HONOLULU, January 20, 2004 -- Hawaiian Airlines, Inc. today reported its preliminary, unaudited financial results for December 2003 to the bankruptcy court. The results were filed today on a preliminary basis to meet bankruptcy court reporting requirements.

The company is continuing the process of completing its year-end closing and audit process, which historically has resulted in adjustments to the final financial results. Hawaiian expects to publish final audited financial results for 2003 by mid-March.

The preliminary December 2003 operating results reflect a $13.5 million operating profit on revenues of $68.9 million.

In December, Hawaiian's system-wide capacity as measured by Available Seat Miles (ASMs) decreased year-over-year by 7.0 percent. However, system-wide Revenue Passenger Miles (RPMs) increased by 2.5 percent, resulting in a more than 7-point improvement in system-wide Load Factor to 84.1 percent.

Cautionary Statement
To comply with the monthly United States Trustee's Operating and Reporting Requirements for Chapter 11 Cases, Hawaiian Airlines, Inc. (the "Company") is filing with the bankruptcy court its unaudited condensed balance sheet as of December 31, 2003, and related unaudited condensed statement of operations and cash flows for the one-month period ended December 31, 2003, as well as supporting schedules and other financial information (the "Operating Report"). The Company is in the process of completing its year-end closing process, which is far more extensive than its preliminary monthly closing process. The Company expects that the final preparation and audit of the financial statements for the year ended December 31, 2003, will result in a variety of adjustments, some of which may be material. Such adjustments are expected to affect, among other things, the Company's pension, reorganization, and income tax related accounts. Therefore, the Company cautions against placing undue reliance on the information contained in the monthly Operating Report. When the Company concludes its year-end closing process and audit, it will report final results in accordance with generally accepted accounting principles.

About Hawaiian Airlines
Hawaiian Airlines is recognized as one of the best airlines in America. Business travelers recently surveyed by Condé 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.

Founded in Honolulu 74 years ago, 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