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Accounting

Acc 230 Week 9 Final Evaluating Financial Health - Continental Airlines

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Acc 230 Week 9 Final Evaluating Financial Health - Continental
Airlines
Final
Accounting 230 Financial Reporting: Peeking Under the Financial
Hood
Continental Airlines
Continental Airlines (Continental) was incorporated in 1980. Based out of
Houston, Texas, Continental Airlines is fifth largest airline in the world.
This is based on the 2009 number of scheduled miles flown by revenue
passengers (SEC1). Continental and its smaller divisions offer more than
2,750 departures in the Americas, Europe and Asia. Continental
currently employs more than 43,000 people. More than 67 million people
per year choose continental as their chosen air carrier (Unknown2). With
such a big company comes incredible opportunity for large amounts of
profit to be made or lost.
Current Happenings
Recently, Continental merged with former competitor United. The merger
took place May 3, 2010. This merger was created to provide customers
with a higher quality of service, improve career opportunities within the
company and to improve profitability and shareholder value over a
longer term (Unknown2). The related costs associated with the merger,
and other unique charges, was $24 million. The majority of these costs
were related to financial advising fees, legal fees, and consultant fees,
cost of communication and accounting fees. The merger is expected to
bring between $800 million and $900 million in revenue annually
(Unknown1).
Current Financial Performance – 2010
The second quarter for 2010 proved to be extremely profitable for
Continental in comparison to the same quarter in 2009. Including the
merger-related costs, a net income of $233 million was reported

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