Best First Four Months Ever Produced $37.3 Million Gain Over 2003

HONOLULU -- Hawaiian Airlines started the second quarter the way it ended the first – generating company record operating profits for the off-peak month of April and extending its streak to 13 consecutive months of operating profits.

Hawaiian reported an operating profit of $7.1 million on revenue of $64.5 million for April. The operating results represent a year-over-year improvement of $6.3 million compared to an operating income of $0.7 million on revenue of $54.1 million for April 2003.

“Despite high oil prices and the other woes affecting the industry, each month Hawaiian gets stronger financially and reaffirms its standing as a top airline,” said Joshua Gotbaum, trustee of Hawaiian Airlines.

“With the start of our Australia service, Hawaiian is growing again, bringing the best on-time performance and some of the nation's finest service to new markets. It's exciting.”

Overall revenue was the most significant area of improvement in April, increasing by $10.4 million or 19 percent over last year. Operating expenses for April increased by $4.1 million, coming in at $57.5 million compared to $53.4 million in April 2003, due to a $2.9 million increase in fuel expense and $1.1 million increase in maintenance costs.

Hawaiian's capacity in April, as measured by Available Seat Miles (ASMs), increased by 2.1 percent, with Revenue Per Available Seat Mile (RASM) jumping by 16.8 percent.

Cost Per Available Seat Mile (CASM) rose by 5.3 percent, however, when adjusted to account for the spiraling cost of fuel, remained essentially flat year-over-year.

Hawaiian recorded net income of $2.4 million in April, a $3.1 million improvement over a net loss of $0.7 million reported for April 2003.

Best-Ever First Four Months
Hawaiian's success in April ensured the company of its best operating results ever for the first four months of the year, with an operating profit of $24.5 million on revenue of $247.5 million. This produced a year-over-year improvement of $37.3 million compared to an operating loss of $12.8 million on revenue of $211.2 million for April 2003 year-to-date.

Significantly, passenger revenues improved by $41.3 million, which more than offset a $12.3 million decline in charter revenue from reduced charter service.

Operating expenses improved by $0.9 million, with the biggest improvements seen in maintenance at $3.1 million and aircraft rent at $4.3 million. This offset a $5.3 million increase in fuel expense and $2.3 million in wages and benefits.

Year-to-date operating revenues increased by 17.2 percent through April compared to the same period last year. RASM increased 18 percent, while CASM increased 0.2 percent. However, excluding the cost of fuel, CASM actually decreased by 2.7 percent.

The company recorded year-to-date net income of $10.6 million, a $26.7 million improvement over a net loss of $16.1 million reported for the same period last year.
The complete financial report is available at HawaiianAir.com.

About Hawaiian Airlines
Hawaiian Airlines, the nation's number one on-time carrier, is recognized as one of the best airlines in America. Business travelers recently surveyed byCondé Nast Traveler rated Hawaiian Airlines as having the best in-flight service and meals of any U.S. carrier. Hawaiian was recently ranked fourth best in the nation overall by Travel + Leisure.

Celebrating its 75th year of continuous service, Hawaiian Airlines is Hawaii's largest and longest-serving airline, and the second largest provider of passenger air service between Hawaii and the mainland U.S. Hawaiian offers nonstop service to Hawaii from more mainland U.S. gateways
than any other airline. Hawaiian also provides approximately 100 daily jet flights among the Hawaiian Islands, as well as service to American Samoa and Tahiti.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (AMEX and PCX: HA). Since the appointment of a bankruptcy trustee on May 16, 2003, Hawaiian Holdings has had no involvement in the management of Hawaiian Airlines and has had limited access to information concerning the airline.

Additional information on Hawaiian Airlines is available at www.HawaiianAir.com.