Hawaiian Airlines, Inc. Enters in to Credit and Guaranty Agreement with Citibank, N.A
Nov 13 14
On November 7, 2014, Hawaiian Airlines Inc. announced that it has entered into a credit and guaranty agreement, dated as of November 7, 2014. The credit facility is among the Borrower, as borrower, the company, as a guarantor, the other subsidiaries of the company party thereto from time to time, as guarantors, the lenders party thereto from time to time and Citibank, N.A. The credit agreement consists of a $175.0 million revolving credit and letter of credit facility. The borrower and its affiliates may from time to time grant liens on certain eligible account receivables, eligible aircraft, eligible spare engines and eligible ground support equipment, as well as cash and certain cash equivalents, in order to secure its outstanding obligations under the credit facility. As of November 7, 2014, no borrower or company assets are pledged under the credit facility as Collateral. Revolving loans made under the credit facility accrue interest at a per annum rate based on, at borrower's option a variable rate equal to the London interbank offering rate, known as LIBOR, plus a margin of 3.00%, or another rate based on certain market interest rates plus a margin of 2.00%. Borrower is obligated to pay other customary upfront fees, arrangement fees, agency fees, letter of credit fees and commitment fees for a credit facility of this size and type. Revolving loans may be borrowed, repaid and re-borrowed, and letters of credit issued, until November 7, 2017, at which time all amounts borrowed under the Credit Facility must be repaid and the credit facility terminates. Borrower may prepay the loans or terminate or reduce the commitments in whole or in part at any time, without premium or penalty, subject to minimum amounts in the case of commitment reductions. The credit facility includes affirmative and negative covenants that restrict the company's ability to, among other things, incur additional indebtedness, issue preferred stock or pay dividends. In addition, the credit facility requires the company to maintain unrestricted cash and cash equivalents and unused commitments available under all revolving credit facilities aggregating not less than $300 million and to maintain a minimum ratio of the borrowing base of the collateral to outstanding obligations under the credit facility of not less than 1.0 to 1.0. If the company does not meet the minimum collateral coverage ratio, it must either provide additional collateral to secure its obligations under the credit facility or repay the loans under the credit facility by an amount necessary to maintain compliance with the collateral coverage ratio. The credit facility contains events of default customary for similar financings. Upon the occurrence of an event of default, the outstanding obligations under the Credit Facility may be accelerated and become due and payable immediately. In addition, if certain change of control events occur with respect to the company, each lender under the credit facility has the right to require the company to repay any loan that it has made under the credit facility.
Hawaiian Holdings Inc. Appoints Phil Moore as Vice President of Information Technology, or II
Nov 7 14
Hawaiian Airlines, Inc. has appointed Phil Moore as vice president of information technology, or IT. He is responsible for overseeing the airline's information technology needs as its operations continue to expand with the addition of new aircraft and more employees. He reports to Ron Anderson-Lehman, Hawaiian Airlines executive vice president and chief administrative officer. Moore brings more than 20 years of IT management and leadership experience to Hawaiian Airlines. He most recently served as managing director, systems engineering & operations at US Airways and its parent company, American Airlines, where he oversaw an IT staff of more than 150, responsible for all data center engineering and IT operations globally. Prior to that, he held a number of key leadership positions including chief technology officer at toymaker company, Mattel; director, zone Americas data centers at NestlÃ¨ SA Globe Center Americas; and senior manager, systems management at America West Airlines.
Hawaiian Holdings Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Operating Guidance for the Fourth Quarter and Earnings Guidance for the Full Year Ending December 31, 2014
Oct 21 14
Hawaiian Holdings Inc. announced unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total operating revenue of $639,462,000 against $599,298,000 a year ago. Operating income was $106,169,000 against $74,434,000 a year ago. Income before income taxes was $58,364,000 against $67,418,000 a year ago. Net income was $35,575,000 against $40,604,000 a year ago. Diluted net income per common stock was $0.56 against $0.76 a year ago. Adjusted net income, reflecting economic fuel expense was $49.5 million or $0.79 per diluted share, an increase of $12.7 million or $0.10 cents per diluted share compared to $36.808 million or $0.69 per share a year ago. CapEx in the quarter was approximately $34 million, which included $30 million related to payments for aircraft and aircraft-related items, including upcoming deliveries.
For the nine months, the company reported total operating revenue of $1,740,040,000 against $1,623,980,000 a year ago. Operating income was $167,800,000 against $99,899,000 a year ago. Income before income taxes was $95,051,000 against $58,254,000 a year ago. Net income was $57,827,000 against $34,775,000 a year ago. Diluted net income per common stock was $0.94 against $0.65 a year ago. Adjusted net income, reflecting economic fuel expense was $71.012 million or $1.15 per diluted share compared to $34.598 million or $0.65 per share a year ago.
For the quarter, the company reported total operations revenue passenger miles (RPM) of 3,783.5 million against 3,675.2 million a year ago. Available seat miles (ASM) were 4,502.8 million against 4,415.096 million a year ago. Passenger load factor (RPM/ASM) was 84% against 83.2% a year ago. Operating revenue per ASM (RASM) was 14.20 cents against 13.57 cents a year ago. Revenue passenger flown was 2.709 million against 2.647 million a year ago.
For the nine months, the company reported total operations revenue passenger miles of 10,410.4 million against 10,294.8 million a year ago. Available seat miles were 12,804.599 million against 12,596.7 million a year ago. Passenger load factor was 81.3% against 81.7% a year ago. Operating revenue per ASM was 13.59 cents against 12.89 cents a year ago. Revenue passenger flown was 7.641 million against 7.528 million a year ago.
For the fourth quarter ending December 31, 2014, the company expects operating revenue per ASM of 12.70 cents up 4.5% to 7.5% a year ago. Available seat miles are expected to be 4,189.1 million up 1% to 3% a year ago. Gallons of jet fuel consumed of 56.4 million up 1% to 3% a year ago.
The company continues to expect 2014 full year effective tax rate to be in the 38% to 40% range, and they do not expect to pay material cash taxes until 2016. The company expects full year CapEx to be slightly lower now, and in the range of $450 million to $455 million.