Hawaiian Holdings Reports 2016 Third Quarter Financial Results

HONOLULU, Oct. 18, 2016 /PRNewswire/ -- Hawaiian Holdings, Inc. (NASDAQ: HA) ("Holdings" or the "Company"), parent company of Hawaiian Airlines, Inc. ("Hawaiian"), today reported its financial results for the third quarter of 2016.

"It's been a great quarter in a good year so far.  Low fuel prices, strong demand in our geographies and moderate industry capacity growth combined to create a positive environment for our business," said Mark Dunkerley, Hawaiian Airlines president and CEO. "Our employees have done an outstanding job producing these strong results, and they have my admiration and my thanks."

Statistical data, as well as a reconciliation of the adjusted non-GAAP financial measures to the equivalent GAAP financial measures, can be found in the accompanying tables.

Liquidity and Capital Resources

As of September 30, 2016, the Company had:

• Unrestricted cash, cash equivalents and short-term investments of $694 million.
• Outstanding debt and capital lease obligations of $565 million.

The Company made $16 million in pension plan contributions in the third quarter, putting year-to-date contributions at $27 million, significantly in excess of the minimum requirements.

In addition, the Company repurchased approximately 98,000 common shares for approximately $4 million in the third quarter.

Third Quarter 2016 Highlights

Operational

• Ranked #1 nationally for on-time performance for the months of June and August 2016 as reported in the U.S. Department of Transportation Air Travel Consumer Report.
• Ratified a five year contract with its dispatchers represented by the Transport Workers Union (TWU), which provides for meaningful wage increases.

New routes

• Launched daily non-stop service between Narita and Honolulu in July.

Product and loyalty

• Began sales for the newly retrofitted A330 aircraft with a new 278 passenger seat configuration featuring 18 fully lie-flat Premium Cabin seats, 68 Extra Comfort seats and 192 Main Cabin seats on four international routes with service commencing in December.

Fourth Quarter and Full Year 2016 Outlook

The table below summarizes the Company's expectations for the fourth quarter and full year ending December 31, 2016, expressed as an expected percentage change compared to the results for the quarter ended December 31, 2015 and full year ended December 31, 2015, as applicable.

Investor Conference Call

Hawaiian Holdings' quarterly earnings conference call is scheduled to begin today (October 18, 2016) 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^® has led all U.S. carriers in on-time performance for each of the past 12 years (2004-2015) as reported by the U.S. Department of Transportation. Consumer surveys by Condé Nast Traveler, Travel + Leisure and Zagat have alsl ranked Hawaiian the highest of all domestic airlines serving Hawai'i.

Now in its 87th year of continuous service, Hawaiian is Hawai'i's biggest and longest-serving airline, as well as the largest provider of passenger air service from its primary visitor markets on the U.S. mainland. 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 160 jet flights daily between the Hawaiian Islands, with a total of more than 200 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, available seat miles, gallons of jet fuel consumed, fuel cost per gallon, and economic fuel cost per gallon each for the quarter and full year ending December 31, 2016; the Company's expectations regarding operating revenue per available seat mile for the quarter ending December 31, 2016; 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; 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.