Continental Airlines Earns $50.3 Million

Continental Airlines, rebounding from a disastrous 1983 in which it filed for reorganization under federal bankruptcy laws, said it made $50.3 million in 1984.

The year’s results, including a record fourth-quarter profit of $14.5 million, compared to a loss of $218.4 million for all of 1983.

“Much of the credit belongs to our 10,000 employees, whose commitment and dedication to rebuilding the airline has paid off by creating the kind of straightforward low-fare, full-service quality product the traveling public not only wants but also demands,” Chairman Frank Lorenzo said in a statement.

The airline’s revenue for the year edged up slightly, to $1.2 billion from $1.1 billion in 1983.

In the fourth quarter, the profit of $14.5 million compared to a loss of $57.1 million a year earlier.

Revenue of $346.7 million was more than double the $142.9 million in the 1983 period.

Continental filed a Chapter 11 bankruptcy petition in September, 1983, in Houston, shut down for three days, slashed its route system and work force, trimmed its salary structure and reduced fares. Upon its return, it billed itself as a full-service discount airline.

Lorenzo said 1985 would be “a year in which we fine-tune and build upon the many operational accomplishments and the strong financial base developed this year.”

He predicted continued growth for the airline but said it would be at a “more modest rate than that experienced in 1984.”