Hawaiian Holdings Reports 2017 First Quarter Financial Results

HONOLULU, April 20, 2017 /PRNewswire/ -- Hawaiian Holdings, Inc. (NASDAQ: HA) ("Holdings" or the "Company"), parent company of Hawaiian Airlines, Inc. ("Hawaiian"), today reported its financial results for the first quarter of 2017.

"The year has started extremely well," said Mark Dunkerley, Hawaiian Airlines president and CEO. "Strong demand coupled with benign industry capacity growth in our geographies have given us a robust operating environment sufficient to more than offset the impact of the rising price of fuel. Beyond the financial numbers, the company continues to perform well thanks to the hard work of my 6,500 colleagues. We are looking forward to the months ahead."

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

The first quarter results include the adoption of a new accounting standard which positively impacted the tax expense, resulting in a 10 cent increase to GAAP and adjusted EPS.

Liquidity and Capital Resources

As of March 31, 2017, the Company had:

• Unrestricted cash, cash equivalents and short-term investments of $740 million.
• Outstanding debt and capital lease obligations of $536 million.

The Company also replenished its share repurchase authorization to $100 million while concurrently extending the program through May 2019.

First Quarter 2017 Highlights

People

• Ratified a 63-month contract with its pilots represented by the Airline Pilots Association (ALPA).
• Electively contributed approximately $6 million to further reduce its pension obligations.

Operational

• Ranked #1 nationally for on-time performance for the month of January 2017 as reported in the U.S. Department of Transportation Air Travel Consumer Report.
• Named "Airline of the Year" for 2016 by Incheon International Airport.
• Expanded in-house pilot training capabilities with the addition of a new A321neo simulator.

New routes

• Launched daily round trip flights from Maui's Kapalua Airport (JHM) to Honolulu International Airport (HNL) and Kahului Airport (OGG).
• Launched daily round trip flights from Kaua'i's Lîhu'e Airport (LIH) to Kona International Airport (KOA).

Product and loyalty

• Continued remodeling of its A330 fleet with the addition of lie flat premium seats and expanded Extra Comfort capacity.
• Unveiled innovative A321neo cabin design elevating island hospitality and preeminent premium leisure experience.

Second Quarter and Full Year 2017 Outlook

The table below summarizes the Company's expectations for the second quarter ending June 30, 2017 and full year ending December 31, 2017, expressed as an expected percentage change compared to the results for the quarter ended June 30, 2016 and full year ended December 31, 2016, as applicable.

The Company is raising its guidance range for available seat miles (ASMs) and gallons of jet fuel to be consumed for the full year ending December 31, 2017 due to planned increases in flying and higher than expected payload increases from cargo and passengers.

Investor Conference Call

Hawaiian Holdings' quarterly earnings conference call is scheduled to begin today (April 20, 2017) 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^®, the world's most punctual airline as reported by OAG, has led all U.S. carriers in on-time performance for 13 years (2004-2016) as reported by the U.S. Department of Transportation. Consumer surveys by Condé Nast Traveler, Travel + Leisure and Zagat have all ranked Hawaiian the highest of all domestic airlines serving Hawai'i.

Now in its 88th 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 170 jet flights daily between the Hawaiian Islands, with a total of more than 250 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, available seat miles, gallons of jet fuel consumed, fuel cost per gallon, and economic fuel cost per gallon each for the quarter ending June 30, 2017 and full year ending December 31, 2017; the Company's expectations regarding operating revenue per available seat mile and cost per available seat mile excluding fuel for the quarter ending June 30, 2017; the Company's expectations regarding cost per available seat mile excluding fuel and special items for the full year ending December 31, 2017; 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.