HONOLULU — Hawaiian Airlines, Inc. Monday reported its financial results for November posting an operating profit of $4.2 million on revenues of $57.4 million. This marks Hawaiian’s eighth consecutive month of operating profits and represents the company’s best financial results
HONOLULU — Hawaiian Airlines, Inc. Monday reported its financial results for November posting an operating profit of $4.2 million on revenues of $57.4 million.
This marks Hawaiian’s eighth consecutive month of operating profits and represents the company’s best financial results ever for November.
The operating profit for November 2003 contrasts with an operating loss of $2.4 million on revenues of $54.9 million in November 2002, representing a year-over-year improvement of $6.6 million in operating income
Joshua Gotbaum, trustee for Hawaiian Airlines, said, “Hawaiian’s performance these past eight months has been crucial to reestablishing the company’s financial stability and setting the stage for a successful emergence from bankruptcy; Increasing travel is important and the company is doing many things right.
However, in the airline business there are no guarantees and tomorrow is always another day.”
The positive turnaround for November 2003 resulted primarily from a combination of cost reductions in two key areas as well as revenue improvements resulting from industry leading passenger load factors.
Hawaiian’s load factor for scheduled operations in November 2003 was 84.7 percent, a year-over-ycar increase of 13.4 percentage points.
Aircraft maintenance expense decreased approximately 49 percent year-over-year as a direct result of the company’s introduction of new B767-300 aircraft in its transpacific and South Pacific operations, Hawaiian’s distribution costs were 66 percent lower in November 2003 as a result of increased online and direct sales. Year-to-date, Hawaiian has produced an operating profit of $64.1 million (including the $17.5 million Emergency Wartime Act credit from the federal government) on revenues of $635.6 million through November 2003.
This compares favorably with an operating loss of $46.2 million on revenues of $570.3 million for the same period in 2002, and reflects year-over-year increases of $110.3 million (239 percent) in operating income and $65.3 million (12 percent) in total revenues.
