Hawaiian Holdings Reports 2007 Third Quarter Financial Results

     *  Operating profit of $25.6 million, up $12.9 million versus prior year

     *  Operating revenue increased 17.5% to $273 million

     *  CASM excluding fuel declined by 5.7% to 7.07 cents

     *  Unrestricted cash, cash equivalents and short-term investments of
        $167 million at September 30, 2007
HONOLULU, Oct. 30 /PRNewswire-FirstCall/ -- Hawaiian Holdings, Inc. (Amex: HA) ("Holdings" or "the Company"), parent company of Hawaiian Airlines, Inc. ("Hawaiian"), today reported consolidated net income for the three months ended September 30, 2007 of $19.6 million, or $0.42 per basic share and $0.41 per diluted share, on total operating revenue of $272.5 million. This result compares to net income of $7.8 million, or $0.16 per basic and diluted share for the three months ended September 30, 2006.

"We were pleased to see strong seasonal demand for Hawaii vacations, good cost control and some astute judgment by our revenue management department coincide in the third quarter to generate better results than a year ago," commented Mark Dunkerley, the Company's President and Chief Executive Officer. "Demand for travel to Hawaii proved resilient during the summer travel season, and thanks to the industry leading service and operational performance delivered by our employees we continued to attract a disproportionate share of passengers. The competitive pressures we face did not ease during the period and so we are particularly pleased to have controlled our costs so tightly and to have been able to manage our transpacific revenue so well."

Mr. Dunkerley continued, "Our competitive environment remains challenging, the seasonal fall off in demand for Hawaii vacations during the winter will inhibit our ability to manage transpacific yields as efficiently as we did during the summer, and the rising price of fuel impacts our costs so we continue to focus management attention on the rest of our cost base. A number of important cost saving initiatives have been implemented and we are looking forward to enjoying the fruits of these developments as we move forward."

Third Quarter Operating Results

The Company reported operating income of $25.6 million in the third quarter of 2007 compared to operating income of $12.7 million in the third quarter of 2006. Third quarter 2007 operating revenue was $272.5 million, a 17.5% increase compared to the third quarter of 2006. Capacity for the quarter increased 17.2% year-over-year to 2.4 billion Available Seat Miles (ASMs), resulting in Revenue per ASM (RASM) of 11.32 cents up slightly from 11.28 cents in the third quarter a year ago. Third quarter load factor increased to 87.7% from 86.1% in the same period a year ago. Passenger yield (passenger revenue per revenue passenger mile) declined slightly to 11.89 cents from 12.00 cents in the third quarter of 2006.

     Hawaiian Holdings, Inc.
     Selected Statistical Data

                        Three Months Ended              Nine Months Ended
                          September 30,                  September 30,
                 2007        2006    Change      2007         2006     Change

     (a)       2,083.9      1,738.4   19.9%      5,926.2      5,025.7   17.9%
     (a)       2,373.2      2,017.7   17.6%      6,773.8      5,787.9   17.0%
     RPM   11.89 cents  12.00 cents  (1.0%)  11.18 cents  11.95 cents   (6.4%)
     (RPM/ASM)   87.8%        86.2%  1.6 pt.       87.5%        86.8%  0.7 pt.
    PRASM) 10.44 cents  10.34 cents    0.9%   9.78 cents  10.38 cents   (5.8%)

     (a)       2,111.2      1,768.8   19.4%      6,015.9      5,119.7   17.5%
     (a)       2,408.2      2,054.7   17.2%      6,881.1      5,895.7   16.7%
     (RPM/ASM)   87.7%        86.1%  1.6 pt.       87.4%        86.8%  0.6 pt.
   (RASM)  11.32 cents  11.28 cents    0.3%  10.64 cents  11.34 cents   (6.2%)
   (CASM)  10.26 cents  10.67 cents   (3.8%) 10.51 cents  11.05 cents   (4.9%)
     fuel   7.07 cents   7.50 cents   (5.7%)  7.54 cents   7.97 cents   (5.4%)

     (a) In millions.

Total operating expenses for the third quarter of 2007 increased 12.7% year-over-year to $247.0 million, resulting in an operating cost per available seat mile (CASM) of 10.26 cents, down 3.8% versus the same period a year ago on greater capacity. CASM excluding fuel for the third quarter of 2007 was 7.07 cents, a 5.7% decrease versus last year's third quarter.

Aircraft fuel costs increased 18.0% year-over-year to $76.8 million and represented over 31% of operating expenses. Hawaiian's average cost per gallon of jet fuel increased 1.2% year-over-year in the third quarter to $2.27 (including taxes, delivery and hedging impacts), while block hours increased 13% primarily reflecting increased 767 operations.

Wages and benefit expense increased 2.6% versus a year ago to $53.6 million. Maintenance, materials and repairs expense increased $4.0 million to $21.1 million. The increase in maintenance expense is primarily due to a year-over-year increase in the level of Boeing 767 heavy maintenance activity and higher power-by-the-hour (PBH) charges for engine maintenance due to the inclusion of additional Boeing 767 engines in the PBH program, an increase in block hours flown, and higher per hour rates. Aircraft rent expense declined 9.7% compared to the third quarter of 2006 as a result of the December 2006 purchase of three previously leased Boeing 767-300 ER aircraft, while higher depreciation expenses reflect the ownership of these aircraft and four Boeing 767-300 EM aircraft brought into service during 2006 and 2007. Other expenses increased $3.6 million driven due in part to steady-state and transition expenses related to the transfer of reservations, accounting and information technology activity to third party vendors in conjunction with Hawaiian's ongoing cost reduction initiatives.

Third quarter 2007 non-operating expenses totaled $3.7 million, as compared to non-operating income of $0.6 million in the third quarter of 2006 due primarily to higher interest expense related to the financing of Hawaiian's aircraft acquisitions in 2006.

    Liquidity, Capital Resources and Fuel Hedging:
     *  As of September 30, 2007, the Company had unrestricted cash, cash
        equivalents and short-term investments of $167.4 million, and
        $47.8 million in restricted cash.
     *  As of September 30, 2007, the Company's debt included $106.0 million
        in two term loans at the Hawaiian level, $120.0 million in floating
        rate notes issued in conjunction with the acquisition of three
        previously leased Boeing 767-300 ER aircraft in December 2006 and
        additional notes payable of $18.5 million.
     *  As of September 30, 2007, Hawaiian had entered into jet fuel and
        heating oil forward contracts to hedge approximately 25% of its fuel
        requirements for the fourth quarter of 2007 and 14% for the first
        quarter of 2008.  The Company's hedge position as of September 30,
        2007 is outlined in the table below:

                                             Average               Percentage
                                           Heating Oil                 of
                                             Contract    Gallons    Quarterly
                                              Price       Hedged   Consumption
                                            per Gallon  (thousands)   Hedged

    Fourth Quarter 2007                        $2.07       4,872        15%
    First Quarter 2008                         $2.02       3,696        12%

                                           Average Jet             Percentage
                                               Fuel                    of
                                             Contract    Gallons    Quarterly
                                              Price       Hedged   Consumption
                                            per Gallon  (thousands)   Hedged

    Fourth Quarter 2007                        $2.17       3,276        10%
    First Quarter 2008                         $2.21         714         2%

    Third Quarter Highlights and Recent Events
     *  Hawaiian announced approval from the U.S. Department of Transportation
        (DOT) to provide nonstop flights between Honolulu and Manila in the
        Philippines. When its service begins in 2008, Hawaiian will be the
        only U.S. carrier providing nonstop service between Hawaii and the
     *  In August, Hawaiian Airlines ranked as the top domestic airline
        serving Hawaii in Travel + Leisure magazine's 2007 World's Best
        Awards -- the ninth consecutive year Hawaiian has earned this
     *  In early August, the U.S. Department of Transportation's monthly
        Consumer Air Travel Report for June ranked Hawaiian #1 for on-time
        performance, fewest cancellations and fewest misplaced bags for the
        second straight month,  In June, 92.9 percent of Hawaiian's flights
        arrived on time, surpassing the industry average by 24.8 percentage
        points.  It was Hawaiian's 41st month out of the previous 44 as the
        nation's most punctual airline.
     *  In August, Hawaiian announced an agreement to become the 'Official
        Airline of the Seattle Seahawks.' For the 2007 NFL season, Hawaiian
        will fly the Seahawks to their games in Phoenix, San Francisco,
        Pittsburgh, Cleveland, St. Louis, Philadelphia, Charlotte and Atlanta.
        The Company also announced an agreement to carry the Oakland Raiders
        to all of their 2007 away games for the eighth consecutive season.
Investor Conference Call

Hawaiian Holdings' quarterly earnings conference call is scheduled to begin later today (Tuesday, October 30, 2007) at 5:00 p.m., Eastern Time (USA). The conference call will be broadcast live over the Internet. Investors may listen to the live audio webcast on the investor relations section of the Company's website at www.HawaiianAirlines.com. For those who are not available for the live broadcast, the call will be archived on Hawaiian's investor website.

About Hawaiian Airlines

The nation's top-ranked airline for service in the 2007 Airline Quality Ratings, Hawaiian also led all U.S. carriers in on-time performance for 2004, 2005 and 2006 (including a record 36 consecutive months from November 2003 to October 2006,) and in fewest misplaced bags for 2005 and 2006, as reported by the U.S. Department of Transportation. Consumer surveys by Conde Nast Traveler, Travel + Leisure, and Zagat all rank Hawaiian as the top domestic airline serving Hawaii.

Now in its 78th year of continuous service in Hawaii, Hawaiian is the state's biggest and longest-serving airline, as well as the second largest provider of passenger air service between the U.S. mainland and Hawaii. Hawaiian offers nonstop service to Hawaii from more U.S. gateway cities than any other airline (nine), as well as service to Australia, American Samoa and Tahiti. Hawaiian also provides approximately 100 daily jet flights among the Hawaiian Islands.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (Amex: HA). Additional information is available at HawaiianAirlines.com.

Forward Looking Statements

The foregoing information contains certain forward-looking statements that reflect the Company's current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the Company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company's financial results may be found in the Company's filings with the Securities and Exchange Commission.

     Hawaiian Holdings, Inc.
     Consolidated Statements of Operations (in thousands, except for per share
      data) (unaudited)

                                       Three Months Ended  Nine Months Ended
                                         September 30,        September 30
                                         2007      2006      2007      2006

    Operating Revenue:
    Passenger                          $247,728  $208,660  $662,443  $600,405
    Cargo                                 8,111     7,884    22,555    23,802
    Charter                               2,607     2,512     7,223     6,737
    Other                                14,061    12,778    39,649    37,472
    Total                               272,507   231,834   731,870   668,416

    Operating Expenses:
    Aircraft fuel, including taxes and
     oil                                 76,821    65,096   204,279   181,274
    Wages and benefits                   53,585    52,243   171,528   166,469
    Aircraft rent                        24,629    27,268    73,208    81,790
    Maintenance materials and repairs    21,122    17,130    69,420    52,164
    Aircraft and passenger servicing     13,172    12,163    41,109    35,920
    Commissions and other selling        14,056    11,184    42,436    36,390
    Depreciation and amortization        11,958     7,156    33,353    20,881
    Other rentals and landing fees        7,521     6,393    21,324    18,458
    Other                                24,091    20,505    66,390    57,952
    Total                               246,955   219,138   723,047   651,298

    Operating Income                     25,552    12,696     8,823    17,118

    Nonoperating Income (Expense):
    Interest and amortization of debt
     discounts and issuance costs        (6,397)   (3,886)  (19,353)  (12,354)
    Losses due to redemption,
     extinguishment and modification
     of long-term debt                      -      (1,030)      -     (32,134)
    Interest income                       2,729     3,518     7,924     8,984
    Capitalized interest                    -       1,344     1,309     2,603
    Other, net                              (64)      683    (1,875)   (5,069)
    Total                                (3,732)      629   (11,995)  (37,970)

    Net Income (Loss) Before Income
     Taxes                               21,820    13,325    (3,172)  (20,852)

    Income tax expense (benefit)          2,243     5,565    (6,916)   10,065

    Net Income (Loss)                   $19,577    $7,760    $3,744  $(30,917)

    Net Income (Loss) Per Common Stock
    Basic                                 $0.42     $0.16     $0.08    $(0.66)
    Diluted                               $0.41     $0.16     $0.08    $(0.66)

    Weighted Average Number of
    Common Stock Shares Outstanding:
    Basic                                47,153    47,171    47,153    47,141
    Diluted                              47,259    47,251    47,339    47,141

     Hawaiian Holdings, Inc.
     Reconciliation of Non-GAAP Financial Measures
     (in millions, except for CASM data) (unaudited)

                            Three Months Ended          Nine Months Ended
                               September 30,              September 30,
                            2007         2006           2007        2006
    GAAP operating
     expenses              $247.0       $219.1         $723.0      $651.3
    Aircraft fuel,
     including taxes
     and oil                 76.8         65.1          204.3       181.3
    Adjusted operating
     expenses              $170.1       $154.0         $518.8      $470.0

    Available Seat
     Miles                2,408.2      2,054.7        6,881.1     5,895.7

    CASM              10.26 cents  10.67 cents    10.51 cents       11.05
       Less aircraft
        fuel                 3.19         3.17           2.96        3.07
    CASM - ex-fuel     7.07 cents   7.50 cents     7.54 cents        7.97

SOURCE Hawaiian Holdings, Inc.

CONTACT: Peter Ingram, CFO of Hawaiian Airlines, +1-808-835-3030,
peter.ingram@hawaiianair.com; or Investor Relations, Allyson Pooley,
apooley@icrinc.com, or Andrew Greenebaum, agreenebaum@icrinc.com, both of ICR,
Inc., +1-310-954-1100, for Hawaiian Airlines; or Media, Keoni Wagner, VP
Public Affairs of Hawaiian Airlines, +1-808-838-6778,