Hawaiian Trustee requests 8 MILLION for so called success fee!!!!

[English]

Banmiller is one of the reasons I quit Aloha. The writing is on the wall with that guy. Just talk a look at the Sun Country playbook.


I just don't trust him.

 

[Erndogg]

I dont know,but I think there's some serious COOKING going on at Koapaka Street!!!!!!!

Hawaiian Air parent
loses $4.5 million in quarter

By Dave Segal
[email protected]


The parent company of Hawaiian Airlines posted a $4.5 million net loss in the second quarter, with its fuel costs spiking more than 52 percent.

[url="http://starbulletin.com/2005/08/16/business/hal.gif"]http://starbulletin.com/2005/08/16/business/hal.gif[/url] Hawaiian Holdings Inc., reporting its financial results combined with its airline subsidiary for the first time in more than two years, said revenue increased 5.7 percent to $202.1 million from $191.2 million a year earlier. At the same time, fuel costs jumped to $48.2 million from $31.7 million.

The combined company had an operating loss of $1.7 million in the quarter compared with an operating gain of $15.6 million a year earlier. Hawaiian Holdings had a net gain of $6.6 million in the second quarter of 2004.

Earlier this month, Hawaiian Airlines' former trustee, Joshua Gotbaum, asked federal Bankruptcy Court for an $8 million success fee for bringing the carrier out of Chapter 11. Gotbaum already has received $1.2 million in compensation. The company criticized the request as outrageous.

Hawaiian Holdings' financial results were decoupled from Hawaiian Airlines when the carrier filed for Chapter 11 reorganization in March 2003. The airline emerged from bankruptcy in June of this year, and the results of the two companies were reunited yesterday in a filing with the Securities and Exchange Commission.

Jet fuel costs represented 19.6 percent of Hawaiian's operating expenses in 2004, the filing said.

The company said average West Coast jet fuel prices increased to $2.08 a gallon as of Aug. 11 from $1.22 a gallon on Dec. 31.

Hawaiian Holdings said it recently reached an agreement to hedge its fuel prices. As of June 30, Hawaiian held jet fuel swap agreements that represent approximately 40 percent of the airline's fuel requirements forecast for the rest of this year and 42 percent of the company's fuel needs for 2006.

The fair value of Hawaiian's jet fuel swap agreements was $10.1 million, the filing said.

Hawaiian Holdings Chief Financial Officer Randall Jenson and Hawaiian Airlines spokesman Keoni Wagner both declined to comment yesterday on the company's earnings. The carrier was to put out a news release today.

The company also disclosed in its filing:

» Aircraft leases with Ansett Worldwide Aviation Services for seven Boeing 767s, which are used for Hawaiian's trans-Pacific routes, can be term-inated early by the aircraft lessor beginning in March 2007 after Ansett gives 180 days notice.

» Hawaiian is negotiating with new Chief Executive Mark Dunkerley for a three-year contract. Dunkerley was elevated to CEO after Gotbaum stepped down.

» The airline, which has been seeking to reduce its reliance on travel agencies, received 40 percent of its sales in 2004 through its Web site, compared with less than 5 percent in 2002. Revenue from e-ticket sales totaled $588 million in 2004, representing 84 percent of total passenger revenue.

Looks like they went out an hedged some gas so we dont have to pay Gotballs.
The magic of accounting!!!

Hawaiian Airlines
www.hawaiianair.com