Continental Airlines to Hold Live Webcast of Second Quarter 2009 Financial Results
July 14 2009 - 4:03PM
PR Newswire (US)
Summarizes special charges for the second quarter 2009 HOUSTON,
July 14 /PRNewswire-FirstCall/ -- Continental Airlines (NYSE: CAL)
will hold its second quarter 2009 financial results conference call
on Tuesday, July 21 at 9:30 a.m. CT/10:30 a.m. ET. A live,
listen-only webcast of the conference call will be available at
continental.com in the "Investor Relations" section under the
"About Continental" menu. The webcast will be available for replay
within 24 hours of the conference call and then archived on the Web
site for approximately three months. Second Quarter Special Charges
Continental expects to record special charges during the second
quarter of 2009 totaling $44 million of expense of which $43
million consists of non-cash items. A summary of these charges is
as follows (in millions): Three Months Ended June 30, 2009
------------------ Aircraft-related charges $43 Other 1 --- Total
special charges $44 === Aircraft-related charges in the second
quarter of 2009 include $31 million of non-cash impairments on
owned Boeing 737-300 and 737-500 aircraft and related assets, an $8
million non-cash charge related to the disposition of three 737-300
aircraft and a $4 million non-cash charge to write off certain
obsolete spare parts. The impairment charges on the Boeing 737-300
and 737-500 fleets relate to Continental's decision in June 2008 to
retire all of its Boeing 737-300 aircraft and a significant portion
of its Boeing 737-500 aircraft by early January 2010. The company
recorded an initial impairment charge in the second quarter of 2008
for each of these fleet types. The additional write down in the
second quarter of 2009 reflects further reduction in the fair value
of these fleet types in the current economic environment. In both
periods, Continental determined that indicators of impairment were
present for these fleets. Fleet assets include owned aircraft,
improvements on leased aircraft, rotable spare parts, spare engines
and simulators. Based on Continental's evaluations, the company
determined that the carrying amounts of these fleets were impaired
and wrote them down to their estimated fair values. The company
estimated the fair values based on current market quotes and our
expected proceeds from the sale of the assets. Corporate Background
Continental Airlines is the world's fifth largest airline.
Continental, together with Continental Express and Continental
Connection, has more than 2,750 daily departures throughout the
Americas, Europe and Asia, serving 133 domestic and 132
international destinations. More than 750 additional points are
served via current alliance partners. With more than 43,000
employees, Continental has hubs serving New York, Houston,
Cleveland and Guam, and together with its regional partners,
carries approximately 67 million passengers per year. DATASOURCE:
Continental Airlines CONTACT: Corporate Communications of
Continental Airlines, +1-713-324-5080, Web Site:
http://www.continental.com/
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