/C O R R E C T I O N -- Hawaiian Holdings/

                  /C O R R E C T I O N -- Hawaiian Holdings/

PR Newswire

HONOLULU, Jan. 29, 2013

In the news release, Hawaiian Holdings Reports 2012 Full Year and Fourth
Quarter Financial Results, issued 29-Jan-2013 by Hawaiian Holdings over PR
Newswire, we are advised by the company that the "Percentage of Projected Fuel
Requirements Hedged" column for "Second Quarter 2014" in Table 5 has been
updated. The complete, corrected release follows:

  Hawaiian Holdings Reports 2012 Full Year and Fourth Quarter Financial
  Results

HONOLULU, Jan. 29, 2013 /PRNewswire/ -- Hawaiian Holdings, Inc. (NASDAQ: HA)
("Holdings" or the "Company"), parent company of Hawaiian Airlines, Inc.
("Hawaiian"), today reported its financial results for the full year 2012 and
the fourth quarter of 2012.

(Logo: http://photos.prnewswire.com/prnh/20040827/LAF044LOGO)

2012 Full Year Financial Highlights

  oAdjusted net income, reflecting economic fuel expense and excluding lease
    termination costs, of $55.6 million or $1.06 per diluted share, an
    increase of 28.7% year-over-year.
  oGAAP net income of $53.2 million or $1.01 per diluted share.
  oOperating cost per available seat mile (CASM), excluding fuel and lease
    termination costs, decrease of 6.0% year-over-year.
  oAdjusted operating margin of 7.0%, reflecting economic fuel expense and
    excluding lease termination costs.
  oUnrestricted cash and cash equivalents increase of 33.5% year-over-year.
  oReturn on invested capital, pre-tax, of 14.9%.

Fourth Quarter 2012 Financial Highlights

  oAvailable seat mile (ASM) for scheduled operations increase of 29.2%
    year-over-year.
  oAdjusted net income, reflecting economic fuel expense, of $0.1 million or
    $0.00 per diluted share.
  oGAAP net loss of $3.4 million or $0.07 cents per diluted share.
  oCASM, excluding fuel, decrease of 11.3% year-over-year.
  oUnrestricted cash and cash equivalents of $405.9 million.

Mark Dunkerley, the Company's President and Chief Executive Officer, commented
that "A good year of growth and improving financial performance was finished
off by a disappointing break-even result in the fourth quarter. The sharp
weakening of the Yen, continued excess capacity in certain markets and an
accounting charge all worked to depress our earnings for the period despite
many other things going right for the business.

The year as a whole was every bit as busy and exciting as we had forecast. We
added four new long haul destinations, eight long haul and short haul
aircraft, opened a hub on Maui and added approximately 600 employees to our
rolls, all in 2012. Throughout it all, the employees of Hawaiian Airlines
continued to deliver the very highest quality travel and shipping experience
to our customers. Our employees' tireless dedication to our customers and to
our business is a distinguishing strength of Hawaiian Airlines. 2013 promises
to be an equally exciting year for the company with new destinations, new
aircraft and more employees being planned." 

The fourth quarter 2012 results reflect an out-of-period frequent flyer
adjustment related to the timing of revenue recognized for mileage credits
sold to participating companies in previous years. This adjustment resulted
in a net decrease to pre-tax income of $7.3 million in the quarter, or $0.08
per diluted share ($7.9 million decrease to passenger revenue and $0.6 million
decrease to other operating expense). See Table 2 for the impact of this
adjustment on selected statistical data.

Statistical data, as well as a reconciliation of the reported non-GAAP
financial measures, can be found in the accompanying tables.

Liquidity and Capital Resources
As of December 31, 2012, the Company had:

  oUnrestricted cash and cash equivalents of $405.9 million.
  oAvailable borrowing capacity of $68.9 million under Hawaiian's Revolving
    Credit Facility.
  oOutstanding debt and capital lease obligations of approximately $661
    million consisting of the following:

       o$246.4 million outstanding under secured loan agreements to finance a
         portion of the purchase price for four Airbus A330-200 aircraft.
       o$170.7 million in secured loan agreements for a portion of the
         purchase price for 15 previously leased Boeing 717-200 aircraft.
       o$106.3 million in capital lease obligations for an Airbus A330-200
         and two Boeing 717-200 aircraft.
       o$64.7 million outstanding under floating rate notes issued in
         conjunction with the acquisition of three Boeing 767-300 ER aircraft.
       o$72.7 million outstanding of Convertible Senior Notes.

The Company expects to take delivery of five Airbus A330-200 aircraft in 2013,
and has entered into debt and lease financing commitments for the first four
deliveries in the first half of the year. The increase in Hawaiian's fleet
resulting from the delivery of these five Airbus A330-200 aircraft in 2013
will be partially offset by a decrease of four Boeing 767-300ER aircraft
during the year, with three aircraft returned at the end of their lease terms
and one planned retirement.

In January 2013, the Company signed a Memorandum of Understanding for the
purchase of 16 new Airbus A321neo aircraft for delivery between 2017 and 2020,
with the rights to purchase an additional nine aircraft. The long-range,
single-aisle aircraft will complement Hawaiian's existing fleet of wide-body,
twin-aisle aircraft used for long-haul flying between Hawai'i and the U.S.
West Coast.

2012 Highlights

Operational Highlights

  oRanked #1 nationally for on-time performance, for 10 out of the 11 months
    reported in 2012, by the U.S. Department of Transportation Air Travel
    Consumer Report.
  oRanked second overall in the 2012 Airline Quality Rating Report.
  oIntroduced a Maui hub offering improved connections between Maui and
    Neighbor Island destinations, as well as additional flights to and from
    the West Coast.
  oProvided chartered air transportation for the Oakland Raiders for the
    13^th consecutive season.
  oSigned a new three-year contract with the Association of Flight
    Attendants.
  oBecame the first airline to receive aviation carbon credits for reducing
    carbon dioxide emissions.

Fleet

  oAdded four new Airbus A330-200 aircraft in March, April, May and June in
    2012 for North America and International service.
  oAdded two Boeing 717-200 aircraft in January and February 2012 for
    Neighbor Island service.
  oTook delivery of two ATR42-500 twin-turboprop aircraft to inaugurate new
    service to Molokai and Lanai in 2013.

New routes and increased frequencies

  oHonolulu to Fukuoka, Japan daily service launched April 2012
  oHonolulu to New York City (JFK), New York, daily service launched June
    2012
  oHonolulu to Sapporo, Japan three-times-weekly service launched October
    2012
  oHonolulu to Brisbane, Australia three-times-weekly service launched
    November 2012
  oHonolulu to Seoul, South Korea increased from four times weekly to daily
    July 2012
  oMaui to San Jose and Oakland, California increased from three and four
    times weekly, respectively, to daily October 2012
  oAnnounced Honolulu to Auckland, New Zealand three-times-weekly service
    beginning March 2013
  oAnnounced Honolulu to Taipei, Taiwan with service daily beginning July
    2013
  oHonolulu to Sydney, Australia from daily to ten weekly flights April to
    May 2013
  oMaui to Los Angeles, California increased from daily to twice daily
    service summer 2013

New Partnership, Code-Share and Frequent Flyer agreements

  oPartnered with Air China and China International Travel Service to offer
    connections and market Hawaii vacation packages in China.
  oEntered into new frequent flyer and code-share agreements with All Nippon
    Airways, JetBlue and Virgin America.

Investor Conference Call
Hawaiian Holdings' quarterly earnings conference call is scheduled to begin
today (January 29, 2013) at 4:30 p.m. Eastern Time (USA). The conference call
will be broadcast live over the Internet. Investors may listen to the live
audio webcast on the investor relations section of the Company's website at
www.HawaiianAirlines.com. For those who are not available for the live
webcast, the call will be archived for 90 days on Hawaiian's investor website.

About Hawaiian Airlines
Hawaiian has led all U.S. carriers in on-time performance for each of the past
eight years (2004-2011) as reported by the U.S. Department of Transportation.
Consumer surveys by Conde Nast Traveler, Travel + Leisure and Zagat have all
ranked Hawaiian the highest of all domestic airlines serving Hawaii.

Now in its 84th year of continuous service, Hawaiian is Hawaii's biggest and
longest-serving airline, as well as the largest provider of passenger air
service from its primary visitor markets on the U.S. mainland. Hawaiian offers
nonstop service to Hawaii from more U.S. gateway cities (11) than any other
airline, as well as service to Japan, South Korea, the Philippines, Australia,
American Samoa, and Tahiti. New nonstop service will begin between Honolulu
and Auckland, New Zealand (March 2013) and Taipei, Taiwan (July 2013).
Hawaiian also provides approximately 170 daily jet flights between the
Hawaiian Islands.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ:
HA). Additional information is available at HawaiianAirlines.com.

Forward-Looking Statements
Statements in this release contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 that reflect
the Company's current views with respect to certain current and future events
and financial performance. Such forward-looking statements include, without
limitation, statements by our CEO relating to the 2013 fiscal year;
inauguration of service to new destinations; the addition of new aircraft and
the addition of new employees; and statements relating to our total capacity
and yield on new and existing routes; potential route expansion; changes in
our fleet plan; expected delivery and return of aircraft; expected purchase of
additional aircraft; the effects of fuel prices on our business; projected
increases in headcount; and statements as to other matters that do not relate
strictly to historical facts or statements of assumptions underlying any of
the foregoing. Words such as "expects," "anticipates," "projects," "intends,"
"plans," "believes," "estimates," variations of such words, and similar
expressions are also intended to identify such forward-looking statements.
These forward-looking statements are and will be, as the case may be, subject
to many risks, uncertainties and factors relating to the Company's operations
and business environment, all of which may cause the Company's actual results
to be materially different from any future results, expressed or implied, in
these forward-looking statements.

The risks, uncertainties and assumptions referred to above that could cause
the Company's results to differ materially from the results expressed or
implied by such forward-looking statements also include the risks,
uncertainties and assumptions discussed from time to time in the Company's
other public filings and public announcements, including the Company's Annual
Report on Form 10-K for the year ended December 31, 2011 as well as other
documents that may be filed by the Company from time to time with the
Securities and Exchange Commission. All forward-looking statements included
in this document are based on information available to the Company on the date
of this release. The Company does not undertake to publicly update or revise
its forward-looking statements to reflect events or circumstances that may
arise after the date of this release.





Table 1
Hawaiian Holdings, Inc
Consolidated Statements of Operations
(in thousands, except for per share data) (unaudited)
                   Three Months Ended           Twelve Months Ended
                   December 31,                 December 31,
                   2012       2011     %        2012       2011       %
                                       Change                         Change
Operating Revenue:
Passenger          $ 440,735  $        13.2   % $          $          19.3   %
                              389,213           1,767,041  1,480,663
Other              52,251     44,762   16.7   % 195,312    169,796    15.0   %
Total              492,986    433,975  13.6   % 1,962,353  1,650,459  18.9   %
Operating
Expenses:
Aircraft fuel,
including taxes    175,196    132,494  32.2   % 631,741    513,284    23.1   %
and oil
Wages and benefits 96,313     81,539   18.1   % 376,574    321,241    17.2   %
Aircraft rent      25,074     22,337   12.3   % 98,786     112,883    (12.5) %
Maintenance
materials and      46,281     47,440   (2.4)  % 183,552    169,851    8.1
repairs
Aircraft and
passenger          28,966     21,924   32.1   % 103,825    82,250     26.2   %
servicing
Commissions and    25,269     23,380   8.1    % 114,324    96,264     18.8   %
other selling
Depreciation and   21,912     18,459   18.7   % 85,599     66,262     29.2   %
amortization
Other rentals and  22,137     18,950   16.8   % 85,623     72,445     18.2   %
landing fees
Other              39,601     32,990   20.0   % 152,931    125,682    21.7   %
Lease termination  -          -        NM       -          70,014     NM
charges
Total              480,749    399,513  20.3   % 1,832,955  1,630,176  12.4   %
Operating Income   12,237     34,462            129,398    20,283
Nonoperating
Income (Expense):
Interest expense
and amortization
of debt discounts  (11,777)   (8,701)           (43,522)   (24,521)
and issuance costs
Interest income    103        181               580        1,514
Capitalized        3,196      1,964             10,524     7,771
interest
Gains (Losses) on  (8,835)    4,919             (11,330)   (6,862)
fuel derivatives
Other, net         (1,109)    (146)             136        733
Total              (18,422)   (1,783)           (43,612)   (21,365)
Income (Loss)
Before Income      (6,185)    32,679            85,786     (1,082)
Taxes
Income tax         (2,777)    11,758            32,549     1,567
(benefit) expense
Net Income (Loss)  $         $                $        $  
                   (3,408)    20,921            53,237    (2,649)
Net Income (Loss)
Per Common Stock
Share:
Basic              $        $              $      $   
                   (0.07)     0.41              1.04      (0.05)
Diluted            $        $              $      $   
                   (0.07)     0.40              1.01      (0.05)
Weighted Average
Number of
Common Stock
Shares
Outstanding:
Basic              51,515     50,864            51,314     50,733
Diluted            51,515     52,087            52,535     50,733





Table 2
Hawaiian Holdings, Inc.
Selected Statistical Data (unaudited)
               Three Months Ended             Twelve Months Ended
               December 31,                   December 31,
               2012      2011      %          2012       2011       %
                                   Change                           Change
Scheduled
Operations:
Revenue
passenger      3,272.8   2,601.5   25.8%      12,195.9   10,139.9   20.3%
miles (RPM)
(a)
Available seat
miles (ASM)    3,997.5   3,094.7   29.2%      14,660.0   12,022.2   21.9%
(a)
Passenger
revenue per    13.47   ¢ 14.96   ¢ (10.0%)    14.49    ¢ 14.60    ¢ (0.8%)
RPM (Yield)
Passenger load
factor         81.9%     84.1%     (2.2)   pt 83.2%      84.3%      (1.1)   pt
(RPM/ASM)
Passenger
revenue per    11.02   ¢ 12.58   ¢ (12.4%)    12.05    ¢ 12.32    ¢ (2.2%)
ASM (PRASM)
Total
Operations:
Revenue
passenger      3,279.1   2,607.5   25.8%      12,217.6   10,151.2   20.4%
miles (RPM)
(a)
Available seat
miles (ASM)    4,006.8   3,104.8   29.1%      14,687.5   12,039.9   22.0%
(a)
Passenger load
factor         81.8%     84.0%     (2.2)   pt 83.2%      84.3%      (1.1)   pt
(RPM/ASM)
Operating
revenue per    12.30   ¢ 13.98   ¢ (12.0%)    13.36    ¢ 13.71    ¢ (2.6%)
ASM (RASM)
Operating cost 12.00   ¢ 12.87   ¢ (6.8%)     12.48    ¢ 13.54    ¢ (7.8%)
per ASM (CASM)
CASM excluding
aircraft fuel  7.63    ¢ 8.60    ¢ (11.3%)    8.18     ¢ 9.28     ¢ (11.9%)
(b)
CASM excluding
aircraft fuel
and lease      7.63    ¢ 8.60    ¢ (11.3%)    8.18     ¢ 8.70     ¢ (6.0%)
termination
charges (b)
Gallons of jet
fuel consumed  54.5      42.3      28.8%      199.5      164.0      21.6%
(a)
Average cost
per gallon of  $      $      2.9%       $       $       1.3%
jet fuel        3.22    3.13               3.17     3.13
(actual) (c)
Economic fuel  $      $                 $       $   
cost per        3.27    3.20   2.2%        3.20     3.13    2.2%
gallon (c)(d)

(a) In millions.
(b) See Table 4 for reconciliations of operating expenses excluding aircraft
    fuel and lease termination charges.
(c) Includes applicable taxes and fees.
(d) See Table 3 for a reconciliation of economic fuel costs.

The table below shows the impact of the pre-tax $7.3 million ($7.9 million
decrease to passenger revenue and $0.6 million decrease to operating expense)
frequent flyer adjustment reflected in the fourth quarter 2012 results and its
impact on the above statistical data.

                                        Three months-ended December 31, 2012
                                        Impact in cents   Impact to % change
                                                          from 2011
Impact of FF Adjustment on Statistical
Data:
Passenger revenue per RPM (Yield)       (0.24)          ¢ (1.6)              %
Passenger revenue per ASM (PRASM)       (0.20)          ¢ (1.6)              %
Operating revenue per ASM (RASM)        (0.20)          ¢ (1.4)              %
CASM excluding aircraft fuel and lease  (0.01)          ¢ (0.1)              %
termination charges





Table 3.
Hawaiian Holdings, Inc.
Economic Fuel Expense
(in thousands, except per-gallon amounts)

The Company believes that economic fuel expense is the best measure of the
effect of fuel prices on its business as it most closely approximates the net
cash outflow associated with the purchase of fuel for its operations in a
period. The Company defines economic fuel expense as GAAP fuel expense plus
(gains)/losses realized through actual cash (receipts)/payments received from
or paid to hedge counterparties for fuel hedge derivative contracts settled
during the period.



                  Three Months Ended December   Twelve Months Ended December
                  31,                           31,
                  2012       2011       Change  2012        2011       Change
Aircraft fuel
expense,          $ 175,196  $ 132,494  32.2%   $ 631,741 - $ 513,284  23.1%
including taxes
and oil
Realized (gains)
losses on
settlement of     3,054      2,722      12.2%   7,372       430        1614.4%
fuel derivative
contracts
Economic fuel     $ 178,250  $ 135,216  31.8%   $ 639,113   $ 513,714  24.4%
expense
Fuel gallons      54,458     42,285     28.8%   199,465     164,002    21.6%
consumed
Economic fuel     $       $       2.2%    $        $       2.2%
cost per gallon   3.27       3.20               3.20        3.13



Table 4.
Hawaiian Holdings,Inc.
Non-GAAP Financial Reconciliation
(in thousands, except per-share data)

The Company evaluates its financial performance utilizing various GAAP and
non-GAAP financial measures, including, net income (loss), diluted net income
(loss) per share, CASM, PRASM, RASM and Passenger Revenue per RPM. Pursuant
to Regulation G, the Company has included the following reconciliation of
reported non-GAAP financial measures to comparable financial measures reported
on a GAAP basis. The Company believes that excluding fuel costs from certain
measures is useful to investors because it provides an additional measure of
management's performance excluding the effects of a significant cost item over
which management has limited influence.

In the second quarter of 2011, the Company recorded a pre-tax $70.0 million
non-recurring lease termination charge for the purchase of the Company's
existing fleet of Boeing 717-200 aircraft that were previously under lease
agreements.



            Three months ended December 31,      Twelve months ended December 31,
            2012               2011              2012              2011
                      Diluted           Diluted           Diluted            Diluted
            Net       net               net               net      Net       net
            income    income   Net      income   Net      income   income    income
            (loss)    (loss)   income   per      income  per      (loss)    (loss)
                      per               share             share              per
                      share                                                  share
As reported $      $     $     $     $     $     $      $   
- GAAP                                       1.01          
            (3,408)  (0.07)   20,921  0.40     53,237           (2,649)  (0.05)
Add: lease
termination
expenses
related to
Boeing
717-200
aircraft    -         -        -        -        -        -        42,008    0.83
purchase,
net of tax
Reflecting  $      $     $     $     $              $      $   
lease                                       $             
termination (3,408)  (0.07)   20,921  0.40     53,237   1.01  39,359   0.78
costs
Less:
unrealized
gains
(losses) on
fuel
derivative  (3,469)   (0.07)   4,584    0.09     (2,375)  (0.05)   (3,859)   (0.07)
contracts,
net of tax
Reflecting
economic
fuel
expense and $      $     $     $     $     $     $      $   
lease                                     1.06          
termination    61   -      16,337  0.31     55,612           43,218   0.85
costs



                         Three Months Ended        Twelve Months Ended
                         December 31,              December 31,
                         2012         2011         2012          2011
GAAP operating expenses  $ 480.7     $ 399.5     $ 1,833.0     $ 1,630.2
Less: lease termination
costs related to Boeing  -            -            -             70.0
717 aircraft purchase
Adjusted operating
expense - excluding      480.7        399.5        1,833.0       1,560.2
lease termination costs
Less: aircraft fuel,     175.2        132.5        631.7         513.3
including taxes and oil
Adjusted operating
expense - excluding      $ 305.5     $ 267.0     $ 1,201.3     $ 1,046.9
aircraft fuel and lease
termination costs
Available Seat Miles     4,006.8      3,104.8      14,687.5      12,039.9
CASM - GAAP              12.00    ¢ 12.87    ¢ 12.48     ¢ 13.54     ¢
Less: lease termination
costs related to Boeing  -            -            -             0.58
717 aircraft purchase
CASM - excluding lease
termination costs        12.00        12.87        12.48         12.96
related to Boeing 717
aircraft purchase
Less: aircraft fuel      4.37         4.27         4.30          4.26
CASM - excluding
aircraft fuel and        7.63     ¢ 8.60     ¢ 8.18      ¢ 8.70      ¢
adjustments





Table 5.

Hawaiian Holdings, Inc.

Fuel Derivative Contract Summary

As of January 18, 2013
                                         Percentage of
                       Weighted Average  Projected Fuel  Fuel Barrels
                       Contract Price    Requirements    Hedged
                                         Hedged
                       Cap       Floor
First Quarter 2013
Crude Oil (per barrel)
 Brent Call Options $115.57   N/A     63%             814,000
Total                                    63%             814,000
Second Quarter 2013
Crude Oil (per barrel)
 Brent Call Options $113.84   N/A     56%             752,000
Total                                    56%             752,000
Third Quarter 2013
Crude Oil (per barrel)
 Brent Call Options $114.69   N/A     47%             657,000
Total                                    47%             657,000
Fourth Quarter 2013
Crude Oil (per barrel)
 Brent Call Options $115.22   N/A     34%             477,000
Total                                    34%             477,000
First Quarter 2014
Crude Oil (per barrel)
 Brent Call Options $117.59   N/A     19%             273,000
 Brent Collars      $116.10   $80.00  3%              45,000
Total                                    22%             318,000
Second Quarter 2014
Crude Oil (per barrel)
 Brent Call Options $115.56   N/A     5%              80,000
 Brent Collars       $116.41   $80.00  5%              70,000
Total                                    10%             150,000

SOURCE Hawaiian Holdings

Website: http://www.hawaiianairlines.com
Contact: Company, Scott Topping, CFO, +1-808-835-3700,
scott.topping@hawaiianair.com, Investor Relations, Susan Donofrio, Sr.
Director, +1-908-719-3206, susan.donofrio@hawaiianair.com or Media, Keoni
Wagner, VP, +1-808-838-6778, keoni.wagner@hawaiianair.com, all of Hawaiian
Airlines
 
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