|
SECURITIES AND EXCHANGE COMMISSION |
|
Washington, D.C. 20549 |
|
FORM 8-K |
|
CURRENT REPORT |
|
Pursuant to Section 13 or 15(d) of the |
|
Securities Exchange Act of 1934 |
|
Date of Report (Date of earliest event reported): |
|
November 1, 2002 |
|
CONTINENTAL AIRLINES, INC. |
|
(Exact name of registrant as specified in its charter) |
|
Delaware |
1-10323 |
74-2099724 |
|
(State or other jurisdiction |
(Commission File Number) |
(IRS Employer |
|
of incorporation) |
Identification No.) |
|
1600 Smith Street, Dept. HQSEO, Houston, Texas |
77002 |
|
(Address of principal executive offices) |
(Zip Code) |
|
(713) 324-2950 |
|
(Registrant's telephone number, including area code) |
Item 5. Other Events.
On November 1, 2002, we issued a press release announcing our October performance and our estimated consolidated breakeven load factor for November 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
|
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.
|
CONTINENTAL AIRLINES, INC. |
|
November 1, 2002 |
By /s/ Jennifer L. Vogel |
|
Jennifer L. Vogel |
|
|
Vice President and General Counsel |
|
EXHIBIT INDEX |
|
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 OCTOBER 2002 PERFORMANCE
HOUSTON, Nov. 1, 2002 - Continental Airlines (NYSE: CAL) today reported an October 2002 systemwide mainline jet load factor of 69.4 percent, 3.2 points above last year's October load factor. For October 2002, Continental reported an October domestic mainline jet load factor of 70.1 percent and an international mainline jet load factor of 68.3 percent. Due to the events of Sept. 11 last year, comparisons of 2002 versus 2001 do not provide a good historical benchmark. In order to provide a more meaningful comparison, the attached traffic results chart also includes a comparison of October 2002 with October 2000.
Continental reported an on-time arrival rate of 78.4 percent and a completion factor of 99.5 percent for its mainline jet operations in October 2002. Inclement weather affected Continental's system 22 days in October, significantly lowering the airline's on-time performance for that month.
In October 2002, Continental flew 4.7 billion mainline jet revenue passenger miles (RPMs) and 6.8 billion mainline jet available seat miles (ASMs) systemwide, resulting in a traffic increase of 16.7 percent and a capacity increase of 11.3 percent as compared to October 2001. Domestic mainline jet traffic was 2.9 billion RPMs in October 2002, up 6.3 percent from October 2001, and October 2002 domestic mainline jet capacity was 4.1 billion ASMs, up 9.4 percent from October 2001.
Systemwide October 2002 mainline jet passenger revenue per available seat mile (RASM) is estimated to have increased between 8 and 10 percent compared to October 2001 and decreased between 15 and 17 percent compared to October 2000. For September 2002, RASM increased 10.8 percent as compared to September 2001 and declined 17.6 percent as compared to September 2000.
-more-
OCTOBER 2002 PERFORMANCE/PAGE 2
Consolidated breakeven load factor for November 2002 is estimated to be 83 percent. Consolidated breakeven load factor for October 2002 is estimated to have been 80 percent. Actual November 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.
ExpressJet Airlines, a subsidiary of Continental Airlines doing business as Continental Express, separately reported an October load factor of 63.3 percent for October 2002, 0.6 points above last year's October load factor. ExpressJet flew 347.5 million RPMs and 548.6 million ASMs in October 2002, resulting in a traffic increase of 21.2 percent and a capacity increase of 20.0 percent versus October 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. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. For examples of such risks and uncertainties, 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, domestic and international economic conditions, the significant cost of aircraft fuel, labor costs, competition, regulatory matters and industry conditions, including the demand for air travel, the airline pricing environment and industry capacity decisions.
-more-
OCTOBER 2002 PERFORMANCE/PAGE 3
PRELIMINARY TRAFFIC RESULTS
|
OCTOBER |
2002 |
2001 |
2000 |
Change |
||
|
2002 vs. 2001 |
2002 vs. 2000 |
|||||
|
REVENUE PASSENGER MILES (000) |
||||||
|
Domestic |
2,887,955 |
2,716,070 |
3,281,590 |
6.3 Percent |
(12.0) Percent |
|
|
International |
1,815,604 |
1,314,700 |
1,938,601 |
38.1 Percent |
(6.3) Percent |
|
|
Transatlantic |
933,411 |
641,619 |
995,823 |
45.5 Percent |
(6.3) Percent |
|
|
Latin America |
479,083 |
429,340 |
567,644 |
11.6 Percent |
(15.6) Percent |
|
|
Pacific |
403,109 |
243,741 |
375,134 |
65.4 Percent |
7.5 Percent |
|
|
Total Jet |
4,703,558 |
4,030,770 |
5,220,191 |
16.7 Percent |
(9.9) Percent |
|
|
ExpressJet |
347,460 |
286,633 |
273,922 |
21.2 Percent |
26.8 Percent |
|
|
AVAILABLE SEAT MILES (000) |
||||||
|
Domestic |
4,120,445 |
3,764,721 |
4,615,504 |
9.4 Percent |
(10.7) Percent |
|
|
International |
2,658,417 |
2,328,131 |
2,734,843 |
14.2 Percent |
(2.8) Percent |
|
|
Transatlantic |
1,253,629 |
1,064,572 |
1,313,471 |
17.8 Percent |
(4.6) Percent |
|
|
Latin America |
791,686 |
743,763 |
887,496 |
6.4 Percent |
(10.8) Percent |
|
|
Pacific |
613,102 |
519,796 |
533,876 |
18.0 Percent |
14.8 Percent |
|
|
Total Jet |
6,778,863 |
6,092,853 |
7,350,347 |
11.3 Percent |
(7.8) Percent |
|
|
ExpressJet |
548,575 |
457,231 |
448,772 |
20.0 Percent |
22.2 Percent |
|
|
PASSENGER LOAD FACTOR |
||||||
|
Domestic |
70.1 Percent |
72.1 Percent |
71.1 Percent |
(2.0) Points |
(1.0) Points |
|
|
International |
68.3 Percent |
56.5 Percent |
70.9 Percent |
11.8 Points |
(2.6) Points |
|
|
Transatlantic |
74.5 Percent |
60.3 Percent |
75.8 Percent |
14.2 Points |
(1.3) Points |
|
|
Latin America |
60.5 Percent |
57.7 Percent |
64.0 Percent |
2.8 Points |
(3.5) Points |
|
|
Pacific |
65.7 Percent |
46.9 Percent |
70.3 Percent |
18.8 Points |
(4.6) Points |
|
|
Total Jet |
69.4 Percent |
66.2 Percent |
71.0 Percent |
3.2 Points |
(1.6) Points |
|
|
ExpressJet |
63.3 Percent |
62.7 Percent |
61.0 Percent |
0.6 Points |
2.3 Points |
|
|
CARGO REVENUE TON MILES (000) |
||||||
|
Total |
87,249 |
71,635 |
100,508 |
21.8 Percent |
(13.2) Percent |
|
-more-
OCTOBER 2002 PERFORMANCE/PAGE 4
|
YEAR-TO-DATE |
2002 |
2001 |
Change |
||
|
REVENUE PASSENGER MILES (000) |
|||||
|
Domestic |
30,335,083 |
32,438,583 |
(6.5) Percent |
||
|
International |
19,809,746 |
19,965,188 |
(0.8) Percent |
||
|
Transatlantic |
9,015,272 |
8,931,837 |
0.9 Percent |
||
|
Latin America |
6,286,225 |
6,520,833 |
(3.6) Percent |
||
|
Pacific |
4,508,249 |
4,512,518 |
(0.1) Percent |
||
|
Total Jet |
50,144,829 |
52,403,771 |
(4.3) Percent |
||
|
ExpressJet |
3,222,436 |
2,826,677 |
14.0 Percent |
||
|
AVAILABLE SEAT MILES (000) |
|||||
|
Domestic |
41,004,923 |
44,738,976 |
(8.3) Percent |
||
|
International |
26,325,409 |
27,618,737 |
(4.7) Percent |
||
|
Transatlantic |
11,520,738 |
11,956,152 |
(3.6) Percent |
||
|
Latin America |
8,790,284 |
9,082,945 |
(3.2) Percent |
||
|
Pacific |
6,014,387 |
6,579,640 |
(8.6) Percent |
||
|
Total Jet |
67,330,332 |
72,357,713 |
(6.9) Percent |
||
|
ExpressJet |
5,103,655 |
4,540,220 |
12.4 Percent |
||
|
PASSENGER LOAD FACTOR |
|||||
|
Domestic |
74.0 Percent |
72.5 Percent |
1.5 Points |
||
|
International |
75.2 Percent |
72.3 Percent |
2.9 Points |
||
|
Transatlantic |
78.3 Percent |
74.7 Percent |
3.6 Points |
||
|
Latin America |
71.5 Percent |
71.8 Percent |
(0.3) Points |
||
|
Pacific |
75.0 Percent |
68.6 Percent |
6.4 Points |
||
|
Total Jet |
74.5 Percent |
72.4 Percent |
2.1 Points |
||
|
ExpressJet |
63.1 Percent |
62.3 Percent |
0.8 Points |
||
|
CARGO REVENUE TON MILES (000) |
|||||
Total |
751,489 |
786,460 |
(4.4) Percent |
||
-more-
OCTOBER 2002 PERFORMANCE/PAGE 5
PRELIMINARY OPERATIONAL AND FINANCIAL RESULTS
|
OCTOBER |
2002 |
2001 |
Change |
||
|
On-Time Performance1 |
78.4% |
88.7% |
(10.3) Points |
||
|
Completion Factor2 |
99.5% |
99.6% |
(0.1) Points |
||
|
YEAR-TO-DATE |
2002 |
2001 |
Change |
||
|
On-Time Performance1 |
84.2% |
80.1% |
4.1 Points |
||
|
Completion Factor2 |
99.7% |
97.3% |
2.4 Points |
||
|
September 2002 actual consolidated breakeven load factor3 |
80.9 Percent |
||||
|
October 2002 estimated year-over-year RASM change |
8-10 Percent |
||||
|
October 2002 estimated average price per gallon of fuel,excluding fuel taxes |
81 Cents |
||||
|
October 2002 estimated consolidated breakeven load factor3 |
80 Percent |
||||
|
October 2002 actual consolidated load factor4 |
68.9 Percent |
||||
|
November 2002 estimated consolidated breakeven load factor3 |
83 Percent |
||||
|
YEAR-OVER-YEAR RASM 5 |
2002 vs. 2001 |
2002 vs. 2000 |
|||
|
May |
(6.3) Percent |
(15.1) Percent |
|||
|
June |
(5.5) Percent |
(15.5) Percent |
|||
|
July |
(4.0) Percent |
(13.5) Percent |
|||
|
August |
(2.7) Percent |
(15.2) Percent |
|||
|
September |
10.8 Percent |
(17.6) Percent |
|||
|
October (estimated) |
8 to 10 Percent |
(15-17) Percent |
|||
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 Express5
Continental Airlines has been releasing RASM data since May 2001
###