Hawaiian Holdings takes USD175m loss in 2Q2020, prepares to emerge from crisis 'poised for success'

Hawaiian Holdings announced (28-Jul-2020) an adjusted net loss of USD175 million in 2Q2020, reflecting the "continued impact of COVID-19 and State of Hawaii quarantines on our business". As of 30-Jun-2020, the company held USD761 million in unrestricted cash, cash equivalents and short term investments, USD1006 million in outstanding debt and finance lease obligations and USD554 million in air traffic liability. Hawaiian Airlines president and CEO Peter Ingram stated: "In the face of these unprecedented challenges, we have taken action to preserve and raise cash and are crafting plans to position us for the future even as we address the immediate adversity". Actions taken by Hawaiian to minimise cash outflow include the reduction of executive pay by 10% to 50%, negotiations with key vendors on payment deferrals and a company wide hiring freeze. As of 30-Jun-2020, Hawaiian had received USD214.2 million in grants and USD49 million in loans under the Payroll Support Program, with an additional USD29.2 million expected in Jul-2020. Mr Ingram stated: "With our leisure business model and relentless focus on the needs of the Hawaii traveller, we are positioned to emerge from this crisis poised for success". [more - original PR]