HONOLULU, March 19, 2004 -- Hawaiian Airlines, Inc. today reported its best financial results ever for the month of February, despite the effects of a traditionally slow travel month, a substantial increase in fuel costs, and reorganization expenses.
The company reported an unaudited operating profit of $1.9 million on revenues of $55.4 million, making this Hawaiian's eleventh consecutive month of operating profits and extending its record of financial and operational success.
"Hawaiian's ability to generate profits, even in a slow month like February, shows just how far it has come over the past year," said Joshua Gotbaum, trustee for Hawaiian Airlines. "This is an excellent airline with tremendously dedicated employees, the industry's best on-time record, and superb customer service."
Hawaiian's operating results for February 2004 represent a year-over-year improvement of $11.3 million compared to an operating loss of $9.4 million on $47.0 million of revenues for February 2003.
Particularly noteworthy among areas of improvement were a nearly $10 million increase in scheduled passenger revenues, a $2 million savings in aircraft maintenance, and more than $1 million savings in aircraft rent. This more than offset a $1 million increase in fuel costs, $1 million in reorganization charges, and a $3 million drop in charter flight operations.
Hawaiian recorded net income of approximately $0.6 million. By comparison, the company reported a net loss of $9.3 million for February 2003.
For the first two months of 2004, Hawaiian reported unaudited operating profits of $7.9 million on revenues of $116.5 million, versus an operating loss of $12.7 million on revenues of $100.8 million for the same period last year.
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