Hawaiian Holdings, Inc., the parent company of Hawaiian Airlines, has reported consolidated net income for the three months ended September 30 of $30.5 million, or $0.59 per diluted share, on total operating revenue of $352.0 million. This result compares with net income of $30.7 million, or $0.58 per diluted share, on total operating revenue of $305.6 million for the three months ended September 30, 2009. Adjusted net income reflecting economic fuel expense of $28.5 million or $0.55 per share compares to $34.7 million or $0.66 per share in the prior year period.
The Company’s results for the quarter that ended on September 30 reflect the benefit of certain discrete items that reduced the Company’s effective taxes in the period by $5.7 million. Including both the tax item and the release of accrued interest associated with it, net income in the period benefited by $7.1 million or $0.14 per share.
Among the highlights of the report:
* Operating revenue increase of 15 percent to $352 million
* Operating income increase of 66 percent to $39.3 million
* GAAP net income of $30.5 million, or $0.59 per diluted share
* Adjusted net income of $28.5 million, or $0.55 per diluted share, reflecting economic fuel
* Beneficial tax items increased net income $7.1 million contributing $0.14 to diluted earnings
* Unrestricted cash and cash equivalents of $315.5 million at September 30