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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM 8-K |
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CURRENT REPORT |
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Pursuant to Section 13 or 15(d) of the |
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Securities Exchange Act of 1934 |
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Date of Report (Date of earliest event reported): |
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August 1, 2002 |
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CONTINENTAL AIRLINES, INC. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
1-10323 |
74-2099724 |
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(State or other jurisdiction |
(Commission File Number) |
(IRS Employer |
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of incorporation) |
Identification No.) |
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1600 Smith Street, Dept. HQSEO, Houston, Texas |
77002 |
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(Address of principal executive offices) |
(Zip Code) |
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(713) 324-2950 |
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(Registrant's telephone number, including area code) |
Item 5. Other Events.
On August 1, 2002, Continental Airlines, Inc. issued a press release announcing its July performance and its estimated consolidated breakeven load factor for August 2002. The press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
- Exhibits
- Press Release
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SIGNATURE |
Pursuant to the requirements of the Securities Exchange Act of 1934, Continental Airlines, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CONTINENTAL AIRLINES, INC. |
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August 1, 2002 |
By /s/ Jennifer L. Vogel |
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Jennifer L. Vogel |
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Vice President and General Counsel |
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EXHIBIT INDEX |
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99.1 |
Press Release |
EXHIBIT 99.1
News Release
Contact:
Corporate CommunicationsHouston: 713.324.5080
Email: corpcomm@coair.com
News archive: continental.com/news/ Address: P.O. Box 4607, Houston, TX 77210-4607
CONTINENTAL AIRLINES REPORTS JULY 2002 PERFORMANCE
HOUSTON, Aug. 1, 2002 - Continental Airlines (NYSE: CAL) today reported a July 2002 systemwide mainline jet load factor of 79.4 percent, 1.2 points above last year's July load factor. For July 2002, Continental reported a record July domestic mainline jet load factor of 79.2 percent and an international mainline jet load factor of 79.9 percent.
Continental reported an on-time arrival rate of 82.8 percent and a completion factor of 99.5 percent for its mainline jet operations in July 2002.
In July 2002, Continental flew
5.7 billion mainline jet revenue passenger miles (RPMs) and 7.2 billion mainline jet available seat miles (ASMs) systemwide, resulting in a traffic decrease of 8.6 percent and a capacity decrease of 10.1 percent as compared to July 2001. Domestic mainline jet traffic was 3.4 billion RPMs in July 2002, down 10.4 percent from July 2001, and July 2002 domestic mainline jet capacity was 4.3 billion ASMs, down 12.7 percent from July last year.Systemwide July 2002 mainline jet passenger revenue per available seat mile (RASM) is estimated to have decreased between 3 and 5 percent compared to July 2001 as a result of lower year-over-year yields, slightly offset by higher load factors. For June 2002, RASM declined 5.5 percent as compared to June 2001.
Consolidated breakeven load factor for August 2002 is estimated to be
78.0 percent. Actual consolidated breakeven load factor may vary significantly from this estimate depending on actual passenger revenue yields, fuel price and other factors. Month-to-date consolidated load factor information can be found on Continental's website at continental.com in the Investor Relations-Financial/Traffic Releases section.-more-
JULY 2002 PERFORMANCE/PAGE 2
ExpressJet Airlines, a subsidiary of Continental Airlines doing business as Continental Express, separately reported a load factor of
67.4 percent for July 2002, 0.5 points below last year's July load factor. ExpressJet flew 362.7 million RPMs and 538.4 million ASMs in July 2002, resulting in a traffic increase of 7.8 percent and a capacity increase of 8.7 percent versus July 2001.This press release contains forward-looking statements that are not limited to historical facts, but reflect the Company's current beliefs, expectations or intentions regarding future events. In connection therewith, please see the risk factors set forth in the Company's 2001 10-K and its other securities filings, which identify important matters such as terrorist attacks, the significant cost of aircraft fuel, labor costs, currency risk, competition and industry conditions, regulatory matters and the seasonal nature of the airline business, that could cause actual results to differ materially from those in the forward-looking statements.
-more-
JULY 2002 PERFORMANCE /PAGE 3
PRELIMINARY TRAFFIC RESULTS
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JULY |
2002 |
2001 |
Change |
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REVENUE PASSENGER MILES (000) |
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Domestic |
3,407,070 |
3,804,364 |
(10.4) Percent |
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International |
2,295,098 |
2,433,046 |
(5.7) Percent |
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Transatlantic |
1,079,387 |
1,094,276 |
(1.4) Percent |
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Latin America |
724,580 |
797,043 |
(9.1) Percent |
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Pacific |
491,131 |
541,726 |
(9.3) Percent |
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Total Jet |
5,702,168 |
6,237,410 |
(8.6) Percent |
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ExpressJet |
362,678 |
336,334 |
7.8 Percent |
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AVAILABLE SEAT MILES (000) |
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Domestic |
4,304,401 |
4,930,600 |
(12.7) Percent |
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International |
2,872,903 |
3,048,664 |
(5.8) Percent |
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Transatlantic |
1,300,178 |
1,328,729 |
(2.1) Percent |
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Latin America |
925,469 |
966,870 |
(4.3) Percent |
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Pacific |
647,257 |
753,065 |
(14.1) Percent |
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Total Jet |
7,177,304 |
7,979,264 |
(10.1) Percent |
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ExpressJet |
538,380 |
495,451 |
8.7 Percent |
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PASSENGER LOAD FACTOR |
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Domestic |
79.2 Percent |
77.2 Percent |
2.0 Points |
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International |
79.9 Percent |
79.8 Percent |
0.1 Points |
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Transatlantic |
83.0 Percent |
82.4 Percent |
0.6 Points |
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Latin America |
78.3 Percent |
82.4 Percent |
(4.1) Points |
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Pacific |
75.9 Percent |
71.9 Percent |
4.0 Points |
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Total Jet |
79.4 Percent |
78.2 Percent |
1.2 Points |
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ExpressJet |
67.4 Percent |
67.9 Percent |
(0.5) Points |
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CARGO REVENUE TON MILES (000) |
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Total |
78,504 |
76,816 |
2.2 Percent |
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-more-
JULY 2002 PERFORMANCE/PAGE 4
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YEAR-TO-DATE |
2002 |
2001 |
Change |
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REVENUE PASSENGER MILES (000) |
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Domestic |
21,424,293 |
23,689,612 |
(9.6) Percent |
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International |
13,796,041 |
14,714,981 |
(6.2) Percent |
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Transatlantic |
6,026,712 |
6,508,560 |
(7.4) Percent |
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Latin America |
4,640,773 |
4,873,916 |
(4.8) Percent |
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Pacific |
3,128,556 |
3,332,505 |
(6.1) Percent |
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Total Jet |
35,220,334 |
38,404,593 |
(8.3) Percent |
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ExpressJet |
2,200,676 |
2,001,543 |
9.9 Percent |
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AVAILABLE SEAT MILES (000) |
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Domestic |
28,604,134 |
32,405,319 |
(11.7) Percent |
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International |
18,097,994 |
19,844,996 |
(8.8) Percent |
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Transatlantic |
7,685,067 |
8,486,517 |
(9.4) Percent |
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Latin America |
6,304,952 |
6,649,184 |
(5.2) Percent |
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Pacific |
4,107,975 |
4,709,295 |
(12.8) Percent |
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Total Jet |
46,702,128 |
52,250,315 |
(10.6) Percent |
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ExpressJet |
3,494,782 |
3,187,864 |
9.6 Percent |
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PASSENGER LOAD FACTOR |
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Domestic |
74.9 Percent |
73.1 Percent |
1.8 Points |
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International |
76.2 Percent |
74.1 Percent |
2.1 Points |
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Transatlantic |
78.4 Percent |
76.7 Percent |
1.7 Points |
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Latin America |
73.6 Percent |
73.3 Percent |
0.3 Points |
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Pacific |
76.2 Percent |
70.8 Percent |
5.4 Points |
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Total Jet |
75.4 Percent |
73.5 Percent |
1.9 Points |
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ExpressJet |
63.0 Percent |
62.8 Percent |
0.2 Points |
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CARGO REVENUE TON MILES (000) |
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Total |
510,962 |
574,898 |
(11.1) Percent |
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-more-
JULY 2002 PERFORMANCE/PAGE 5
PRELIMINARY OPERATIONAL AND FINANCIAL RESULTS
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JULY |
2002 |
2001 |
Change |
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On-Time Performance1 |
82.8% |
82.8% |
- Points |
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Completion Factor2 |
99.5% |
99.3% |
0.2 Points |
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YEAR-TO-DATE |
2002 |
2001 |
Change |
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On-Time Performance1 |
84.8% |
81.3% |
3.5 Points |
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Completion Factor2 |
99.8% |
98.9% |
0.9 Points |
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June 2002 actual consolidated breakeven load factor3 |
73.8 Percent |
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July 2002 estimated year-over-year RASM change |
(3-5) Percent |
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July 2002 estimated average price per gallon of fuel,excluding fuel taxes |
70 Cents |
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July 2002 estimated consolidated breakeven load factor3 |
78.5 Percent |
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July 2002 actual consolidated load factor4 |
78.6 Percent |
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August 2002 estimated consolidated breakeven load factor3 |
78.0 Percent |
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1
Department of Transportation Arrivals within 14 minutes2
System Mileage Completion Percentage3
Consolidated load factor (including Continental Airlines and Continental Express) needed to breakeven on aconsolidated net income basis
4
Includes Continental Airlines and Continental Express###