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CAL forecasts significant 2005 loss

Continental Airlines sees "significant" 2005 loss
Fri Sep 9, 2005 6:21 AM ET

NEW YORK, Sept 9 (Reuters) - Continental Airlines (CAL.N: Quote, Profile, Research) expects to post a "significant" loss for the year, citing record high fuel prices, according to a regulatory filing on Friday.

The No. 5 U.S. carrier also forecast ending the third quarter with an unrestricted cash and short-term investments balance of $1.9 billion to $2 billion. It expects to end the the year with a balance of about $1.5 billion.

It is a sad thing since many airlines are just starting to turn things around. Delta just announced a 26% reduction in CVG and during a meeting, stated that every legacy carrier will be filing for chapter 11 within the next few years. Heard that same sad statement on the news the next day. :(