Continental Airlines reports first quarter net loss

Continental Airlines reported a first quarter 2008 net loss of $80 million. Excluding a $5 million after tax gain from the sale of aircraft, Continental recorded a net loss of $85 million. Continental plans to remove from service an additional 14 older, less fuel efficient 737-300 aircraft as leases expire on those aircraft from September 2008 to April 2009. These 14 737-300s are in addition to the 34 737-300s and 500s that were already planned to be removed from service in 2008 and 2009.