Gregory Polek has spent his entire career in aviation journalism with AIN, starting as a proofreader and assistant to then-managing editor Mary Mahoney in 1995 after serving an internship with&nbsp;New Jersey Monthly&nbsp;magazine and completing his B.A. degree in English/Writing at New Jersey’s William Paterson College. By 1997 Polek accepted a position as an associate editor, covering the regional airline beat for&nbsp;Aviation International News&nbsp;in place of retiring industry veteran Don Anderson. The assignment took Polek across North America and Europe to profile regional airlines varying in size and mission from the likes of floatplane operators Kenmore Air and Chalk’s Ocean Airways to regional jet operators such as SkyWest and American Eagle. Today, in his dual role as Air Transport Editor and International Airshow Editor, Polek writes, edits, and manages AIN’s commercial aviation content while overseeing each of the company’s daily international air show publications in Paris, Farnborough, Singapore, and Dubai. Most recently Polek has assumed oversight of daily coverage of the Helicopter Association International’s annual Heli-Expo convention.

Senior Editor

Gregory Polek

Boeing had to announce a downward adjustment of its fourth-quarter and full-year earnings results yesterday to reflect a reduction in the value of aircraft in its customer financing portfolio and a rise in liabilities tied to an arbitration award. The change resulted in a four-cent-per-share lower result than it reported on January 28 in its Form 10-K filing with the U.S. Securities and Exchange Commission. Therefore, its fourth quarter 2008 loss now stands at 12 cents per share and its full-year earning per share fell to $3.67.
“Since the earnings report back in January, Boeing Capital had received what I’ll call essentially aircraft industry Kelly Blue Books that reflected lower collateral values for some of the airplanes that are in Boeing Capital’s portfolio,” a Boeing spokesman explained to AIN. “So that new information led BCC to reassess the allowances that they carry for losses or potential losses on their leases as of year-end 2008. Therefore, those allowances increased and that flowed through to the bottom line.”&nbsp; 
The spokesman wouldn’t elaborate on the arbitration award, citing confidentiality agreements. Boeing’s 10-K filing refers to a February 4 arbitration award for damage to a Boeing-made satellite caused by an orbit irregularity. However, the filing indicated that the award wouldn’t materially affect Boeing’s financial position.

Boeing Reports Further Fourth Quarter Losses 

Boeing had to announce a downward adjustment of its fourth-quarter and full-year earnings results yesterday to reflect a reduction in the value of aircraft

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