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CONTINENTAL AIRLINES HOLDINGS, INC. REPORTS 1992 RESULTS

 HOUSTON, Jan. 28 /PRNewswire/ -- Continental Airlines Holdings, Inc. today reported a fourth quarter consolidated net loss of $14.0 million ($0.30 per share) on revenues of $1.4 billion. Fourth quarter 1992 consolidated results included gains related to the settlement of claims filed against the companies by the Pension Benefit Guaranty Corporation and the reversal of certain liabilities related to prepetition guaranties, offset in part by reorganization-related charges. This compares to net income of $4.4 million ($.03 per share) on revenues of $1.4 billion for the fourth quarter of 1991. Fourth quarter 1991 results included a gain on the Seattle-Tokyo route sale partially offset by reorganization-related charges.
 The holding company recorded a consolidated operating loss of $43.7 million in the fourth quarter of 1992 as compared to an operating loss of $44.2 million in the prior year period.
 For the full year 1992, the company reported consolidated revenues of $5.6 billion and operating and net losses of $107.6 million and $125.3 million ($2.70 per share), respectively, as compared to 1991 when the company reported operating and net losses of $218.9 million and $305.7 million ($6.74 per share), respectively, on revenues of $5.6 billion. Excluding nonrecurring gains and losses and reorganization- related charges, the consolidated companies incurred a pre-tax net loss of $223.3 million for the full year 1992, a $143.6 million improvement over the comparable 1991 loss of $366.9 million.
 Continental Airlines, the primary operating unit of the group, recorded a net loss of $149.4 million on revenues of $1.3 billion during the fourth quarter of 1992 as compared to net income of $10.2 million on revenues of $1.3 billion recorded during the fourth quarter of 1991. (Included in the airline's fourth quarter 1991 results was a gain of $145 million associated with the sale of the Seattle/Tokyo route authority, which amount was partially offset by approximately $42.6 million of reorganization-related charges.) The airline recorded an operating loss of $49.6 million in the fourth quarter of 1992 as compared to an operating loss of $56.7 million in the prior year period.
 For the 12 months ended December 31, 1992, Continental Airlines recorded a net loss of $299.4 million on revenues of $5.4 billion. This compares to a net loss of $340.9 million on revenues of $5.4 billion for the full year 1991.
 "While the 1992 results are unsatisfactory, they reflect the general economic weakness and, more importantly, the predatory pricing thrust on the industry in 1992," said Robert R. Ferguson, III, Continental CEO. "Although the company's 1992 results are improved over 1991, nonetheless, they are totally unacceptable financial results for Continental Airlines. We intend to take the necessary actions in 1993 to remedy this problem."
 Continental expects to complete its reorganization in the next few months, at which time the airline will emerge from Chapter 11 protection as a parent company with three operating subsidiaries: Continental Express (commuter airline operations), System One Corporation (which provides computer reservations services to travel agents) and Continental Micronesia (an independently certificated airline which will provide air service mainly in the Pacific Rim area). The operating results of the current consolidated group are a more accurate reflection of the relative financial performance of the to-be-reorganized entities than the stand-alone results of the airline subsidiary.
 On a consolidated basis, the company has no retroactive liability for medical retirement benefits (required to be recorded by FAS 106). Additionally, the new company, when it emerges from Chapter 11, will have no future expense or liability associated with such benefit programs.
 CONTINENTAL AIRLINES HOLDINGS, INC.
 Consolidated Results
 (Unaudited, in millions, except per share data)
 Periods ended Dec. 31 Quarter ended
 1992 1991
 Revenues $1,354.0 $1,379.0
 Operating Loss (43.7) (44.2)
 Pre-Tax Loss Before
 Nonrecurring Charges (73.2) (77.9)
 Net Income (Loss) (14.0) 4.4
 Primary Earnings (Loss) Per Share (0.30) 0.03
 Fully Diluted Earnings (Loss) Per Share (0.30) 0.03
 Periods ended Dec. 31 Twelve months ended
 1992 1991
 Revenues $5,575.2 $5,551.0
 Operating Loss (107.6) (218.9)
 Pre-Tax Loss Before
 Nonrecurring Charges (223.3) (366.9)
 Net Loss (125.3) (305.7)
 Primary Loss Per Share(1) (2.70) (6.74)
 NOTE: (1) Loss per share assuming full dilution is the same as primary loss per share; although certain preferred stock, warrants and stock options are considered common equivalent shares, they were not included in the computation since their inclusion would be antidilutive.
 CONTINENTAL AIRLINES HOLDING, INC.
 Nonrecurring Nonoperating Items
 Periods ended Dec. 31 Quarter ended
 1992 1991
 Gain on PBGC Settlement $ 114.5 $ --
 Interest Guaranty Reversal 17.3 --
 Gain on Disposition of Assets, net -- 147.1
 Reorganization-Related (72.7) (65.1)
 Periods ended Dec. 31 Twelve months
 1992 1991
 Gain on PBGC Settlement $ 114.5 $ --
 Interest Guaranty Reversal 17.3 --
 Gain on Disposition of Assets, net 53.2 148.7
 Reorganization-Related (86.5) (86.2)
 -0- 1/28/93
 /CONTACT: Continental Corp. Communications, 713-834-5080/


CO: Continental Airlines Holdings, Inc. ST: Texas IN: AIR SU: ERN

TM -- NY108 -- 0515 01/28/93 17:46 EST
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Date:Jan 28, 1993
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