Continental Airlines has announced a 2009 full-year net loss of $282 million. Excluding $145 million of previously announced special charges, and a $158 million non-cash income tax benefit, Continental recorded a net loss of $295 million for the year.
For the fourth quarter of 2009, Continental reported a fourth quarter net income of $85 million Excluding $77 million of previously announced special charges, and a $158 million non-cash income tax benefit, Continental recorded a fourth quarter net income of $4 million.
Full-year 2009 and fourth-quarter results continued to be adversely affected by declines in high yield traffic due to the global recession, Continental said.
"My co-workers have done a superb job working through enormous challenges in 2009, while providing the best customer service and product in the business," said Jeff Smisek, Continental's chairman, president and chief executive officer. "While we are seeing some business traffic increasing, we likely have a long and slow road to recovery. We remain focused on achieving and maintaining profitability."
Total revenue for the fourth quarter of 2009 was $3.2 billion, a decrease of 8.3 percent compared to the same period in 2008. Passenger revenue for the fourth quarter fell 9.5 percent ($296 million) compared to the same period in 2008 due to lower yields.
Consolidated revenue passenger miles (RPMs) for the fourth quarter of 2009 increased 3.5 percent on a capacity (available seat mile, ASM) decrease of 0.6 percent year-over-year. Consolidated load factor was a fourth quarter record 82.0 percent, 3.3 points higher than the fourth quarter of 2008. Consolidated yield for the quarter decreased 12.6 percent year-over-year. As a result, fourth quarter 2009 consolidated passenger revenue per available seat mile (RASM) decreased 9.0 percent year-over-year.