Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Jamie Baker of JP Morgan.
Jamie Baker - JP Morgan
My first question is for either Jeff or Larry. Has Continental thought through any response it might make should any of your competitors ultimately turn to Washington for assistance, in the sense of a liquidity nature?
Jeff Smisek
I don’t know that that will occur, but should it occur we are really big believers in a level playing field and that is what we would focus on in that eventuality.
Jamie Baker - JP Morgan
That is helpful and I have a second follow up relating to One Pass. Do you think there is any more borrowing power within that relationship in the form of any further contract extension or forward mileage sale?
Larry Kellner
I think, as always, we will look across our business to see where we can generate additional cash. We tend to talk about it once we have done it, so we are always looking at other parts. We are very happy with the many relationships we have in One Pass, but I always think there are other opportunities, but we will talk about them as we are at a point where we have them.
Jamie Baker - JP Morgan
Okay, thanks.
Operator
Your next question comes from Gary Chase with Barclays Capital.
Gary Chase - Barclays Capital
Congratulations and good luck to both Larry and Jeff.
We are in a situation now where people are just hyper sensitive to this stuff, so Jeff, if I could, if you could just clarify what you mean by you think the RASM declines are bottoming out. Do you mean based on where you came in for June, is that on a quarterly basis? Are there going to be months where the comps are worse? I just think people are incredibly sensitive to what’s happening at the margin. I want to make sure I understand what you are trying to telegraph.
Jeff Smisek
Sure. I think the best way I would phrase it is right now it is clear we are living on the back of a great deal of leisure demand sparked by extremely low fares. As a result, with the very high load factors we are having, and strong bookings from leisure traffic, we are able to revenue manage the flights.
It is difficult for us to see, however, going into September post Labor Day when the kids are returning to school and leisure traffic traditionally falls off, what the business demand will be. I would characterize the stabilization as more of stabilization with respect to very current trends. That is June RASM versus the quarter, because in the quarter we had the positive event of Easter shifting into April this year which slightly distorted upwards the quarters RASM results.
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