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Hawaiian: For Immediate Release Monday, October 19, 2015 COMPANY CONTACT:

The following excerpt is from the company's SEC filing.

Shannon Okinaka, EVP & CFO - (808) 835-3700


Ashlee Kishimoto, Sr. Director - (808) 838-5421


Alison Croyle, Director - (808) 835-3886

Hawaiian Holdings Reports

Third Quarter

Financial Results

HONOLULU — Hawaiian Holdings, Inc. (NASDAQ: HA) (“Holdings” or the “Company”), parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the

third quarter
GAAP net income of

$70.0 million

per diluted share.

Adjusted net income of

$78.4 million

per diluted share, an increase of

$28.9 million

cents per diluted share year-over-year.

Adjusted pre-tax margin of

compared to

in the prior year period.

Unrestricted cash, cash equivalents and short-term investments of

$611 million

Achieved leverage target at

“We’re pleased with our third quarter results and with the outlook for the remainder of the year” said Mark Dunkerley, Hawaiian Airlines president and chief executive officer. “Lower fuel prices and strong demand in each of our geographies is more than making up for the growth in industry capacity between the US west coast and Hawai‘i and the strength of the US dollar. Meanwhile, by our high standards we've had a disappointing summer operationally. The combined effects of a gate shortage at Honolulu resulting in part from airport construction and an abrupt change in air traffic control procedures lengthening our flights led to delays for our guests. I would like to thank all of the great employees at Hawaiian since, throughout it all, they’ve worked incredibly hard to mitigate the impact of these external challenges.”

Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables.

Liquidity and Capital Resources

As of

September 30, 2015

the Company had:

Outstanding debt and capital lease obligations of approximately

$914 million

consisting of the following:

$665 million under secured loan agreements to finance a portion of the purchase price for 11 Airbus A330-200 aircraft.

$123 million under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft.

$97 million in capital lease obligations to finance the acquisition of an Airbus A330-200, two Boeing 717-200 aircraft and aircraft-related equipment.

$26 million under floating rate notes to finance the acquisition of two Boeing 767-300 ER aircraft.

$3 million of convertible senior notes.

In the

, the Company repurchased

$1 million

(principal balance) of its convertible senior notes outstanding. Repurchases to date have totaled

$83 million

(principal balance) or

of the originally issued principal amount, thereby eliminating the need for the Company to issue 10.5 million shares of its common stock when the notes may have otherwise converted to common stock.

In addition, during the third quarter the Company repurchased

0.9 million

shares of its common stock for approximately

$20 million

for a year-to-date total of

1.6 million

shares and

$38 million

under its previously announced $100 million stock repurchase program.



Ranked #1 nationally for on-time performance for the months of June and July 2015.

Product and loyalty

The comprehensive interior retrofit of the Company's neighbor island fleet remains on schedule for completion by the end of 2015 with 14 of 18 Boeing 717 aircraft completed at the end of the third quarter.

Enhanced in-flight service for routes from Japan to Hawai‘i.

Official airline of the Oakland Raiders for the 2015 National Football League season.

New onboard safety video featuring Hawaiian Airlines crew members and their family members taking guests on a journey to their favorite locations throughout the Hawaiian islands.


Los Angeles to Lihu‘e, winter seasonal service in December 2015 with new year round service commencing in January 2016.

Fourth Quarter and Full Year


The table below summarizes the Company’s expectations for the fourth quarter and full year ending December 31, 2015, expressed as an expected percentage change compared to the results for the corresponding quarter and full year ended December 31, 2014 (the historical results for which are presented for reference)

Fourth Quarter

Fourth Quarter 2015 Guidance

Cost per ASM Excluding Fuel (cents)

Up 3% to up 6%

Operating Revenue Per ASM (cents)

Down 2.5% to down 5.5%

ASMs (millions)


Up 2% to up 4%

Gallons of jet fuel consumed (millions)

Down 1% to up 1%

Economic fuel cost per gallon (a)

$1.75 to $1.85

Full Year 2015 Guidance

Up 1% to up 3%


Up 3% to up 5%

Up 0.5% to up 2.5%

$2.00 to $2.10

(a) Economic fuel cost per gallon estimates are based on the October 14, 2015 fuel forward curve.

Investor Conference Call

Hawaiian Holdings’ quarterly earnings conference call is scheduled to begin today (

October 19, 2015

) at 5:00 p.m. Eastern Time (USA). The conference call will be broadcast live over the Internet. Investors may listen to the live audio webcast on the investor relations section of the Company’s website at

For those who are not available for the live...