Categorized | Business

Hawaiian Holdings reports quarterly financial results

MEDIA RELEASE

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

First Quarter 2013 Financial Results

* Available seat mile (ASM) for scheduled operations increased 26.1% year-over-year.

*Adjusted net loss, reflecting economic fuel expense, of $14.8 million or $0.29 per diluted share.

* GAAP net loss of $17.1 million or $0.33 cents per diluted share.

* Cost per available seat mile (CASM), excluding fuel, decrease of 7.9% year-over-year.

* CASM decrease of 5.7% year-over-year.

* Unrestricted cash and cash equivalents of $438.2 million.

Mark Dunkerley, the president and chief executive officer, said “Our results for the quarter were disappointing but unsurprising. Our performance was undermined by an extraordinary increase in total industry capacity between Hawaii and the U.S. West Coast and in certain international markets during what is traditionally the weakest quarter of the year. However, good cost control and an improvement in our Neighbor Island segment helped offset some of the impact during the period. Looking ahead, published schedules show capacity beginning to decline in the second half which should improve the operating environment.

“Throughout, Hawaiian continued to develop its network by growing into new origin markets for the Hawaii visitor. We launched services to Auckland, New Zealand in March and in the next six months will add Sendai, Japan and Taipei, Taiwan to our increasingly diverse network of destinations. Our formula of competitive unit costs and a high level of service have allowed us to establish the optimal brand for serving Hawaii that makes us the carrier of choice in the markets we serve.”

Liquidity and Capital Resources

As of March 31, 2013, the Company had:

* Unrestricted cash and cash equivalents of $438.2 million.

* Available borrowing capacity of $69 million under Hawaiian’s Revolving Credit Facility.

* Outstanding debt and capital lease obligations of approximately $648 million consisting of the following:

– $242 million outstanding under secured loan agreements to finance a portion of the purchase price for four Airbus A330-200 aircraft.

– $167 million outstanding under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft.

– $104 million in capital lease obligations to finance an Airbus A330-200 and two Boeing 717-200 aircraft.

– $61 million outstanding under floating rate notes issued in conjunction with the acquisition of three Boeing 767-300 ER aircraft.

– $74 million outstanding of Convertible Senior Notes.

Operational Highlights

* Ranked No. 1 nationally for the ninth consecutive year for on-time performance in 2012 and the month of February 2013 by the U.S. Department of Transportation Air Travel Consumer Report.

* Unveiled branding and livery for our new Neighbor Island turboprop operations as Ohana by Hawaiian for service to begin in the summer between Honolulu and Molokai and Lanai.

Fleet Highlights

* Added one new Airbus A330-200 aircraft in February for North America and International service.

* Executed a purchase agreement with Airbus for 16 new A321neo aircraft for delivery between 2017 and 2020, with purchase rights for an additional nine aircraft. The long-range, single- aisle aircraft will complement Hawaiian’s existing fleet of twin-aisle aircraft used for long- haul flying between Hawaii and the U.S. West Coast.

New routes and increased frequencies

* Honolulu to Auckland, New Zealand three-times-weekly service launched in March 2013.

* Announced Honolulu to Sendai, Japan three-times-weekly service beginning in June 2013.

* Announced Honolulu to Taipei, Taiwan three-times-weekly service beginning in July 2013.

* Announced the addition of seasonal frequency flights between Honolulu and three Oceania gateways, Sydney, Brisbane and Auckland in September and October 2013.

* Announced three-times-weekly service between Honolulu and Beijing, China beginning in April 2014 pending government approval.

— Find out more:
www.hawaiianairlines.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

 

Quantcast