Continental confirms year-end cash at $1.5 billion Wed Jun 8, 2005 03:22 PM ET NEW YORK, June 8 (Reuters) - Continental Airlines Inc. (CAL.N: Quote, Profile, Research) expects to have at least $1.5 billion in cash on hand by the end of the year, its chief executive said on Wednesday, reiterating earlier forecasts. "We're very well positioned for a successful future," said Lawrence Kellner during a presentation at a Merrill Lynch & Co. conference, adding that he was "comfortable" with a prior forecast of unrestricted cash at $1.5 billion by year- end. On Tuesday the company said it expected to end the second quarter with an unrestricted cash and short-term investments balance of between $2.0 billion and $2.1 billion. Airlines typically prosper during the summer travel months then struggle during the fall and winter when passenger demand wanes. "That should be an adequate level to get them through the winter," said Ray Neidl, an analyst at Calyon Securities. The Houston-based airline last week closed on a loan transaction initially worth about $300 million secured by its Air Micronesia Inc. and Continental Micronesia Inc. units, helping to solidify its cash position. Also during the presentation, Continental Chief Financial Officer Jeff Misner said Continental is still talking to its flight attendants about wage and benefit concessions that would allow it to reach a goal of $500 million in cost cuts. The flight attendants earlier this year were the sole labor group to reject new contracts the airline said it needed to avoid a cash crunch. Continental stock was down 25 cents to $14.39 in late afternoon trade. Roger EWROPS