Hawaiian Holdings' losses grow despite higher revenue
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.
WHAT THEY ARE SAYING
"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.