UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM __________ TO __________
CONTINENTAL AIRLINES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporations)
0-9781 74-2099724
(Commission File Number) (IRS Employer Identification No.)
2929 Allen Parkway, Houston, Texas 77019
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: 713-834-5000
Securities registered pursuant to Section 12(b) of the Act:
Name of Each Exchange
Title of Each Class on Which Registered
Class A Common Stock, New York Stock Exchange, Inc.
par value $.01 per share
Class B Common Stock, New York Stock Exchange, Inc.
par value $.01 per share
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. [ ]
The aggregate market value of the voting stock held by non-affiliates
of the registrant was $188.2 million as of March 31, 1995.
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of
securities under a plan confirmed by a court. Yes X No
_______________
As of March 31, 1995, 6,301,056 shares of Class A Common Stock and
20,471,581 shares of Class B Common Stock were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Proxy Statement for Annual Meeting
of Stockholders to be held on June 5, 1995: PART III
Item 8. The consolidated balance sheets are amended and restated in their
entirety as follows:
<TABLE>
CONTINENTAL AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share data)
<CAPTION>
December 31, December 31,
ASSETS 1994 1993
<S> <C> <C>
Current Assets:
Cash and cash equivalents, including
restricted cash and cash equivalents of
$118,732 and $102,439, respectively . . . . $ 396,298 $ 721,038
Accounts receivable, net of allowance for
doubtful receivables of $37,809 and
$35,046, respectively . . . . . . . . . . . 375,621 334,828
Spare parts and supplies, net of allowance
for obsolescence of $36,325 and $4,621,
respectively. . . . . . . . . . . . . . . . 141,781 161,856
Prepayments and other. . . . . . . . . . . . 76,260 79,404
Total current assets. . . . . . . . . . . . 989,960 1,297,126
Property and Equipment:
Owned property and equipment:
Flight equipment. . . . . . . . . . . . . . 1,004,337 951,881
Other . . . . . . . . . . . . . . . . . . . 281,605 284,362
1,285,942 1,236,243
Less: Accumulated depreciation . . . . . . 207,206 69,022
1,078,736 1,167,221
Purchase deposits for flight equipment . . . 166,052 166,984
Capital leases:
Flight equipment. . . . . . . . . . . . . . 400,037 394,236
Other . . . . . . . . . . . . . . . . . . . 17,045 2,142
417,082 396,378
Less: Accumulated amortization . . . . . . 69,103 23,838
347,979 372,540
Total property and equipment. . . . . . . . 1,592,767 1,706,745
Other Assets:
Routes, gates and slots, net of accumulated
amortization of $96,642 and $39,241,
respectively. . . . . . . . . . . . . . . . 1,591,140 1,672,759
Reorganization value in excess of amounts
allocable to identifiable assets, net of
accumulated amortization of $31,197 and
$13,838, respectively . . . . . . . . . . . 318,206 335,565
Other assets, net. . . . . . . . . . . . . . 109,109 86,301
Total other assets. . . . . . . . . . . . . 2,018,455 2,094,625
Total Assets. . . . . . . . . . . . . . . $4,601,182 $5,098,496
</TABLE>
(continued on next page)
<TABLE>
CONTINENTAL AIRLINES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except for share data)
<CAPTION>
December 31, December 31,
LIABILITIES AND STOCKHOLDERS' EQUITY 1994 1993
<S> <C> <C>
Current Liabilities:
Debt and capital lease obligations in default. $ 489,865 $ -
Current maturities of long-term debt . . . . . 126,186 176,228
Current maturities of capital leases . . . . . 25,788 40,556
Accounts payable . . . . . . . . . . . . . . . 629,939 566,268
Air traffic liability. . . . . . . . . . . . . 584,108 590,994
Accrued payroll and pensions . . . . . . . . . 178,648 167,859
Accrued other liabilities. . . . . . . . . . . 373,273 364,204
Total current liabilities . . . . . . . . . . 2,407,807 1,906,109
Long-Term Debt. . . . . . . . . . . . . . . . . 1,038,165 1,369,885
Capital Leases. . . . . . . . . . . . . . . . . 164,349 405,387
Deferred Credits and Other Long-Term
Liabilities:
Deferred income taxes . . . . . . . . . . . . 28,100 50,767
Deferred credit - operating leases. . . . . . 137,606 288,556
Accruals for aircraft retirements and
excess facilities . . . . . . . . . . . . . 391,947 -
Other . . . . . . . . . . . . . . . . . . . . 251,118 288,395
Total deferred credits and other
long-term liabilities . . . . . . . . . . . 808,771 627,718
Commitments and Contingencies
Minority Interest . . . . . . . . . . . . . . . 25,800 21,935
Redeemable Preferred Stock (aggregate
redemption value - $55,966 and $50,497,
respectively). . . . . . . . . . . . . . . . . 52,606 46,916
Common Stockholders' Equity:
Class A common stock - $.01 par, 50,000,000
shares authorized; 6,301,056 shares and
6,013,216 shares issued and outstanding at
December 31, 1994 and 1993, respectively . . 63 60
Class B common stock - $.01 par, 100,000,000
shares authorized; 20,403,512 shares and
19,509,352 shares issued at December 31,
1994 and 1993, respectively. . . . . . . . . 204 195
Additional paid-in capital. . . . . . . . . . 778,382 764,274
Accumulated deficit . . . . . . . . . . . . . (651,891) (38,549)
Unearned portion of restricted stock issued
for future service . . . . . . . . . . . . . (13,872) -
Additional minimum pension liability. . . . . (6,549) (5,434)
Unrealized loss on marketable equity
securities . . . . . . . . . . . . . . . . . (2,218) -
Treasury stock - 30,000 shares in 1994. . . . (435) -
Total common stockholders' equity. . . . . . 103,684 720,546
Total Liabilities and
Stockholders' Equity . . . . . . . . . . . $4,601,182 $5,098,496
</TABLE>
The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.
Item 8. Note 4. Summary of Significant Accounting Policies. Earnings
(Loss) per Share is amended and restated in its entirety as
follows:
NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(l) Earnings (Loss) per Share -
Earnings (loss) per common share computations are based upon earnings
(loss) applicable to common shares and the average number of shares of
common stock and dilutive common stock equivalents (stock options,
warrants and restricted stock) outstanding. The number of shares used
in the computation for the year ended December 31, 1994 and the period
April 28, 1993 through December 31, 1993 was 26,053,527 and
18,022,918, respectively. Preferred stock dividend requirements
(including additional dividends on unpaid dividends) and accretion to
redemption value on preferred stock increased the net loss for this
computation by approximately $5.7 million and $3.5 million for the
year ended December 31, 1994 and for the period April 28, 1993 through
December 31, 1993, respectively. On the Effective Date, all of the
outstanding common and preferred stock of Holdings was cancelled.
Information regarding the earnings (loss) per share computation
relating to the pre-reorganization stock is not comparable with data
provided for Class A and Class B and is therefore not included.
Item 14. (b) Schedule I. Condensed Balance Sheet is amended and restated
in its entirety as follows:
<TABLE>
CONTINENTAL AIRLINES, INC.
(Parent Company Only)
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED BALANCE SHEET (a)(b)
(In thousands of dollars, except for share data)
<CAPTION>
December 31, December 31,
ASSETS 1994 1993
<S> <C> <C>
Current Assets:
Cash and cash equivalents, including
restricted cash and cash equivalents of
$118,732 and $102,439, respectively . . . . . $ 325,728 $ 680,962
Accounts receivable, net . . . . . . . . . . . 281,734 309,455
Accounts receivable from subsidiaries, net . . 64,447 -
Notes receivable from subsidiaries . . . . . . 97,825 46,221
Spare parts and supplies, net. . . . . . . . . 119,796 136,522
Prepayments and other. . . . . . . . . . . . . 70,369 70,707
Total current assets. . . . . . . . . . . . . 959,899 1,243,867
Property and Equipment:
Owned property and equipment, net of
accumulated depreciation of $180,281 and
$62,297, respectively . . . . . . . . . . . . 1,017,317 1,111,110
Purchase deposits for flight equipment . . . . 166,052 166,984
Capital leases, net of accumulated
amortization of $58,169 and $19,291,
respectively . . . . . . . . . . . . . . . . 311,299 329,473
Total property and equipment . . . . . . . . 1,494,668 1,607,567
Other Assets:
Routes, gates and slots, net of accumulated
amortization of $73,041 and $29,730,
respectively. . . . . . . . . . . . . . . . . 1,051,141 1,118,670
Reorganization value in excess of amounts
allocable to identifiable assets, net of
accumulated amortization of $22,999 and
$10,585, respectively . . . . . . . . . . . . 210,659 223,073
Investment in subsidiaries . . . . . . . . . . 257,502 272,303
Notes receivable from subsidiaries . . . . . . - 56,875
Other assets, net. . . . . . . . . . . . . . . 66,467 43,935
Total other assets . . . . . . . . . . . . . 1,585,769 1,714,856
Total Assets . . . . . . . . . . . . . . . $4,040,336 $4,566,290
</TABLE>
These Statements should be read in conjunction with the Consolidated
Financial Statements and Notes thereto and Notes to Schedule I.
<TABLE>
CONTINENTAL AIRLINES, INC.
(Parent Company Only)
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED BALANCE SHEET (a)(b)
(In thousands of dollars, except for share data)
<CAPTION>
December 31, December 31,
LIABILITIES AND STOCKHOLDERS' EQUITY 1994 1993
<S> <C> <C>
Current Liabilities:
Debt and capital lease obligations
in default. . . . . . . . . . . . . . . . . . $ 489,865 $ -
Current maturities of long-term debt (c) . . . 108,620 160,250
Current maturities of capital leases . . . . . 18,278 33,620
Accounts payable . . . . . . . . . . . . . . . 548,258 472,762
Accounts payable to subsidiaries, net. . . . . - 10,795
Air traffic liability. . . . . . . . . . . . . 551,810 590,994
Accrued other liabilities. . . . . . . . . . . 492,885 459,602
Total current liabilities . . . . . . . . . . 2,209,716 1,728,023
Long-Term Debt (c). . . . . . . . . . . . . . . 859,773 1,178,989
Capital Leases. . . . . . . . . . . . . . . . . 119,798 353,606
Deferred Credits and Other Long-Term
Liabilities. . . . . . . . . . . . . . . . . . 694,759 538,210
Commitments and Contingencies (d)
Redeemable Preferred Stock (aggregate
liquidation value - $55,966 and $50,497,
respectively) (e) . . . . . . . . . . . . . . 52,606 46,916
Common Stockholders' Equity:
Class A common stock - $.01 par, 50,000,000
shares authorized; 6,301,056 shares and
6,013,216 shares issued and outstanding
at December 31, 1994 and 1993,
respectively (e) . . . . . . . . . . . . . . 63 60
Class B common stock - $.01 par,
100,000,000 shares authorized;
20,403,512 shares and 19,509,352 shares
issued at December 31, 1994 and 1993,
respectively (e) . . . . . . . . . . . . . . 204 195
Additional paid-in capital. . . . . . . . . . 778,382 764,274
Accumulated deficit . . . . . . . . . . . . . (651,891) (38,549)
Unearned portion of restricted stock
issued for future services . . . . . . . . . (13,872) -
Additional minimum pension liability. . . . . (6,549) (5,434)
Unrealized loss on marketable equity
securities . . . . . . . . . . . . . . . . . (2,218) -
Treasury stock - 30,000 shares in 1994. . . . (435) -
Total common stockholders' equity. . . . . . 103,684 720,546
Total Liabilities and Stockholders' Equity $4,040,336 $4,566,290
</TABLE>
These Statements should be read in conjunction with the Consolidated
Financial Statements and Notes thereto and Notes to Schedule I.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CONTINENTAL AIRLINES, INC.
(Registrant)
Date: May 12, 1995 by: /s/ Jeffery A. Smisek
Jeffery A. Smisek
Senior Vice President,
General Counsel and Secretary
(On behalf of Registrant)
