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Home > Fortune 500 Companies > Contl Airlines'b'
Contl Airlines'b'
Contl Airlines'b' is a publicly traded company having a good stock performance result. Contl Airlines'b' is a fortune 500 stock listed company trading under CAL.
Continental Airlines was founded over 60 years ago by Walter T. Varney and his partner Louis Mueller as Varney Speed Lines. In 1937, Robert F. Six changed the company's name to Continental Airlines. Larry Kellner is chairman of the board and chief executive officer of Continental Airlines Inc. Kellner joined the airline in 1995 as senior vice president and chief financial officer, and was named executive vice president and chief financial officer in November 1996. Continental Airlines, Inc., an air carrier, engages in transporting passengers, cargo, and mail in the United States.
Continental's mainline cost per available seat mile (CASM) for the third quarter 2005 increased 3.0 percent compared to the same period last year, primarily due to record high fuel prices. Continental ended the third quarter with 1.92 billion dollars in unrestricted cash and short-term investments. Although revenue trends have been improving, the company still expects to incur a significant loss in the fourth quarter and for the full year 2005. In July, Continental contributed 40 million dollars cash to its defined benefit pension plans. The company subsequently contributed additional 84 million dollars cash to its plans, bringing its year-to-date pension contributions to 304 million dollars and meeting its pension contribution requirements for 2005.
Continental also believes that under current conditions, absent adverse factors outside of its control, such as additional terrorist attacks, hostilities involving the United States, a further delay in the restart of the Gulf Coast refineries or further significant increases in crude oil prices, its existing liquidity and projected 2006 cash flows will be sufficient to fund current operations and other financial obligations through 2006. Continental recorded a net special charge of 3 million dollars in the third quarter, consisting of an 18 million dollars non-cash settlement charge related to lump-sum distributions from the frozen pilot defined benefit pension plan, and a 15 million dollars reversal of previously recorded expense related to permanently grounded aircraft following negotiated settlements with the aircraft lessors in an improving aircraft market.
Continental Airlines has always been committed to the community, supporting hundreds of charitable organizations of various interests and concerns across the country every year. The company has committed to in the past and that their clients understand its reasons for making such a difficult decision.
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