The article below from NYTimes.com has been sent to you by psa188@xxxxxxxxx /--------- E-mail Sponsored by Fox Searchlight ------------\ THE CLEARING - NOW PLAYING IN SELECT CITIES THE CLEARING stars ROBERT REDFORD and HELEN MIRREN as Wayne and Eileen Hayes - a husband and wife living the American Dream. Together they've raised two children and struggled to build a successful business from the ground up. When Wayne is kidnapped by Arnold Mack (WILLEM DAFOE), and held for ransom in a remote forest, the couple's world is turned inside out. Buy tickets now at: http://movies.channel.aol.com/movie/main.adp?mid=17891 \----------------------------------------------------------/ Continental Posts Loss as Fuel Costs Rise July 20, 2004 By REUTERS Filed at 7:41 a.m. ET DALLAS (Reuters) - Continental Airlines (CAL.N) on Tuesday sank into a quarterly loss burdened by high fuel prices and lower fares against a year-ago profit boosted by a hefty U.S. government payment. The airline posted a loss of $17 million, or 26 cents per share, compared with a profit of $79 million, or $1.10 a share, last year. In second-quarter 2003, Continental received a one-time government payment of $111 million, after taxes, for security costs. The Houston-based company said it had an expense of $19 million, after taxes, in the latest quarter due to the retirement of leased MD-80 aircraft. Excluding the aircraft retirement charge, Continental reported a profit of $2 million, or 3 cents a share. Wall Street analysts were expecting a loss of 9 cents a share, according to Reuters Estimates. ``These results remain disappointing in a year where we hoped to break even,'' said Gordon Bethune, Continental's chief executive. The airline said revenue in the quarter was up 15.1 percent to $2.3 billion from the same period in 2003. But due to intense competition with low-cost carriers, yields were weak, dropping 1.6 percent from the year-ago quarter. RECORD HIGH FUEL PRICES Its costs rose by 8.7 percent in the quarter due to record high fuel prices that are expected to increase the airline's fuel expense by several hundred million dollars this year. The average price per gallon it paid for jet fuel, one of the larger expenses for any airline, increased by about 30 percent in the quarter from what it paid a year ago. The airline ended the second quarter with $1.9 billion in cash and short-term investments. Also in the quarter, it took delivery of one Boeing757-300 aircraft and three Boeing 737-800s. It expects to take delivery of five additional Boeing 737-800s in the second half of 2004. The airline said it may reduce pension contributions due in 2004. It said it expects to make a decision regarding the funding by mid-September of this year. Jeff Misner, Continental's chief financial officer said cost-cutting remains a top priority for the airline. ``While we are making good progress on our initiatives, it is clear that we have much more work to do to become profitable in this weak domestic fare environment,'' Misner said. http://www.nytimes.com/reuters/business/business-airlines-continental-earns.html?ex=1091328215&ei=1&en=67ead56814084515 --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://homedelivery.nytimes.com/HDS/SubscriptionT1.do?mode=SubscriptionT1&ExternalMediaCode=W24AF HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@xxxxxxxxxxx or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@xxxxxxxxxxxx Copyright 2004 The New York Times Company