From operations alone, the airline recorded a profit of $396,000 compared with a loss from operations of $7.4 million in 1995's first quarter. It was Hawaiian's first profit for any first quarter since 1987. Revenues of $94.1 million were up 24.6 percent from $75.5 million a year earlier, the company said on Wednesday.
The first quarter is typically the weakest and it is important that Hawaiian showed an operating profit and almost broke even overall, said Bruce R. Nobles, president and chief executive.
He said that through the past 12 months ending March 31 the airline has shown both a net profit and an operating profit.
"This company has been profitable now for the past 12 months," he said.
The first-quarter figures were affected by a one-time charge of $964,000 for expenses relating to the January sale of a controlling interest to a mainland group, Airline Investors Partnership, L.P. That had an impact on both operating and net results, Nobles said.
Interest costs on top of that one-time charge led to the net loss, the airline said.
Traffic was up throughout Hawaiian's system and fares were up too, contributing to the increase in revenues, Nobles said. "Traffic is up almost 12 percent (in passengers) and our cargo revenue's up also significantly."
He said the passenger increase was a combination of increased charter flights to Las Vegas as well as improvements in Hawaiian's scheduled mainland-Hawaii business, and on South Pacific and interisland routes. "So traffic is up all over," he said.
Nobles said the period ended March 31 was the fourth consecutive quarter in which Hawaiian showed an operating profit.
Hawaiian carried 1.31 million passengers in the latest quarter, compared with 1.18 million in the 1995 quarter, an increase of 11.7 percent. The airline reported a systemwide load factor of 75.2 percent for the latest period, an increase of one percentage point, meaning the aircraft on average were more than three-fourths full.