UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): AUGUST 20, 2004 HAWAIIAN HOLDINGS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 1-31443 71-0879698 (STATE OR OTHER (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER JURISDICTION OF IDENTIFICATION NUMBER) INCORPORATION OR ORGANIZATION) 12730 HIGH BLUFF DRIVE SUITE 180 SAN DIEGO, CA 92130 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (858) 523-0171 ITEM 8.01. Other Events. As previously disclosed in the Registrant's Current Report on Form 8-K filed on March 21, 2003, the Registrant's Form 12b-25 filed on March 21, 2003, and the Registrant's Form 12b-25 filed on April 30, 2003, on March 21, 2003 Hawaiian Airlines, Inc. ("Hawaiian Airlines"), the sole operating subsidiary of the Registrant, filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code (the "Chapter 11 Filing") in the United States Bankruptcy Court for the District of Hawaii (the "Bankruptcy Court") (Case No. 03-00827). On August 20, 2004, Hawaiian Airlines filed its unaudited Monthly Operating Report for the month of July 2004 (the "Operating Report") with the Bankruptcy Court. Pursuant to the Registrant's disclosure contained in the Registrant's Form 12b-25 that was filed on August 14, 2003, the Registrant is furnishing the Operating Report as an exhibit to this Form 8-K. Exhibit 99.1 to this Current Report on Form 8-K contains a copy of the Operating Report as filed with the Bankruptcy Court. The Operating Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such filing. THE OPERATING REPORT HAS NOT BEEN PREPARED BY THE REGISTRANT OR REVIEWED BY THE REGISTRANT PRIOR TO ITS SUBMISSION TO THE BANKRUPTCY COURT, CONTAINS FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION THAT HAVE NOT BEEN AUDITED OR REVIEWED BY INDEPENDENT ACCOUNTANTS, IS NOT PRESENTED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, AND MAY BE SUBJECT TO FUTURE RECONCILIATION OR ADJUSTMENTS. THE REGISTRANT OBTAINED THE OPERATING REPORT FROM COUNSEL TO HAWAIIAN AIRLINES AS SUCH COUNSEL INDICATED SUCH REPORT HAD BEEN FILED WITH THE BANKRUPTCY COURT. THE REGISTRANT HAS NO MEANS TO INDEPENDENTLY VERIFY THE INFORMATION CONTAINED IN THE OPERATING REPORT. THE OPERATING REPORT MAY ALSO CONTAIN INFORMATION FOR PERIODS THAT ARE SHORTER OR OTHERWISE DIFFERENT FROM THOSE CONTAINED IN THE REGISTRANT'S REPORTS REQUIRED TO BE MADE PURSUANT TO THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE REGISTRANT MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER AS TO ANY OF THE INFORMATION CONTAINED IN THE OPERATING REPORT. FOR THESE REASONS, THE REGISTRANT CAUTIONS READERS NOT TO PLACE UNDUE RELIANCE UPON THE INFORMATION CONTAINED IN THE OPERATING REPORT. THE OPERATING REPORT IS BEING PROVIDED SOLELY FOR INFORMATION PURPOSES. This current report on Form 8-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of the Registrant with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of the Registrant and Hawaiian Airlines that may cause the actual results of the Registrant and Hawaiian Airlines to be materially different from any future results, expressed or implied, in such forward-looking statements. Factors -2- that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Registrant and Hawaiian Airlines to continue as a going concern; the ability of Hawaiian Airlines to obtain court approval with respect to motions in the Chapter 11 proceeding prosecuted by it from time to time; the ability of Hawaiian Airlines to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 case; risks associated with third parties seeking to propose and confirm one or more plans of reorganization with respect to the Chapter 11 case; risks associated with the appointment of a Chapter 11 trustee and the ability of the Chapter 11 trustee to successfully manage the day-to-day operations of Hawaiian Airlines; risks associated with the Chapter 11 trustee or third parties seeking to convert the case to a Chapter 7 case; the ability of Hawaiian Airlines to obtain and maintain normal terms with vendors and service providers; the ability of Hawaiian Airlines to maintain contracts that are critical to its operations; the potential adverse impact of the Chapter 11 case on the liquidity or results of operations of the Registrant and Hawaiian Airlines; the ability of Hawaiian Airlines to fund and execute its business plan; the ability of the Registrant and Hawaiian Airlines to attract, motivate and/or retain key executives and associates; the ability of Hawaiian Airlines to attract and retain customers; demand for transportation in the markets in which Hawaiian Airlines operates; economic conditions; the effects of any hostilities or act of war (in the Middle East or elsewhere) or any terrorist attack; labor costs; financing costs; the cost and availability of aircraft insurance; aviation fuel costs; security-related costs; competitive pressures on pricing (particularly from lower-cost competitors); weather conditions; government legislation and regulation; consumer perceptions of the products of Hawaiian Airlines; and other risks and uncertainties set forth from time to time in the Registrant's reports to the U.S. Securities and Exchange Commission. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the various pre-petition liabilities of Hawaiian Airlines and the common stock and/or other equity securities of the Registrant. No assurances can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies, and it is possible that Hawaiian Airline's equity will be restructured in a manner that will substantially reduce or eliminate any remaining value in Hawaiian Airline's equity and, therefore, in the Registrant's equity. In addition, other factors may also affect the liquidity and value of the Registrant's securities. Such factors include: uncertainty as to whether, or for how long the Registrant's securities will continue to be listed or traded on Amex, and the uncertainty whether, should the Registrant's securities cease to be listed or traded on Amex, a comparable or substitute trading medium can be found. Accordingly, the Registrant urges that the appropriate caution be exercised with respect to existing and future investments in any of these liabilities and/or securities. ITEM 9.01. Financial Statements and Exhibits. (a) Financial Statements of Business Acquired. Not Applicable/None (b) Pro Forma Financial Information. -3- Not Applicable/None Exhibits. Exhibit Number Document Description -------------- -------------------- 99.1 Hawaiian Airlines, Inc. Monthly Operating Report, dated August 20, 2004, to the Bankruptcy Court for the period ending July 31, 2004. -4- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 30, 2004 HAWAIIAN HOLDINGS, INC. By: /s/ Randall L. Jenson Randall L. Jenson Vice President and Chief Financial Officer -5- EXHIBIT INDEX Exhibit No. ----------- 99.1 Hawaiian Airlines, Inc. Monthly Operating Report dated August 20, 2004, to the Bankruptcy Court for the period ending July 31, 2004. -6-
HAWAIIAN AIRLINES, INC. JULY 2004 FINANCIAL INFORMATION HAWAIIAN AIRLINES, INC. CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) (Actual amounts in thousands) ONE MONTH ENDED SEVEN MONTHS ENDED JULY 31, JULY 31, -------------------------- ------------------------------ 2004 2004 -------------------------- ------------------------------ Operating Revenues: Passenger........................................ $ 73,005 $ 413,539 Charter.......................................... 395 3,451 Cargo............................................ 3,075 17,745 Other............................................ 4,224 22,903 -------------------------- ------------------------------ Total.......................................... 80,699 457,638 -------------------------- ------------------------------ OPERATING EXPENSES: Wages and benefits............................... 20,028 135,080 Aircraft fuel, including taxes and oil........... 11,855 71,691 Maintenance materials and repairs................ 4,604 29,073 Aircraft rent.................................... 8,939 62,172 Other rental and landing fees.................... 2,155 14,154 Sales commissions................................ 477 2,552 Depreciation and amortization.................... 621 4,235 Other............................................ 13,450 84,677 -------------------------- ------------------------------ Total.......................................... 62,129 403,634 -------------------------- ------------------------------ OPERATING INCOME................................... 18,570 54,004 -------------------------- ------------------------------ NONOPERATING INCOME (EXPENSE): Reorganization items, net........................ (1,303) (8,341) Interest and amortization of debt expense........ (24) (135) Gain (loss) on disposition of equipment.......... - (36) Other, net....................................... 75 25 -------------------------- ------------------------------ Total.......................................... (1,252) (8,487) -------------------------- ------------------------------ NET INCOME BEFORE TAXES............................ 17,318 45,517 INCOME TAXES: Income tax expense............................... (7,187) (19,876) -------------------------- ------------------------------ NET INCOME ........................................ $ 10,131 $25,641 ========================== ============================== HAWAIIAN AIRLINES, INC. CONDENSED BALANCE SHEET (UNAUDITED) (Actual amounts in thousands) JULY 31, 2004 -------- ASSETS Current Assets: Cash and cash equivalents........................................ $ 141,934 Restricted cash.................................................. 74,539 Accounts receivable.............................................. 43,265 Inventories...................................................... 9,768 Prepaid expenses and other....................................... 20,189 ------ Total current assets........................................... 289,695 ------- Noncurrent Assets: Property and equipment, less accumulated depreciation............ 46,957 Reorganization value in excess of identifiable assets............ 28,320 Other assets..................................................... 48,138 ------ Total noncurrent assets........................................ 123,415 ------- Total Assets............................................... $ 413,110 ========= LIABILITY AND SHAREHOLDERS' DEFICIT Current Liabilities: Current portion of long-term debt................................ $ 12 Accounts payable................................................. 66,014 Accrued liabilities.............................................. 55,144 Air traffic liability............................................ 151,698 ------- Total current liabilities...................................... 272,868 ------- Noncurrent Liabilities: Long-term debt................................................... 38 Other liabilities and deferred credits........................... 189,056 ------- Total noncurrent liabilities................................... 189,094 ------- Total Liabilities.............................................. 461,962 ------- Liabilities Subject to Compromise.................................. 133,389 ------- 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.............................................. (130,137) -------- Shareholders' Deficit.......................................... (182,241) -------- Total Liabilities and Shareholders' Deficit................ $ 413,110 ========= ONE MONTH SEVEN MONTHS ENDED ENDED JULY 31, JULY 31, 2004 2004 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net Income.................................................................. $ 10,131 $ 25,641 Adjustments to reconcile net income to net cash provided by operating activities before reorganization activities: Reorganization items, net ............................................ 1,303 8,341 Depreciation ......................................................... 610 4,010 Amortization ......................................................... 11 225 Net periodic postretirement benefit cost ............................. 374 2,618 Loss on disposition of property and equipment ........................ - 36 Decrease (increase) in restricted cash ............................... 13,258 (21,773) Increase in accounts receivable ...................................... (857) (6,363) Decrease (increase) in inventory ..................................... 2,256 (216) Decrease (increase) in prepaid expenses and other .................... (2,174) 485 Increase in accounts payable ......................................... 3,266 11,861 Increase (decrease) in air traffic liability.......................... (10,252) 51,525 Increase (decrease) in accrued liabilities ........................... 1,895 (2,443) Other, net ........................................................... 4,168 (6,613) -------- -------- Net cash provided by operating activities before reorganization activities................................ 23,989 67,334 -------- -------- Reorganization activities: Professional fees paid................................................ (1,491) (10,034) Interest on accumulated cash balances................................. 188 1,384 -------- -------- Net cash used by reorganization activities....................... (1,303) (8,650) -------- -------- Net cash provided by operating activities........................ 22,686 58,684 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment ........................................ (1,100) (5,237) ------ ------ Net cash used in investing activities ........................... (1,100) (5,237) ------ ------ CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from optionholders notes receivable ............................... - 1,349 Proceeds from issuance of debt ............................................. - 52 Repayment of debt .......................................................... (4) (23) Principal payments under capital lease obligation .......................... (89) (619) -------- -------- Net cash provided by (used in) financing activities ............. (93) 759 -------- -------- Net increase in cash and cash equivalents ....................... 21,493 54,206 -------- -------- Cash and Cash Equivalents - Beginning of Period ................................... 120,441 87,728 -------- -------- Cash and Cash Equivalents - End of Period ......................................... $ 141,934 $ 141,934 ========= ========= HAWAIIAN AIRLINES, INC. TRAFFIC STATISTICS (SCHEDULED AND CHARTER) (Unaudited) JULY 2004 ------------ SCHEDULED TOTAL PAX 531,681 RPMS 576,446,176 ASMS 652,798,856 LF 88.3% CHARTER PAX 2,280 RPMS 6,331,560 ASMS 7,236,862 LF 87.5% SYSTEM TOTAL (INCLUDES CHARTERS) REV PAX 533,961 RPMS (000) 582,778 ASMS (000) 660,036 CARGO/MAIL TON MI 7,687,905 LOAD FACTOR (%) 88.3%