Wed, Jan 21, 2004
Well Positioned for 2004; High Fuel Prices Remain a
Challenge
On Tuesday, Continental
Airlines reported a fourth quarter net income of $47 million ($0.67
diluted earnings per share). These results include additional net
income of $85 million relating to special items, primarily driven
by the sale of interests in Hotwire and Orbitz.
Excluding the special items, Continental's loss per share was
$0.58 for the quarter, which compares favorably to the First Call
mean estimate of $0.81 loss per share. The results, excluding
special items, are a 65 percent improvement over the fourth quarter
2002 loss per share of $1.67.
Continental's net income for the full year was $38 million
($0.58 diluted earnings per share). Excluding special items ($136
million after taxes) and the government security fee reimbursement
($111 million after taxes), the net loss for the year would have
been $209 million.
"Our cost reduction efforts have successfully prepared us for a
tough revenue environment in 2004," said Continental's Chairman and
CEO Gordon Bethune. "However, it's going to be a struggle to break
even this year with persistently high fuel prices."
Passenger revenue for
the world's seventh-largest airline was $2.1 billion, 8.4 percent
higher than the same period last year as a result of record
mainline and regional load factors. Continental's mainline load
factor in the fourth quarter of 2003 was 75.5 percent, up 4.4
points over the same period in 2002. Mainline revenue passenger
miles increased 6.3 percent on flat capacity compared to the fourth
quarter of 2002. Mainline yields continued to be weak during the
quarter, decreasing 2.1 percent year-over-year.
Revenue passenger miles for Continental's regional operations
were up 51.3 percent on a capacity increase of 39.3 percent during
the fourth quarter of 2003, compared to the fourth quarter of 2002.
The airline's regional load factor was 70.4 percent in the fourth
quarter, a 5.7 point increase over the same period in 2002.
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