Continental issues profit sharing checks

Continental Airlines 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% 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 on top."

Continental's profit-sharing plan pays 15% of pre-tax net income (excluding special gains and charges) and is divided among eligible employees based on 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% on-time for the month.

Bethune, along with Chief Financial Officer Larry Kellner, handed out profit sharing checks at the airline's headquarters in downtown Houston and at Bush Intercontinental Airport.

Next Story >>