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Hawaiian Holdings Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: October 19, 2011 04:13PM
Hawaiian Holdings Inc (HA) filed Quarterly Report for the period ended 2011-09-30.
Highlight of Business Operations:The anticipated future principal payments for these facility agreements are approximately $0.4 million for the remaining months in 2011, $13 million in 2012, $14 million in 2013, $15 million in 2014, $15 million in 2015 and $145 million thereafter.
The anticipated future payments for these leases are approximately $0.6 million for the remaining three months in 2011, $17 million in 2012, $40 million in 2013, $43 million in 2014, $43 million in 2015 and $349 million thereafter.
Operating revenue was $455.9 million and $1.2 billion for the three and nine months ended September 30, 2011, respectively, a 29.5% and 25.9% increase over operating revenue of $352.0 million and $966.3 million for the same three and nine month period in 2010, driven primarily by an increase in passenger revenue.
In the three months ended September 30, 2011, we recorded net income of $25.6 million, or $0.50 per diluted share, as compared to $30.5 million, or $0.59 per diluted share in the same period last year. Our strong performance is primarily the result of higher unit revenues (passenger revenue per available seat mile) and increased passenger yield. The increases in operating revenue were partially offset by a significant year-over-year increase in fuel prices from $2.28 per gallon in the three months ended September 30, 2010 to $3.22 per gallon in the three months ended September 30, 2011, including the effects of fuel derivatives settling in the period and increases in other operating expenses due to the expansion of our fleet and new international routes.
As of September 30, 2011, the scheduled future minimum rental payments under leases (adjusted for the changes discussed above) is approximately $18 million for the remaining three months of 2011, $85 million for 2012, $79 million for 2013, $75 million for 2014, $74 million for 2015 and $272 million thereafter.
Stocks Discussed: HA,