 5')825)000 80)929)000 559);54)992 ).+@ B) Percent Debt = 4) Percent Stoc6 Recession A;0)000)000 5;0)000 99)';0)000 5');99)200 85)80;)'00 520)8'0)055 ).+@ Debt $inancin& Normal A5;0)000)000 4;0)000 599)2;0)000 ;;);25)000 98)429)000 559);54)992 ).B* Boom A2;0)000)000 4;0)000 299)2;0)000 92)425)000 5;=);29)000 559);54)992 (.4(

2B3T 3nterest 2BT Ta+es 2AT M *hares 2P*

2B3T 3nterest 2BT Ta+es 2AT M *hares 2P*

B) Percent Stoc6 = 4) Percent Debt Recession A;0)000)000 =00)000 99)900)000 5')84=)'00 85)028)200 525);29)98= ).+@

Normal A5;0)000)000 =00)000 599)900)000 ;;);4=)'00 98)'28)200 525);29)98= ).BB

Boom A2;0)000)000 =00)000 299)900)000 92)44=)'00 5;=)=28)200 525);29)98= (.+-

Normal A5;0)000)000 5;0)000 599)';0)000 ;;)499)200 99)50;)'00 520)8'0)055 ).B*

Boom A2;0)000)000 5;0)000 299)';0)000 92)999)200 5;=)90;)'00 520)8'0)055 (.4)

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M.

Epilo&ue

.n .!tober 2009) the !o"pany announ!ed their third -uarter earnin%s o( A50.9 "illion) appro+i"ately earnin%s o( ' !ents per share. The July-*epte"ber results "ar1 AirTranNs third -uarter in a row o( pro(it as "ost "a<or @.*. !arriers stru%%le a"id wea1 o$erall de"and (or business and international tra$el. ?e$enue (ell to A;94.9 "illion (ro" A=48.8 "illion a year a%o. AirTran has been tryin% to shi(t its (o!us (ro" unpro(itable routes to pro(itable ones) and it also has been wor1in% to "a1e sure it has enou%h !ash to !ontinue to weather the downturn in tra$el de"and. 3n Au%ust 2009) AirTran said it planned to stop (lyin% to and (ro" Newar1) N.J.) e((e!ti$e *unday) and %i$e its ta1eo(( and landin% slots there to ,ouston-based Continental Airlines 3n!. in e+!han%e (or Continental slots at CaDuardia Airport in New 0or1 and ?ea%an National Airport in 6ashin%ton. Continental has a hub at Newar1 Ciberty 3nternational Airport) whi!h is used by "any tra$elers headin% to or (ro" New 0or1 City. .n another note) AirTran said union "e"bers appro$ed a new (our-year !ontra!t !o$erin% rou%hly 900 "e!hani!s and inspe!tors in Atlanta) .rlando) /la.) Balti"ore76ashin%ton) Boston) Dallas7/ort 6orth) /ort Cauderdale) /la.) and Milwau1ee. The a%ree"ent in!ludes better wa%es) bene(its and wor1in% !onditions.

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