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Continental Reports $37 Million Loss=20
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Thursday October 17, 6:47 AM EDT=20
HOUSTON (Reuters) - Continental Airlines (CAL
<http://money.excite.com/jsp/qt/full.jsp?time=3D0&symbol_search_text=3DCA=
L>
) on Thursday reported a third-quarter loss, reversing a profit from a
year earlier when it benefited from the federal government's airline
bailout program following the Sept. 11 attacks.
Continental, which is still stronger financially than many of its
rivals, reported a net loss of $37 million, or 58 cents per share, for
the third quarter, adding its share of red ink to the airline industry's
woeful quarterly results. It recorded quarterly operating income of $46
million.
Analysts polled by research firm Thomson First Call had expected the
Houston-based air carrier, the nation's fifth-largest, to report a loss
in the range from 60 cents to $1.00 per share, with a mean estimate
calling for a 74 cent per-share loss.
=20
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18210505/site=3Dexcite.reuters/area=3Dmoney.news/aamsz=3D336x280> =09
Nearly every major airline has reported a string of hefty losses since
the third quarter of 2001, when the Sept. 11 attacks on New York and
Washington D.C. destroyed demand for air travel several weeks before
airlines closed their books.
Continental's passenger revenue slipped 3 percent to $2.0 billion
compared with a year ago, as the price of plane tickets stayed low after
spiking sharply following Sept. 11. The carrier's share price plunged
more than 65 percent in the third quarter.=20
=A92002 Reuters Limited.=20
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