It has been another busy week, and I have a lot of information to share with you.
I'd like to begin with some news that I know is of interest to all of you. Effective immediately, the "No Travel While Sick" policy has been suspended. This decision was made after considering extensive feedback from employees and the unions. We are suspending this policy in order to give us an opportunity to work with union leaders on alternatives to achieving reductions in our sick levels. While this policy is commonplace at our competitors, we believe that the best course of action will be to seek collaborative and sustainable solutions to this problem.
It is important to know that this suspension does not alter policy that prohibits the use of sick time for reasons other than being sick. Company employees are expected to use their sick time for recuperation so they can return to work as quickly as possible.
One of the savings initiatives tied to United's financial recovery is the reduction of our sick leave costs that currently amount to $340 million annually. United's sick time is far worse than our competitors, causing us to lag the industry by a large margin. It is a controllable problem that is a significant financial burden and also negatively impacts customer service, operational performance and employee morale.
It is also important to know that if there is a rise in sick leave usage and cost, or we are unable to identify alternatives that will bring our sick leave costs in line with industry levels, the policy may be reinstated. In the meantime, it's important for all of us to remember that we can improve the company's bottom line by using sick leave appropriately and responsibly.
Our exceptional operational performance is also a major contributing factor to our bottom line. This week United reported a net income of $68 million dollars, and we were able to meet our debtor-in-possession (DIP) financing requirements for the seventh straight month. And there is even more good news. Passenger bookings are better than expected for the fall and winter season, due in part to the various inventive, attention-grabbing marketing and sales campaigns like August's "Go Go Stay" promotion and "Fly Three, Fly Free."
We completed 98.8 percent of scheduled flights for August, and arrivals within 14 minutes of schedule remained high, at 81.7 percent. All this was achieved against the backdrop of very challenging weather conditions and a blackout throughout much of the Northeast United States and Canada.
Once again, these excellent results are a testament to your hard work and perseverance. Congratulations and thank you for a successful August.
Finally, I hope you are as excited as I am about the resumption of the Buy on Board evaluation. If you haven't had a chance to read the September 22 special edition of Onboard Updates devoted to this initiative I encourage you to do so. This is good for our customers, good for our business, and what's good for United is good for all of us.
Financially, it makes good business sense because it will reduce the company's cost associated with offering free meals. The Buy on Board concept shifts costs and financial risks to our caterers. It also keeps United competitive with other airlines that have already implemented or are testing onboard food sales.
If we look at it from the customer's point of view, this will enhance their overall onboard experience. Customers have told us that they expect food onboard despite industry cost containment, and they have responded well to the branded, restaurant quality of these meals. This also eliminates the hassle for customers who have to juggle their airport fast-food meal with their laptop and carry-on during boarding.
As for flight attendants, you will now have quality, brand-named products you can be proud to offer our customers. And finally, food will return to many flights that have been without any product offering in quite some time.
Your enthusiasm for the products will generate excitement and interest among our customers. Buy On Board is fundamental to United's restructuring, and key to prosperity moving forward. Let's work together to make it a success.
That's all for today. Thanks for making this a great week.