Hawaiian Airlines
profitable in AugustThe bankrupt carrier posts its
fourth straight winning month
to end its peak travel period
Hawaiian Airlines, capping off the end of a strong summer season, posted its fourth consecutive profitable month in August 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 $20.3 million in August to boost its year-to-date net income to $43.7 million. The 2003 amount includes $17.5 million Hawaiian received in May as part of $2.3 billion 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.
Hawaiian, which filed for Chapter 11 on March 21, had operating income last month of $22.4 million to boost its eight-month total to $53.1 million. Operating revenues were $73.6 million in August and for the year are $469 million.
The airline's cash and cash equivalents improved to $83.2 million as of Aug. 31 from $74.4 million at the beginning of the month and above the $71.9 million it had at the beginning of 2003. However, Bruce Bennett, attorney for Hawaiian Airlines trustee Joshua Gotbaum, said in a pilots' pension hearing last week that the company's unrestricted cash reserve already has dropped to $66 million since the start of September.
Hawaiian listed total assets of $323.7 million at the end of August, up from $257 million at the start of the year. The airline had total liabilities of $350.6 million at the end of the month, down from $398.8 million at the beginning of 2003.
