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Hawaiian Holdings Reports 2012 Full Year and Fourth Quarter Financial Results

January 29, 2013

HONOLULU, Jan. 29, 2013 /PRNewswire/ — Hawaiian Holdings, Inc. (NASDAQ: HA) (“Holdings” or the “Company”), parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the full year 2012 and the fourth quarter of 2012.

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2012 Full Year Financial Highlights

  • Adjusted net income, reflecting economic fuel expense and excluding lease termination costs, of $55.6 million or $1.06 per diluted share, an increase of 28.7% year-over-year.
  • GAAP net income of $53.2 million or $1.01 per diluted share.
  • Operating cost per available seat mile (CASM), excluding fuel and lease termination costs, decrease of 6.0% year-over-year.
  • Adjusted operating margin of 7.0%, reflecting economic fuel expense and excluding lease termination costs.
  • Unrestricted cash and cash equivalents increase of 33.5% year-over-year.
  • Return on invested capital, pre-tax, of 14.9%.

Fourth Quarter 2012 Financial Highlights

  • Available seat mile (ASM) for scheduled operations increase of 29.2% year-over-year.
  • Adjusted net income, reflecting economic fuel expense, of $0.1 million or $0.00 per diluted share.
  • GAAP net loss of $3.4 million or $0.07 cents per diluted share.
  • CASM, excluding fuel, decrease of 11.3% year-over-year.
  • Unrestricted cash and cash equivalents of $405.9 million.

Mark Dunkerley, the Company’s President and Chief Executive Officer, commented that “A good year of growth and improving financial performance was finished off by a disappointing break-even result in the fourth quarter. The sharp weakening of the Yen, continued excess capacity in certain markets and an accounting charge all worked to depress our earnings for the period despite many other things going right for the business.

The year as a whole was every bit as busy and exciting as we had forecast. We added four new long haul destinations, eight long haul and short haul aircraft, opened a hub on Maui and added approximately 600 employees to our rolls, all in 2012. Throughout it all, the employees of Hawaiian Airlines continued to deliver the very highest quality travel and shipping experience to our customers. Our employees’ tireless dedication to our customers and to our business is a distinguishing strength of Hawaiian Airlines. 2013 promises to be an equally exciting year for the company with new destinations, new aircraft and more employees being planned.”

The fourth quarter 2012 results reflect an out-of-period frequent flyer adjustment related to the timing of revenue recognized for mileage credits sold to participating companies in previous years. This adjustment resulted in a net decrease to pre-tax income of $7.3 million in the quarter, or $0.08 per diluted share ($7.9 million decrease to passenger revenue and $0.6 million decrease to other operating expense). See Table 2 for the impact of this adjustment on selected statistical data.

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

Liquidity and Capital Resources
As of December 31, 2012, the Company had:

  • Unrestricted cash and cash equivalents of $405.9 million.
  • Available borrowing capacity of $68.9 million under Hawaiian’s Revolving Credit Facility.
  • Outstanding debt and capital lease obligations of approximately $661 million consisting of the following:
    • $246.4 million outstanding under secured loan agreements to finance a portion of the purchase price for four Airbus A330-200 aircraft.
    • $170.7 million in secured loan agreements for a portion of the purchase price for 15 previously leased Boeing 717-200 aircraft.
    • $106.3 million in capital lease obligations for an Airbus A330-200 and two Boeing 717-200 aircraft.
    • $64.7 million outstanding under floating rate notes issued in conjunction with the acquisition of three Boeing 767-300 ER aircraft.
    • $72.7 million outstanding of Convertible Senior Notes.

The Company expects to take delivery of five Airbus A330-200 aircraft in 2013, and has entered into debt and lease financing commitments for the first four deliveries in the first half of the year. The increase in Hawaiian’s fleet resulting from the delivery of these five Airbus A330-200 aircraft in 2013 will be partially offset by a decrease of four Boeing 767-300ER aircraft during the year, with three aircraft returned at the end of their lease terms and one planned retirement.

In January 2013, the Company signed a Memorandum of Understanding for the purchase of 16 new Airbus A321neo aircraft for delivery between 2017 and 2020, with the rights to purchase an additional nine aircraft. The long-range, single-aisle aircraft will complement Hawaiian’s existing fleet of wide-body, twin-aisle aircraft used for long-haul flying between Hawai’i and the U.S. West Coast.

2012 Highlights

Operational Highlights

  • Ranked #1 nationally for on-time performance, for 10 out of the 11 months reported in 2012, by the U.S. Department of Transportation Air Travel Consumer Report.
  • Ranked second overall in the 2012 Airline Quality Rating Report.
  • Introduced a Maui hub offering improved connections between Maui and Neighbor Island destinations, as well as additional flights to and from the West Coast.
  • Provided chartered air transportation for the Oakland Raiders for the 13(th) consecutive season.
  • Signed a new three-year contract with the Association of Flight Attendants.
  • Became the first airline to receive aviation carbon credits for reducing carbon dioxide emissions.

Fleet

  • Added four new Airbus A330-200 aircraft in March, April, May and June in 2012 for North America and International service.
  • Added two Boeing 717-200 aircraft in January and February 2012 for Neighbor Island service.
  • Took delivery of two ATR42-500 twin-turboprop aircraft to inaugurate new service to Molokai and Lanai in 2013.

New routes and increased frequencies

  • Honolulu to Fukuoka, Japan daily service launched April 2012
  • Honolulu to New York City (JFK), New York, daily service launched June 2012
  • Honolulu to Sapporo, Japan three-times-weekly service launched October 2012
  • Honolulu to Brisbane, Australia three-times-weekly service launched November 2012
  • Honolulu to Seoul, South Korea increased from four times weekly to daily July 2012
  • Maui to San Jose and Oakland, California increased from three and four times weekly, respectively, to daily October 2012
  • Announced Honolulu to Auckland, New Zealand three-times-weekly service beginning March 2013
  • Announced Honolulu to Taipei, Taiwan with service daily beginning July 2013
  • Honolulu to Sydney, Australia from daily to ten weekly flights April to May 2013
  • Maui to Los Angeles, California increased from daily to twice daily service summer 2013

New Partnership, Code-Share and Frequent Flyer agreements

  • Partnered with Air China and China International Travel Service to offer connections and market Hawaii vacation packages in China.
  • Entered into new frequent flyer and code-share agreements with All Nippon Airways, JetBlue and Virgin America.

Investor Conference Call
Hawaiian Holdings’ quarterly earnings conference call is scheduled to begin today (January 29, 2013) 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 Hawaiian’s investor website.

About Hawaiian Airlines
Hawaiian has led all U.S. carriers in on-time performance for each of the past eight years (2004-2011) as reported by the U.S. Department of Transportation. Consumer surveys by Conde Nast Traveler, Travel + Leisure and Zagat have all ranked Hawaiian the highest of all domestic airlines serving Hawaii.

Now in its 84th year of continuous service, Hawaiian is Hawaii’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 Hawaii from more U.S. gateway cities (11) than any other airline, as well as service to Japan, South Korea, the Philippines, Australia, American Samoa, and Tahiti. New nonstop service will begin between Honolulu and Auckland, New Zealand (March 2013) and Taipei, Taiwan (July 2013). Hawaiian also provides approximately 170 daily jet flights between the Hawaiian Islands.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA). Additional information is available at HawaiianAirlines.com.

Forward-Looking Statements
Statements in this release contain “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, statements by our CEO relating to the 2013 fiscal year; inauguration of service to new destinations; the addition of new aircraft and the addition of new employees; and statements relating to our total capacity and yield on new and existing routes; potential route expansion; changes in our fleet plan; expected delivery and return of aircraft; expected purchase of additional aircraft; the effects of fuel prices on our business; projected increases in headcount; 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 factors 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.

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 for the year ended December 31, 2011 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 of this release. The Company does not undertake to publicly update or revise its forward-looking statements to reflect events or circumstances that may arise after the date of this release.

    Table 1
    Hawaiian Holdings, Inc
    Consolidated Statements of Operations
     (in thousands, except for per share data) (unaudited)

                                                                      Three Months Ended                                                    Twelve Months Ended
                                                                         December 31,                                                          December 31,
                                                                         ------------                                                          ------------
                                                                                   2012                                  2011                      % Change                                                   2012                                      2011                      % Change
                                                                                   ----                                  ----                      --------                                                   ----                                      ----                      --------

    Operating Revenue:
    Passenger                                                                  $440,735                              $389,213                                    13.2%                                  $1,767,041                                $1,480,663                                    19.3%
    Other                                                                        52,251                                44,762                                    16.7%                                     195,312                                   169,796                                    15.0%
    Total                                                                       492,986                               433,975                                    13.6%                                   1,962,353                                 1,650,459                                    18.9%
                                                                                -------                               -------                                                                            ---------                                 ---------

    Operating Expenses:
    Aircraft fuel, including taxes and oil                                      175,196                               132,494                                    32.2%                                     631,741                                   513,284                                    23.1%
    Wages and benefits                                                           96,313                                81,539                                    18.1%                                     376,574                                   321,241                                    17.2%
    Aircraft rent                                                                25,074                                22,337                                    12.3%                                      98,786                                   112,883                                  (12.5)%
    Maintenance materials and repairs                                            46,281                                47,440                                   (2.4)%                                     183,552                                   169,851                                     8.1
    Aircraft and passenger servicing                                             28,966                                21,924                                    32.1%                                     103,825                                    82,250                                    26.2%
    Commissions and other selling                                                25,269                                23,380                                     8.1%                                     114,324                                    96,264                                    18.8%
    Depreciation and amortization                                                21,912                                18,459                                    18.7%                                      85,599                                    66,262                                    29.2%
    Other rentals and landing fees                                               22,137                                18,950                                    16.8%                                      85,623                                    72,445                                    18.2%
    Other                                                                        39,601                                32,990                                    20.0%                                     152,931                                   125,682                                    21.7%
    Lease termination charges                                                         -                                     -                                      NM                                            -                                    70,014                                      NM
    Total                                                                       480,749                               399,513                                    20.3%                                   1,832,955                                 1,630,176                                    12.4%
                                                                                -------                               -------                                                                            ---------                                 ---------

    Operating Income                                                             12,237                                34,462                                                                              129,398                                    20,283
                                                                                 ------                                ------                                                                              -------                                    ------

    Nonoperating Income (Expense):
    Interest expense and amortization of debt discounts
     and issuance costs
                                                  (11,777)                       (8,701)                                                                      (43,522)                                     (24,521)
    Interest income                                                                 103                                   181                                                                                  580                                     1,514
    Capitalized interest                                                          3,196                                 1,964                                                                               10,524                                     7,771
    Gains (Losses) on fuel derivatives                                           (8,835)                                4,919                                                                              (11,330)                                   (6,862)
    Other, net                                                                   (1,109)                                 (146)                                                                                 136                                       733
    Total                                                                       (18,422)                               (1,783)                                                                             (43,612)                                  (21,365)
                                                                                -------                                ------                                                                              -------                                   -------

    Income (Loss) Before Income Taxes                                            (6,185)                               32,679                                                                               85,786                                    (1,082)

    Income tax (benefit) expense                                                 (2,777)                               11,758                                                                               32,549                                     1,567
                                                                                 ------                                ------                                                                               ------                                     -----

    Net Income (Loss)                                                           $(3,408)                              $20,921                                                                              $53,237                                   $(2,649)
                                                                                =======                               =======                                                                              =======                                   =======

    Net Income (Loss) Per Common Stock Share:
    Basic                                                                        $(0.07)                                $0.41                                                                                $1.04                                    $(0.05)
                                                                                 ======                                 =====                                                                                =====                                    ======
    Diluted                                                                      $(0.07)                                $0.40                                                                                $1.01                                    $(0.05)
                                                                                 ======                                 =====                                                                                =====                                    ======

    Weighted Average Number of
    Common Stock Shares Outstanding:
    Basic                                                                        51,515                                50,864                                                                               51,314                                    50,733
                                                                                 ======                                ======                                                                               ======                                    ======
    Diluted                                                                      51,515                                52,087                                                                               52,535                                    50,733
                                                                                 ======                                ======                                                                               ======                                    ======

    Table 2
    Hawaiian Holdings, Inc.
    Selected Statistical Data (unaudited)

                                           Three Months Ended               Twelve Months Ended
                                              December 31,                      December 31,
                                              ------------                      ------------
                                                         2012       2011             % Change                  2012        2011    % Change
                                                         ----       ----             --------                  ----        ----    --------

    Scheduled Operations:
    Revenue passenger miles (RPM) (a)                 3,272.8    2,601.5                          25.8%    12,195.9    10,139.9               20.3%
    Available seat miles (ASM) (a)                    3,997.5    3,094.7                          29.2%    14,660.0    12,022.2               21.9%
    Passenger revenue per RPM (Yield)                   13.47  ¢   14.96  ¢                     (10.0%)       14.49  ¢    14.60  ¢           (0.8%)
    Passenger load factor (RPM/ASM)                      81.9%      84.1%                         (2.2) pt     83.2%       84.3%              (1.1) pt
    Passenger revenue per ASM (PRASM)                   11.02  ¢   12.58  ¢                     (12.4%)       12.05  ¢    12.32  ¢           (2.2%)

    Total Operations:
    Revenue passenger miles (RPM) (a)                 3,279.1    2,607.5                          25.8%    12,217.6    10,151.2               20.4%
    Available seat miles (ASM) (a)                    4,006.8    3,104.8                          29.1%    14,687.5    12,039.9               22.0%
    Passenger load factor (RPM/ASM)                      81.8%      84.0%                         (2.2) pt     83.2%       84.3%              (1.1) pt
    Operating revenue per ASM (RASM)                    12.30  ¢   13.98  ¢                     (12.0%)       13.36  ¢    13.71  ¢           (2.6%)
    Operating cost per ASM (CASM)                       12.00  ¢   12.87  ¢                      (6.8%)       12.48  ¢    13.54  ¢           (7.8%)
    CASM excluding aircraft fuel (b)                     7.63  ¢    8.60  ¢                     (11.3%)        8.18  ¢     9.28  ¢          (11.9%)
    CASM excluding aircraft fuel and lease
     termination charges (b)                             7.63  ¢    8.60  ¢                     (11.3%)        8.18  ¢     8.70  ¢           (6.0%)
    Gallons of jet fuel consumed (a)                     54.5       42.3                          28.8%       199.5       164.0               21.6%
    Average cost per gallon of jet fuel
     (actual) (c)                                       $3.22      $3.13                           2.9%       $3.17       $3.13                1.3%
    Economic fuel cost per gallon (c)(d)                $3.27      $3.20                           2.2%       $3.20       $3.13                2.2%

    (a)           In millions.
    (b)            See Table 4 for reconciliations of
                   operating expenses excluding aircraft
                   fuel and lease termination charges.
    (c)           Includes applicable taxes and fees.
    (d)            See Table 3 for a reconciliation of
                   economic fuel costs.

The table below shows the impact of the pre-tax $7.3 million ($7.9 million decrease to passenger revenue and $0.6 million decrease to operating expense) frequent flyer adjustment reflected in the fourth quarter 2012 results and its impact on the above statistical data.

                 Three months-ended December 31, 2012
                 ------------------------------------
                           Impact in cents                 Impact to % change
                                                                from 2011
                                                                ---------

     Impact
     of
     FF
     Adjustment
     on
     Statistical
     Data:
     Passenger
     revenue
     per
     RPM
     (Yield)                                      (0.24) ¢                    (1.6)%
     Passenger
     revenue
     per
     ASM
     (PRASM)                                      (0.20) ¢                    (1.6)%
     Operating
     revenue
     per
     ASM
     (RASM)                                       (0.20) ¢                    (1.4)%
     CASM
     excluding
     aircraft
     fuel
     and
     lease
     termination
     charges                                      (0.01) ¢                    (0.1)%

Table 3.
Hawaiian Holdings, Inc.
Economic Fuel Expense
(in thousands, except per-gallon amounts)

The Company believes that economic fuel expense is the best measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period. The Company defines economic fuel expense as GAAP fuel expense plus (gains)/losses realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period.

                                             Three Months Ended December 31, Twelve Months Ended December 31,
                                             ------------------------------- --------------------------------
                                                 2012                     2011   Change                           2012       2011 Change
                                                 ----                     ----   ------                           ----       ---- ------

    Aircraft fuel expense, including taxes
     and oil                                 $175,196                 $132,494              32.2%             $631,741 - $513,284          23.1%
    Realized (gains) losses on settlement of
     fuel derivative contracts                  3,054                    2,722              12.2%                7,372        430        1614.4%
                                                -----                    -----              ----                 -----        ---        ------
    Economic fuel expense                    $178,250                 $135,216              31.8%             $639,113   $513,714          24.4%
    Fuel gallons consumed                      54,458                   42,285              28.8%              199,465    164,002          21.6%
                                               ------                   ------              ----               -------    -------          ----
    Economic fuel cost per gallon               $3.27                    $3.20               2.2%                $3.20      $3.13           2.2%
                                                =====                    =====               ===                 =====      =====           ===

Table 4.
Hawaiian Holdings, Inc.
Non-GAAP Financial Reconciliation

(in thousands, except per-share data)

The Company evaluates its financial performance utilizing various GAAP and non-GAAP financial measures, including, net income (loss), diluted net income (loss) per share, CASM, PRASM, RASM and Passenger Revenue per RPM. Pursuant to Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial measures reported on a GAAP basis. The Company believes that excluding fuel costs from certain measures is useful to investors because it provides an additional measure of management’s performance excluding the effects of a significant cost item over which management has limited influence.

In the second quarter of 2011, the Company recorded a pre-tax $70.0 million non-recurring lease termination charge for the purchase of the Company’s existing fleet of Boeing 717-200 aircraft that were previously under lease agreements.

                                                                     Three months ended December 31,                                                                       Twelve months ended December 31,
                                                                     -------------------------------                                                                       --------------------------------
                                                                                          2012                                                         2011                                                2012                                          2011
                                                                                          ----                                                         ----                                                ----                                          ----
                                                                        Net                                                        Diluted net                                           Net                                          Diluted net                                          Net                                        Diluted net                                        Net                                            Diluted net
                                                                       income                                                     income (loss)                                         income                                           income                                           income                                         income                                         income                                         income (loss)
                                                                       (loss)                                                       per share                                                                                          per share                                                                                       per share                                        (loss)                                           per share
                                                                       -----                                                        ---------                                                                                          ---------                                                                                       ---------                                        -----                                            ---------
    As reported - GAAP                                                                 $(3,408)                                                      $(0.07)                                            $20,921                                         $0.40                                             $53,237                                     $1.01                                             $(2,649)                                          $(0.05)
    Add: lease termination expenses related to
     Boeing 717-200 aircraft purchase, net of tax
    -                                                                                                             -                                                -                                                   -                                             -                                                   -                                    42,008                                                0.83
    ---                                                                                                         ---                                              ---                                                 ---                                           ---                                                 ---                                    ------                                                ----
    Reflecting lease termination costs                                                 $(3,408)                                                      $(0.07)                                            $20,921                                         $0.40                                             $53,237                                     $1.01                                             $39,359                                            $0.78
    Less: unrealized gains (losses) on fuel
     derivative contracts, net of tax
                                            (3,469)                                                           (0.07)                                           4,584                                                0.09                                       (2,375)                                               (0.05)                                  (3,859)                                               (0.07)
    Reflecting economic fuel expense and lease
     termination costs
                                                $61                                             $                 -                                          $16,337                                               $0.31                                       $55,612                                               $1.06                                   $43,218                                               $0.85
                                                ===                                             ===================                                          =======                                               =====                                       =======                                               =====                                   =======                                               =====

                 Three Months Ended      Twelve Months Ended
                     December 31,            December 31,
                     ------------            ------------
                    2012               2011             2012       2011
                    ----               ----             ----       ----
    GAAP
     operating
     expenses     $480.7             $399.5         $1,833.0   $1,630.2
    Less: lease
     termination
     costs
     related to
     Boeing 717
     aircraft
     purchase          -                  -                -       70.0
                     ---                ---              ---       ----
    Adjusted
     operating
     expense -
     excluding
     lease
     termination
     costs         480.7              399.5          1,833.0    1,560.2
    Less:
     aircraft
     fuel,
     including
     taxes and
     oil           175.2              132.5            631.7      513.3
                   -----              -----            -----      -----
    Adjusted
     operating
     expense -
     excluding
     aircraft
     fuel and
     lease
     termination
     costs        $305.5             $267.0         $1,201.3   $1,046.9
                  ======             ======         ========   ========

    Available
     Seat Miles  4,006.8            3,104.8         14,687.5   12,039.9

    CASM - GAAP    12.00   ¢          12.87 ¢          12.48 ¢    13.54 ¢
    Less: lease
     termination
     costs
     related to
     Boeing 717
     aircraft
     purchase          -                  -                -       0.58
                     ---                ---              ---       ----
    CASM -
     excluding
     lease
     termination
     costs
     related to
     Boeing 717
     aircraft
     purchase      12.00              12.87            12.48      12.96
    Less:
     aircraft
     fuel           4.37               4.27             4.30       4.26
                    ----               ----             ----       ----
    CASM -
     excluding
     aircraft
     fuel and
     adjustments    7.63   ¢           8.60 ¢           8.18 ¢     8.70 ¢
                    ====               ====             ====       ====

    Table 5.
    Hawaiian Holdings, Inc.
    Fuel Derivative Contract Summary
    As of January 18, 2013

                                   Weighted Average         Percentage of       Fuel Barrels
                                    Contract Price          Projected Fuel         Hedged
                                                             Requirements
                                                                Hedged
                                                                ------
                                          Cap            Floor
                                          ---            -----
     First
     Quarter
     2013
     -------
     Crude
     Oil(per
     barrel)
         Brent
         Call
         Options                                 $115.57            N/A     63%              814,000
                                                                           ---               -------
    Total                                                                   63%              814,000

     Second
     Quarter
     2013
     -------
     Crude
     Oil(per
     barrel)
         Brent
         Call
         Options                                 $113.84            N/A     56%              752,000
                                                                           ---               -------
    Total                                                                   56%              752,000

     Third
     Quarter
     2013
     -------
     Crude
     Oil(per
     barrel)
         Brent
         Call
         Options                                 $114.69            N/A     47%              657,000
                                                                           ---               -------
    Total                                                                   47%              657,000

     Fourth
     Quarter
     2013
     -------
     Crude
     Oil(per
     barrel)
         Brent
         Call
         Options                                 $115.22            N/A     34%              477,000
                                                                           ---               -------
    Total                                                                   34%              477,000

     First
     Quarter
     2014
     -------
     Crude
     Oil(per
     barrel)
         Brent
         Call
         Options                                 $117.59            N/A     19%              273,000
         Brent
         Collars                                 $116.10         $80.00      3%               45,000
                                                                           ---                ------
    Total                                                                   22%              318,000

     Second
     Quarter
     2014
     -------
     Crude
     Oil(per
     barrel)
         Brent
         Call
         Options                                 $115.56            N/A     10%               80,000
     Brent
     Collars                                     $116.41         $80.00      5%               70,000
                                                                           ---                ------
    Total                                                                   15%              150,000

SOURCE Hawaiian Holdings


Source: PR Newswire