Continental Airlines Announces First Quarter Loss

Results adversely affected by significant declines in high yield traffic HOUSTON , April 22 /PRNewswire-FirstCall/ -- Continental Airlines (NYSE: CAL) today reported a first quarter 2009 net loss of $136 million ( $1.10 diluted loss per...


Continental is currently scheduled to take delivery of nine Boeing 737 aircraft in the remaining nine months of 2009. The company has also agreed to lease four Boeing 757-300 aircraft from Boeing Capital Corporation that are expected to be placed into service in the first half of 2010. By the end of 2009, the company expects to remove 27 additional Boeing 737-300 and 737-500 aircraft from service.

Continental installed winglets on nine of the company's 737 aircraft during the quarter, and now has winglets on over 275 of its mainline aircraft. In February, Aviation Partners Boeing, a joint venture of Aviation Partners, Inc. and The Boeing Company, completed the world's first blended 757-300 winglet installation on one of Continental's aircraft. Continental plans to begin installing winglets on all 757-300s later this year. All of the company's 737-500s, 700s, 800s, 900s and 757-200s have winglets, as do select aircraft from Continental's 737-300 series fleets. Winglets increase aerodynamic efficiency and decrease drag, reducing fuel consumption and emissions by up to five percent.

Corporate Background

Continental Airlines is the world's fifth largest airline. Continental, together with Continental Express and Continental Connection, has more than 2,750 daily departures throughout the Americas, Europe and Asia , serving 133 domestic and 132 international destinations. More than 750 additional points are served via current alliance partners. With more than 43,000 employees, Continental has hubs serving New York , Houston , Cleveland and Guam , and together with its regional partners, carries approximately 67 million passengers per year. For more company information, go to continental.com.

Continental Airlines will conduct a regular quarterly telephone briefing today to discuss these results and the company's financial and operating outlook with the financial community and news media at 9:30 a.m. CT / 10:30 a.m. ET . To listen to a live broadcast of this briefing, go to continental.com/About Continental/Investor Relations.

This press release contains forward-looking statements that are not limited to historical facts, but reflect the company's current beliefs, expectations or intentions regarding future events. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. For examples of such risks and uncertainties, please see the risk factors set forth in the company's 2008 Form 10-K and its other securities filings, including any amendments thereto, which identify important matters such as the significant volatility in the cost of aircraft fuel, the company's transition to a new global alliance, the consequences of its high leverage and other significant capital commitments, its high labor and pension costs, delays in scheduled aircraft deliveries, service interruptions at one of its hub airports, disruptions to the operations of its regional operators, disruptions in its computer systems, and industry conditions, including the recession in the U.S. and global economies, the airline pricing environment, industry capacity decisions, industry consolidation, terrorist attacks, regulatory matters, excessive taxation, the availability and cost of insurance, public health threats and the seasonal nature of the airline business. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by applicable law.

SOURCE Continental Airlines



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