Report of unscheduled material events or corporate changes.

8-K
Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):
 
October 5, 2017
 
HAWAIIAN HOLDINGS, INC.
(Exact name of registrant as specified in its charter) 
 
 
 
 
 
 
Delaware
 
001-31443
 
71-0879698
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
3375 Koapaka Street, Suite G-350
Honolulu, HI 96819
(Address of principal executive offices, including zip code)
 
(808) 835-3700
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).                                
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐






Item 2.02
Results of Operations and Financial Condition.
 
On October 5, 2017, the registrant issued a press release reporting its system wide traffic statistics for the month of September, the quarter ended September 30, 2017, and year-to-date, as well as updating expectations for its estimated gallons of jet fuel consumed, fuel cost per gallon and economic fuel cost per gallon, each for the quarter ended September 30, 2017. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
 
None of the information furnished in this report (including Exhibit 99.1) shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and unless expressly set forth by specific reference in such filings, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.
 
 
Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits.
 
 
 
99.1
Press Release dated October 5, 2017.
 




 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
HAWAIIAN HOLDINGS, INC.
 
Date: October 5, 2017
By:
/s/ Aaron J. Alter
 
 
Name: Aaron J. Alter
Title: Executive Vice President, Chief Legal Officer and Corporate Secretary
 
 
 
 
 
 









 
 
EXHIBIT INDEX
 
 
 
 

Exhibit


Exhibit 99.1
NEWS
http://quotemedia.10kwizard.com/cgi/image?quest=1&rid=23&ipage=11830330&doc=3

FOR IMMEDIATE RELEASE
Thursday, October 5, 2017
 
 
 
Investor Relations Contact:
Daniel Wong (808) 835-3291
Investor.Relations@HawaiianAir.com

Media Relations Contact:
Alison Croyle (808) 835-3886
Alison.Croyle@HawaiianAir.com


 
 
 
 
 
 
 
 
 
Hawaiian Airlines Reports September 2017 Traffic Statistics
and Updates Expected Third Quarter Metrics

 
HONOLULU – Hawaiian Airlines, Inc., a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA) ("Company"), has announced its system-wide traffic statistics for the month of September, third quarter, and year-to-date. It also updated its expectations for certain third quarter financial metrics.

SYSTEM-WIDE OPERATIONS1 
SEPTEMBER
2017
2016
% CHANGE
PAX
913,488
883,315
3.4%
RPMS (000)
1,367,347
1,286,281
6.3%
ASMS (000)
1,578,385
1,512,928
4.3%
LF
86.6%
85.0%
1.6 pts.



THIRD QUARTER
2017
2016
% CHANGE
PAX
3,001,446
2,918,230
2.9%
RPMS (000)
4,293,095
4,170,671
2.9%
ASMS (000)
4,950,800
4,894,768
1.1%
LF
86.7%
85.2%
1.5 pts.
YEAR-TO-DATE
2017
2016
% CHANGE
PAX
8,591,733
8,321,114
3.3%
RPMS (000)
12,190,846
11,559,795
5.5%
ASMS (000)
14,208,642
13,813,955
2.9%
LF
85.8%
83.7%
2.1 pts.
PAX
Passengers transported
RPM
Revenue Passenger Miles; one paying passenger transported one mile
ASM
Available Seat Miles; one seat transported one mile
LF
Load Factor; percentage of seating capacity filled
1 Includes the operations of contract carriers under capacity purchase agreements.




Third Quarter 2017 Outlook

The Company has revised its expectations for the quarter ended September 30, 2017 provided in its Second Quarter 2017 Earnings Release on July 25, 2017.

Specifically, the Company revised its estimates for gallons of jet fuel consumed and economic fuel cost per gallon.

The table below summarizes the Company’s revised expectations for the quarter ended September 30, 2017, expressed as an expected percentage change compared to the results for the quarter ended September 30, 2016.

Item
 
Original Third Quarter 2017 Guidance
 
Revised Third Quarter 2017 Guidance
 
GAAP Equivalent
 
Original GAAP Third Quarter 2017 Guidance
 
Revised GAAP Third Quarter 2017 Guidance
Gallons of jet fuel consumed
 
Up 3% to up 5%
 
Up 3% to up 4%
 
 
 
 
 
 
Economic fuel cost per gallon (a)(b)
 
$1.55 to $1.65
 
$1.65 to $1.75
 
Fuel cost per gallon
 
$1.50 to $1.60
 
$1.61 to $1.71

(a)
See reconciliation of actual fuel costs to economic fuel costs.
(b)
Economic fuel cost per gallon estimates are based on September 19, 2017 fuel forward curve.

The Company believes that economic fuel expense is a good measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period. The Company defines economic fuel expense as GAAP fuel expense plus losses/(gains) realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period.

Non-GAAP Financial Reconciliations
(in thousands)









 
Estimated three months ended
September 30, 2017
 
 
(in thousands, except per-gallon amounts)
Aircraft fuel expense, including taxes and delivery
 
$
107,328
 
to
$
115,151
Realized (gains)/losses on settlement of fuel derivative contracts
 
3,000
 
to
3,000
Economic fuel expense
 
$
110,328
 
to
$
118,151
Fuel gallons consumed
 
66,866
 
to
67,515
Economic fuel cost per gallon
 
$
1.65
 
to
$
1.75

Safe Harbor Statement
This press release contains forward-looking statements that reflect the Company’s current views with respect to certain current and future events and financial performance including but not limited to the Company's expectations regarding gallons of jet fuel consumed, fuel cost per gallon, and economic fuel cost per gallon, each for the quarter ended September 30, 2017. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and assumptions relating to the Company’s operations and business environment which may cause the Company’s actual results for the quarter ended September 30, 2017 to be materially different from any expected results, expressed or implied, in these forward-looking statements. These risks and uncertainties include, without limitation, the Company's ability to accurately forecast quarterly results. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized. Additional information on risk factors that could potentially affect the Company’s operations and financial results may be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and subsequent filings with the Securities Exchange Commission.




About Hawaiian Airlines
Hawaiian®, the world’s most punctual airline as reported by OAG, has led all U.S. carriers in on-time performance for each of the past 13 years (2004-2016) as reported by the U.S. Department of Transportation. Consumer surveys by Condé Nast Traveler and Travel + Leisure have ranked Hawaiian among the highest of all domestic airlines serving Hawai‘i.

Now in its 88th year of continuous service, Hawaiian is Hawai‘i’s biggest and longest-serving airline. Hawaiian offers non-stop service to Hawai‘i from more U.S. gateway cities (11) than any other airline, along with service from Japan, South Korea, China, Australia, New Zealand, American Samoa and Tahiti. Hawaiian also provides approximately 170 jet flights daily between the Hawaiian Islands, with a total of more than 250 daily flights system-wide.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA). Additional information is available at HawaiianAirlines.com. Follow updates on Twitter about Hawaiian (@HawaiianAir) and its special fare offers (@HawaiianFares), and become a fan on its Facebook page (Hawaiian Airlines). For career postings and updates, follow Hawaiian’s LinkedIn page.

For media inquiries, please visit Hawaiian Airlines’ online newsroom.