Hawaiian has a profitable fourth quarter and 2010

Hawaiian Holdings, Inc. (Honolulu), parent company of Hawaiian Airlines, Inc. (Honolulu), reported consolidated net income for the three months ended December 31, 2010 of $70.6 million, or $1.36 per diluted share, on total operating revenue of $343.8 million. This result compares with net income of $35.0 million, or $0.66 per diluted share, on total operating revenue of $297.0 million for the three months ended December 31, 2009. These results include beneficial tax adjustments that are non-recurring in nature, without which adjusted net income reflecting economic fuel expense for the three months ended December 31, 2010 is $11.3 million, or $0.21 per diluted share. This compares to $10.5 million, or $0.20 per diluted share, in the prior year period.

For the full year 2010, the Company reported consolidated net income of $110.3 million, or $2.10 per diluted share, on total operating revenue of $1.310 billion, which includes beneficial, non-recurring tax adjustments of approximately $62.5 million. This result compares with net income of $116.7 million, or $2.22 per diluted share, on total operating revenue of $1.183 billion for the full year 2009, which includes beneficial, non-recurring tax adjustments of approximately $40.0 million. Excluding the effects of the beneficial, non-recurring tax adjustments, and reflecting economic fuel expense, 2010 non-GAAP net income was $45.4 million, or $0.87 per diluted share, as compared to $64.8 million, or $1.23 per diluted share, in 2009. Table 2 sets forth a reconciliation of net income and diluted earnings per share on a GAAP basis and non-GAAP net income and diluted earnings per share excluding these tax benefits and reflecting economic fuel expense.

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