Hawaiian posts a first quarter net profit of $7.3 million

Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc. (Honolulu), reported consolidated net income for the three months ended March 31, 2012 of $7.3 million, or $0.14 per diluted share, on total operating revenue of $435.5 million, compared to net income of $0.9 million, or $0.02 per diluted share, on total operating revenue of $365.6 million for the three months ended March 31, 2011.

Adjusted for economic fuel expense, the Company reported net income of $3.3 million, or $0.06 per diluted share for the three months ended March 31, 2012.  This compares with adjusted net loss of $3.2 million, or $0.06 per diluted share, for the three months ended March 31, 2011, reflecting economic fuel expense.  Table 4 sets forth a reconciliation of net income and diluted net income per share on a GAAP basis and non-GAAP net income and diluted net income per share reflecting economic fuel expense.  The Company believes that the presentation of economic fuel expense most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period.

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As of March 31, 2012, the Company had:

  • Unrestricted cash and cash equivalents of $376 million and $5.2 million in restricted cash.
  • Current available borrowing capacity of $56.6 million under Hawaiian’s Revolving Credit Facility.
  • Outstanding debt and capital lease obligations of $539.7 million consisting of the following:
    • $70.0 million outstanding under Convertible Senior Notes.
    • $74.3 million outstanding under floating rate notes issued in conjunction with the acquisition of three Boeing 767-300 ER aircraft.
    • $182.1 million secured loan agreements for a portion of the purchase price for 15 previously leased Boeing 717-200 aircraft.
    • $192.8 million outstanding under three secured loan agreements to finance a portion of the purchase price for Airbus A330-200 aircraft.
    • $20.0 million in capital lease obligations for Boeing 717-200 aircraft delivered in the first quarter 2012.
    • $0.5 million of non-aircraft related capital lease obligations.