Company Overview

Continental started its engines in July 1934, when a single-engine Lockheed aircraft flew a 530-mile route from Pueblo, Colorado, to El Paso, Texas, with stops in Las Vegas; Santa Fe, New Mexico; and Albuquerque, New Mexico. Almost 70 years later, Houston-based Continental is the fifth-largest air carrier in the United States, operating more than 2,000 flights as well as 1,000-plus Continental Express flights daily to 150 U.S. and close to 125 international destinations. The company’s rise hasn’t always been without turbulence. Twice, in 1983 and 1990, the airline declared bankruptcy. The road to recovery included job and route cuts. Then in 1997, Northwest Airlines purchased a 13 percent stake in the company. In 2001, Northwest sold back shares in exchange for 55 percent of the voting power. Northwest retains a 5 percent stake in Continental and has the right to block Continental’s sale to any third party. The economic downturn and the tragic events of 9/11 have forced the company to lay off 21 percent of its workforce and reduce its long-term flight schedule. In 2003, the federal government approved a marketing alliance—the largest ever—involving Continental, Northwest, and Delta.