Hawaiian Air posted
profit during JulyThe traditionally strong month
lifted the airline to a $15.7 million net
Hawaiian Airlines, benefiting from its traditionally strong summer season, chalked up its third consecutive profitable month in July while working its way through Chapter 11 bankruptcy protection.
The carrier, which filed its monthly operating report yesterday with U.S. Bankruptcy Court, had net income of $15.7 million in July to boost its year-to-date net income to $23.5 million. The 2003 amount includes $17.5 million Hawaiian received in May as part of $2.3 billion being distributed under the Emergency Wartime Supplemental Appropriations Act. The act compensates carriers for the suspension of passenger security fees from June 1 through Sept. 30 and costs associated with installing strengthened flight deck doors and locks.
"It's been a strong summer in the sense that our flights to and from the mainland have been extremely full and fares are somewhat higher this year," Hawaiian spokesman Keoni Wagner said. "We expect to be profitable during the summer peak. It's the fall and the other months in between school holiday periods that are the challenge."
Hawaiian, which filed for Chapter 11 on March 21, had operating income last month of $16.9 million to boost its seven-month total to $30.7 million. Operating revenues were $70.6 million in July and for the year are $395.3 million.
The airline's cash and cash equivalents improved to $74.4 million as of July 31 from $57.5 million at the beginning of the month and above the $71.9 million it had at the beginning of 2003.
Hawaiian listed total assets of $308.1 million at the end of July, up from $257 million at the start of the year. The airline had total liabilities of $355.1 million at the end of the month, down from $398.8 million at the beginning of 2003.
Despite the fuller flights, Hawaiian's on-time performance improved to 92.1 percent systemwide in July from 80.4 percent in the same month a year ago, Wagner said.
