– High fuel prices and Hurricane Ike hampered quarterly results – Continental Airlines recently reported a third quarter 2008 net loss of $236 million. Excluding $91 million of previously announced special items, Continental recorded a net loss of $145 million. High fuel prices continued to negatively impact results during the quarter. Gulf Coast jet fuel averaged $3.49 per gallon during the third quarter compared to $2.16 per gallon for the same period in 2007, with Gulf Coast jet fuel closing prices peaking at $4.21 per gallon during the quarter. Mainline fuel costs increased $606 million in the third quarter compared to the same period of 2007. “My co-workers did a great job working through significant operational challenges this past quarter,” said Larry Kellner, Continental’s chairman and chief executive officer. “Despite several severe storms, including Hurricane Ike, affecting both our employees’ personal lives and our operations, we worked together to deliver a superb product.” As previously reported, Continental estimates that the adverse impact of Hurricane Ike on operating results in the third quarter of 2008 was approximately $50 million. Continental announced that its daily nonstop flights between its New York hub at Newark Liberty International Airport and Shanghai, China will begin March 25, 2009, subject to government approval. In addition, the company announced a third daily nonstop flight between New York and London’s Heathrow Airport. Effective Oct. 25, it will discontinue flights to London/Gatwick Airport from both New York and Houston. Continental will continue to operate two daily flights from Houston to Heathrow in addition to the three daily flights from Liberty to Heathrow. The carrier also announced new nonstop seasonal service between Houston and Rio de Janeiro beginning Dec. 17.

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