Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc., has reported consolidated net income for the three months ended Sept. 30, 2009 of $30.7 million, or $0.58 per diluted share, on total operating revenue of $305.6 million, including a one-time tax benefit of approximately $20 million.
This result compares to net income of $6.0 million, or $0.12 per diluted share, on total operating revenue of $339.9 million for the three months ended Sept. 30, 2008.
The company’s operating income of $23.7 million for the three months ended Sept. 30, 2009 compares to $27.3 million in the prior year period.
The results for the quarter ended Sept. 30, 2009 benefited from the realization of one-time tax benefits in the Company’s income tax provision. The company estimates the benefit of the one-time adjustments to be approximately $20.0 million.
Excluding these one-time adjustments, which were primarily a result of adopting various tax accounting changes, net income would have been $10.7 million, or $0.20 per diluted share.
“Our third quarter results were remarkably similar to our results last year though for entirely different reasons,” said Mark Dunkerley, the company’s president and chief executive officer. “This year, while weathering a substantial slow-down in demand we have at least benefited from lower fuel prices and we have posted comparable profits. As a result, Hawaiian has been able to continue to strengthen its balance sheet from operations in preparation for our coming fleet renewal program.
“Looking ahead to the fourth quarter, we continue to face better prospects than most of our competitors and we hope that the level of demand will strengthen more rapidly than the price of oil allowing us to remain profitable,” Dunkerley said. “As the company celebrates its 80th anniversary, we remain focused on keeping our attention rooted on the formula for success in the airline industry; delivering customer service excellence and controlling costs. In this endeavor, we are truly fortunate to work among outstanding colleagues in every branch of the organization.”
The company reported operating income of $23.7 million in the third quarter of 2009 compared to $27.3 million in the prior year period.
Third quarter 2009 operating revenue was $305.6 million, a 10.1 percent decrease compared to the third quarter of 2008.
Capacity for the quarter increased 2.7 percent year-over-year to 2.5 billion available seat miles (ASMs), resulting in operating revenue per ASM (RASM) of 12.19 cents, down 12.4 percent from 13.92 cents in the third quarter a year ago.
Third quarter passenger load factor increased to 84.9 percent from 80.3 percent in the same period a year ago. Passenger yield (passenger revenue per revenue passenger mile) decreased 20.7 percent to 12.65 cents from 15.95 cents in the third quarter of 2008.
* Net income of $30.7 million, or $0.58 per diluted share
* Excluding beneficial adjustments to the Company’s income tax provision, non-GAAP net income was $10.7 million, or $0.20 per diluted share
* Operating income of $23.7 million, compared to $27.3 million in the third quarter of 2008
* Operating cost per available seat mile (“ASM”) decreased by 12.3 percent to 11.24 cents as compared to the third quarter of 2008
* Unrestricted cash, cash equivalents and short-term investments of $302.9 million at Sept. 30, 2009
* Ranked as the No.1 carrier for on-time performance as reported by the U.S. Department of Transportation Air Travel Consumer Report for the months of July and August 2009
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