Continental pays $31 million in profit-sharing checks to employees.HOUSTON--(BUSINESS WIRE)-- Feb. 15, 1996--Continental Airlines today completed the distribution of $31 million in 1995 profit-sharing checks to its more than 30,000 employees. These were the first profit-sharing checks the airline has shared with employees, outside of bankruptcy, since the industry was deregulated in 1978. Continental has distributed more than $50 million in combined profit- sharing and on-time performance bonuses as a result of the dramatic financial and operational turnaround in 1995. Continental's profit-sharing plan Profit-Sharing Plan A plan that gives employees a share in the profits of the company. Each employee receives into an account, a percentage of those profits based on their earnings. Also known as "deferred profit-sharing plan" or "DPSP". pays 15 percent of its pre-tax profits and is divided among employees based on their salaries. In addition to earning an all-time record $224 million profit last year (after deducting profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of ), the airline climbed from the bottom to the top From the Bottom To The Top is Sammie's debut album. The two singles, I Like It and Crazy Things I Do led From the Bottom To The Top. Track listing # Title 1. The Bottom 3:05 2. I Like It 4:12 3. Can't Let Go 4:18 4. of the industry in on-time performance and baggage delivery. Nine out of twelve months last year, Continental ranked in the top five for on-time arrivals, including three monthly first-place finishes, as well as first place in on-time for the fourth quarter. "1995 was the year we put Continental back on the map where it belongs, and it wouldn't have been possible without the hard work of all employees. The money we are paying today gives our people a very well-deserved reward for helping the company achieve its record results," said President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Gordon M. Bethune, who personally handed out checks at Houston Intercontinental Airport. Community Economic Impact in Hub Cities Continental's profit-sharing checks will generate a significant economic impact in many cities throughout the U.S. In anticipation, retail merchants in the airline's hub cities of Houston, Newark and Cleveland are offering Continental employees special discounts on purchases. Full-page ads are appearing in newspapers in these cities today. The total economic impact in each community varies according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Continental's employment base in that particular city. On-Time Bonuses in 1995 In addition, in 1995 Continental paid a total of $21 million in on-time performance bonuses to its employees the nine months the carrier ranked in the top five in the Department of Transportation's on-time arrivals metric. In 1996 Continental has raised its performance bar to $100 each month the carrier finishes first, and $65 for second or third place. "Our employees have done an incredible job of delivering a consistent product. We've started a process of improvement in the company that we can build on in 1996 and beyond," said Continental's Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Greg Brenneman Greg Blumfield Brenneman is the CEO of TurnWorks, a private equity firm, and president and CEO of Quiznos Sub, a fast-food sandwich chain. Brenneman also serves on the board of directors of The Home Depot, Inc.. , disbursing checks to Newark International Airport employees. Continental is the fifth largest air carrier in the U.S., offering nearly 2,000 jet and Express flights daily to 118 U.S. and 57 international destinations. Operating major hubs in Houston, Newark and Cleveland, Continental is strategically positioned for transcontinental travel, and offers service to Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Europe via its Houston and Newark gateways. CONTACT: CORPORATE COMMUNICATIONS Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. , 713/834-5080 |
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