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Hawaiian Airlines Reports Operating Loss for First QuarterApril 27, 2011 By: Jena Tesse Fox
Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc., has reported consolidated net income for the three months ended March 31 of $0.9 million, or $0.02 per diluted share, on total operating revenue of $365.6 million. This result compares with net income of $0.2 million, or $0.00 per diluted share, on total operating revenue of $298.4 million for the three months ended March 31, 2010. An adjusted net loss reflecting economic fuel expense of $3.2 million, or $0.06 per share, compares to adjusted net income of $0.1 million, or $0.00 per share, in the prior year period.
The company reported an operating loss of $4.9 million in the first quarter of 2011, compared with operating income of $5.6 million in the prior year period.
Notably, aircraft fuel costs in the first quarter increased 55.6 percent year over year to $109.4 million and represented 29.5 percent of operating expenses. Hawaiian’s average cost per gallon of jet fuel increased 32.4 percent year over year to $2.86 per gallon.
For more information, visit www.hawaiianair.com.