LAxintl From United States of America, joined May 2000, 27645 posts, RR: 50 Posted (7 years 2 months 6 days 13 hours ago) and read 2666 times:
Good results, however includes the one time bump thanks to the go! settlement of $52.5mil.
In other words, even with AQ & ATA out of the market and carrying 21% more customers in Q2, profitability would have been barely possible without the go! money.
Quote: Hawaiian Holdings Reports Second Quarter 2008 Financial Results
HONOLULU, July 30 /PRNewswire-FirstCall/ -- Hawaiian Holdings, Inc, parent company of Hawaiian Airlines, Inc., today reported a consolidated net income for the three months ended June 30, 2008, of $54.3 million, or $1.09 per diluted share, on total operating revenue of $319.2 million.
"Our second quarter results are the consequence of unprecedented changes in our business as well as the $52.5 million receipt of our settlement with Mesa. The collapse of both Aloha and ATA occurred in the first week of the quarter, so our financial results reflect the amalgam of increased revenue from carrying 21% more customers, the cost of the additional flying we have mounted to meet the demand for interisland travel and some substantial transition costs as we grow quickly to fill the void," commented Mark Dunkerley, the Company's president and chief executive officer. "All of this has occurred in an environment of rapidly rising oil prices making our second quarter an extremely complex period to assess our performance. Excluding the benefits of the proceeds from our settlement with Mesa, however, the net of the beneficial impact of our competitors' collapse and our raising of air fares offset by the costs of more expensive jet fuel was to leave us at roughly break even. This is a testament to the severity of the fuel price crisis facing our industry.
From the desert to the sea, to all of Southern California
N471WN From United States of America, joined Dec 2003, 1752 posts, RR: 2
Reply 3, posted (7 years 2 months 6 days 11 hours ago) and read 2508 times:
and yet sadly HA did not pick up the additional 767 to add to mainline flights so they will be vunerable to another airline filling ATA and Aloha's shoes----we West Coast people will not be held "price hostage" for very long!
Aloha73G From United States of America, joined Jul 2003, 2395 posts, RR: 4
Reply 4, posted (7 years 2 months 6 days 11 hours ago) and read 2493 times:
Quoting N471WN (Reply 3): and yet sadly HA did not pick up the additional 767 to add to mainline flights so they will be vunerable to another airline filling ATA and Aloha's shoes----we West Coast people will not be held "price hostage" for very long!
HA added OAK daily effective May 1, 2008.
Aloha Airlines - The Spirit Moves Us. Gone but NEVER Forgotten. Aloha, A Hui Hou!
Imapilotaz From , joined Dec 1969, posts, RR:
Reply 5, posted (7 years 2 months 6 days 11 hours ago) and read 2421 times:
Quoting VC10DC10 (Reply 2): True, but HA's president is quick to note that traffic was up 21% in large part because of the bankruptcy of two other carriers (Aloha and ATA).
That is pretty telling. Losing 2 "medium" players in the mainland-hawaii flying plus AQ inter-island should have given much better pricing control during the quarter. The key will be Q3, as the loads will likely plummet come fall once we get out of the busy peak season and the economic woes come full cirlce (remember, with a tourist market like HI, a significant amount of traffic books out 3-6+ months in the future, so the huge jump in fuel prices have come after most people already committed to trips)
HALFA From United States of America, joined Jan 2004, 1406 posts, RR: 14
Reply 6, posted (7 years 2 months 6 days 9 hours ago) and read 2311 times:
Quoting LAxintl (Thread starter): In other words, even with AQ & ATA out of the market and carrying 21% more customers in Q2, profitability would have been barely possible without the go!
Barely possible? Say what you want, it doesn't erase the fact that HA was profitable in the 2nd Qtr despite record fuel prices. Very few airlines, if any, were profitable in the second quarter. I think it's REMARKABLE that HA made money. While other airlines in the US are downsizing, we grew at a rapid pace in the 2nd quarter, hiring hundreds of new employees. Leave it to you to turn a positive result into a negative one. I would have a lot more respect for you if you would tell all of us what airline you work for. Your anti-HA bias is shining through.
Quoting GARUDAROD (Reply 1): Considering most other carriers posted a loss during that time, thats pretty good.
Quoting N471WN (Reply 3): and yet sadly HA did not pick up the additional 767 to add to mainline flights so they will be vunerable to another airline filling ATA and Aloha's shoes
No other airline in their right mind would attempt to fill ATA's and AQ's shoes in todays volatile market. Most airlines are downsizing, not adding. Demand for Hawaii is much weaker with todays economy and record fuel prices.
Congratulations to HA and my fellow employees. Considering all that has happened here from April through June, ANY profit is quite an accomplishment!