Hawaiian Holdings, Inc. (“Holdings” or the “Company”), parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the second quarter of 2016.
“These outstanding second quarter results distinguish us from the rest of the industry and reinforce our confidence in 2016,” said Mark Dunkerley, Hawaiian Airlines president and CEO.
“Robust demand for a Hawai’i vacation, moderate industry capacity through the majority of our network, lower fuel costs, and our commitment to operational excellence drove the record- breaking second quarter results. My thanks go to all of Hawaiian’s employees who contributed to our terrific financial and operational performance.”
Statistical data, as well as a reconciliation of the adjusted non-GAAP financial measures to the equivalent GAAP financial measures, can be found in the accompanying tables.
Liquidity and Capital Resources
As of June 30, 2016 the Company had:
- Unrestricted cash, cash equivalents and short-term investments of $622 million.
- Outstanding debt and capital lease obligations of $586 million.
The Company early retired $89 million of existing debt in the second quarter and contributed $11 million to its pension plans doubling the minimum funding requirement for 2016.
In addition, the Company repurchased 208,660 common shares for approximately $8 million in the second quarter.
Second Quarter 2016 Highlights
- Ranked #1 nationally for on-time performance in the months of March, April, and May 2016 as reported in the U.S. Department of Transportation Air Travel Consumer Report.
New routes and increased frequencies
- Awarded three times weekly non-stop service between Kona International Airport and Tokyo’s Haneda International Airport and additional non-stop frequencies four times weekly between Honolulu International Airport and Haneda International Airport beginning December 2016.
Product and loyalty
- Won the 2016 Skytrax World Airline Award for ‘Best Airline Staff’ in North America.
- Announced new uniforms for front line employees to debut in 2017.
- Launched Bid Up, a new first class upgrade auction offering North America guests the chance to name their price for first class seats.
- Welcomed the first retrofitted A330 aircraft with the new 278 passenger seat configuration featuring 18 fully lie -flat Premium Cabin seats, 68 Extra Comfort seats, and 192 Main Cabin seats.
Fleet and financing
- Took delivery of its 23rd A330 under a six-year lease.