HOUSTON, Feb. 14 /PRNewswire/—Continental Airlines (NYSE: CAL) today
distributed profit sharing to employees from a pool of $98 million, the sixth
consecutive year the airline has rewarded employees with profit sharing
checks. These checks represented approximately 4.1 percent of employees`
eligible 2000 earnings. Continental has paid $545 million—over one-half
billion dollars—in profit sharing since 1995.
“For six years, now, we`ve been able to reward our employees for making
the airline a success,” said Continental`s Chairman and Chief Executive
Officer Gordon Bethune. “Their dedication has made Continental the best
airline in the world, and I`m counting on their continued efforts to keep us
Continental`s profit-sharing plan pays 15 percent of pre-tax net income
(excluding special gains and charges) and is divided among eligible employees
based on their eligible wages.
Additionally, Continental has paid more than $157 million in on-time
bonuses to employees over the last six years; in 2000, employees received
$39 million in on-time bonuses. On-time bonuses are paid every month the
company finishes as one of the Department of Transportation`s top three on-
time airlines or achieves at least 80 percent on-time for the month.
Bethune, along with Executive Vice President and Chief Financial Officer
Larry Kellner, handed out profit sharing checks today at the airline`s
headquarters in downtown Houston and at Bush Intercontinental Airport.
Continental President and Chief Operating Officer Greg Brenneman and Executive
Vice President and General Counsel Jeff Smisek presented employees with their
share of the profits at two of Continental`s hubs, Cleveland Hopkins
International Airport and Newark International Airport.
Continental Airlines is the fifth largest airline in the U.S., offering
more than 2,200 departures daily to 136 domestic and 92 international
destinations. Operating hubs in Newark, Houston, Cleveland and Guam,
Continental (http://www.continental.com) serves more international cities than any
other U.S. carrier, including extensive service throughout the Americas,
Europe and Asia.
Continental was named the 2001 Airline of the Year by Air Transport World,
as well as the 1996 Airline of the Year, making it the only carrier to receive
this honor twice in five years. Continental is in the top quarter of Fortune
magazine`s “100 Best Companies to Work for in America,” and is ranked the
nation`s No. 1 airline in customer satisfaction for long and short-haul
flights by Frequent Flyer Magazine and J.D. Power and Associates. Continental
has received numerous awards for its BusinessFirst premium cabin (Conde Nast
Traveler, OAG, Entrepreneur and SmartMoney magazines), OnePass frequent flyer
program (InsideFlyer`s Freddie Awards) and overall operations and management