Hawaiian Air cuts loss almost $10M on revenue increase
Advertiser Staff
Hawaiian Holdings Inc. narrowed its loss to $9.6 million in fourth quarter of 2006 from a loss of $19.5 million during the same period a year earlier. Revenue rose 3.6 percent to $219.6 million. For the full year, Hawaiian lost $40.6 million compared with a $12.4 million loss in 2005.
THE NUMBERS
Revenue: $219.6 million, up 3.6 percent from year ago.
Net income: $9.6 million loss, vs. $19.5 million loss year ago.
Earnings per share: 20-cent loss vs. 43-cent loss year ago.
Expenses: $233.6 million, up 5.1 percent from year ago.
2006 revenue: $888.1 million, up 6.5 percent from 2005.
2006 net income: $40.6 million loss vs. $12.4 million loss in 2005.
HIGHLIGHTS
WHAT THEY ARE SAYING
"2006 was a challenging year for our business. High fuel prices and intense competition in our trans-Pacific and interisland markets took their toll on our results, while good progress in cost control somewhat mitigated their effects."
Mark dunkerleyCEO, Hawaiian Holdings Inc.
WHAT'S NEXT
Hawaiian purchased four former Delta Airlines Boeing 767-300 aircraft for $32 million last year, allowing the airline to expand its West Coast-to-Hawai'i service.
The airline reached a new labor agreement with the machinists union on outsourcing of reservations and some back-office functions, which could result in significant savings.
Analysts expect earnings to improve this year.
