EX-99.1 2 file002.txt MONTHLY OPERATING REPORT HAWAIIAN AIRLINES, INC. CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) (Actual amounts in thousands) ONE MONTH ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, --------------- ---------------- 2004 2004 --------------- ---------------- Operating Revenues: Passenger.................................. $ 64,867 $ 340,534 Charter.................................... 453 3,056 Cargo...................................... 2,258 14,670 Other...................................... 2,464 18,679 --------------- ---------------- Total.................................... 70,042 376,939 --------------- ---------------- OPERATING EXPENSES: Wages and benefits......................... 21,806 115,051 Aircraft fuel, including taxes and oil..... 11,071 59,836 Maintenance materials and repairs.......... 4,053 24,469 Aircraft rent.............................. 8,859 53,232 Other rental and landing fees.............. 2,091 11,999 Sales commissions.......................... 334 2,075 Depreciation and amortization.............. 612 3,614 Other...................................... 12,329 71,229 --------------- ---------------- Total.................................... 61,155 341,505 --------------- ---------------- OPERATING INCOME............................. 8,887 35,434 --------------- ---------------- NONOPERATING INCOME (EXPENSE): Reorganization items, net.................. (696) (7,038) Interest and amortization of debt expense.. (20) (111) Gain (loss) on disposition of equipment.... - (36) Other, net................................. (81) (50) --------------- ---------------- Total.................................... (797) (7,235) --------------- ---------------- INCOME BEFORE TAXES.......................... 8,090 28,199 INCOME TAXES: Income tax expense......................... (3,377) (12,689) --------------- ---------------- NET INCOME................................... $ 4,713 $ 15,510 =============== ================ HAWAIIAN AIRLINES, INC. CONDENSED BALANCE SHEET (UNAUDITED) (Actual amounts in thousands) JUNE 30, 2004 --------- ASSETS Current Assets: Cash and cash equivalents.............................. $ 120,441 Restricted cash........................................ 87,797 Accounts receivable.................................... 42,408 Inventories............................................ 12,024 Prepaid expenses and other............................. 18,015 --------- Total current assets................................. 280,685 --------- Noncurrent Assets: Property and equipment, less accumulated depreciation.. 46,478 Reorganization value in excess of identifiable assets.. 28,320 Other assets........................................... 50,639 --------- Total noncurrent assets.............................. 125,437 --------- Total Assets..................................... $ 406,122 ========= LIABILITY AND SHAREHOLDERS' DEFICIT Current Liabilities: Current portion of long-term debt...................... $ 12 Accounts payable....................................... 62,748 Accrued liabilities.................................... 53,249 Air traffic liability.................................. 161,950 --------- Total current liabilities............................ 277,959 --------- Noncurrent Liabilities: Long-term debt......................................... 39 Other liabilities and deferred credits................. 187,050 --------- Total noncurrent liabilities......................... 187,089 --------- Total Liabilities.................................... 465,048 --------- Liabilities Subject to Compromise........................ 133,446 --------- Shareholders' Deficit: Common and special preferred stock..................... 285 Capital in excess of par value......................... 60,077 Notes receivable from optionholders.................... (211) Minimum pension liability adjustment................... (112,255) Accumulated deficit.................................... (140,268) --------- Shareholders' Deficit................................ (192,372) --------- Total Liabilities and Shareholders' Deficit...... $ 406,122 ========= HAWAIIAN AIRLINES, INC. CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) (Actual amounts in thousands)
ONE MONTH SIX MONTHS ENDED ENDED JUNE 30, JUNE 30, 2004 2004 --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income................................................... $ 4,713 $ 15,510 Adjustments to reconcile net income to net cash provided by operating activities before reorganization activities: Reorganization items, net ............................... 696 7,038 Depreciation ............................................ 609 3,400 Amortization ............................................ 3 214 Net periodic postretirement benefit cost ................ 374 2,244 Loss on disposition of property and equipment ........... - 36 Increase in restricted cash ............................. (6,536) (35,031) Decrease (increase) in accounts receivable .............. 6,515 (5,506) Increase in inventory ................................... (3,271) (2,472) Decrease (increase) in prepaid expenses and other ....... (2,139) 2,659 Increase in accounts payable ............................ 5,736 8,595 Increase in air traffic liability........................ 5,198 61,777 Decrease in accrued liabilities ......................... (964) (4,338) Other, net .............................................. (7,448) (10,781) --------- --------- Net cash provided by operating activities before reorganization activities..................... 3,486 43,345 --------- --------- Reorganization activities: Professional fees paid................................... (1,444) (8,543) Interest on accumulated cash balances.................... 748 1,196 --------- --------- Net cash used by reorganization activities............ (696) (7,347) --------- --------- Net cash provided by operating activities............. 2,790 35,998 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment ......................... (771) (4,137) --------- --------- Net cash used in investing activities ................ (771) (4,137) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from optionholders notes receivable ................ 1,138 1,349 Proceeds from issuance of debt .............................. - 52 Repayment of debt ........................................... (4) (19) Principal payments under capital lease obligation ........... (89) (530) --------- --------- Net cash provided by financing activities ............ 1,045 852 --------- --------- Net increase in cash and cash equivalents ............ 3,064 32,713 --------- --------- Cash and Cash Equivalents - Beginning of Period ................ 117,377 87,728 --------- --------- Cash and Cash Equivalents - End of Period ...................... $ 120,441 $ 120,441 ========= =========
HAWAIIAN AIRLINES, INC. TRAFFIC STATISTICS (SCHEDULED AND CHARTER) (Unaudited) JUNE 2004 ----------- SCHEDULED TOTAL PAX 489,815 RPMS 540,037,603 ASMS 605,162,101 LF 89.2% CHARTER PAX 2,201 RPMS 6,122,177 ASMS 7,181,322 LF 85.3% SYSTEM TOTAL (INCLUDES CHARTERS) REV PAX 492,016 RPMS (000) 546,160 ASMS (000) 612,343 CARGO/MAIL TON MI 7,411,986 LOAD FACTOR (%) 89.2%