The First Quarter Results Include The Adoption Of A New Accounting Standard Which Positively Impacted The Tax Expense, Resulting In A 10 Cent Increase To Gaap And Adjusted Eps.
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“The year has started extremely well,” said Mark Dunkerley, Hawaiian Airlines president and CEO. “Strong demand coupled with benign industry capacity growth in our geographies have given us a robust operating environment sufficient to more than offset the impact of the rising price of fuel. Beyond the financial numbers, the company continues to perform well thanks to the hard work of my 6,500 colleagues. We are looking forward to the flights months ahead.” Statistical information, as well as a reconciliation of the non-GAAP financial measures, can be found in the accompanying tables. The first quarter results include the adoption of a new accounting standard which positively impacted the tax expense, resulting in a 10 cent increase to GAAP and adjusted EPS. Liquidity and Capital Resources As of March31, 2017, the Company had: Unrestricted cash, cash equivalents and short-term investments of $740 million. Outstanding debt and capital lease obligations of $536 million. The Company also replenished its share repurchase authorization to $100 million while concurrently extending the program through May 2019. First Quarter 2017 Highlights Ratified a 63-month contract with its pilots represented by the Airline Pilots Association (ALPA). Electively contributed approximately $6 million to further reduce its pension obligations. Operational Ranked #1 nationally for on-time performance for the month of January 2017 as reported in the U.S.
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