Hawaiian misses
SEC quarterly deadlineThe parent company of Hawaiian Airlines
says it doesn't have enough resources
Hawaiian Holdings Inc. said it was unable to meet yesterday's deadline to file its quarterly financial report because its big subsidiary, Hawaiian Airlines Inc., doesn't have the staff and other resources to dig out the profit and loss information.
The holding company said in a filing at the Securities & Exchange Commission that it could not get the information together because of the Hawaiian Airlines bankruptcy and the fact that its court-approved trustee recently had to be replaced.
Also complicating the reporting work was the June 20 resignation of Ernst & Young LLC as Hawaiian Holdings' auditor, although the firm is still the auditor for the airline.
Hawaiian Holdings said it has met with trustee Joshua Gotbaum on the issue and the meetings have been constructive, but no agreement has been reached on how to get the reporting done.
Holdings told the SEC it does not expect to file quarterly reports any time soon but it will file with the SEC the monthly operating reports the trustee files with the bankruptcy court.
The next such report is due by Wednesday.
The monthly reports show that Hawaiian had an operating profit of $10.7 million in June and operating profit of $13.8 million for the first half of the year.
However, without a $17.5 million emergency grant it received from the federal government under programs to keep airlines alive after the Sept. 11, 2001, terrorist attacks, Hawaiian would have had an operating loss of $3.7 million for the six months through June 30.
Hawaiian Holdings stock has not resumed trading on the American Stock Exchange since it was halted June 14 at a price of 80 cents.
