Hawaiian posts profit for 1st half '03

[HAL]

http://starbulletin.com/2003/07/22/business/story4.html

Hopefully this means the start of something good for us. It's good to see positive news after so much pain.

HAL

 

[Hugh Jorgan]

Did they pay any of their creditors anything during that time? Just wondering if that's a realistic profit, or an artificial one due to suspended debt payments. Pardon my ignorance, I do hope it's the former, though.

 

[AQ PILOT]

Does that count the govt contribution?

Do those #'s count the $20M you got from the FEDs? Congrats!!!! That is awesome you guys are making some money. Whats the status of the mainland bases and current furlough status?

 

[HAL]

Hugh, yes, we are paying on all our debts. The only ones in question right now are the aircraft lease payments, and during bankruptcy we are required to show those payments on the books, even though the actual cash doesn't change hands. Therefore even if we were paying it all out we'd still be making a profit. The 'unpaid' lease payments are held in escrow until a final decision on payments is made and we emerge from bankruptcy.

AQ pilot, I don't think we received the $20M yet from the latest round of government handouts. As for the mainland bases, we just got the results back from the ALPA study, and that will be presented to the company later this week. The short version is that although the companies numbers were technically correct, they didn't take into consideration a lot of real world factors. The numbers that our union committee came up with shows a savings by keeping the west coast open, and ALPA said those were correct numbers.

Furloughs remain the same, at 97 on the street. I hear conflicting rumors of further recalls, or maybe 40 more furloughs in the fall. Who knows. All I know is we're still in bankruptcy and without an official business plan, and I don't see how anyone can plan our operational needs beyond a few weeks without that business plan in effect. Personally I have only three above me still out on furlough, so I'm hoping for a quick recall. Just have to wait and see though.

HAL

 

[AQ PILOT]

Well best of luck to you guys! I hope they recall you all in short order. If you're making that much $$ then it shouldn't be too much of an issue, just a matter of a time!

 

[Nalo Boy]

Thats Awesome, good luck, hang in there!