HOUSTON, Oct. 17 /PRNewswire-FirstCall/ -- Continental Airlines
(NYSE: CAL) today reported a third quarter net loss of $37 million
($0.58 diluted loss per share), which compares favorably to the First Call
estimate of $0.74 loss per share, while generating operating income of
$46 million for the quarter.
"Winning is defined as outperforming your competition and we clearly
have," said Gordon Bethune, Continental Airlines' chairman and chief executive
officer. "Continental Airlines has led all major hub and spoke airlines in
every respect. Although our industry's future remains uncertain, our team is
best positioned for success."
Continental would have made a profit in the third quarter but for
burdensome security costs, taxes and revenue opportunity restrictions imposed
by the federal government since Sept. 11, which reduced operating income by
approximately $65 million in the quarter. In addition, war risk and other
insurance costs increased $20 million over third quarter 2001.
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Interesting that Continental's losses are so much lower than American's or Delta's. It doesn't seem like it would take too much for them to be back in black. I'd guess that further cuts at Continental will be much more modest than those at its competitors.
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