Not bad considering the rough and tumble inter-island skies.
Hawaiian Holdings Reports 2007 Second Quarter Financial Results
Monday July 30
HONOLULU, July 30 /PRNewswire-FirstCall/ -- Hawaiian Holdings, Inc. parent company of Hawaiian Airlines, Inc. ("Hawaiian"), today reported a consolidated net loss for the three months ended June 30, 2007 of $3.9 million, or $0.08 per basic and diluted share, on total operating revenue of $244.2 million. This result compares to a net loss of $26.4 million, or $0.56 per basic and diluted share for the three months ended June 30, 2006. Prior year results included a special charge of $28.0 million related to the Company's redemption of its then outstanding 5% subordinated convertible notes in April of 2006.
"While market conditions -- both Transpacific and Interisland -- remain challenging, we are pleased with our performance in controlling costs," commented Mark Dunkerley, the Company's President and Chief Executive Officer. "During the second quarter we completed a substantial organizational restructuring, implemented previously announced outsourcing of Accounting and Reservations activities and made further progress in our realignment of key supplier contracts. None of these changes have been easy, however, they have all been essential and we remain committed to pursuing further cost containment initiatives."
Mr. Dunkerley continued, "Although revenue performance has firmed during the summer travel season, our financial results continue to reflect a turbulent competitive environment. On our Transpacific routes a multi-year expansion in industry capacity has led to widespread discounting, in distinct contrast to air travel markets elsewhere in the United States. Meanwhile, the Hawaii Interisland marketplace remains awash with discounts since the entry of a new competitor in June 2006. Despite these challenges, Hawaiian employees continue to deliver unrivaled service and operational performance, allowing us to attract a disproportionate passenger share in the markets we serve."