Hawaiian Holdings Announces Stock Repurchase Program
HONOLULU,
March 26 /PRNewswire-FirstCall/ --
Hawaiian Holdings, Inc.
(Nasdaq: HA) (the "Company"), parent company of
Hawaiian Airlines, Inc.
("Hawaiian"), announced today that its Board of Directors has authorized a
stock repurchase program under which the Company may purchase up to
$7 million
of its outstanding common stock. One or more directors of the Company intend
to participate in the stock repurchase program, individually, and may purchase
up to an additional
$700,000 of the Company's outstanding common stock, in the
aggregate.
The stock purchases will be made from time to time out of available cash
in open market transactions or through privately negotiated transactions, as
market conditions permit. The duration of the stock repurchase program is open
ended, and the program is subject to modification or termination by the
Company at any time. Directors may also choose to modify or terminate their
participation in the program at any time.
All purchases pursuant to the program will be effected through a broker
selected by the Company. Any shares so purchased, will be allocated between
the Company and the participating directors on a pro rata basis. Brokerage
commissions will also be shared between the Company and the participating
directors on a pro rata basis.
The Company may also institute a program for the repurchase of a portion
of its outstanding Term A and Term B debt, subject to the receipt of requisite
lender approval.
As of
March 23, 2009, the Company had approximately 51.6 million shares of
common stock outstanding.
About
Hawaiian Airlines
Now in its 80th year of continuous service in
Hawaii, Hawaiian is the
state's biggest and longest serving airline, as well as the largest provider
of passenger air service to
Hawaii from the state's primary visitor markets on
the U.S. mainland. Hawaiian offers nonstop service to
Hawaii from more U.S.
gateway cities (10) than any other airline, as well as service to the
Philippines,
Australia,
American Samoa, and Tahiti. Hawaiian also provides
more than 160 daily jet flights within the Hawaiian Islands.
Hawaiian Airlines, Inc. is a subsidiary of
Hawaiian Holdings, Inc.
(NASDAQ: HA). Additional information is available at HawaiianAirlines.com.
SOURCE
Hawaiian Holdings, Inc.
CONTACT: Keoni Wagner of
Hawaiian Holdings, Inc., +1-808-838-6778,
Keoni.Wagner@HawaiianAir.com
Web Site:
http://www.HawaiianAirlines.com
