Continental Airlines (Houston) reported a first quarter 2010 net loss of $146 million ($1.05 diluted loss per share). Excluding $10 million of severance and aircraft-related special charges, Continental recorded a first quarter net loss of $136 million ($0.98 diluted loss per share).
During the quarter, Continental continued to install new flat-bed BusinessFirst seats, with installation now complete on 13 aircraft: eight Boeing 777s and five 757-200s. The company will install flat-bed seats on its entire fleet of Boeing 777, 757-200 and substantially all of its 767 aircraft, and on its Boeing 787 fleet as the aircraft are delivered.
Continental continued to install DIRECTV® on its aircraft during the quarter, with the new service now offered on 83 aircraft. The company has completed installation of DIRECTV® on its Boeing 737-900ER fleet and will install DIRECTV® on substantially all of its Boeing 737 Next-Generation and 757-300 aircraft.
In the first quarter of 2010, Continental recorded $6 million of aircraft-related charges related to grounded Boeing 737-300 aircraft, net of gains on two 737-500 aircraft sold to a foreign buyer, and a $4 million charge for severance in connection with previously announced reductions in force.
During the quarter, the company took delivery of one Boeing 757-300 aircraft, which will be placed in service in April 2010. In addition, Continental removed from service its three remaining Boeing 737-300 aircraft.
Continental continued to install winglets on its fleet of Boeing 757-300 aircraft. All of the company’s 737-500s, 700s, 800s, 900s and 757-200s have winglets. The company expects to complete installation of winglets on its entire narrowbody fleet by the end of the second quarter of 2010.
Copyright Photo: Jay Selman. The Boeing 737-500 fleet is expected to be phased out by the end of this year. 737-524 N13624 (msn 27528) climbs away from Atlanta. All of 737-524s now have Aviation Partners Boeing Blended Winglets.