HONOLULU -- Hawaiian Holdings, parent of Hawaiian Airlines,
reported third-quarter net income of $6.4 million for the period
ending Sept. 30, compared with $11.3 million in the year-ago
quarter -- a drop of more than 40 percent.
"We continue to face serious revenue challenges as a result of
sluggish travel demand," said John W. Adams, the carrier's chief
executive officer and president. "We expect that the resulting weak
yield and revenue environment that has prevailed throughout 2002
[will] continue in the current quarter and result in losses for the
fourth quarter and full year of 2002."
Last year's third quarter results improved with an $8.5 million
boost in federal assistance the airline received under the Air
Transportation Safety and System Stabilization Act.
Recently, Hawaiian Airlines announced it would cut back its work
force by 4%, laying off approximately 150 employees and reducing
work hours of others.