Aloha Airlines posts Aloha Airlines had a third-quarter net profit of $693,616, compared to net income of $5.6 million a year earlier.
profit for quarter
The net income of $693,616
is offset by a $13.2 million loss
for the first 9 months of 2002By Russ Lynch
rlynch@starbulletin.com
However, the comparison is skewed by special income the airline had in the 2001 period from federal grants that helped airlines recover from Sept.-11 related losses.
Looking just at operations and not counting any extra items, Aloha improved to an operating profit of $1.6 million in the latest quarter from an operating loss of $1.3 million a year earlier. Revenues of $90.1 million in the 2002 quarter were up 6.8 percent from revenues of $84.4 million in the third quarter of 2001.
The latest results, reported in filings with the Department of Transportation in Washington, show a net loss of $13.2 million for the first nine months of 2002 and an operating loss for the period of $19 million on revenues of $244.1 million. The figures filed with the government do not include the results of Island Air, the affiliate that flies among Hawaii's smaller airports.
Both airlines are owned by Aloha Airgroup Inc. As a privately held company it does not have to publish quarterly financial reports but must still file quarterly with the federal government.
Aloha has received a total of $8.5 million under the federal emergency grants program.
The airline also has received conditional approval of a federal loan guarantee, to back up $40.5 million of a $45 million loan the airline has arranged from private sources.
Aloha needs to make some adjustments to get the guarantee finalized and as part of that, is asking its employees to take pay cuts.