CONTINENTAL AIRLINES REPORTS THIRD QUARTER RESULTS
CONTINENTAL AIRLINES REPORTS THIRD QUARTER RESULTS HOUSTON, Oct. 26 /PRNewswire/ -- Continental Airlines Holdings, Inc.
and its main subsidiary, Continental Airlines, each reported a third quarter 1992 net loss, which stemmed primarily from revenue-diluting fare programs initiated earlier this year by competitors.
But aggressive cost reduction measures have enabled both companies to cut their operating losses for the first nine months of this year compared to the same period a year earlier, with the holding company showing a $110.8 million improvement and the airline reducing its operating loss by $125.5 million. The holding company reported a third quarter 1992 consolidated net loss of $29.5 million (or $0.64 per share) on revenues of $1.4 billion, while the airline subsidiary reported a net loss of $40.5 million on revenues of $1.4 billion. Operating losses for the quarterly period were $2.3 million and $16.3 million for the consolidated companies and the airline, respectively. During the third quarter of 1991, the holding company reported consolidated revenues of approximately $1.5 billion, operating income of $25.5 million and a net loss of approximately $19.7 million, or $0.43 per share. During the same quarter last year, the airline subsidiary reported revenues of $1.4 billion, operating income of $3.4 million and a net loss of $37.3 million. "Our results would have been much different had industry revenues not been so negatively impacted by the fare actions begun by American in April and the excessive response to a limited promotion in May," said Robert R. Ferguson, III, chief executive officer. "We were able to show a year-over-year improvement in our operating results due to the company's stringent economy moves and the continued sacrifice and hard work of our employees. The airline industry will continue to suffer until we see further movement toward rational pricing levels." For the first three quarters of 1992, Continental Holdings reported a consolidated net loss of $111.3 million (or $2.40 per share) on revenues of approximately $4.2 billion as compared to a net loss of $310.1 million (or $6.87 per share) on revenues of $4.2 billion for the year earlier period. The consolidated operating loss reported by Continental Holdings for the first nine months of 1992 totaled approximately $64.0 million as compared to $174.7 million for the first nine months of 1991. The Continental Airlines subsidiary reported a net loss for the first nine months of 1992 of $150.0 million on revenues of approximately $4.1 billion as compared to the first nine months of 1991 when the airline reported a net loss of $351.1 million on revenues of approximately $4.0 billion. The operating loss for the first nine months of 1992 totaled approximately $106.4 million as compared to an operating loss of approximately $231.9 million for the year earlier period. Continental Airlines Holdings, Inc. reported that its consolidated cash and equivalents stood at approximately $345 million at the end of the third quarter, representing little change from either the same time last year or the end of 1992's second quarter. CONTINENTAL AIRLINES HOLDINGS, INC. Consolidated Results (In millions, except per share data - Unaudited) Quarter ended Sept. 30 1992 1991 Revenues $ 1,441.1 $ 1,477.4 Operating income (loss) (2.3) 25.5 Net loss (29.5) (19.7) Primary loss per share(A) (0.64) ( 0.43) Nine months ended Sept. 30 Revenues $ 4,221.3 $ 4,172.0 Operating loss (64.0) (174.7) Net loss (111.3) (310.1) Primary loss per share(A) (2.40) (6.87) (A) 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. -0- 10/26/92 CONTACT: Corporate communications of Continental Airlines,
713-834-5080/ CO: Continental Airlines Holdings, Inc. ST: Texas IN: AIR SU: ERN
SM -- NY110 -- 5032 10/26/92 16:46 EST
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|Date:||Oct 26, 1992|
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