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 DIRECTVยฎ on its aircraft during the quarter, with the new service now offered on 83 aircraft. The company has completed installation of DIRECTVยฎ on its Boeing 737-900ER fleet and will install DIRECTVยฎ 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.
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