Hawaiian Q2 Revenue Up
By Sonia Isotov
Hawaiian Holdings, Inc., the parent company of Hawaiian Airlines Inc., today reported an operating revenue increase of 22.7% to $484.6 million over last year for the second quarter.
“We’re pleased with the early results from the implementation of our strategy to grow into markets which have not been the traditional mainstay of our business.
“At the same time a small dip in the price of fuel and continuing healthy demand for the Hawaii vacation helped boost the results from our traditional lines of business,” said Mark Dunkerley, the president and chief executive officer of Hawaiian Holdings, in a written statement.
Hawaiian Holdings improved from a net loss of $50 million on total operating revenue of $395 million for the three months ended June 30, 2011, the same period one year ago.
Other financial highlights for the second quarter included:
- GAAP net income of $3.9 million, or $0.07 per diluted share
- Adjusted net income of $11.7 million or $0.22 per diluted share, reflecting economic fuel expense
- Passenger revenue per available seat mile (ASM) increase of 6.2% to 12.59 cents
- Operating revenue per ASM increase of 5.1% to 13.90 cents
- Unrestricted cash and cash equivalents of $446.6 million
The company launched several new routes in the second quarter. In April, Hawaiian Airlines launched daily non-stop service from Honolulu to Fukuoka, Japan. In May, the company announced new non-stop flights between Honolulu and Sapporo, Japan, with service three times per week beginning in November 2012, pending Japanese government approval.
In June, the company launched daily non-stop flights between Honolulu and New York’s John F. Kennedy International Airport and announced new non-stop flights between Honolulu and Brisbane, Australia, with service three times weekly beginning in November 2012.
During the second quarter, Hawaiian also ratified a three-year contract with the Association of Flight Attendants, announced a reciprocal frequent flyer agreement with JetBlue and added three new Airbus A330-200 aircraft to the fleet.