Uniform Shop
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CONTINENTAL AIRLINES ANNOUNCES FIRST QUARTER PROFIT
First profit in the first quarter since 2001
HOUSTON, April 19, 2007 – Continental Airlines (NYSE: CAL) today reported first quarter 2007 net income, including special items, of $22 million ($0.21 diluted earnings per share). First quarter net income includes a $7 million gain on the sale of substantially all of the company’s remaining investment in ExpressJet Holdings and a net charge from other special items of $11 million. Excluding special items, Continental recorded net income of $26 million ($0.25 diluted earnings per share), an improvement of $72 million compared to the same period last year.
Strong revenue growth, continued cost discipline and a slight decrease in fuel prices contributed to the quarterly profit, the first time since 2001 that the company has posted a first quarter profit in what is a seasonally weak period. Continental’s operating income of $64 million increased $53 million over the same period last year, despite severe winter storms that negatively impacted revenue by over $10 million.
“Thanks to the hard work of my co-workers, we were able to achieve a first quarter profit for the first time in six years,” said Larry Kellner, Continental’s chairman and chief executive officer. “We are competitively well-positioned because we combine solid day-to-day execution with thoughtful long-term planning.”
First profit in the first quarter since 2001
HOUSTON, April 19, 2007 – Continental Airlines (NYSE: CAL) today reported first quarter 2007 net income, including special items, of $22 million ($0.21 diluted earnings per share). First quarter net income includes a $7 million gain on the sale of substantially all of the company’s remaining investment in ExpressJet Holdings and a net charge from other special items of $11 million. Excluding special items, Continental recorded net income of $26 million ($0.25 diluted earnings per share), an improvement of $72 million compared to the same period last year.
Strong revenue growth, continued cost discipline and a slight decrease in fuel prices contributed to the quarterly profit, the first time since 2001 that the company has posted a first quarter profit in what is a seasonally weak period. Continental’s operating income of $64 million increased $53 million over the same period last year, despite severe winter storms that negatively impacted revenue by over $10 million.
“Thanks to the hard work of my co-workers, we were able to achieve a first quarter profit for the first time in six years,” said Larry Kellner, Continental’s chairman and chief executive officer. “We are competitively well-positioned because we combine solid day-to-day execution with thoughtful long-term planning.”
Maybe they'll buy it all back since it is $10 under the IPO price.
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