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The Honolulu Advertiser

Posted on: Friday, August 22, 2003

Hawaiian Airlines' net income increases

By Dan Nakaso
Advertiser Staff Writer

July earnings Hawaiian Airlines

Net income: $15.7 million
Operating income: $16.9 million
Total operating revenues: $70.6 million
Hawaiian Airlines, which has been reorganizing under bankruptcy protection, saw its July net income rise to $15.7 million during a busy summer travel season.

The month's strong showing contributed to Hawaiian's $23.5 million in net income for the first seven months of 2003, according to a monthly operating report Hawaiian officials filed in federal bankruptcy court.

Hawaiian's July performance followed positive earnings in June of $9.6 million in net income. For the first six months of 2003 through June, Hawaiian had $7.7 million in net income.

"It's the peak travel season. Summer's always strong," said Hawaiian Airlines spokesman Keoni Wagner. "It's not a surprise that we would be profitable in July. It's the months in between holidays that are the real challenge."

Historically, Wagner said, Hawaiian performs stronger in July and August than in June.

Hawaiian Airlines' $16.9 million in operating income for July increased its seven-month total to $30.7 million. It had $70.6 million in total operating revenues in July and $395.3 million for the first seven months of the year.

Shares of Hawaiian's parent company closed at $1 per share today on the American Stock Exchange, up 20 cents from the day before.

On Tuesday, the stock exchange resumed trading stock of Hawaiian Holdings, Inc. after a halt of more than a month.

Trading resumed after Hawaiian Holdings settled a dispute over unpaid bills from its former stock transfer agent.

But the stock could still be delisted if the parent company fails to meet certain regulatory and financial requirements.

Neither Hawaiian Holdings nor Hawaiian Airlines officials would comment about Hawaiian Holdings stock performance.

Reach Dan Nakaso at dnakaso@honoluluadvertiser.com or 525-8085.