UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2002
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-31443
HAWAIIAN HOLDINGS, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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71-0879698 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer |
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Incorporation or Organization) |
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Identification No.) |
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3375 Koapaka Street, Suite G-350 |
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Honolulu, Hawaii |
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96819 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (808) 835-3700
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
ý Yes o No
As of November 10, 2002, 28,062,464 shares of Common Stock were outstanding.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Hawaiian Holdings, Inc.
Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2002 |
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2001 |
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2002 |
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2001 |
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Operating Revenues: |
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Passenger |
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$ |
153,442 |
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$ |
139,599 |
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$ |
390,350 |
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$ |
383,304 |
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Charter |
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10,670 |
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20,304 |
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34,830 |
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63,900 |
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Cargo |
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5,464 |
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5,291 |
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15,095 |
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16,908 |
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Other |
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9,671 |
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6,350 |
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25,111 |
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18,977 |
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Total |
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179,247 |
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171,544 |
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465,386 |
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483,089 |
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Operating Expenses: |
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Wages and benefits |
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50,435 |
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45,402 |
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154,967 |
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137,006 |
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Aircraft fuel, including taxes and oil |
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27,633 |
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29,860 |
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69,933 |
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88,731 |
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Maintenance materials and repairs |
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22,785 |
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26,314 |
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68,863 |
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76,439 |
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Aircraft rentals |
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20,526 |
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10,170 |
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57,011 |
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24,153 |
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Other rentals and landing fees |
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7,181 |
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5,861 |
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17,595 |
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17,746 |
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Sales commissions |
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1,568 |
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4,999 |
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11,881 |
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12,625 |
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Depreciation and amortization |
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2,299 |
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4,120 |
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6,180 |
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11,177 |
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Restructuring charges |
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— |
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— |
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— |
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(3,600 |
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Stabilization Act grant |
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— |
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(8,500 |
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680 |
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(8,500 |
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Other |
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40,454 |
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34,075 |
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115,629 |
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100,580 |
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Total |
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172,881 |
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152,301 |
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502,739 |
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456,357 |
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Operating Income (Loss) |
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6,366 |
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19,243 |
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(37,353 |
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26,732 |
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Nonoperating Income (Expense): |
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Interest income (expense), net |
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(89 |
) |
749 |
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(28 |
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1,467 |
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Loss on disposition of equipment |
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(19 |
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— |
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(173 |
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(31 |
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Other, net |
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187 |
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610 |
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238 |
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508 |
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Total |
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79 |
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1,359 |
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37 |
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1,944 |
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Income (Loss) Before Income Taxes |
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6,445 |
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20,602 |
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(37,316 |
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28,676 |
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Income Tax Provision |
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— |
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(9,271 |
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(5,904 |
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(12,904 |
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Net Income (Loss) |
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$ |
6,445 |
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$ |
11,331 |
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$ |
(43,220 |
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$ |
15,772 |
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Net Income (Loss) Per Common Stock Share: |
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Basic |
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$ |
0.23 |
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$ |
0.34 |
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$ |
(1.35 |
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$ |
0.47 |
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Diluted |
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$ |
0.23 |
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$ |
0.33 |
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$ |
(1.35 |
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$ |
0.46 |
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Weighted Average Number of Common Stock Shares Outstanding: |
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Basic |
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27,884 |
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33,770 |
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31,973 |
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33,734 |
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Diluted |
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28,306 |
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