* Operating revenue increased 10% to $222 million from a year ago
* Load factor increased to 86.9% from 85.4% a year ago
* Operating Income of $9 million
* Pre-tax loss of $22 million including a special charge of $28 million
* Excluding special charge, pre-tax income of $6 million
* Management will host an investor call today at 5 p.m. EDT to discuss results
HONOLULU, Aug. 7 /PRNewswire-FirstCall/ -- Hawaiian Holdings, Inc. (Amex: HA; PCX) ("Holdings" or "the Company"), parent company of Hawaiian Airlines, Inc. ("Hawaiian"), today reported a consolidated net loss for the three months ended June 30, 2006 of $26.4 million, or $0.56 per basic and diluted share, on total operating revenue of $222.3 million. As previously announced, these results include a special charge of $28.0 million related to the Company's redemption of all of its outstanding 5% subordinated convertible notes. Additionally, the net loss includes a tax provision of $4.3 million, despite the Company reporting a pre-tax loss (discussed below in more detail). Operating income for the second quarter was $9.0 million. Excluding the special charge, the Company would have reported pre-tax earnings of $6.0 million for the second quarter.
Mark Dunkerley, President and Chief Executive Officer, commented, "During the second quarter we faced two main challenges in the rising price of fuel and the increase in competitor capacity, both interisland and on our transpacific routes. In this environment we are pleased to report an operating and pre-tax profit excluding the special charge associated with the redemption of our convertible securities. At the same time, we recognize that our progress in this quarter has lagged that of several of our competitors, so we remain keenly focused on efforts to improve revenues and further control our costs."
Mr. Dunkerley continued, "On a positive note, the four additional Boeing 767-300 aircraft we purchased during the first quarter are on target to begin service during the third and fourth quarters. These aircraft will join our existing fleet and allow us to bring our industry-leading customer service and on-time performance to more travelers."
Hawaiian emerged from bankruptcy on June 2, 2005. Effective April 1, 2003, following Hawaiian's bankruptcy filing, through June 1, 2005, Holdings deconsolidated Hawaiian and accounted for its interest in Hawaiian using the cost method of accounting. As a result, the consolidated financial results of Holdings during that period do not include Hawaiian's financial results. Holdings generated no revenue from April 1, 2005 through June 1, 2005, and its operating expenses consisted primarily of professional fees related to Hawaiian's bankruptcy case and maintaining Holdings' status as a public company. Hawaiian's emergence from bankruptcy was accounted for as a business combination, the acquisition of Hawaiian by Holdings. As a consequence, the results of operations for Hawaiian are included in the consolidated financial results of the Company from June 2, 2005 forward.
On a consolidated GAAP basis, the Company reported operating income of $9.0 million and a net loss of $26.4 million for the second quarter 2006. The GAAP financial results include a $28 million special charge primarily attributable to Holdings' redemption of its outstanding 5% subordinated convertible notes in the second quarter of 2006. Additionally, the net loss for the second quarter includes a provision for income taxes, despite the Company reporting a pre-tax loss. The tax provision is primarily attributable to the non-deductible charge taken upon the convertible notes redemption and an increase in deferred tax assets following Hawaiian's emergence from bankruptcy, for which the Company is required to provide a full valuation allowance.
Consolidated/Combined Holdings and Hawaiian Results
Because Hawaiian's emergence from bankruptcy was accounted for as a business combination, the assets and liabilities of Hawaiian were adjusted to their fair values as of June 2, 2005, and the results of operations of Hawaiian are included in the Company's consolidated results from that date forward. In order to clarify some of the complex accounting resulting from Holdings' reacquisition of Hawaiian upon Hawaiian's emergence from bankruptcy and provide readers with a basis for comparison with the financial results of Hawaiian during its bankruptcy, the following discussion compares the consolidated financial results for the quarter ended June 30, 2006 to the combined financial results of Holdings and Hawaiian for the same quarter of the prior year. These combined financial results are not, however, defined within accounting principles generally accepted in the United States and therefore should not be considered in isolation or as a substitute for the equivalent measure defined by GAAP.
The adjustments to record Hawaiian's assets and liabilities at fair value resulted in significant additional depreciation and amortization expense in the current quarter and on an on-going basis, as well as several other non-cash adjustments. The consolidated results of operations for the second quarter and the six months ended June 30, 2006 were affected by the application of purchase accounting as follows:
3 Months Ended 6 Months Ended June 30, June 30, 2006 2005 2006 2005 (in millions) Operating Revenue - Decrease in operating revenue: Passenger - Elimination of deferred revenue from sales of miles in frequent flyer program $(1.8) $(2.0) $(4.4) $(2.0) Total decrease in operating revenue $(1.8) $(2.0) $(4.4) $(2.0) Operating Expenses - Increase/(decrease) in operating expenses: Wages and benefits - elimination of unrecognized actuarial losses $-- $(0.8) $-- $(0.8) Aircraft and other rent - amortization of favorable and unfavorable operating leases 0.4 0.2 0.9 0.2 Maintenance materials and repairs - favorable aircraft maintenance contracts 0.3 0.2 0.6 0.2 Depreciation and amortization 3.9 1.1 7.9 1.1 Total increase in operating expenses $4.7 $0.8 $9.4 $0.8 Operating Income - Decrease in operating income $(6.4) $(2.8) $(13.8) $(2.8) Non Operating Income/Expense - Interest expense - amortization of certain debt due to recognizing debt discount at fair value $(0.2) $(0.0) $(0.3) $(0.0) Interest income - accretion due to recognizing aircraft maintenance and lease security deposits at fair value 0.3 0.1 0.7 0.1 Total $0.2 $0.1 $0.4 $0.1 Increase in Loss Before Income Taxes $(6.3) $(2.7) $(13.4) $(2.7)
As a result of higher revenue and improvements in cost containment, the Company reported operating income of $9.0 million in the second quarter of 2006 compared to operating income of $0.2 million in second quarter of 2005 on a combined basis.
Second quarter operating revenue was $222.3 million, a 10.2% increase over the combined operating revenue for the second quarter 2005. Passenger revenue represented approximately 91% of operating revenue in the second quarters of both 2005 and 2006. Charter, cargo and other revenues represented the balance. Passenger yield (passenger revenue per revenue passenger mile) in the second quarter of 2006 increased 7.1% to 12.17 cents from 11.36 cents in the second quarter 2005. Operating revenue per available seat mile (RASM) increased 9.4% to 11.43 cents in the second quarter of 2006 from 10.45 cents in the second quarter 2005.
Hawaiian Holdings, Inc. and Hawaiian Airlines, Inc. Selected Combined Statistical Data Three months ended June 30, 2006 2005 Change (in millions) Scheduled Operations: Revenue passenger miles (RPM) 1,661.5 1,619.0 2.6% Available seat miles (ASM) 1,911.6 1,896.1 0.8% Passenger load factor (RPM/ASM) 86.9% 85.4% Total Operations Operating Revenue per ASM (RASM) 11.43 cents 10.45 cents 9.4% Operating Cost per ASM (CASM) 10.97 cents 10.44 cents 5.1% CASM ex-fuel 7.92 cents 7.94 cents -0.3% Adjusted CASM ex-fuel* 7.68 cents 7.90 cents -2.8% *adjusted for purchase accounting differences Six months ended June 30, 2006 2005 Change (in millions) Scheduled Operations: Revenue passenger miles (RPM) 3,287.3 3,090.3 6.4% Available seat miles (ASM) 3,770.2 3,625.1 4.0% Passenger load factor (RPM/ASM) 87.2% 85.2% Total Operations Operating Revenue per ASM (RASM) 11.25 cents 10.45 cents 7.6% Operating Cost per ASM (CASM) 11.13 cents 10.28 cents 8.3% CASM ex-fuel 8.11 cents 7.97 cents 1.7% Adjusted CASM ex-fuel* 7.86 cents 7.95 cents -1.1% *adjusted for purchase accounting differences
Total operating expenses for the second quarter increased 5.8% to $213.3 million from $201.6 million for the second quarter of 2005. Operating cost per available seat mile (CASM) for the second quarter 2006 increased 5.1% year-over-year to 10.97 cents. CASM excluding fuel and the non-cash adjustments related to purchase accounting declined 2.8% to 7.68 cents in the second quarter of 2006 versus 7.90 cents in the prior year's quarter.
The higher operating expenses were primarily the result of an $11.0 million, or 22.8%, increase in aircraft fuel costs to $59.2 million. Hawaiian's average cost per gallon of jet fuel rose 24% to $2.15 (including taxes, delivery and hedging gains) for the second quarter of 2006. Aircraft fuel represented 27.8% of operating expenses in the second quarter 2006 compared to 23.9% in the same quarter of 2005.
Depreciation and amortization expense increased by $3.1 million, to $7.0 million, primarily due to the amortization of intangible assets arising from revaluing Hawaiian's assets under purchase accounting. Additionally, materials and repairs expenses increased $4.3 million to $18.3 million as a result of higher engine maintenance expenses incurred under power-by-the-hour (PBH) agreements and an increase in airframe overhaul expenses for both the 767 and 717 fleets. The PBH increases are attributable to the inclusion of additional engines under PBH agreements, an overall increase in block hours operated and higher rates per hour.
The higher expenses were partially offset by lower wages and benefits in the quarter which declined by 5.1% to $56.1 million. In the 2005 second quarter, wages and benefits expense included $4.7 million of compensation expense related to cash and stock bonuses associated with Hawaiian's successful reorganization in June 2005. Effective January 1, 2006, the Company adopted SFAS No. 123(R) which resulted in the recognition of $1.2 million share-based compensation expense for the second quarter of 2006.
Other expenses declined $5.1 million, or 12.1%, to $37.2 million during the second quarter of 2006. Included in this amount is a decline in professional fees of $2.6 million following a period of escalated expense in 2005 related to initial compliance with Sarbanes-Oxley requirements and activities related to Hawaiian's bankruptcy and reorganization.
Nonoperating expenses, net for the second quarter of 2006 totaled $31.1 million compared to nonoperating income of $16.2 million in the second quarter of 2005. Included in the total expense for the second quarter of 2006 is a $28.0 million special charge attributable to Holdings' redemption of all of its outstanding 5% subordinated convertible notes in April 2006. Included in the 2005 second quarter are $10.9 million of unrealized gains related to jet fuel forward contracts that did not qualify for hedge accounting and a $4.9 million gain from the favorable settlement of a bankruptcy related claim.
* In early May, the Company announced a significant expansion of its service to Hawaii from San Diego, Seattle, Portland, Sacramento and Los Angeles.
* In June, the Company extended to 32 consecutive months its streak of leading the DOT's rankings for on-time performance and maintained its #1 ranking for baggage handling.
* In early June, the Company announced the addition of three members to its board of directors, increasing to 12 the number of board members overseeing the Company.
* In June, Hawaiian was ranked as the nation's top airline serving Hawaii in Travel + Leisure magazine's 2006 World's Best Service Awards.
Liquidity, Capital Resources and Fuel Hedging:
* On April 21, 2006, the Company completed the redemption of all of its outstanding 5% subordinated convertible notes due in 2010, thus avoiding significant potential dilution. As discussed previously, the Company incurred a $28 million special charge in connection with the redemption.
* As of June 30, 2006, the Company had unrestricted cash and cash equivalents of $173 million.
* As of June 30, 2006, the Company also had an additional $87.0 million in restricted cash including approximately $10 million classified as a noncurrent asset. Subsequent to the quarter end, the Company used the $10 million noncurrent restricted cash to make a prepayment on the term loan it made under the Company's debt restructuring in the first quarter of 2006. The $10 million had been held in escrow as it was contingent on a certain asset acquisition which did not occur, and consistent with the terms of the transaction, the $10 million was used to reduce the principal of the term loan.
* For the quarter ended June 30, 2006, net cash provided by operating activities before reorganization activities was $32 million, compared to $39 million for the same period in 2005 on a combined basis.
* As of June 30, 2006, Hawaiian had entered into jet fuel forward contracts to hedge approximately 24% of its fuel requirements for the remainder of 2006 at fixed prices ranging from $1.89 to $2.17 per gallon. The Company's current jet fuel hedge position for the remainder of 2006 is outlined in the table below:
Hawaiian Holdings' quarterly earnings conference call is scheduled to begin later today (Monday, August 7, 2006) at 5:00 p.m., Eastern Daylight 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.hawaiianair.com . For those who are not available for the live broadcast, the call will be archived on Hawaiian's investor website.
About Hawaiian Airlines
Hawaiian was the nation's number one carrier for on-time service, fewest flight cancellations and best baggage service reliability in 2005 and the first quarter of 2006, according to reports by the U.S. Department of Transportation. Consumer travel surveys conducted by Conde Nast Traveler, Travel + Leisure, and Zagat all rank Hawaiian as the top domestic airline serving Hawaii.
Now in its 77th year of continuous service in Hawaii, Hawaiian is the state's biggest and longest-serving airline, and the second largest provider of passenger air service between Hawaii and the U.S. mainland. Hawaiian offers nonstop service to Hawaii from more U.S. gateway cities (nine) than any other airline, 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; PCX). 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.
(Financial Tables Follow) Hawaiian Holdings, Inc. Consolidated Balance Sheets (in thousands, except for share data) June 30, December 31, 2006 2005 (unaudited) ASSETS Current Assets: Cash and cash equivalents $172,542 $153,388 Restricted cash 76,835 53,420 Accounts receivable, net of allowance for doubtful accounts of $481 and $912 as of June 30, 2006 and December 31, 2005, respectively 36,373 35,278 Spare parts and supplies, net 14,022 14,578 Deferred tax assets 10,992 9,269 Prepaid expenses and other 24,864 21,673 Total 335,628 287,606 Property and equipment, less accumulated depreciation and amortization of $10,728 and $5,751 as of June 30, 2006 and December 31, 2005, respectively 91,235 51,277 Other Assets: Long-term prepayments and other 39,816 29,253 Intangible assets, net of accumulated amortization of $25,845 and $13,936 as of June 30, 2006 and December 31, 2005, respectively 179,296 191,205 Goodwill 105,380 107,179 Total Assets $751,355 $666,520 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $39,983 $39,089 Air traffic liability 225,766 162,638 Other accrued liabilities 34,074 62,969 Current maturities of long-term debt and capital lease obligations 14,828 13,064 Total 314,651 277,760 Long-Term Debt and Capital Lease Obligations 136,342 77,576 Other Liabilities and Deferred Credits: Accumulated pension and other postretirement benefit obligations 198,381 196,831 Other liabilities and deferred credits 63,274 57,017 Deferred income taxes 10,992 9,269 Total 272,647 263,117 Commitments and Contingent Liabilities Shareholders' Equity: Special preferred stock, three shares outstanding as of June 30, 2006 and December 31, 2005 -- -- Common stock, 46,553,914 shares and 45,349,100 shares outstanding as of June 30, 2006 and December 31, 2005, respectively 466 453 Capital in excess of par value 208,072 203,479 Accumulated deficit (182,397) (143,721) Accumulated other comprehensive income (loss): Income (loss) on hedge instruments 1,574 (12,144) Total 27,715 48,067 Total Liabilities and Shareholders' Equity $751,355 $666,520 Hawaiian Holdings, Inc. Consolidated Statements of Operations (in thousands, except for per share data) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2006(*) 2005(**) 2006(*) 2005(***) Operating Revenue: Passenger $202,157 $63,880 $391,745 $63,880 Charter 1,951 685 4,225 685 Cargo 7,830 2,569 15,918 2,569 Other 10,340 2,788 20,108 2,788 Total 222,278 69,922 431,996 69,922 Operating Expenses: Aircraft fuel, including taxes and oil 59,216 16,770 116,178 16,770 Wages and benefits 56,057 22,578 114,226 22,578 Aircraft rent 27,164 8,862 54,522 8,862 Maintenance materials and repairs 18,262 3,998 35,033 3,998 Depreciation and amortization 6,961 2,256 13,725 2,256 Other rentals and landing fees 6,149 1,893 12,065 1,893 Sales commissions 2,227 558 4,084 558 Other 37,225 16,548 77,741 18,643 Total 213,261 73,463 427,574 75,558 Operating Income (Loss) 9,017 (3,541) 4,422 (5,636) Nonoperating Income (Expense): Interest and amortization of debt discounts and issuance costs (4,533) (1,104) (5,396) (1,104) Losses due to redemption, extinguishment and modification of long-term debt (28,032) -- (31,104) -- Interest income 3,037 508 5,466 508 Capitalized interest 960 -- 1,259 -- Other, net (2,519) 5,536 (8,824) 5,536 Total (31,087) 4,940 (38,599) 4,940 Income (Loss) Before Income Taxes (22,070) 1,399 (34,177) (696) Income tax expense 4,314 -- 4,499 -- Net Income (Loss) $(26,384) $1,399 $(38,676) $(696) Net income (Loss) Per Common Stock Share: Basic $(0.56) $0.03 $(0.82) $(0.02) Diluted $(0.56) $0.03 $(0.82) $(0.02) Weighted Average Number of Common Stock Shares Outstanding: Basic 47,171 35,730 47,126 33,254 Diluted 47,171 36,459 47,126 33,254 (*) Includes the consolidated results of operations of Hawaiian Holdings, Inc. and Hawaiian Airlines, Inc. for the entire period presented. (**) Includes the results of operations of Hawaiian Holdings, Inc. for the period April 1, 2005 through June 1, 2005, and the consolidated results of operations for Hawaiian Holdings, Inc. and Hawaiian Airlines, Inc. for the period June 2, 2005 through June 30, 2005. (***) Includes the results of operations of Hawaiian Holdings, Inc. for the period January 1, 2005 through June 1, 2005, and the consolidated results of operations for Hawaiian Holdings, Inc. and Hawaiian Airlines, Inc. for the period June 2, 2005 through June 30, 2005. Hawaiian Holdings, Inc. and Hawaiian Airlines, Inc. Statements of Operations (in thousands) (unaudited) Three Months ended Six Months ended June 30, June 30, 2006(*) 2005(**) 2006(*) 2005(**) Operating Revenue: Passenger $202,157 $183,973 $391,745 $353,720 Charter 1,951 2,081 4,225 6,600 Cargo 7,830 7,293 15,918 14,339 Other 10,340 8,381 20,108 16,414 Total 222,278 201,728 431,996 391,073 Operating Expenses: Aircraft fuel, including taxes and oil 59,216 48,222 116,178 86,556 Wages and benefits 56,057 59,070 114,226 115,360 Aircraft rent 27,164 26,589 54,522 52,730 Maintenance materials and repairs 18,262 13,941 35,033 28,012 Depreciation and amortization 6,961 3,825 13,725 6,025 Other rentals and landing fees 6,149 5,816 12,065 11,530 Sales commissions 2,227 1,741 4,084 3,135 Other 37,225 42,369 77,741 81,271 Total 213,261 201,573 427,574 384,619 Operating Income 9,017 155 4,422 6,454 Nonoperating Income (Expense): Reorganization items, net -- 6,738 -- 888 Interest and amortization of debt discount and issuance costs (4,533) (1,236) (5,396) (1,570) Losses due to redemption, extinguishment and modification of long-term debt (28,032) -- (31,104) -- Interest income 3,037 508 5,466 508 Capitalized interest 960 -- 1,259 -- Other, net (2,519) 10,229 (8,824) 8,910 Total (31,087) 16,239 (38,599) 8,736 Income (Loss) Before Income Taxes (22,070) 16,394 (34,177) 15,190 Income tax expense 4,314 18,067 4,499 18,572 Net Loss $(26,384) $(1,673) $(38,676) $(3,382) (*) Consolidated results of operations of Hawaiian Holdings, Inc. and Hawaiian Airlines, Inc. (**) Combined results of operations of Hawaiian Holdings, Inc. and Hawaiian Airlines, Inc. Hawaiian Holdings, Inc. Reconciliation of GAAP Financial Information to Non-GAAP Financial Information (unaudited)
Pursuant to Regulation G of the Securities and Exchange Commission, we are providing further disclosure of the reconciliation of reported non-GAAP financial measures to their comparable financial measures reported on a basis consistent with accounting principles generally accepted in the United States (GAAP). Our disclosure of earnings excluding special charges and cost per available seat mile (CASM) excluding fuel expense provides management and investors the ability to measure and monitor our performance on a consistent basis. Additionally, the cost and availability of fuel are subject to many economic and political factors and are therefore largely beyond our control. These measures are consistent with financial measures reported by other airlines.
We are also providing certain information on a historical cost basis. Because Hawaiian's emergence from bankruptcy was accounted for as a business combination and Hawaiian's assets and liabilities were recorded at fair value at that point, our performance in periods subsequent to Hawaiian's emergence from bankruptcy is not necessarily comparable to our and Hawaiian's combined performance prior to Hawaiian's emergence. Our disclosure of financial information on a historical cost basis provides management and investors the ability to measure and monitor our performance on a consistent basis.
(in thousands) Net loss before income taxes for the quarter ended June 30, 2006 $(22,070) Less special charge: Loss on the redemption of Holdings' outstanding 5% subordinated convertible notes (28,032) Income before income taxes and special charge $5,962 Hawaiian Holdings, Inc. Reconciliation of GAAP Results to Adjusted Historical Cost Financial Results (unaudited) Three months ended Six months ended June 30, June 30, 2006 2005 2006 2005 (in millions) (in millions) GAAP operating expenses $213.3 $73.5 $427.6 $75.6 Hawaiian expenses pre-June 2, 2005 (a) -- 128.1 -- 309.1 Combined Holdings and Airlines operating expenses $213.3 $201.6 $427.6 $384.6 Aircraft fuel, including taxes and oil 59.2 48.2 116.2 86.6 Adjusted operating expenses $154.0 $153.4 $311.4 $298.1 Add (Subtract) impact of purchase accounting: Wages & benefits (b) $-- $0.8 $-- $0.8 Aircraft and other rental expense (c) (0.4) (0.2) (0.9) (0.2) Maintenance materials and repairs (d) (0.3) (0.2) (0.6) (0.2) Depreciation and amortization (e) (3.9) (1.1) (7.9) (1.1) Adjusted Historical Cost operating expenses, ex-fuel $149.4 $152.6 $302.0 $297.3 Available Seat Miles (millions) 1,944.9 1,931.3 3,841.0 3,740.8 CASM - GAAP 10.97 cents 3.80 cents 11.13 cents 2.02 cents add Hawaiian expenses CASM -- 6.63 -- 8.26 CASM - Combined 10.97 cents 10.44 cents 11.13 cents 10.28 cents less aircraft fuel 3.04 2.50 3.02 2.31 CASM - Combined, ex-fuel 7.92 cents 7.94 cents 8.11 cents 7.97 cents Impact of purchase accounting adjustments (0.24) (0.04) (0.24) (0.02) CASM - Adjusted for historical cost, ex-fuel 7.68 cents 7.90 cents 7.86 cents 7.95 cents Footnotes: (a) Effective April 1, 2003, the Company deconsolidated Hawaiian until the Company reacquired and reconsolidated Hawaiian on June 2, 2005. The reconsolidation of Hawaiian was accounted for as a business combination with Hawaiian's assets and liabilities being adjusted to their fair values as of June 2, 2005. Hawaiian's results of operations for the period April 1, 2003 through June 1, 2005 were not included in Holdings' results of operations. (b) The Company recorded the accumulated pension and other postretirement benefit obligations of Hawaiian at their fair values as of June 2, 2005, resulting in the elimination of actuarial losses and the related amortization of such losses as a component of pension expense. (c) The increase in aircraft and other rental expense is due to recording the Company's operating leases to their fair values as of June 2, 2005. (d) The Company recorded an intangible asset for certain aircraft maintenance contracts with contractual rates less than current market rates for similar services at June 2, 2005. (e) Adjustment to reflect the impact on depreciation and amortization expense due to the amortization of intangible assets and certain property and equipment recorded to its fair value at June 2, 2005.
Hawaiian Holdings, Inc.
Peter Ingram, CFO,
Media, Keoni Wagner, VP Public Affairs,
both of Hawaiian Airlines;
Investor Relations, Allyson Pooley,
firstname.lastname@example.org, or Andrew Greenebaum,
email@example.com, both of Integrated Corporate Relations,
1-310-954-1100, for Hawaiian Airlines