Hawaiian Airlines saw its unrestricted liquidity rise to $438.2 million during the first quarter, as debt continued to fall.
Cash and cash equivalents were up 8% during the quarter from $405.9 million at the end of December. Cash was up 16.5% year-on-year at the end of March.
Long-term debt and capital lease obligations were down 1.9% to $542.6 million at the end of the first quarter. Debt was up 9.8% compared to March 2012.
Honolulu-based Hawaiian took delivery of one Airbus A330-200 during the first quarter. The aircraft was financed through a 12-year sale and leaseback deal with Hong Kong Aviation Capital (HKAC) in February.
The airline took delivery of another A330-200 in April under a separate lease agreement with HKAC. It has $90 million in committed lease financing for the aircraft from the lessor, according to a stock exchange filing on 25 April.
Capital expenditures totalled $36 million in the quarter, including $27 million related to aircraft purchases, says Scott Topping, chief financial officer of Hawaiian.
Hawaiian has $10.4 million in capital lease payments and $69.2 million in operating lease payments still due this year.