Exhibit 99.1
NEWS
hallogo.gif
FOR IMMEDIATE RELEASE Tuesday, July 25, 2017
 
COMPANY CONTACT:
Shannon Okinaka, EVP & CFO - (808) 835-3700
Shannon.Okinaka@HawaiianAir.com
 
INVESTOR RELATIONS CONTACT:
Daniel Wong, Sr. Director - (808) 835-3291
Daniel.Wong@HawaiianAir.com

MEDIA RELATIONS CONTACT:
Alison Croyle, Sr. Director - (808) 835-3886
Alison.Croyle@HawaiianAir.com


 
Hawaiian Holdings Reports 2017 Second Quarter Financial Results
 
HONOLULU — July 25, 2017 — Hawaiian Holdings, Inc. (NASDAQ: HA) (“Holdings” or the “Company”), parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the second quarter of 2017.
 
Second Quarter 2017 - Key Financial Metrics
 
 
GAAP
 
YoY Change
 
Adjusted
 
YoY Change
Net Income
 
$80.4M
 
+$0.9M
 
$85.3M
 
+$20.1M
Diluted EPS
 
$1.49
 
+$0.01
 
$1.58
 
+$0.37
Pre-tax Margin
 
19.2%
 
(2.4) pts.
 
20.3%
 
+2.6 pts.
 
“Our string of outstanding results continued into the second quarter,” said Mark Dunkerley, Hawaiian Airlines president and CEO. “These results have come courtesy of strong demand for the Hawai'i vacation, low fuel prices, moderate industry capacity, and an excellent job done by my colleagues in finding new ways to strengthen our performance. My thanks go to all of Hawaiian's employees who contributed to our terrific financial and operational performance.”
 
Statistical information, as well as a reconciliation of the non-GAAP financial measures, can be found in the accompanying tables.
 
Liquidity and Capital Resources
 
As of June 30, 2017, the Company had:
 
·                  Unrestricted cash, cash equivalents and short-term investments of $844 million.
·                  Outstanding debt and capital lease obligations of $528 million.

In addition, the Company repurchased approximately 83 thousand shares of common stock for approximately $4.3 million in the second quarter.

Second Quarter 2017 Highlights
 
People

·      Contributed approximately $8 million to further reduce its pension obligations.
·      Began operating under the 63-month contract ratified in the prior quarter with its pilots represented by the Airline Pilots Association (ALPA).

Operational

·                  Ranked #1 nationally for on-time performance for the months of April and May 2017 as reported in the U.S. Department of Transportation Air Travel Consumer Report.
·                  Relocated operations at Los Angeles International Airport (LAX) from Terminal 2 to Terminal 5.

New routes and increased frequencies

·
Extended seasonal non-stop service between Los Angeles International Airport (LAX) and Kaua’i’s Lihu’e Airport (LIH) to year-round non-stop service.
·
Commenced summer seasonal service with daily non-stop flights from Oakland International Airport (OAK) to Kaua’i’s Lihu’e Airport (LIH), and thrice weekly flights from Los Angeles International Airport (LAX) to Kona International Airport (KOA).
·
Announced expanded service for 2018 between North America and Hawai’i capitalizing on the introduction of the A321neo to Hawaiian’s fleet, including:
·
New non-stop service between Portland International Airport (PDX) and Kahului Airport (OGG) beginning January 2018
·
Extending seasonal non-stop service between Los Angeles International Airport (LAX) and Kona International Airport (KOA) to year-round non-stop service beginning March 2018
·
Extending seasonal non-stop service between Oakland International Airport (OAK) and Kaua’i’s Lihu’e Airport (LIH) to year-round non-stop service beginning April 2018

Product and loyalty

·
Continued remodeling of its A330 fleet with the addition of lie flat premium seats and expanded Extra Comfort capacity.

Fleet and financing

·
Completed a sale-leaseback transaction covering three Boeing 767 aircraft as part of the planned exit from its 767 fleet.


Third Quarter and Full Year 2017 Outlook
 
The table below summarizes the Company’s expectations for the quarter ending September 30, 2017 and full year ending December 31, 2017, expressed as an expected percentage change compared to the results for the quarter ended September 30, 2016 and full year ended December 31, 2016, as applicable.

The Company is lowering its guidance range for economic fuel cost per gallon for the full year ending December 31, 2017 due to lower than expected year-to-date fuel costs and the forward fuel price curve as of July 14, 2017.

 
 
Third Quarter
 
 
 
Third Quarter
Item
 
2017 Guidance
 
GAAP Equivalent
 
2017 Guidance
Cost per ASM excluding Fuel and Special Items (a)
 
Up 7% to up 10%
 
Cost per ASM (a)
 
Up 17.6% to up 21.1%
Operating Revenue Per ASM
 
Up 4.5% to up 7.5%
 
 
 
 
ASMs
 
Up 0.5% to up 2.5%
 
 
 
 
Gallons of jet fuel consumed
 
Up 3% to up 5%
 
 
 
 
Economic fuel cost per gallon (b)(c)
 
$1.55 to $1.65
 
Fuel cost per gallon (b)
 
$1.50 to $1.60
 
 
 
Full Year
 
 
 
Full Year
Item
 
2017 Guidance
 
GAAP Equivalent
 
2017 Guidance
Cost per ASM excluding Fuel and Special Items (a)
 
Up 4.5% to up 7.5%
 
Cost per ASM (a)
 
Up 3.8% to up 7.2%
ASMs
 
Up 2% to up 5%
 
 
 
 
Gallons of jet fuel consumed
 
Up 4.5% to up 7.5%
 
 
 
 
Economic fuel cost per gallon (b)(c)
 
$1.55 to $1.65
 
Fuel cost per gallon (b)
 
$1.53 to $1.63

(a) See Table 4 for a reconciliation of operating expenses to operating expenses excluding aircraft fuel and special items.
(b) Economic fuel cost per gallon estimates are based on the July 14, 2017 fuel forward curve.
(c) See Table 3 for a reconciliation of GAAP fuel costs to economic fuel costs.

Investor Conference Call
 
Hawaiian Holdings’ quarterly earnings conference call is scheduled to begin today (July 25, 2017) 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 for 90 days on the investor relations section of the Company's website.
 
About Hawaiian Airlines
 
Hawaiian®, the world's most punctual airline as reported by OAG, has led all U.S. carriers in on-time performance for each of the past 13 years (2004-2016) as reported by the U.S. Department of Transportation. Consumer surveys by Condé Nast Traveler, Travel + Leisure and Zagat have ranked Hawaiian among the highest of all domestic airlines serving Hawai‘i.

Now in its 88th year of continuous service, Hawaiian is Hawai‘i’s biggest and longest-serving airline. 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 170 jet flights daily between the Hawaiian Islands, with a total of more than 250 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, cost per available seat mile excluding fuel and special items, available seat miles, gallons of jet fuel consumed, fuel cost per gallon, and economic fuel cost per gallon each for the quarter ending September 30, 2017 and full year ending December 31, 2017; the Company's expectations regarding operating revenue per available seat mile for the quarter ending September 30, 2017; 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; macroeconomic developments; political developments; 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; labor negotiations and related developments; competitive pressures, including the potential impact of rising industry capacity between North America and Hawai‘i; 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, July 25, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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