Hawaiian Airlines Announces Fourth Quarter and 2010 Numbers

Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc. reported consolidated net income for the three months ending December 31, 2010, of $70.6 million on total operating revenue of $343.8 million. This result compares with net income of $35 million on total operating revenue of $297 million for the three months ended December 31, 2009. These results include beneficial tax adjustments that are non-recurring in nature, without which adjusted net income reflecting economic fuel expense for the three months ended December 31, 2010 is $11.3 million. This compared to $10.5 million in the prior year's period.

“These fourth quarter results round out another good year for Hawaiian Airlines,” said Mark Dunkerley, the company’s president and chief executive officer. "In 2010, our strong financial performance enabled us to start service on two new international routes, take delivery of the first three of 16 new Airbus widebody aircraft and replace our expiring credit facilities on favorable terms. At the start of 2011 we are well positioned to continue to grow into the rapidly developing travel market in Asia."

For the full year 2010, the Company reported consolidated net income of $110.3 million on total operating revenue of $1.310 billion, which includes beneficial, nonrecurring tax adjustments of approximately $62.5 million. This result compares with net income of $116.7 million, or $2.22 per diluted share, on total operating revenue of $1.183 billion for the full year 2009, which includes beneficial, non-recurring tax adjustments of approximately $40 million. Excluding the effects of the beneficial, non-recurring tax adjustments, and reflecting economic fuel expense, 2010 non-GAAP net income was $45.4 million, or $0.87 per diluted share, as compared to $64.8 million, or $1.23 per diluted share, in 2009. The Company believes the presentation of economic fuel expense most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period, and removal of the effects of the beneficial, non-recurring tax adjustments provides useful information.