Categorized | Business

Hawaiian reports third quarter financial results

MEDIA RELEASE

Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, has reported its financial results for the third quarter of 2013.

Third Quarter 2013 Financial Results

* Adjusted net income, reflecting economic fuel expense, of $36.8 million or $0.69 per diluted share.

* GAAP net income of $40.6 million or $0.76 cents per diluted share.

* Available seat miles (ASMs) increase of 9.0% year-over-year.

* Passenger revenue per available seat mile (PRASM) increase of 0.2% and operating revenue per available seat per mile (RASM) increase of 0.1%.

* Cost per available seat mile (CASM), excluding fuel, increase of 2.1% year-over-year.

* CASM increase of 1.5% year-over-year.

Mark Dunkerley, the Company’s President and Chief Executive Officer, commented that “our third quarter results are a good step towards improving financial performance. The tide of industry capacity between the US West Coast and Hawai‘i is beginning to recede and our new international routes are maturing, both of which are helpful developments. The strengthening of the US dollar against our major foreign currencies is pushing the other way. Indeed, were it not for foreign exchange effects, our third quarter results would have been the best in the company’s history.”

Liquidity and Capital Resources

As of September 30, 2013 the Company had:

* Unrestricted cash and cash equivalents of $441 million.

* Available borrowing capacity of $70 million under Hawaiian’s Revolving Credit Facility.

* Outstanding debt and capital lease obligations of approximately $763 million consisting of the following:

– $361 million outstanding under secured loan agreements to finance a portion of the purchase price for six Airbus A330-200 aircraft.

– $159 million outstanding under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft.

– $112 million in capital lease obligations to finance the acquisition of an Airbus A330-200, two Boeing 717-200 aircraft and aircraft-related equipment.

– $55 million of outstanding floating rate notes issued in conjunction with the acquisition of three Boeing 767-300 ER aircraft.
– $76 million of outstanding Convertible Senior Notes.

Business Highlights

Operational

* Ranked #1 nationally for on-time performance for the months of June and July 2013 by the U.S. Department of Transportation Air Travel Consumer Report.

* Exceeded our internal on-time performance goals for the third quarter.

Fleet and financing

* Returned one Boeing 767-300 aircraft at the end of its lease term.

* Took delivery of one ATR42-500 twin-turboprop aircraft to inaugurate new service to Molokai and Lanai.

Product

* Enhanced our inflight experience on our Boeing 767-300 aircraft by becoming the only U.S. carrier to offer the Apple iPad mini as a replacement for the prior portable entertainment system.
New routes and increased frequencies

* Honolulu to Taipei, Taiwan three-times-weekly service launched July 9, 2013.

* Announced the reintroduction of daily non-stop service from Honolulu to Oakland beginning in January 2014, an increase from four times weekly. Also, announced seasonal service, during the summer of 2014, between Oakland and Kona, three times weekly and Oakland and Lihue, four times weekly.

* Announced seasonal service, during the summer of 2014 between Los Angeles and Kona, three times weekly and Los Angeles and Lihue, four times weekly.

— Find out more:
www.hawaiianairlines.com

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