Hawaiian Airlines Reports $6 Million Operating Profit in January

Passenger Load Factor Tops Industry at 80.3 Percent

HONOLULU, February 20, 2004 -- Hawaiian Airlines, Inc. today reported an unaudited operating profit of
$6 million on revenues of $60.4 million for January, representing the company's tenth consecutive month of operating profits and its best results ever for the month of January.

Hawaiian's final results for January may vary depending on adjustments that may be necessary as a result of the 2003 year-end closing and audit process that is still underway. The company expects to publish final audited financial results for 2003 by mid-March.

"When you combine Hawaiian's industry-leading service, on-time and financial performance, this is one of the nation's best airlines," said Joshua Gotbaum, trustee for Hawaiian Airlines. "Even against tough competition, the people of Hawaiian continue to perform."

The January 2004 operating results represent a year-over-year improvement of $9.4 million for Hawaiian compared to January 2003, when the company reported an operating loss of $3.4 million on revenues of $53.9 million.

Two big areas of improvement were an $8.9 million increase in passenger revenues and a $2.3 million savings in aircraft maintenance expense.

On a pre-tax basis, Hawaiian recorded income of $4.3 million, including nonoperating reorganization expenses of $1.8 million.

Passenger Load Factor Tops Industry
Hawaiian reported a January systemwide load factor of 80.3 percent, representing a year-over-year increase of 8.5 percentage points compared to 71.8 percent in January 2003.
It also was the highest in the airline industry, according to industry traffic data published by Aviation Daily.

Hawaiian's systemwide Revenue Passenger Miles (RPMs) increased 2.5 percent in January, even as Available Seat Miles (ASMs) declined by 8.4 percent.

Revenue Per Available Seat Mile (RASM) in January increased by 22.2 percent year-over-year, while Costs Per Available Seat Mile (CASM) increased by 3.6 percent.

Mark Dunkerley, Hawaiian's president and chief operating officer, credited employees with the company's success. "Our success in attracting more customers and commanding higher average fares is a direct result of the excellence in customer service provided by our employees. The turnaround Hawaiian has experienced over the past 10 months would not have been possible without our employees showing the pride and dedication to seeing the company succeed," he said.

Monthly Operating Report and Additional Information Available at www.HawaiianAir.com
Along with this news release, Hawaiian Airlines has posted its Monthly Operating Report and a document containing additional information concerning January financial results in the "About Us" section of its Web site at www.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.