When Lorenzo took control of TIA in 1972, it was on the verge of financial collapse, having lost money since 1966. Two years later, Lorenzo's management was able to steer the company to break even due to significant streamlining of operations. Some years later an analyst from Oppenheimer & Company, citing Lorenzo and business-partner Carney's strategies of substituting obsolete planes with jets, eliminating unprofitable routes in exchange for destinations with higher demand, and instituting half-price "peanut-fares" for the first time in the aviation industry, noted TIA's ability to compete and win against much larger and financially stronger companies. TIA also had to compete with a new-at-the-time Texas intrastate airline, Southwest Airlines, which was union free then and had much lower costs.