Exhibit 99.1
Tuesday, January 26, 2016
Shannon Okinaka, EVP & CFO - (808) 835-3700
Ashlee Kishimoto, Sr. Director - (808) 838-5421
Alison Croyle, Director - (808) 835-3886
Hawaiian Holdings Reports 2015 Fourth Quarter and Full Year Financial Results
HONOLULU — January 26, 2016 — Hawaiian Holdings, Inc. (NASDAQ: HA) (“Holdings” or the “Company”), parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the fourth quarter and full year 2015.
·                  GAAP net income in the fourth quarter grew to $37.9 million or $0.66 per diluted share, a year-over-year increase of $26.8 million or $0.49 per diluted share. For the full year, GAAP net income grew to $182.6 million or $2.98 per diluted share, a year-over-year increase of $113.7 million or $1.88 per diluted share.
·                  Adjusted net income in the fourth quarter grew to $48.5 million or $0.85 per diluted share, an increase of $22.4 million or $0.45 cents per diluted share year-over-year. For the full year, adjusted net income grew to $189.3 million or $3.09 per diluted share compared to $97.1 million or $1.55 per diluted share in the prior year.
·                  GAAP pre-tax margin increased to 10.7% and 12.7% for the fourth quarter and full year 2015, respectively.
·                  Adjusted pre-tax margin increased to 13.8% and 13.2% for the fourth quarter and full year 2015, respectively.
·                  The Company lowered its leverage ratio to 2.7x in 2015 while maintaining a strong cash position of $560 million in unrestricted cash, cash equivalents, and short-term investments.
“Our fourth quarter results finish off a great year for Hawaiian,” said Mark Dunkerley, Hawaiian Airlines president and chief executive officer. “The low cost of fuel, robust demand in all of our major geographies, manageable industry capacity growth between the US mainland and Hawai‘i in the second half of the year, and the wonderful customer service delivered by my colleagues on the ground and in the air have combined for a record setting 2015. The strong financial results validate the decision we made to grow rapidly in the last five years. The cash flow we generated in 2015 was used to pay down a portion of the debt we took on to finance our growth and for the further strengthening of our balance sheet. Looking forward, our outlook is for these positive trends to continue and the headwind of a strong US dollar in our international markets to decelerate, giving us a measure of confidence that 2016 will be an even better year for our business.”
Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables.
Liquidity and Capital Resources
As of December 31, 2015 the Company had:
·                  Unrestricted cash, cash equivalents and short-term investments of $560 million.
·                  Outstanding debt and capital lease obligations of approximately $772 million consisting of the following:
·                  $559 million outstanding under secured loan agreements to finance a portion of the purchase price for 9 Airbus A330-200 aircraft.
·                  $118 million outstanding under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft.
·                  $95 million in capital lease obligations to finance the acquisition of an Airbus A330-200, two Boeing 717-200 aircraft and aircraft-related equipment.
·                  $0.3 million of outstanding Convertible Senior Notes.

The Company early retired $124 million (principal balance) of existing debt in the fourth quarter. Early debt repurchases and debt retirement for the full year 2015 totaled $195 million (principal balance).

In addition, the Company repurchased 0.1 million shares or $2.5 million of common stock in the fourth quarter. Full year repurchases totaled 1.7 million shares or $40.2 million of common stock under its current $100 million stock repurchase program.

2015 Highlights

Ranked as one of the top domestic airlines by Travel + Leisure for 2015.
Ranked #1 nationally for on-time performance for the 12-months ended November 2015 by the U.S. Department of Transportation Air Travel Consumer Report.
Flew a record 10.7 million passengers in 2015, a 4.7% increase over the previous year.
Ratified two agreements for five-year contracts with the International Association of Machinists and Aerospace Workers (IAM), increasing compensation for 2,200 employees.
New routes and increased frequencies
Expanded summer seasonal service from California (Los Angeles and Oakland) to Kaua‘i and Kona in 2015 and announced the return of seasonal service in 2016 with an increase to daily service between Los Angeles and Kaua‘i.
Announced expanded service to Japan with a fourth non-stop destination from Honolulu with daily non-stop service between Honolulu and Tokyo's Narita International Airport (NRT) beginning July 22, 2016.

Product and loyalty

Announced a new A330 premium cabin with 180-degree lie-flat seats beginning in 2016.
Completed the comprehensive interior retrofit for the Boeing 717-200 aircraft fleet.
Debuted a new on-board safety video featuring Hawaiian Airlines crew members and their families taking guests on a journey to their favorite locations throughout the Hawaiian islands.
Official airline of the Oakland Raiders for the 2015 National Football League season.

Fleet and financing

Added three A330-200 aircraft under lease financing and returned two Boeing 767-300 aircraft at the end of their leases.
Entered into a six-year lease agreement for one A330-200 aircraft with a delivery date of summer 2016.
Purchased three ATR 72 turbo-prop aircraft in an all-cargo configuration for expansion of Hawaiian's cargo service.

First Quarter and Full Year 2016 Outlook
The table below summarizes the Company’s expectations for the first quarter ending March 31, 2016 and the full year ending December 31, 2016, expressed as an expected percentage change compared to the results for the quarter ended March 31, 2015 or the year ended December 31, 2015, as applicable (the results for which are presented for reference).

First Quarter
First Quarter 2016 Guidance
Cost per ASM Excluding Fuel (cents)

Up 3% to up 6%
Operating Revenue Per ASM (cents)

Down 1.5% to up 1.5%
ASMs (millions)

Up 2.5% to up 4.5%
Gallons of jet fuel consumed (millions)

Up 1% to up 3%
Economic fuel cost per gallon (a)

$1.50 to $1.60
Full Year
Full Year 2016 Guidance
Cost per ASM Excluding Fuel (cents)

Up in the low single digit range
ASMs (millions)

Up 2.5% to up 5.5%
Gallons of jet fuel consumed (millions)

Up 1.5% to up 4.5%
Economic fuel cost per gallon (a)

$1.35 to $1.45

(a) Economic fuel cost per gallon estimates are based on the January 25, 2016 fuel forward curve.

Investor Conference Call
Hawaiian Holdings’ quarterly and full year earnings conference call is scheduled to begin today (January 26, 2016) at 4:30 p.m. Eastern Time (USA). The conference call will be broadcast live over the Internet. Investors may listen to the live audio webcast on the investor relations section of the Company’s website at www.HawaiianAirlines.com. For those who are not available for the live webcast, the call will be archived and available for 90 days on the Company’s investor website.
About Hawaiian Airlines
Hawaiian® has led all U.S. carriers in on-time performance for 11 years (2004-2014) as reported by the U.S. Department of Transportation. Consumer surveys by Condé Nast Traveler, Travel + Leisure and Zagat have all ranked Hawaiian the highest of all domestic airlines serving Hawai‘i.

Now in its 87th year of continuous service, Hawaiian is Hawai‘i’s biggest and longest-serving airline, as well as the largest provider of passenger air service from its primary visitor markets on the U.S. mainland. Hawaiian offers nonstop service to Hawai‘i from more U.S. gateway cities (11) than any other airline, along with service from Japan, South Korea, China, Australia, New Zealand, American Samoa and Tahiti. Hawaiian also provides approximately 160 jet flights daily between the Hawaiian Islands, with a total of more than 200 daily flights system-wide.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA). Additional information is available at HawaiianAirlines.com. Follow updates on Twitter about Hawaiian (@HawaiianAir) and its special fare offers (@HawaiianFares), and become a fan on its Facebook page.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to certain current and future events and financial performance.  Such forward-looking statements include, without limitation, the Company’s expectations regarding cost per available seat mile excluding fuel, available seat miles, gallons of jet fuel consumed and economic fuel cost per gallon, each for the quarter ending March 31, 2016 and full year ending December 31, 2016; the Company's expectations regarding operating revenue per available seat mile for the quarter ending March 31, 2016; the statement of the Company's CEO regarding expectations for 2016; and statements as to other matters that do not relate strictly to historical facts or statements of assumptions underlying any of the foregoing.  Words such as “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “estimates,” variations of such words, and similar expressions are also intended to identify such forward-looking statements.  These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and assumptions relating to the Company’s operations and business environment, all of which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. These risks and uncertainties include, without limitation, the Company’s ability to accurately forecast quarterly and annual results; economic volatility; the price and availability of aircraft fuel; fluctuations in demand for transportation in the markets in which the Company operates; the Company’s dependence on tourist travel; foreign currency exchange rate fluctuations; and the Company’s ability to implement its growth strategy and related cost reduction goals.

The risks, uncertainties and assumptions referred to above that could cause the Company’s results to differ materially from the results expressed or implied by such forward-looking statements also include the risks, uncertainties and assumptions discussed from time to time in the Company’s other public filings and public announcements, including the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission.  All forward-looking statements included in this document are based on information available to the Company on the date hereof.  The Company does not undertake to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized.

The following information was filed by Hawaiian Holdings Inc (HA) on Tuesday, January 26, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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