Continental announces 2009 results

HOUSTON, Jan. 21, 2010 – Continental Airlines (NYSE: CAL) today announced a 2009 full-year net loss of $282 million ($2.18 diluted loss per share). 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 ($2.28 diluted loss per share) for the year. For the fourth quarter of 2009, Continental reported a fourth quarter net income of $85 million ($0.60 diluted earnings per share). 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 ($0.03 diluted earnings per share). Full-year 2009 and fourth-quarter results continued to be adversely affected by declines in high yield traffic due to the global recession. “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.”

** Passenger Revenue (in millions) Percentage Increase (Decrease) in Fourth Quarter 2009 vs. Fourth Quarter 2008 Passenger Revenue ASMs RASM Yield**

Domestic $1,166

(9.8)%

0.4 % (10.2)%

(12.3)%

Trans-Atlantic 548

(16.3)%

(11.0)% (6.0)%

(14.8)%

Latin America 357

(8.1)%

5.5 % (12.9)%

(14.6)%

Pacific 234

(1.2)%

16.1 % (14.9)%

(16.5)%

Total Mainline $2,305

(10.4)%

(0.5)% (9.9)%

(13.6)%

Regional $ 502

(5.4)%

(1.4)% (4.0)%

(7.5)%

Consolidated $2,807

(9.5)%

(0.6)% (9.0)%

(12.6)%

Cargo revenue in the fourth quarter of 2009 decreased 6.1 percent ($7 million) compared to the same period in 2008, principally due to lower year-over-year fuel surcharges. Other revenue during the fourth quarter of 2009 was $14 million higher than the prior year due primarily to higher bag fee revenue.