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The Honolulu Advertiser
Posted on: Thursday, March 23, 2006

Hawaiian Holdings' losses grow despite higher revenue

Advertiser Staff

Losses at Hawaiian Airlines' parent widened to $19.5 million in fourth-quarter 2005 because of rising fuel costs and bankruptcy-related tax expenses. But Hawaiian Holdings said its fourth-quarter revenues rose 14 percent to $210 million.


4Q net loss: $19.5 million, compared to a loss of $1.7 million a year ago.

4Q loss per share: 43 cents, compared to a loss of 5 cents a share a year ago.

Fiscal 2005 loss: $12.4 million, compared to a loss of $7.3 million a year ago.

Fiscal 2005 loss per share : 31 cents, compared to a loss of 24 cents a year ago.

Total assets: $287.6 million.


  • The airline's jet fuel costs increased 48.8 percent to $59.8 million.

  • The company's results were skewed by a special 218 percent tax rate relating to the company's emergence from bankruptcy in June.

  • Minus the special tax rate, Hawaiian lost $11.6 million in the fourth quarter but earned $10.5 million for the full year.

  • Revenues rose 14 percent to $210 million during the 2005 fourth quarter.


    "The year was a challenging one,as high fuel costs and intense competition curtailed our profitability.

    "But we continue to make progress toward our goals of increasing revenue and controlling our expenses."

    Mark Dunkerley
    CEO, Hawaiian Airlines Inc.


    Hawaiian spent $32 million for four Boeing 767-300 aircraft, which it will put into use this year.

    The airline increased its borrowings by about $91 million to help pay for the planes.

    Hawaiian will use about $54.6 million of the new financing to retire older debt.

    The airline introduced a new frequent-flier program.

    For 2005, Hawaiian was the nation's top-rated airline for on-time performance.