Yes, I agree there is a fall in profits but a fall in profits, even to break even, is not 'losing money hand over fist', in fact it's not 'losing money' at all.
At the risk of being a little pedantic, a company that is breaking even is very much losing investors' money, as the value of that money is eroded by time.
Some sobering
statistics from some equity research as follows:
February 2009 figures:
US Industry Capacity: -13.8%
International Capacity: -2.7%
Total System Capacity: -10.7%
All announced only - no accounting for unannounced reductions.
Furthermore, largest output loss since early 1980s recession is forecast.