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 HOUSTON, Aug. 16 /PRNewswire/ -- Continental Airlines, Inc. (NYSE: CAI) today reported a net loss for the period April 28 through June 30, 1993 of approximately $24.4 million, or $1.45 per common share after preferred stock dividend requirements. The company's results are not being reported on a normal quarterly basis since the company is required, pursuant to generally accepted accounting principles, to adopt fresh start reporting upon its emergence from Chapter 11 protection.
 In the period April 1 through April 27, net income for Continental Airlines Holdings, Inc. (the predecessor company) was approximately $2.7 billion after nonrecurring charges and one- time gains resulting from reorganization (primarily gains on discharge of debt). Continental Airlines Holdings, Inc., reported an operating loss for the April 1 through April 27, 1993 period of approximately $58.0 million, including certain miscellaneous expenses that arose in connection with its emergence from bankruptcy. The reorganized company reported an operating loss for the April 28 through June 30, 1993 period of approximately $4.1 million.
 Robert R. Ferguson, III, president and chief executive officer of Continental said, "While the results are less than we could have hoped for, we were pleased that we were able to record revenue and traffic growth rates generally in line with those of our industry competitors.
 "Now that we have the financial drain of our bankruptcy behind us, we are moving forward to position Continental for sustained future profitability. We are committed to remaining the lowest cost major airline. To that end, we are continuing our ongoing cost-cutting measures and eliminating various unprofitable activities."
 The measures include a workforce reduction, the retirement of aircraft, elimination of several unprofitable routes and the closure of nine cities.
 The airline will reduce its active workforce by 2,500 full-time equivalents. The reduction in staffing will be completed by the end of 1993.
 Continental will close nine cities in its system. Three are in the United States and the remaining six are international destinations.
 Effective Oct. 30, 1993 Continental will no longer serve Australia and New Zealand, resulting in the closure of Continental stations in Sydney, Brisbane, Melbourne and Auckland, and the elimination of several unprofitable routes: Honolulu-Sydney; Honolulu- Auckland-Brisbane; Honolulu-Auckland-Melbourne; Guam-Sydney; and Guam- Brisbane-Sydney.
 Continental will continue its Honolulu-Tokyo service, Continental Micronesia operations as well as flights from Honolulu to both Los Angeles and San Francisco.
 Continental will close its Vancouver, B.C. station in Canada effective Oct. 1, which will eliminate Continental service on two routes: Vancouver-Honolulu and Vancouver-Spokane-Denver.
 Effective Sept. 7, Continental will close a sixth international station, Puerto Plata in the Dominican Republic, thereby eliminating Continental's service from Puerto Plata to Newark.
 Three Continental stations in the United States will close on Sept. 30: Bismarck and Minot, N.D., and Spokane, Wash.
 The North Dakota service originates in Denver with a stop in Bismarck before continuing to Minot. Closing Spokane will eliminate Continental service from that city to Denver and Vancouver, B.C.
 Continental will reduce flying in some markets and withdraw service in three markets.
 Effective Sept. 7, Continental will no longer operate flights between Denver and Milwaukee.
 Effective Sept. 30, Continental will no longer operate flights between Denver and Detroit, and Cleveland and Dallas. Service to Milwaukee, Detroit and Dallas will continue, however, through other Continental hubs.
 Effective Oct. 30, Continental will no longer operate its three weekly flights between Denver and Honolulu.
 Continental will retire 30 older, less efficient aircraft in the period from September 8, 1993 through April 30, 1994 as contemplated in its plan of reorganization. As previously announced, Continental will accept delivery of new, more efficient aircraft from Boeing beginning in January 1994.
 This fall Continental will accelerate the interior and exterior refurbishment of its aircraft. Completion of this work is expected by year-end 1993.
 (In thousands, except per share data)
 Period from Period from Three months
 Reorganization April 1, 1993 ended June 30,
 (April 28, 1993 to April 27, 1992
 to June 30, 1993) 1993
 Revenues $975,906 $476,853 $1,354,098
 Operating loss (4,056) (57,984) (57,988)
 Net income (loss) (24,441) 2,749,596 (99,197)
 Primary and fully
 diluted loss
 per share (1.45)(A) N.M.(B) N.M.(B)
 Period from Period from Six Months
 Reorganization January 1, 1993 Ended
 (April 28, 1993 to April 27, June 30, 1992
 to June 30, 1993) 1993
 Revenues $975,906 $1,868,659 $2,744,209
 Operating loss (4,056) (113,138) (61,714)
 Net income (loss) (24,441) 2,640,138 (81,843)
 Primary and fully
 diluted loss
 per share (1.45)(A) N.M.(B) N.M.(B)
 (A) Certain warrants were not included in the loss per share computation since their inclusion would be antidilutive.
 (B) N.M. - Not meaningful. Historical per share data for the Predecessor Company is not meaningful since the company has been recapitalized and has adopted fresh start reporting as of April 27, 1993.
 -0- 8/16/93
 /CONTACT: Continental Corporate Communications, 713-834-5080/

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

WB -- NY060 -- 3047 08/16/93 11:55 EDT
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Publication:PR Newswire
Date:Aug 16, 1993

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