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Hawaiian (HA) June Traffic Increases 6.2%

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July 7, 2016 5:24 PM EDT

Hawaiian Airlines, Inc., a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA), has announced its system-wide traffic statistics for the month of June, second quarter and year to date. It also updated its expectations for certain second quarter financial metrics.

SYSTEM-WIDE OPERATIONS1

JUNE

2016

2015

% CHANGE

PAX

969,607

950,761

2.0%

RPMS (000)

1,374,952

1,294,685

6.2%

ASMS (000)

1,596,972

1,538,321

3.8%

LF

86.1%

84.2%

1.9 pts.

SECOND QUARTER

2016

2015

% CHANGE

PAX

2,755,935

2,659,531

3.6%

RPMS (000)

3,847,065

3,590,510

7.1%

ASMS (000)

4,551,094

4,441,648

2.5%

LF

84.5%

80.8%

3.7 pts.

YEAR-TO-DATE

2016

2015

% CHANGE

PAX

5,402,884

5,181,826

4.3%

RPMS (000)

7,389,122

6,938,120

6.5%

ASMS (000)

8,919,188

8,671,330

2.9%

LF

82.8%

80.0%

2.8 pts.

PAX

Passengers transported

RPM

Revenue Passenger Miles; one paying passenger transported one mile

ASM

Available Seat Miles; one seat transported one mile

LF

Load Factor; percentage of seating capacity filled

1 Includes the operations of contract carriers under capacity purchase agreements.

Second Quarter 2016 Outlook

The Company has revised its expectations for the quarter ending June 30, 2016 provided in its First Quarter 2016 Earnings Release on April 21, 2016.

Specifically, the Company expects its revenue per available seat mile (ASM) and cost per ASM excluding fuel to be at the favorable end of prior guidance ranges.

The table below summarizes the Company's revised expectations for the quarter ending June 30, 2016, expressed as an expected change compared to the results for the quarter ended June 30, 2015 (the results for which are presented for reference).

Item

Second Quarter2015

Prior Guidance

Revised Guidance

Cost per ASM Excluding Fuel (cents)

8.27

Up 3.5% to up 6.5%

Up 3.5% to up 4.5%

Operating Revenue Per ASM (cents)

12.86

Down 1.5% to up 1.5%

Up 1% to up 2%

Gallons of jet fuel consumed (millions)

58.0

Up 1% to up 3%

Up 2.5% to up 3.5%

Economic fuel cost per gallon

$

2.23

$1.50 to $1.60

$1.53 to $1.58

The Company believes that economic fuel expense is the best measure of the effect of fuel prices on the business as it most closely approximates the net cash outflow associated with the purchase of fuel for operations in a period and is consistent with how management manages the business and assesses operating performance. The Company defines economic fuel expense as raw fuel expense plus (gains)/losses realized through actual cash payments to/(receipts from) hedge counterparties for fuel hedge derivatives settled in the period inclusive of costs related to hedging premiums.


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