-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Hv8gKa1PvrmEuElGVctwWCxn5QrxcglnUrjN2KzkuhMsl5EOO6AkG70QQ+SxwMQj 3zRzDcFceLIBHF037duTXg== 0000319687-95-000011.txt : 19950517 0000319687-95-000011.hdr.sgml : 19950516 ACCESSION NUMBER: 0000319687-95-000011 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950512 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONTINENTAL AIRLINES INC /DE/ CENTRAL INDEX KEY: 0000319687 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 742099724 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10323 FILM NUMBER: 95537951 BUSINESS ADDRESS: STREET 1: 2929 ALLEN PKWY STE 1513 CITY: HOUSTON STATE: TX ZIP: 77019 BUSINESS PHONE: 7138345000 FORMER COMPANY: FORMER CONFORMED NAME: PEOPLE EXPRESS AIRLINES INC DATE OF NAME CHANGE: 19890726 10-K/A 1 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: CONTINENTAL AIRLINES, INC. CONSOLIDATED BALANCE SHEETS (In thousands of dollars, except for share data)
December 31, December 31, ASSETS 1994 1993 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
(continued on next page) CONTINENTAL AIRLINES, INC. CONSOLIDATED BALANCE SHEETS (In thousands of dollars, except for share data)
December 31, December 31, LIABILITIES AND STOCKHOLDERS' EQUITY 1994 1993 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
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: 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)
December 31, December 31, ASSETS 1994 1993 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
These Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto and Notes to Schedule I. 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)
December 31, December 31, LIABILITIES AND STOCKHOLDERS' EQUITY 1994 1993 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
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) -----END PRIVACY-ENHANCED MESSAGE-----