Posted at 11:28 a.m., Friday, April 18, 2003
Aloha Airlines lost $43 million in 2002
By Kelly Yamanouchi
Advertiser Staff Writer
That compares with an $11.1 million loss in 2001, including a fourth-quarter loss of $12 million.
The last year Aloha made a profit was 1998, when it earned $5.3 million. Its losses have steadily increased from $1.8 million in 1999, to
$4.3 million in 2000 and $11.1 million in 2001. Aloha has also been steadily expanding its transpacific flight service.
The financial results released by the Bureau of Transportation Statistics included an accounting change in the fourth quarter of 2002 adding about $17.4 million to expenses.
Aloha reported an operating loss of $22.7 million for the year, including a $3.8 million operating loss in the fourth quarter. The firm had operating losses of $24.5 million in 2001 and a $16.5 million operating loss in the fourth quarter of that year.
Aloha chief executive Glenn Zander has said he does not expect the company to break even or regain profitability until the second quarter of this year.
Aloha negotiated 10 percent pay cuts from its employees and struck cost-saving deals with its equipment lessors and guarantors to secure a $45 million loan backed by a $40.5 million federal guarantee last December.
