$7 Million Paid Out Since Program's Inception Last Year
HONOLULU, May 17, 2004 -- HONOLULU – Making good on its promise that employees would share in the company's success, Hawaiian Airlines paid out $1.9 million in first quarter profit-sharing bonuses for union and non-union employees who agreed to concessions last year.
To date, Hawaiian has paid out a total of $7.0 million in employee profit-sharing bonuses under the program.
Joshua Gotbaum, trustee for Hawaiian Airlines, said, “When Hawaiian needed them, Hawaiian's employees were there. It's right that they should share in Hawaiian's success.”
Company officers are not included in the bonus program. Gotbaum announced last year that he would propose a bonus program to correct this. “It's only fair,” he said.
Hawaiian's ability to generate revenue and pay a profit-sharing bonus for first quarter is even more noteworthy considering it was earned during a timeframe that has historically not generated significant operating profits for the airline.
Hawaiian and its employees agreed to the profit-sharing program as part of labor negotiations in early 2003. Under the agreement, 10 percent of the company's operating profits through June 2004 in excess of its quarterly targets are being paid out as quarterly bonuses.
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.