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Hawaiian reports net income of $55.6 million for 2012, up almost 29%

Hawaiian Holdings, Inc. (Honolulu), parent company of Hawaiian Airlines, Inc. (Honolulu), reported its financial results for the full year 2012 and the fourth quarter of 2012.

2012 Full Year Financial Highlights

Adjusted net income, reflecting economic fuel expense and excluding lease termination costs, of $55.6 million or $1.06 per diluted share, an increase of 28.7% year-over-year.
GAAP net income of $53.2 million or $1.01 per diluted share.
Operating cost per available seat mile (CASM), excluding fuel and lease termination costs, decrease of 6.0% year-over-year.
Adjusted operating margin of 7.0%, reflecting economic fuel expense and excluding lease termination costs.
Unrestricted cash and cash equivalents increase of 33.5% year-over-year.
Return on invested capital, pre-tax, of 14.9%.

Fourth Quarter 2012 Financial Highlights

Available seat mile (ASM) for scheduled operations increase of 29.2% year-over-year.
Adjusted net income, reflecting economic fuel expense, of $0.1 million or $0.00 per diluted share.
GAAP net loss of $3.4 million or $0.07 cents per diluted share.
CASM, excluding fuel, decrease of 11.3% year-over-year.
Unrestricted cash and cash equivalents of $405.9 million.

Mark Dunkerley, the Company’s President and Chief Executive Officer, commented that “A good year of growth and improving financial performance was finished off by a disappointing break-even result in the fourth quarter. The sharp weakening of the Yen, continued excess capacity in certain markets and an accounting charge all worked to depress our earnings for the period despite many other things going right for the business.

The year as a whole was every bit as busy and exciting as we had forecast. We added four new long haul destinations, eight long haul and short haul aircraft, opened a hub on Maui and added approximately 600 employees to our rolls, all in 2012. Throughout it all, the employees of Hawaiian Airlines continued to deliver the very highest quality travel and shipping experience to our customers. Our employees’ tireless dedication to our customers and to our business is a distinguishing strength of Hawaiian Airlines. 2013 promises to be an equally exciting year for the company with new destinations, new aircraft and more employees being planned.”

The fourth quarter 2012 results reflect an out-of-period frequent flyer adjustment related to the timing of revenue recognized for mileage credits sold to participating companies in previous years. This adjustment resulted in a net decrease to pre-tax income of $7.3 million in the quarter, or $0.08 per diluted share ($7.9 million decrease to passenger revenue and $0.6 million decrease to other operating expense). See Table 2 for the impact of this adjustment on selected statistical data.

Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables.

Liquidity and Capital Resources
As of December 31, 2012, the Company had:

Unrestricted cash and cash equivalents of $405.9 million.
Available borrowing capacity of $68.9 million under Hawaiian’s Revolving Credit Facility.
Outstanding debt and capital lease obligations of approximately $661 million consisting of the following:
- $246.4 million outstanding under secured loan agreements to finance a portion of the purchase price for four Airbus A330-200 aircraft.
- $170.7 million in secured loan agreements for a portion of the purchase price for 15 previously leased Boeing 717-200 aircraft.
- $106.3 million in capital lease obligations for an Airbus A330-200 and two Boeing 717-200 aircraft.
- $64.7 million outstanding under floating rate notes issued in conjunction with the acquisition of three Boeing 767-300 ER aircraft.
- $72.7 million outstanding of Convertible Senior Notes.

The Company expects to take delivery of five Airbus A330-200 aircraft in 2013, and has entered into debt and lease financing commitments for the first four deliveries in the first half of the year. The increase in Hawaiian’s fleet resulting from the delivery of these five Airbus A330-200 aircraft in 2013 will be partially offset by a decrease of four Boeing 767-300ER aircraft during the year, with three aircraft returned at the end of their lease terms and one planned retirement.

In January 2013, the Company signed a Memorandum of Understanding for the purchase of 16 new Airbus A321neo aircraft for delivery between 2017 and 2020, with the rights to purchase an additional nine aircraft. The long-range, single-aisle aircraft will complement Hawaiian’s existing fleet of wide-body, twin-aisle aircraft used for long-haul flying between Hawai’i and the U.S. West Coast.

2012 Highlights

Operational Highlights

Ranked #1 nationally for on-time performance, for 10 out of the 11 months reported in 2012, by the U.S. Department of Transportation Air Travel Consumer Report.
Ranked second overall in the 2012 Airline Quality Rating Report.
Introduced a Maui hub offering improved connections between Maui and Neighbor Island destinations, as well as additional flights to and from the West Coast.
Provided chartered air transportation for the Oakland Raiders for the 13^th consecutive season.
Signed a new three-year contract with the Association of Flight Attendants.
Became the first airline to receive aviation carbon credits for reducing carbon dioxide emissions.

Fleet

Added four new Airbus A330-200 aircraft (see above) in March, April, May and June in 2012 for North America and International service.
Added two Boeing 717-200 aircraft in January and February 2012 for Neighbor Island service.
Took delivery of two ATR 42-500 twin-turboprop aircraft to inaugurate new service to Molokai and Lanai in 2013.

New routes and increased frequencies

Honolulu to Fukuoka, Japan daily service launched April 2012
Honolulu to New York City (JFK), New York, daily service launched June 2012
Honolulu to Sapporo, Japan three-times-weekly service launched October 2012
Honolulu to Brisbane, Australia three-times-weekly service launched November 2012
Honolulu to Seoul, South Korea increased from four times weekly to daily July 2012
Maui to San Jose and Oakland, California increased from three and four times weekly, respectively, to daily October 2012
Announced Honolulu to Auckland, New Zealand three-times-weekly service beginning March 2013
Announced Honolulu to Taipei, Taiwan with service daily beginning July 2013
Honolulu to Sydney, Australia from daily to ten weekly flights April to May 2013
Maui to Los Angeles, California increased from daily to twice daily service summer 2013

New Partnership, Code-Share and Frequent Flyer agreements

Partnered with Air China and China International Travel Service to offer connections and market Hawaii vacation packages in China.
Entered into new frequent flyer and code-share agreements with All Nippon Airways, JetBlue and Virgin America.

Hawaiian Airlines:

Hainan Airlines is coming to Chicago O’Hare

Hainan Airlines (Haikou and Beijing) has announced it plans to begin nonstop service from Chicago (O’Hare) to Beijing on September 3, 2013. Hainan is Mainland China’s only certified Skytrax® five-star airline. Service will be operated with two-class Airbus A330-200 aircraft four times a week, Tuesday, Thursday, Saturday and Sunday, with departure and arrival times that allow for convenient connections from points throughout the United States. The new flight will complement the carrier’s existing North American service to Beijing from Toronto (Pearson) and Seattle/Tacoma.

Flight 498 will depart Chicago (O’Hare) at 3:30 pm (1530) and arrive in Beijing at 6:40 pm (1840) the following day. Flight 497 will depart Beijing at 1:20 pm (1320) and arrives Chicago at 1:30 pm (1330) the same day due to the International Date Line. Connections to and from points throughout China are also possible. Cargo service will be offered.

Hainan Airlines:

Air China to add Geneva on May 7

Air China (Beijing) has announced it will add Geneva starting on May 7, 2013. The flag carrier will offer nonstop four-times weekly Beijing – Geneva service using the Airbus A330-200. That will make Air China the only carrier offering nonstop rotations between Beijing and Geneva. The Beijing – Geneva route will become East Asia’s first direct route to Geneva, offering an additional flight option to travelers to and from Tokyo, Seoul, Hong Kong, Bangkok and Manila.

The flight numbers of the Beijing – Geneva service will be CA 861/862. The four-times weekly flight leaves Beijing at 13:30 and arrives at 18:25 in Geneva on the same day. The return flight is expected to take off from Geneva at 20:25 and arrive at the Beijing Capital International Airport at 12:55 the next day.

The Chinese carrier is also retiring the Boeing 757-200 from international service on March 31, 2013 on the Chengdu-Karachi route per Airline Route.

Top Copyright Photo: Dave Glendinning. Airbus A330-243 B-6076 (msn 797) in the special Zichen Hao livery taxies to the gate at London (Heathrow).

Air China:

Bottom Copyright Photo: Michael B. Ing. Air China’s Boeing 757-2Z0 B-2820 (msn 25885) arrives back at the Beijing hub.

Tampa Cargo puts its first Airbus A330-200F freighter into revenue service to Miami

Tampa Cargo S.A. (Medellin), the cargo airline of AviancaTaca Holding S.A., officially incorporated the first of four new Airbus A330-200F freighters purchased by the company from Airbus.

The new type will operate between Colombia and the United States, Mexico, Brazil and Peru.

Hot New Photos:

Tampa Cargo:

Hawaiian Airlines sets a new passenger record in 2012

Hawaiian Airlines, Inc. (Honolulu), a subsidiary of Hawaiian Holdings, Inc, today announced its systemwide traffic statistics for December, fourth quarter, and full year 2012.

Hawaiian carried 9,484,204 passengers in 2012, the most in the company’s history. Passenger statistics for December and the fourth quarter were also company records.

SYSTEMWIDE OPERATIONS

FULL YEAR	2012	2011	% Change
PAX	9,484,204	8,666,319	9.4%
RPMS (000)	12,217,635	10,151,216	20.4%
ASMS (000)	14,687,472	12,039,937	22.0%
LF	83.2%	84.3%	(1.1 pts.)

FOURTH QUARTER	2012	2011	% Change
PAX	2,413,629	2,155,310	12.0%
RPMS (000)	3,279,105	2,607,548	25.8%
ASMS (000)	4,006,840	3,104,833	29.1%
LF	81.8%	84.0%	(2.2 pts.)

DECEMBER	2012	2011	% Change
PAX	812,395	740,660	9.7%
RPMS (000)	1,095,269	892,269	22.8%
ASMS (000)	1,371,367	1,077,262	27.3%
LF	79.9%	82.8%	(2.9 pts.)

PAX: Passengers transported
RPM: One paying passenger transported one mile
ASM: One seat transported one mile
LF: Percentage of seating capacity utilized

Copyright Photo: Michael B. Ing. Airbus A330-243 N383HA (msn 1217) completes its final approach into Los Angeles International Airport.

Hawaiian Airlines:

Tampa Cargo takes delivery of its first Airbus A330-200F freighter

Tampa Cargo (subsidiary of AviancaTaca Holding) (Medellin) has taken delivery of the first of four new A330-200F freighter aircraft at the Airbus facilities in Toulouse, France. The aircraft is powered by Rolls-Royce Trent 772B engines. The new aircraft is part of the airline’s fleet renewal strategy and will allow Tampa to expand its presence in new and existing international markets, including Brazil, Ecuador, Mexico, the United States and Uruguay.

Hot New Photos:

Tampa Cargo:

American Airlines expands its partnership with the LATAM Airlines Group with new codeshare agreements with TAM and LAN Colombia

American Airlines (Dallas/Fort Worth), which offers more flights to more destinations in Latin America than any other U.S. airline, has signed agreements to codeshare with both TAM Airlines (TAM Linhas Aereas) (Sao Paulo) and LAN Colombia (Bogota), representing a solid stepping stone in building a stronger bilateral relationship between American and LATAM Airlines Group. Once approved, these new codeshare relationships will provide expanded opportunities for American to serve new markets in Brazil and Colombia and for TAM Airlines and LAN Colombia in the United States.

In addition, American plans to operate a new Dallas/Fort Worth (DFW) – Bogota (BOG) route beginning in late 2013. American will also add service to Curitiba (CWB) and Porto Alegre (POA), Brazil from Miami beginning in late 2013, demonstrating its mission to provide customers with expanded options through a growing network footprint in Latin America. With the addition of Curitiba and Porto Alegre, American will serve nine destinations in Brazil.

Once the codeshare agreements are approved, these new relationships will provide American’s customers seamless connecting service within Colombia and Brazil. At the same time, this partnership will allow TAM and LAN Colombia’s customers access to new destinations in the U.S. such as Boston, Chicago, Dallas/Fort Worth, Las Vegas and Seattle.

TAM operates nearly 5,600 weekly flights to 42 destinations throughout Brazil as well as 18 international destinations in the United States, Latin America and Europe. LAN Colombia operates more than 930 weekly flights to cities throughout Colombia as well as destinations in Brazil and the United States. From its Bogota hub, LAN Colombia offers 134 daily flights, including service to 20 Colombian cities.

American offers codeshare service, with fellow oneworld^® alliance member LAN Airlines, to cities throughout South America from LAN’s hubs in Chile, Argentina, Ecuador and Peru.

The new route between DFW and Bogota complements American’s existing service to Colombia through Miami (MIA), where it offers up to 35 nonstop flights per week to Bogota, Cali and Medellin. American’s MIA and DFW hubs allow it to serve 90 percent of U.S. – Latin America traffic more efficiently than any other airline’s combination of hubs. American offers more service to South America than any other U.S. airline.

American also offers the most service between North America and Brazil, American currently serves Brazil from Miami to Belo Horizonte, Brasilia, Manaus, Recife, Rio de Janeiro, Salvador and Sao Paulo; from New York JFK to Rio de Janeiro and Sao Paulo; and from Dallas/Fort Worth to Rio de Janeiro and Sao Paulo. In addition, early next year the Dallas/Fort Worth – Sao Paulo flight will be the first to feature the newest addition to American’s fleet, the Boeing 777-300 ER.

Top Copyright Photo: Bernardo Andrade. Boeing 767-323 ER N354AA (msn 24035) arrives at Rio de Janeiro ‘s Galeao Antonio Carlos Jobim International Airport.

American Airlines:

TAM Linhas Aereas:

Bottom Copyright Photo: Keith Burton. Airbus A330-223 PT-MVC (msn 247) of TAM Linhas Aereas arrives at London (Heathrow).

Delta and Virgin Atlantic are planning a trans-Atlantic joint venture

Delta Air Lines (Atlanta) and Virgin Atlantic Airways (London) are planning a trans-Atlantic joint venture if Delta is successful in obtaining Singapore Airlines’ 49 percent share in Virgin Atlantic according to this report by Reuters. Sir Richard Branson is not interested in selling his controlling 51 percent but is interested in working with Delta.

Read the full report: CLICK HERE

Top Copyright Photo: Michael B. Ing. Airbus A330-223 N861NW (msn 796) climbs away from Los Angeles International Airport.

Delta Air Lines:

Virgin Atlantic Airways:

Bottom Copyright Photo: Stephen Tornblom. Appropriately registered Airbus A330-343X G-VNYC (msn 1315) pushes back from gate at New York’s JFK International Airport.

Hawaiian Airlines to fly to Taipei, Taiwan starting in July 2013

Hawaiian Airlines (Honolulu) today announced plans to launch nonstop service between Taipei, Taiwan and Honolulu in July 2013, further extending the airline’s strategic expansion into Asia.

The new service, which would operate three times a week, capitalizes on the extension of the U.S. Visa Waiver Program to cover citizens of Taiwan.

Hawaiian will operate the Taipei-Honolulu route using its new 294-seat, wide-body Airbus A330-200 aircraft, adding nearly 46,000 new air seats to the market annually to the benefit of Hawai’i’s visitor industry. According to the Hawai’i Tourism Authority, the economic impact of restoring nonstop service from Taipei will be significant for Hawai’i.

Taipei is the capital city of Taiwan and its economic center, with the surrounding metropolitan area of Taipei, New Taipei, and Keelung being home to nearly seven million people. As a whole, Taiwan has more than 23 million people and is considered one of the “Four Asian Tiger Economies” with one of the highest Per Capita GDP in Asia.

Taipei will be the ninth new gateway that Hawaiian has introduced or announced new service to since November 2010, following Tokyo, Osaka, Fukuoka, and Sapporo, Japan; Seoul, South Korea; New York City; Brisbane, Australia; and Auckland, New Zealand (March 13, 2013).

Copyright Photo: Roy Lock. Airbus A330-243 N381HA (msn 1114) powerfully climbs away from the runway at Los Angeles International Airport.

Hawaiian Airlines:

Hawaiian Airlines’ Route Map:

US Airways awarded the Charlotte-London Heathrow route, flight attendants vote to strike

US Airways (Phoenix) has announced it has been awarded operating slots to inaugurate daily, nonstop service between its Charlotte hub and London’s preferred business airport, Heathrow, beginning in March 2013. US Airways will operate the service between Charlotte and London Heathrow with Airbus A330 aircraft that features Envoy, the airline’s international business class. Specific schedule and fare details will be released at a later date.

The new service from Charlotte, N.C. will supplement the airline’s existing daily service between its international gateway in Philadelphia and London Heathrow.

The flight will originate in Miami, offering customers in South Florida convenient one-stop service to London via the airline’s Charlotte hub.

On the flip side, US Airways’ flight attendants have voted by a 94 percent margin to authorize a strike should the continued negotiations fail according to this report by Reuters.

Read the full report: CLICK HERE

US Airways: