Tag Archives: Hawaiian Holdings

Hawaiian reports a net loss of $137.6 million in the first quarter

Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc. reported its financial results for the first quarter of 2024.

“Mahalo to our team for remaining focused on delivering strong operational performance and unparalleled guest experience,” said Hawaiian Airlines President and CEO Peter Ingram . “2024 is off to a positive start as we work to start realizing the return on significant investments we’ve made in our business, including rolling out high-speed Starlink WIFI and taking delivery of our first Boeing 787.”

First Quarter 2024- Key Financial Metrics and Results
	GAAP	YoY Change	Adjusted (a)	YoY Change
Net Loss	($137.6M)	($39.3M)	($143.5M)	($31.7M)
Diluted EPS	($2.65)	($0.74)	($2.77)	($0.60)
Pre-tax Margin	(23.7) %	(3.2) pts.	(24.8) %	(1.8) pts.
EBITDA	($109.0M)	($20.8M)	($116.0M)	($12.6M)
Operating Cost per ASM	15.72¢	5.9 %	11.82¢	7.1 %
Operating Revenue per ASM	12.78¢	2.6 %	N/A	N/A

(a) See Table 4 for a reconciliation of adjusted net loss, adjusted diluted EPS, adjusted pre-tax margin, adjusted EBITDA, and adjusted operating cost per ASM (CASM excluding fuel and non-recurring items) to each of their respective most directly comparable GAAP financial measure.

The first quarter loss per share includes ($0.32) per share due to the reduction in the Company’s effective tax rate from 21% to 10%. As of 3/31/2024, the Company has generated federal and state net operating losses (NOLs) of approximately $451 million and $969 million , respectively, which will be used to reduce future cash tax obligations. Analysis under GAAP required us to increase the valuation allowance related to the NOLs which resulted in a lower effective tax rate for the period, decreasing our GAAP tax benefit.

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

First Quarter 2024 Highlights

Merger Update

The Company’s stockholders voted in favor of the merger with Alaska Air Group, Inc. (” Alaska “)
The Company and Alaska entered into a timing agreement with the Department of Justice (“DOJ”) in which they agreed not to consummate the merger before 90 days following the date on which both parties have certified substantial compliance with the DOJ’s second request for additional information

Liquidity and Capital Resources

As of March 31, 2024, the Company had:

Unrestricted cash, cash equivalents and short-term investments of $897 million
Liquidity of $1.15 billion , including an undrawn revolving credit facility of $235 million
Outstanding debt and finance lease obligations of $1.75 billion

Routes and Network

Began Boeing 787-9 Dreamliner revenue service on April 15, 2024
Announced new flying from Salt Lake City (SLC) to Honolulu (HNL) and Sacramento (SMF) to Lihu`e (LIH) and Kona (KOA)
Announced increased summer flights between HNL and Austin (AUS), Boston (BOS), Las Vegas (LAS) and Pago Pago (PPG)
Hawaiian will also add a fourth daily flight between HNL and Los Angeles (LAX) from May 24 through September 2
Hawaiian received its second A330-300 freighter from Amazon which will operate between New York’s JFK and San Bernardino (SBD)

Guest Experience

Starlink inflight connectivity is now available free of charge on board all 18 A321neo aircraft
Expanded Premium Airport Service product in its Honolulu hub, offering seamless curb-to-aircraft experience with access to new airport private suite, Apt. 1929
Signed a multi-year distribution agreement with Sabre that will provide Sabre-connected agencies with long-term access to the carrier’s HA Connect™ NDC and traditional EDIFACT content through the Sabre travel marketplace.

Workforce Development

Partnered with Universal Technical Institute , the transportation, skilled trades and energy education division of UTI, Inc. to expand career opportunities for Universal Technical Institute airframe and powerplant graduates who earn their FAA certifications.

Second Quarter 2024 Outlook

The table below summarizes the Company’s expectations for the quarter ending June 30, 2024 expressed as an expected percentage change compared to the results for the quarter ended June 30, 2023 . Figures include the expected impacts of the Company’s freighter operation, which are not yet expected to be material.

Item	GAAP Second Quarter 2024 Guidance	Non-GAAP Equivalent	Non-GAAP Second Quarter 2024 Guidance
Available Seat Miles (ASMs)	Up 3.5% to up 6.5%
Operating Revenue per ASM (RASM)	Down 1.5% to up 1.5%
Costs per ASM (CASM)	Up 8.4% to up 10.7%	CASM excluding fuel and non-recurring items (a)	Up 5.0% to up 8.0%
Gallons of Jet Fuel Consumed (b)	Up 2.5% to up 5.5%
Average fuel price per gallon, including taxes and delivery (c)	$2.83	Economic Fuel Price per Gallon (a)(b)(c)	$2.85
Effective Tax Rate	~10%

Full Year 2024 Outlook

The table below summarizes the Company’s updated expectations for the full year ending December 31, 2024 expressed as an expected percentage change compared to the results for the year ended December 31, 2023 . Figures include the expected impacts of the Company’s freighter operation as the Company establishes its freighter operation.

Item	Prior GAAP Full Year 2024 Guidance	Updated GAAP Full Year 2024 Guidance	Non-GAAP Equivalent	Prior Non-GAAP Full Year 2024 Guidance	Updated Non-GAAP Full Year 2024 Guidance
Available Seat Miles (ASMs)	Up 6.0% to up 9.0%	Up 4.5% to 7.5%
Costs per ASM	Up 0.7% to up 3.0%	Up 4.1% to up 6.3%	CASM excluding fuel and non-recurring items (a)	Flat to up 3.0%	Up 1.0% to up 4.0%
Gallons of Jet Fuel Consumed (b)	Up 4.0% to up 7.0%	Up 3.0% to up 6.0%
Average fuel price per gallon, including taxes and delivery (c)	$2.55	$2.80	Economic Fuel Price per Gallon (a)(b)(c)	$2.59	$2.83
Capital Expenditures	$500M to $550M	No change

(a) See Table 3 and Table 4 for a reconciliation of CASM excluding fuel and non-recurring items and economic fuel price per gallon to each of their respective most directly comparable GAAP financial measures.

(b) Gallons of jet fuel consumed do not include fuel used in the freighter operation, as those expenses are pass-through expenses not born by the Company.

(c) Average fuel price per gallon and economic fuel price per gallon estimates are based on the April 10, 2024 fuel forward curve.

Hawaiian Airlines aircraft photo gallery:

Hawaiian Airlines updates expected third quarter and full year 2018 metrics

Hawaiian Airlines, Inc., a subsidiary of Hawaiian Holdings, Inc., has updated its expectations for certain third quarter and full year 2018 financial metrics.

Third Quarter 2018 Outlook

The Company has revised certain of its expectations for the third quarter ending September 30, 2018that were previously provided on July 24, 2018.

Specifically, the Company lowered its expectations for third quarter operating revenue per available seat mile (RASM) as a result of service disruptions, passenger cancellations and booking interruptions stemming from Hurricane Lane that affected the Hawaiian island chain in late August 2018.

The table below summarizes the Company’s revised expectations, expressed as an expected percentage change compared to the results for the third quarter ended September 30, 2017.

Prior Third Quarter

2018 Guidance

Revised Third Quarter
2018 Guidance

Operating revenue per ASM (RASM)

Down 1.5% – Up 1.5%

Flat – Down 2.0%

Full Year 2018 Outlook

The Company has also revised certain of its expectations for the full year ending December 31, 2018that were previously provided on July 24, 2018.

Specifically, the Company lowered its expectations for full year ASMs and gallons of jet fuel consumed following the planned suspension of its thrice-weekly nonstop service between Honolulu’s Daniel K. Inouye International Airport (HNL) and Beijing Capital International Airport (PEK) effective mid-October 2018.

The Company’s expectations for full year operating costs per ASM (CASM) excluding aircraft fuel and special items remain unchanged.

The table below summarizes the Company’s revised expectations, expressed as an expected percentage change compared to the results for the year ended December 31, 2017.

	Prior Full Year 2018 Guidance	Revised Full Year 2018 Guidance
Available seat miles (ASMs)	Up 5.5 – 7.5%	Up 5.0 – 7.0%
Gallons of jet fuel consumed (000s)	Up 4.0 – 6.0%	Up 3.5 – 5.5%

Hawaiian aircraft slide show:

Hawaiian to purchase the assets of Island Air for ‘Ohana by Hawaiian

Hawaiian Holdings, Inc., the parent of Hawaiian Airlines, has agreed to purchase the AOC and other assets of bankrupt Island Air for $750,000.

According to Honoluu Star Advertiser, the decision to acquire the AOC will allow ‘Ohana for Hawaiian to become a stand alone airline subsidiary. Curently, the three ‘Ohana ATR 42-500s are operated under contract by Empire Airlines.

‘Ohana by Hawaiian flights are operated by Empire Airlines and fly between:

Honolulu (HNL) and Molokai (MKK)
Honolulu (HNL) and Lanai (LNY)
Kahului (OGG) and Kona (KOA)
Kahului (OGG) and Molokai (MKK)
Kahului (OGG) and Hilo (ITO)
Lanai (LNY) and Molokai (MKK)

The ‘Ohana turboprop aircraft features a livery designed by Hilo-based artist Sig Zane and his son Kūha’o.

The aircraft are named after a significant wind on each of the islands that `Ohana by Hawaiian serves: Holo Kaomi of Paomaʻi, Lāna’i; Kaiāulu of Wai’anae, O’ahu; and Hikipua of Hālawa, Moloka’i.

Route Map:

Video:

Hawaiian reports 3Q net income of $74.6 million

Hawaiian Holdings, Inc., the parent company of Hawaiian Airlines, Inc., reported its financial results for the third quarter of 2017.

Third Quarter 2017 – Key Financial Metrics
	GAAP	YoY Change	Adjusted	YoY Change
Net Income	$74.6M	($27.9M)	$102.6M	$(0.5)M
Diluted EPS	$1.39	($0.52)	$1.92	$—
Pre-tax Margin	16.6%	(7.8) pts.	22.8%	(1.8) pts.

“The third quarter’s excellent results add to the great year we are having,” said Mark Dunkerley, Hawaiian Airlines president and CEO. “Apart from the helpful environment characterized by low fuel prices, manageable industry capacity and strong demand for the Hawaii vacation, our team is doing a terrific job improving the company and widening the gap between us and our competitors.”

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

Liquidity and Capital Resources

On October 12, 2017, the Company announced the initiation of a quarterly cash dividend of 12 cents per share to be paid on November 30, 2017 to all stockholders of record as of November 17, 2017.

In addition, the Company repurchased approximately 1.1 million shares of common stock for approximately $46.2 million in the third quarter, which leaves $49.5 million remaining under its share repurchase program.

As of September 30, 2017, the Company had:

Unrestricted cash, cash equivalents and short-term investments of $619 million
Outstanding debt and capital lease obligations of $506 million

Third Quarter 2017 Highlights

People

Contributed $134.6 million during the quarter to employee benefit plans, comprised of a one-time payment of $18.5 million to fully fund and terminate the Hawaiian Airlines, Inc. Salaried & IAM Merged Pension Plan, a one-time payment of $101.9 million to settle a portion of the post-65 medical plan obligation in connection with the ratification of a contract amendment with the Air Line Pilots Association, representing its pilots, and a contribution of approximately $14.2 million, $12.7 million above the minimum required, to further reduce pension obligations.

Operational

Ranked #1 nationally for on-time performance for the months of June, July, and August 2017 as reported in the U.S. Department of Transportation Air Travel Consumer Report.

Partnerships

Announced a new partnership with Japan Airlines (JAL) that provides for extensive code sharing, lounge access and frequent flyer program reciprocity, taking effect on March 25, 2018 (subject to government approval). Also announced the intention to establish a joint venture with JAL designed to provide even more choices, convenience and enhancements to the traveling public to/from Japan and beyond to multiple Asian markets.

Increased frequencies

Announced the expansion of non-stop service between Honolulu’s Daniel K. Inouye International Airport (HNL) and New Zealand’s Auckland Airport (AKL) with up to five non-stop flights weekly beginning March 2018.

Product and loyalty

Continued remodeling the A330 fleet with the addition of lie flat premium seats and increased Extra Comfort capacity. Also announced the introduction of remodeled A330 aircraft to its non-stop service between Honolulu’s Daniel K. Inouye International Airport (HNL) and Sapporo’s New Chitose Airport (CTS) starting February 2018.

Fleet and financing

Took delivery of its 24^th A330-200 in September.
Took delivery of its first ATR 72 turboprop aircraft in an all-cargo configuration in September.

Fourth Quarter and Full Year 2017 Outlook

The table below summarizes the Company’s expectations for the fourth quarter and full year ending December 31, 2017, expressed as an expected percentage change compared to the results for the quarter and full year ended December 31, 2016, as applicable.

The Company has revised its guidance range for economic fuel cost per gallon for the full year ending December 31, 2017 due to higher than expected year-to-date fuel costs and the forward fuel price curve as of October 9, 2017. The Company is also providing a guidance range for operating revenue per ASM and has adjusted its guidance ranges for cost per ASM excluding fuel and special Items, ASMs, and gallons of jet fuel consumed for the full year ending December 31, 2017.

	Fourth Quarter		GAAP Fourth Quarter
Item	2017 Guidance	GAAP Equivalent	2017 Guidance
Cost per ASM excluding fuel and special items (a)	Up 3.5% to up 6.5%	Cost per ASM (a)	Down 10.3% to down 13.5%
Operating revenue per ASM	Down 1.0% to up 2.0%
ASMs	Up 4.0% to up 6.0%
Gallons of jet fuel consumed	Up 5.0% to up 8.0%
Economic fuel cost per gallon (b)(c)	$1.75 to $1.85	Fuel cost per gallon (b)	$1.72 to $1.82

	Full Year		GAAP Full Year
Item	2017 Guidance	GAAP Equivalent	2017 Guidance
Cost per ASM excluding fuel and special items (a)	Up 6.0% to up 7.0%	Cost per ASM (a)	Up 3.6% to up 5.5%
Operating revenue per ASM	Up 5.0% to up 6.0%
ASMs	Up 3.0% to up 4.0%
Gallons of jet fuel consumed	Up 5.5% to up 6.5%
Economic fuel cost per gallon (b)(c)	$1.65 to $1.75	Fuel cost per gallon (b)	$1.64 to $1.74

Top Copyright Photo: The first Hawaiian Airbus A321neo is seen at the Airbus plant in Hamburg, Germany. Hawaiian Airlines Airbus A321-271N WL D-AYAF (N202HA) (msn 7917) XFW (Gerd Beilfuss). Image: 939629.

Hawaiian Airlines:


(a)	See Table 4 for a reconciliation of GAAP operating expenses to operating expenses excluding aircraft fuel and special items.
(b)	Fuel cost per gallon estimates are based on the October 9, 2017 fuel forward curve.
(c)	See Table 3 for a reconciliation of GAAP fuel costs to economic fuel costs.

Hawaiian reports second quarter adjusted net income of $37.5 million

Hawaiian Holdings, Inc, (Hawaiian Airlines) (Honolulu) has reported the financial results of its second quarter:

GAAP net income of $48.8 million or $0.79 per diluted share.
Adjusted net income, reflecting economic fuel expense and excluding loss on extinguishment of debt, of $37.5 million or $0.61 per diluted share, an increase of $15.1 million or $0.26 cents per diluted share year-over-year.
Adjusted pre-tax margin of 10.7% compared to 6.4% in the prior year period.
Unrestricted cash, cash equivalents and short-term investments of $606 million.
Lowered leverage ratio to 3.4x.

“We are pleased with the results for the quarter,” said Mark Dunkerley, Hawaiian Airlines president and chief executive officer. “Strong demand across our network, coupled with low fuel prices, more than compensated for the adverse impacts of the strengthening US dollar, the significant reduction in most fuel surcharges and the high levels of industry capacity growth from North America. Our financial performance for the second half of the year seems set to be a continuation of what we’ve seen so far in 2015. In this environment, the company expects to generate free cash flow, strengthen its balance sheet and improve its profit margins. As ever, the whole team has done a great job of looking after our customers, enhancing our reputation, and burnishing our brand. They have my thanks.”

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 June 30, 2015 the Company had:

Unrestricted cash, cash equivalents and short-term investments of $606 million.
Outstanding debt and capital lease obligations of approximately $947 million consisting of the following:

$689 million outstanding under secured loan agreements to finance a portion of the purchase price for 11 Airbus A330-200 aircraft.
$127 million outstanding under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft.
$100 million in capital lease obligations to finance the acquisition of an Airbus A330-200, two Boeing 717-200 aircraft and aircraft-related equipment.
$27 million outstanding under floating rate notes to finance the acquisition of two Boeing 767-300 ER aircraft.
$4 million of outstanding convertible senior notes.

In the second quarter, the Company repurchased $4 million (principal balance) of its convertible senior notes outstanding. Repurchases to date have totaled $82 million (principal balance) or 95%, of the originally issued principal amount, thereby eliminating the need for the Company to issue 10.4 million shares when the notes may have otherwise converted to common stock.

In addition, during the second quarter the Company repurchased 0.8 million shares of its common stock for approximately $18 million under its previously announced $100 million stock repurchase program.

Second Quarter 2015 Highlights

Operational

Ranked #1 nationally for on-time performance for the months of March, April and May 2015.
Ranked as one of the top domestic airlines by Travel + Leisure for 2015.

Product and loyalty

The comprehensive interior retrofit of the Company’s neighbor island fleet remains on schedule for completion in the fourth quarter of 2015 with 12 of 18 Boeing 717 aircraft completed to date.

Fleet and financing

Added an A330-200 aircraft under lease financing and retired a Boeing 767-300 at the end of its lease.
Updated the fleet plan and entered into a six-year lease agreement for one A330-200 with a delivery date of summer 2016 and accelerated the planned retirement date of certain of its Boeing 767-300 aircraft.
Announced the purchase of three ATR 72 turbo-prop aircraft in an all-cargo configuration for expansion of its cargo service.

Schedule

Los Angeles to Kona, three-times-weekly, and Los Angeles to Lihu’e, four-times-weekly, summer seasonal service reintroduced in May.
Oakland to Kona, three-times-weekly and Oakland to Lihu’e, four-times-weekly, summer seasonal service reintroduced in May.
Los Angeles to Maui second daily seasonal summer service reintroduced in May.
Announced year round service from Los Angeles to Lihu’e, three-times-weekly, beginning in January 2016.

Read the full report: CLICK HERE

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Airbus A330-243 N396HA (msn 1488) taxies to the runway at Seattle-Tacoma International Airport (SEA).

Hawaiian Airlines aircraft slide show:

Hawaiian to acquire three ATR 72 freighters to operate under the ‘Ohana by Hawaiian brand

Hawaiian Holdings, Inc., parent of Hawaiian Airlines (Honolulu), today announced plans to acquire three ATR 72 turboprop aircraft in an all-cargo configuration to expand its interisland shipping services. The new operation will launch in the first half of 2016, starting with flights between Honolulu International Airport (HNL) and Kona International Airport (KOA), Kahului Airport (OGG), Līhuʻe Airport (LIH) and Hilo International Airport (ITO), with well-timed connections from Hawaiian Airlines’ mainland and international network.

The ATR 72 fleet can carry up to 18,000 pounds of cargo and will be able to handle five 88-by-108-feet aircraft pallets or up to seven LD3 containers, skidded cargo and oversized shipments. Express services for smaller shipments will also be available on its 160 daily B717 flights throughout the day.

The flights will be branded ‘Ohana by Hawaiian and operated by Empire Airlines, which also operates the 48-passenger ATR 42 turboprop service (above). The livery of the aircraft will feature the same kapa tail patterns created by Hilo-based artist Sig Zane and his son Kūha’o (below).

“Since launching the ‘Ohana by Hawaiian passenger operation in March 2014, we have established a track record of providing a reliable and efficient service for travel within the islands with an on-time arrival rate of 94 percent,” said Hadden Watt, managing director of ‘Ohana by Hawaiian. “We expect to deliver the same reliability and high-quality of service to our cargo customers for their interisland shipments.”

The new cargo operation will create more than 100 new Hawai’i-based jobs in various areas of air transportation including pilots, mechanics, ground handlers, sales, customer service and management positions.

Hawaiian Airlines was the first U.S. airline certified to ship cargo in 1942, and has provided high-quality overseas shipping and customer service to international customers, freight forwarders, carriers and many others in the industry for more than 70 years as the flagship carrier of the Pacific.

Top Copyright Photo: Ivan K. Nishimura/AirlinersGallery.com. Operated by Empire Airlines, ‘Ohana by Hawaiian-branded ATR 42-500 N804HC (msn 623) taxies at the Honolulu base.

Hawaiian aircraft slide show:

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Hawaiian Holdings produces record GAAP net income of $25.9 million for the first quarter

Hawaiian Holdings, Inc. (Honolulu), parent company of Hawaiian Airlines, Inc. (Honolulu), reported its financial results for the first quarter of 2015:

GAAP net income of $25.9 million or $0.40 per diluted share.

Adjusted net income, reflecting economic fuel expense and excluding loss on extinguishment of debt, of $24.7 million or $0.38 per diluted share, an increase of $25.6 million or $0.40 cents per diluted share year-over-year.

Adjusted pre-tax margin of 7.4% compared to (0.2)% in the prior year period.

Unrestricted cash, cash equivalents and short-term investments of $488 million.

Lowered leverage ratio to 3.6x.

The board of directors approved a share repurchase program authorizing the Company to buy back up to $100 million of its common stock.

“Producing these record results for the seasonally weak first quarter demonstrates the growing strength of our business,” said Mark Dunkerley, Hawaiian Airlines president and chief executive officer. “Low fuel prices and strong demand across our network combined to more than offset the impact of a strengthening U.S. dollar, declining fuel surcharges in some markets and an increase in industry capacity between North America and Hawai’i. Reflecting this performance we have announced a $100 million share repurchase program today. As always, our employees are at the forefront of our successes. Their performance makes our financial success possible and they have my undying thanks.”

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 March 31, 2015 the Company had:

Unrestricted cash, cash equivalents and short-term investments of $488 million.

Outstanding debt and capital lease obligations of approximately $962 million consisting of the following:

$693 million outstanding under secured loan agreements to finance a portion of the purchase price for 11 Airbus A330-200 aircraft.

$132 million outstanding under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft.

$100 million in capital lease obligations to finance the acquisition of an Airbus A330-200, two Boeing 717-200 aircraft and aircraft-related equipment.

$29 million outstanding under floating rate notes to finance the acquisition of two Boeing 767-300 ER aircraft.

$8 million of outstanding Convertible Senior Notes.

In the first quarter, the Company repurchased $63 million (principal balance) of convertible notes outstanding. Repurchases to date have totaled $78 million (principal balance) or 91%, thereby eliminating the need to issue 10 million shares when the notes may have otherwise converted to common stock.

First Quarter 2015 Highlights:

Product and loyalty

Introduced the first of its 18 refurbished Boeing 717 aircraft with a comprehensive interior retrofit and a standard consistent layout of 128 seats in March 2015. The refurbishment will provide more seats for the peak demand period and eliminate operational complexity arising from different seat counts. To date, seven aircraft have completed the refurbishment program with all remaining Boeing 717 aircraft in the Company’s fleet expected to be retrofitted by the end of the year.

Fleet and financing

Added one new A330-200 aircraft under lease financing.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Airbus A330-243 N391HA (msn 1309) taxies at Seattle-Tacoma International Airport.

Hawaiian Airlines aircraft slide show:

Hawaiian reports GAAP 4Q net income of $11.1 million and $68.9 million net profit for 2014

Hawaiian Holdings, Inc. (Honolulu), parent company of Hawaiian Airlines, Inc. (Honolulu), today reported its financial results for the fourth quarter and full year 2014.

GAAP net income in the fourth quarter of $11.1 million or $0.17 per diluted share. For the full year, GAAP net income of $68.9 million or $1.10 per diluted share.

Adjusted net income in the fourth quarter of $26.1 million or $0.40 per diluted share, an increase of $14.1 million or $0.18 cents per diluted share year-over-year. For the full year, adjusted net income grew to $97.1 million or $1.55 per diluted share compared to $46.6 million or $0.88 per diluted share in the prior year.

Operating revenue increased to $575 million for the fourth quarter and $2.3 billion for the full year. This resulted in an operating revenue per available seat mile (RASM) increase of 6.1%, year-over-year for the fourth quarter, and for the full year an increase of 5.6% year-over-year.

“2014 finished on a high note with the company posting much better results than a year ago,” said Mark Dunkerley, Hawaiian Airlines president and chief executive officer. “We served more customers than ever before, grew revenues, improved profitability and strengthened our balance sheet. I have our employees to thank for Hawaiian’s performance on the ground, in the air and in our financial statements. Their hard work helps overcome the advantage that our competitors generate through their massive size alone. 2015 will be another year of improvement as long as demand, fuel and industry capacity in our marketplaces remain as forecast.”

Liquidity and Capital Resources

As of December 31, 2014 the Company had:

Unrestricted cash, cash equivalents and short-term investments of $524 million.

Outstanding debt and capital lease obligations of approximately $1,050 million consisting of the following:
$714 million outstanding under secured loan agreements to finance a portion of the purchase price for 11 Airbus A330-200 aircraft.

$137 million outstanding under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft.

$102 million in capital lease obligations to finance the acquisition of an Airbus A330-200, two Boeing 717-200 aircraft and aircraft-related equipment.

$30 million outstanding under floating rate notes to finance the acquisition of two Boeing 767-300 ER aircraft.

$67 million of outstanding Convertible Senior Notes.

Fleet and financing

Retired $54 million of A330 bank debt.

Repurchased $15 million (principal amount) or 18% of convertible notes outstanding.

Executed a purchase agreement with Airbus for six A330-800neo aircraft with deliveries starting in 2019, replacing the previous order for six A350XWB-800 aircraft.

Entered into a new revolving credit facility that has availability of up to $175 million.

Added five new A330-200 aircraft and returned or retired two Boeing 767-300 aircraft.

Copyright Photo: Fred Freketic/AirlinersGallery.com. Airbus A330-243 N382HA (msn 1171) prepare to depart from New York (JFK).

Hawaiian Airlines aircraft slide show:

http://airlinersgallery.smugmug.com/Airlines-UnitedStates-2/Airlines-UnitedStates-2/Hawaiian-Airlines

Hawaiian Holdings reports adjusted third quarter net income of $49.5 million

Hawaiian Holdings, Inc. (Honolulu), parent company of Hawaiian Airlines, reported its financial results for the third quarter of 2014.

GAAP net income in the third quarter of $35.6 million or $0.56 per diluted share.

Adjusted net income, reflecting economic fuel expense, in the third quarter of $49.5 million or $0.79 per diluted share, an increase of $12.7 million or $0.10 cents per diluted share year-over-year.

Operating revenue per available seat mile (RASM) increase of 4.6% and passenger revenue per available seat mile (PRASM) increase of 2.2%.

Unrestricted cash, cash equivalents and short-term investments of $582 million.

Announced new service from San Francisco to Maui beginning November 2014.

Operated Los Angeles to Kona, three-times-weekly, and Los Angeles to Lihu’e, four-times-weekly, summer seasonal service through the beginning of September.

Operated Oakland to Kona, three-times-weekly and Oakland to Lihu’e, four-times-weekly, summer seasonal service through the beginning of September.

Operated Los Angeles to Maui second daily summer seasonal service through the beginning of September.

Hawaiian Airlines:

Hawaiian Holdings reduces its first quarter net loss to $5.1 million

Hawaiian Holdings, Inc. (Honolulu), parent company of Hawaiian Airlines, Inc. (Honolulu), today reported its financial results for the first quarter of 2014.
Operating income grew to $10.0 million in the first quarter compared to an operating loss of $11.9 million in the prior year period.

GAAP net loss in the first quarter of $5.1 million or $(0.10) per diluted share compared to a loss of $17.1 million in the prior year period or $(0.33) per diluted share.

Adjusted net loss, reflecting economic fuel expense, in the first quarter of $0.9 million or $(0.02) per diluted share compared to $14.8 million in the prior year period or $(0.29) per diluted share.

Unrestricted cash, cash equivalents and short-term investments of $479 million compared to $438 million in the prior year period.

Liquidity and Capital Resources

As of March 31, 2014 the Company had:

Unrestricted cash, cash equivalents and short-term investments of $479 million.

Available borrowing capacity of $69.5 million under Hawaiian’s Revolving Credit Facility.

Outstanding debt and capital lease obligations of approximately $940 million consisting of the following:

$570 million outstanding under secured loan agreements to finance a portion of the purchase price for nine Airbus A330-200 aircraft.

$150 million outstanding under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft.

$108 million in capital lease obligations to finance the acquisition of an Airbus A330-200, two Boeing 717-200 aircraft and aircraft-related equipment.

$34 million outstanding under floating rate notes for two Boeing 767-300 ER aircraft (above).

$78 million of outstanding Convertible Senior Notes.

Hawaiian Airlines: