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Continental Airlines
is to distribute a record $158 million in profit sharing payments to tens of thousands of employees at more than 200
locations worldwide on February 14, 2008.
“Thanks to the outstanding efforts of my co-workers over the past
year, Continental will be distributing $158 million in profit sharing, the largest profit sharing payout in our company’s history,” Continental
Chairman and CEO Larry Kellner said. “We continue to work together to deliver solid financial and operational results and I
am extremely delighted to share the company’s success with our more than 45,000
co-workers worldwide.”
When checks are distributed on Valentine’s Day this year, Continental employees will have received $269 million in profit sharing payments
in the last 12 months. This is the second consecutive year that the company will be sharing profits with employees. Last year, Continental
paid $111 million in profit sharing for 2006.
Kellner will hand out profit sharing checks on Valentine’s Day at the airline’s
New York hub at Newark Liberty International Airport, while President Jeff Smisek will distribute checks to the airline’s employees at its Houston hub at Bush Intercontinental Airport and other Houston
locations. Other Continental executives will appear at dozens of locations throughout the Continental system, including Los
Angeles, Orlando, Salt Lake City, London, Mexico City and Tokyo, to personally distribute profit sharing checks and celebrate the record
achievement.
Continental's profit-sharing plan shares 30% of the first $250 million of pre-tax income, 25%
of the next $250 million and 20% of amounts over $500 million.
In addition to profit sharing, Continental’s employees receive cash payments for reaching on-time performance goals. For 2007, employees
earned $33 million in on-time incentive payments, or $755 per employee, for finishing 10 out of 12 months among the
top three of the network carriers for on time performance.
The on-time arrival incentive program pays monthly cash payments when the airline hits targets for on-time arrivals as reported by DOT.
Eligible employees receive $100 when Continental comes in first among the six network carriers in on-time performance. Employees receive
$65 when the company finishes second or third among the six network carriers or when Continental’s on-time percentage is 80 or better,
even if the company does not finish in the top three.
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