Hawaiian Airlines Reports Second Quarter Financial Results

Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, has reported its second quarter financial results. Notably, the airline saw adjusted net income of $11.7 million, reflecting economic fuel expense, and passenger revenue per available seat mile (ASM) increase of 6.2 percent.

Hawaiian is reporting consolidated net income for the three months ended June 30 of $3.9 million, or $0.07 per diluted share, on total operating revenue of $484.6 million. This compares to a net loss of $50.0 million, or $0.99 per basic and diluted share, on total operating revenue of $395.0 million for the three months ended June 30, 2011. Results for the three months ended June 30, 2011 included the impact of a non-recurring pre-tax lease termination expense of $70.0 million related to the purchase of 15 Boeing 717-200 aircraft previously operated under lease agreements.

Second quarter 2012 operating revenue was $484.6 million, a 22.7 percent increase compared with the second quarter of 2011. Capacity for the quarter increased 16.8 percent year-over-year to 3.5 billion available seat miles, resulting in operating revenue per ASM (RASM) of 13.90 cents, up 5.1 percent from the second quarter a year ago. Passenger yield (passenger revenue per revenue passenger mile) increased 6.1 percent to 14.98 cents, resulting in an increase in passenger revenue per ASM (PRASM) of 6.2 percent to 12.59 cents.

Reflecting economic fuel expense, the Company reported adjusted net income of $11.7 million, or $0.22 per diluted share for the three months ended June 30. This compares with adjusted net income of $0.1 million, reflecting economic fuel expense and excluding the impact of lease termination costs, or $0.00 per diluted share, for the three months ended June 30, 2011.

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