Hawaiian Holdings reports Q1 2013 results

Hawaiian Holdings has posted an adjusted net loss, reflecting economic fuel expense, of $14.8 million or $0.29 per diluted share. GAAP net loss was $17.1 million or $0.33 cents per diluted share.
The airline’s available seat mile (ASM) for scheduled operations increased 26.1% year-over-year, while its cost per available seat mile (CASM), excluding fuel, decrease of 7.9% year-over-year. CASM decrease of 5.7% year-over-year.
Mark Dunkerley, the Company's President and Chief Executive Officer, commented: "Our results for the quarter were disappointing but unsurprising. Our performance was undermined by an extraordinary increase in total industry capacity between Hawaii and the U.S. West Coast and in certain international markets during what is traditionally the weakest quarter of the year. However, good cost control and an improvement in our Neighbor Island segment helped offset some of the impact during the period. Looking ahead, published schedules show capacity beginning to decline in the second half which should improve the operating environment.”
Hawaiian has continued to develop its network by growing into new origin markets with services launched to Auckland, New Zealand in March. The airline will also add Sendai, Japan and Taipei, Taiwan to its network of destinations.
As of March 31, 2013, the Company had unrestricted cash and cash equivalents of $438.2 million, available borrowing capacity of $69 million under Hawaiian's Revolving Credit Facility. The airline has outstanding debt and capital lease obligations of approximately $648 million consisting of: $242 million outstanding under secured loan agreements to finance a portion of the purchase price for four Airbus A330-200 aircraft; $167 million outstanding under secured loan agreements to finance a portion of the purchase price for 15 Boeing 717-200 aircraft; $104 million in capital lease obligations to finance an Airbus A330-200 and two Boeing 717-200 aircraft; $61 million outstanding under floating rate notes issued in conjunction with the acquisition of three Boeing 767-300 ER aircraft; and $74 million outstanding of Convertible Senior Notes.