Shame on you HAL!
Why you takin' shots at Aloha? Here are a couple of interesting articles for you...I'm inclined to believe the second one, the Journal always seems to do better research. Which do you think is true?
By the way, congrats on gettiing that $4M put in your retirement fund....
Hawaiian Airlines Made $133 Million Operating Turnaround in 2003
Thursday March 25, 9:00 am ET
Nation's Third Most Profitable Airline
HONOLULU--(BUSINESS WIRE)--March 25, 2004--Hawaiian Airlines, Inc. today announced its final financial results for the fiscal year ended December 31, 2003, showing that the company reported an operating profit(1) of $77.5 million (including a $17.5 million security fee reimbursement from the federal government) on revenue of $706.1 million, compared to an operating loss of $55.2 million on revenue of $632.0 million for 2002.
The results reflect an operating profit turnaround of $132.7 million and Hawaiian's most profitable annual operating result ever (income statement below).
Said Joshua Gotbaum, Hawaiian's trustee, "It was an amazing year. Hawaiian's management and employees have done a spectacular job. Building on a new fleet, they have reformed almost every part of Hawaiian's operations. Hawaiian, always known for excellent service, is now also the nation's most punctual airline as well as one of the most profitable.
"Even so," Gotbaum said, "we're not resting on our laurels. Airline competition is fierce, and every year is a new chance to remind travelers about Hawaiian's unique combination of service and value."
The operational success of 2003 meant Hawaiian finished the year as the third most profitable airline in the nation, which, as Gotbaum says, "is an incredible story all by itself."
Many positive changes contributed to Hawaiian's improvement in 2003. Passenger revenue increased by $85 million, cargo revenue by $7 million. The newly acquired fleet produced savings of $41 million in aircraft maintenance, while increased use of Hawaiian's web site and direct booking saved some $10 million in distribution costs.
And then one from the WSJ-
Hawaiian Air 2003 Losses $49.5M Vs $57.4M
DOW JONES NEWSWIRES
March_25,_2004_10:34_a.m.
HONOLULU -- Hawaiian Holdings Inc.'s (HA) Hawaiian Airlines' 2003 net loss narrowed after passenger and cargo revenue both saw gains while aircraft maintenance and ticket distribution costs fell.
In a press release Thursday, the air carrier, currently operating under Chapter 11 bankruptcy protection, reported a net loss of $49.5 million for the year ended Dec. 31. That compares to a net loss of $57.4 million in 2002.
Revenue increased to $706.1 million from $632 million. Hawaiian said that it incurred $115.1 million in reorganization-related expenses during the year.
The company said that operating earnings, which exclude bankruptcy charges, as well as interest and tax, were $77.5 million compared with an operating loss of $55.2 million, a year ago.
Operating results for 2003 included a $17.5 million security fee reimbursement from the federal government.
Hawaiian said that passenger revenue increased by $85 million during 2003, while cargo revenue rose $7 million. The company also said its new fleet saved it $41 million in aircraft maintenance costs while direct bookings and greater use of its Web site saved it about $10 million.
These gains were partially offset by $28 million in higher aircraft rents and a $23 million decline in charter revenue.
On Tuesday, Hawaiian said Donald Carty, former chairman and chief executive of American Airlines' parent AMR Corp. (AMR), would make an investment in the company when it emerges from bankruptcy this summer and become its nonexecutive chairman.
Hawaaiian Airlines Inc. - Honolulu
Year:
2003 2002
Revenue $706,145,000 $632,038,000
Net income (49,513,000) (57,445,000)
Figures in parentheses are losses.
Operating income, which excludes bankruptcy-related charges as well as tax and interest, was $77.5 million, compared with an operating loss of $55.2 million a year earlier.
Hawaiian Airlines is a unit of Hawaiian Holdings Inc. (HA).
