Hawaiian cash and debt rise in Q1

New York
Source:
This story is sourced from Pro
See more Pro news »

Hawaiian Airlines saw both its cash balances and long-term debt rise during the first quarter.

Cash, cash equivalents and short-term investments were up 13.1% to $478.7 million at the end of March compared to three months earlier. Cash was up 9.2% compared to the first quarter 2013.

Honolulu-based Hawaiian added short-term investments to its liquidity portfolio during the first quarter of 2014.

Long-term debt and capital lease obligations increased 5.7% to $786.5 million during the first quarter. Debt was up 45% from March 2013.

Hawaiian estimates $254 million in aircraft-related capital expenditures during the remaining nine months of 2014. The airline has two Airbus A330-200 deliveries scheduled in the second quarter and one in the fourth quarter.

All of the aircraft are financed by the airline’s $444.6 million secured enhanced equipment trust certificate (EETC) issue in May 2013.

Non-aircraft capital expenditure will be between $45 million and $55 million for the rest of 2014.

Capital expenditures totalled roughly $170 million, including $160 million for aircraft, during the first quarter.