- Operating revenue increased 30.7% to $319.2 million

      - Revenue per available seat mile increased 26.4% to 13.35 cents

                - Passenger yield rose 29.7% to 14.51 cents

    - Excluding a litigation settlement of $52.5 million, second quarter

  pre-tax income totaled $1.8 million, compared to a pre-tax loss of $5.2

                             million a year ago

  - Including the litigation settlement, second quarter net income totaled

 $54.3 million, or $1.09 per diluted share, compared to a net loss of $3.9

                   million, or ($0.08) per share, in 2Q07



    HONOLULU, July 30 /EMWNews/ -- Hawaiian Holdings, Inc.

(Nasdaq: HA) ("Holdings" or "the Company"), parent company of Hawaiian

Airlines, Inc. ("Hawaiian"), today reported a consolidated net income for

the three months ended June 30, 2008, of $54.3 million, or $1.09 per

diluted share, on total operating revenue of $319.2 million. This compares

to a net loss of $3.9 million, or $0.08 per diluted share, for the three

months ended June 30, 2007. The 2008 net income includes a litigation

settlement of $52.5 million before tax, related to the Company's settlement

of its lawsuit with Mesa Air Group. Excluding this recovery, for the three

months ended June 30, 2008, the Company would have reported a net income of

$1.8 million, or $0.04 per diluted share.



    For the six months ended June 30, 2008, the Company reported a

consolidated net income of $34.4 million, or $0.71 per diluted share, on

total operating revenue of $570.5 million. This compares to a net loss of

$15.8 million, or $0.34 per diluted share, for the six months ended June

30, 2007. Excluding the litigation settlement mentioned above, the Company

would have reported a net loss of $18.1 million, or $0.37 per diluted

share, for the first half of 2008.



    "Our second quarter results are the consequence of unprecedented

changes in our business as well as the $52.5 million receipt of our

settlement with Mesa. The collapse of both Aloha and ATA occurred in the

first week of the quarter, so our financial results reflect the amalgam of

increased revenue from carrying 21% more customers, the cost of the

additional flying we have mounted to meet the demand for interisland travel

and some substantial transition costs as we grow quickly to fill the void,"

commented Mark Dunkerley, the Company's president and chief executive

officer. "All of this has occurred in an environment of rapidly rising oil

prices making our second quarter an extremely complex period to assess our

performance. Excluding the benefits of the proceeds from our settlement

with Mesa, however, the net of the beneficial impact of our competitors'

collapse and our raising of air fares offset by the costs of more expensive

jet fuel was to leave us at roughly break even. This is a testament to the

severity of the fuel price crisis facing our industry."



    Mr. Dunkerley continued, "Our employees surpassed themselves in meeting

the considerable challenge of coping with the sudden collapse of both Aloha

and ATA in the same week early in April. We were able to meet the needs of

interisland and transpacific travelers then and every week since and in

doing so, have strengthened our franchise for the future.



    "Looking ahead, the interisland market appears to have stabilized at a

point where the capacity of seats is sufficient to meet demand. The

transpacific picture is less settled with some indications late in the

quarter of economy-related weakness in demand," concluded Mr. Dunkerley.



    Second Quarter Operating Results



    The Company reported an operating income of $48.5 million in the second

quarter of 2008 including the litigation recovery compared to an operating

loss of $0.6 million in the second quarter of 2007. Excluding the Mesa

litigation recovery of $52.5 million, the Company would have reported an

operating loss of $4.0 million for the second quarter of 2008.



    During the quarter Hawaiian significantly expanded its short haul

interisland operations, while long haul capacity increased by a much

smaller proportion. Since shorter haul operations tend to have both higher

revenue and costs per seat mile, this shift in mix of flying toward a

higher percentage of shorter segment interisland operations tends to

inflate both revenue per available seat mile (RASM) and cost per seat mile

(CASM) relative to the prior year.



    Second quarter 2008 operating revenue was $319.2 million, a 30.7%

increase compared to the second quarter of 2007. Capacity for the quarter

increased 3.4% year-over-year to 2.4 billion Available Seat Miles (ASMs),

resulting in RASM of 13.35 cents, up 26.4% from 10.56 cents in the second

quarter a year ago. Second quarter load factor decreased to 85.1% from

87.1% in the same period a year ago. Passenger yield (passenger revenue per

revenue passenger mile) increased 29.7% to 14.51 cents from 11.19 cents in

the second quarter of 2007.










    Hawaiian Holdings, Inc.

    Selected Statistical Data



                           Three Months Ended        Six Months Ended

                               June 30,                   June 30,

                      2008     2007    Change    2008      2007    Change



    Scheduled

     Operations:

      Revenue

       passenger

       miles

       (RPM)(a)     2,034.4   1,985.3   2.5%    3,964.5   3,842.2     3.2%

      Available

       seat

       miles

       (ASM)(a)     2,391.5   2,277.2   5.0%    4,662.3   4,400.6     5.9%

      Passenger

       revenue

       per RPM        14.51    11.19   29.7%      13.26     10.79    22.8%

                      cents    cents              cents     cents



      Passenger

       load factor

       (RPM/ASM)       85.1%    87.2% (2.10) pt.   85.0%     87.3%  (2.30) pt.

      Passenger

       revenue per

       ASM (PRASM)    12.34     9.76   26.5%      11.27      9.42    19.6%

                      cents    cents              cents     cents



    Total

     Operations:

      Revenue

       passenger

       miles

       (RPM)(a)     2,034.4  2,014.0    1.0%    3,973.3   3,904.7     1.8%

      Available

       seat miles

       (ASM) (a)    2,391.5  2,311.8    3.4%    4,672.8   4,472.9     4.5%

      Passenger

       load

       factor

       (RPM/ASM)       85.1%    87.1% (2.00) pt.   85.0%     87.3%  (2.30) pt.

      Operating

       Revenue

       per ASM

       (RASM)         13.35    10.56   26.4%      12.21     10.27    18.9%

                      cents    cents              cents     cents

      Operating

       Cost per

       ASM (CASM)     11.32    10.59    6.9%      11.64     10.64     9.4%

                      cents    cents              cents     cents

      CASM -

       excluding

       litigation

       settlement     13.52    10.59   27.7%      12.77     10.64    20.0%

                      cents    cents              cents     cents

      CASM -

       excluding

       litigation

       settlement

       and aircraft

       fuel            8.36     7.64    9.4%       8.18      7.80     4.9%

                      cents    cents              cents     cents



    (a) In millions.





    Total operating expenses for the second quarter of 2008 increased 10.6%

year-over-year to $270.7 million, resulting in an operating cost per

available seat mile (CASM) of 11.32 cents, up 6.9% versus the same period a

year ago. CASM excluding the litigation settlement related to the lawsuit

settlement was 13.52 cents, a 27.7% increase versus last year's second

quarter. CASM excluding the litigation settlement and aircraft fuel

increased 9.4% to 8.36 cents year over year. Hawaiian's cost per seat mile

increased relative to previous quarters as a result of several factors,

including the disproportionate increase in shorter haul interisland flying,

increases in sales related expenses associated with higher second quarter

revenue, transition costs related to the expansion of operations and

inflation in specific cost categories.



    Aircraft fuel costs increased 81.0% year-over-year to $123.4 million

and represented approximately 38.2% of operating expenses excluding the

litigation gain. Hawaiian's average cost per gallon of jet fuel increased

72.0% year- over-year in the second quarter to $3.63 (including taxes,

delivery and hedging impacts), while block hours increased 8.7% primarily

reflecting increased 717 operations. During the current year period,

benefits of hedging activities are included in non-operating

income/expenses, and as such are not reflected in fuel expense. During the

quarter, Hawaiian realized gains of $8.3 million on settled fuel derivative

contracts, whereas non-operating income reflects the recognition of $8.9

million in gains from Hawaiian's fuel hedging activity which includes both

realized gains and changes in mark-to- market value of fuel derivative

contracts.










                         Economic Fuel Reconciliation



                                                            Three Months Ended

                                                              June 30, 2008

                                                                (millions)



    GAAP fuel expense, including taxes and delivery               $123.4

    Less settlement on fuel derivative contracts

     in the current period                                          (8.3)

    Economic fuel expense in the current period                   $115.1





    As a result of the rapid increase in operations following the

withdrawal of service by two significant competitors, Hawaiian increased

its staffing levels and training activity. Wages and benefits expenses

increased by $5.0 million in the second quarter of 2008 from the comparable

period in 2007 primarily as a result of increased operating activity that

resulted in an increase of 8.7% in block hours operated and 17.2% more

departures. Additionally, the Company paid a one time bonus payments

totaling $2.5 million to its employees during the second quarter of 2008.



    Maintenance, materials and repairs expense increased $6.7 million to

$30.0 million. Engine power-by-the-hour charges increased as a result of

increased aircraft utilization and higher contractual rates. Additionally,

the Company experienced higher third party maintenance expenses as a result

of additional airframe and landing gear maintenance activities.



    Commissions and other selling expenses increased $5.2 million to $20.1

million due to increases in credit card fees, booking fees and commission

expense as a result of an increase in sales and higher frequent flyer

expense related to higher incremental costs of our frequent flyer liability

resulting from rising fuel prices. Other rentals and landing fees increased

$2.1 million primarily as a result of the higher level of flight activity

and increased charges at airports in the state of Hawaii.



    Second quarter 2008 non-operating income totaled $5.9 million, as

compared to non-operating expense of $4.6 million in the second quarter of

2007. Lower interest expense in the second quarter of 2008 was partially

offset by lower interest income, while gains related to Hawaiian's fuel

hedging activities accounted for the majority of year-over-year improvement

in non-operating income.






    Liquidity, Capital Resources and Fuel Hedging



    -- As of June 30, 2008, the Company had unrestricted cash and cash

       equivalents, and short-term investments of $190.9 million, and $56.1

       million in restricted cash.  The Company also held $41.6 million in

       Auction Rate Securities (at fair value) of which $6.1 million is

       classified as short-term investments (as it was liquidated in early

       July) and $35.5 million is recorded as long-term assets.



    -- As of June 30, 2008, the Company's debt included $99.2 million in two

       term loans at the Hawaiian level, $113.6 million in floating rate notes

       issued in conjunction with the acquisition of three Boeing 767-300 ER

       aircraft in December 2006, and additional notes payable of $15.2

       million.



    -- As of June 30, 2008, Hawaiian had entered into heating oil futures

       contracts to hedge approximately 10% of its third quarter of 2008

       consumption.  The Company's oil futures are outlined in the table

       below.







                             Heating Oil Futures



    As of June 30, 2008:

                              Average Heating                   Percentage of

                               Oil Contract                       Quarterly

                                  Price        Gallons Hedged    Consumption

                                per Gallon       (thousands)       Hedged

    Third Quarter 2008            $2.407           3,192             10%







    Recent Business Highlights



    -- In early July, Hawaiian was ranked as the nation's #1 carrier for

       on-time performance as reported by the U.S. Department of

       Transportation's (DOT) Air Travel Consumer Report for the month of May.

       Hawaiian also ranked fourth nationally for fewest misplaced bags and

       fifth in the industry for fewest cancelled flights.

    -- At the end of June, Hawaiian was added to the Russell 3000(R) Index.

    -- In early June, Hawaiian has announced that it will expand its

       interisland fleet with the addition of four Boeing 717-200 aircraft to

       better meet the needs of Hawaii's interisland travelers in the wake of

       the shutdown of Aloha Airlines on April 1. The first of these aircraft

       is scheduled to enter service in September, with the remaining aircraft

       being added to the fleet in the fourth quarter.

    -- In early June, Hawaiian commenced trading on the NASDAQ Global Market

       under the symbol "HA."

    -- At the end of May, Hawaiian has received the 2008 Maggie Award for Best

       Travel/In-Transit Consumer magazine from the Western Publications

       Association.

    -- In mid-May, Hawaiian signed a new codeshare agreement with United

       Airlines on interisland flights.

    -- At the end of April, Hawaiian reached a lawsuit settlement with Mesa

       Air Group and received a cash payment of $52.5 million in early May.

       Mesa withdrew its appeal of the $80 million judgment (plus interest,

       attorney's fees and costs) awarded against Mesa by the United States

       Bankruptcy Court in October 2007.

    -- In mid-April, Hawaiian launched an historic new chapter in its 79-year

       legacy of service for Hawaii with the start of nonstop flights between

       Honolulu and Manila, the Company's first gateway to Asia. The new

       service also makes Hawaiian the only U.S. carrier providing nonstop

       service between Manila and Honolulu, and will more than double capacity

       on the route.

    -- In early April, in response to the sudden closure of both Aloha

       Airlines and ATA Airlines, Hawaiian announced nonstop daily service

       between Honolulu and Oakland, California, starting May 1.

    -- In early April, in response to Aloha ceasing flight operations,

       Hawaiian took immediate steps to add capacity to its daily interisland

       schedule, substantially increased its customer service staffing at

       airports statewide, and established a dedicated website page and toll-

       free phone number providing updated information for displaced Aloha

       ticket holders. The Company also flew extra section flights to the West

       Coast to accommodate hundreds of visitors stranded in Hawaii by the

       closure of Aloha and ATA.



    Investor Conference Call



    Hawaiian Holdings' quarterly earnings conference call is scheduled to

begin later today (Wednesday, July 30, 2008) at 4:30 p.m. Eastern Time

(USA). The conference call will be broadcast live over the Internet.

Investors may listen to the live audio webcast on the investor relations

section of the Company's website at http://www.HawaiianAirlines.com. For

those who are not available for the live broadcast, the call will be

archived on Hawaiian's investor website.

    About Hawaiian Airlines



    The nation's top-ranked airline for service in the 2007 Airline Quality

Ratings, Hawaiian has led all U.S. carriers in on-time performance for each

of the past four straight years (2004-2007) and in fewest misplaced bags

for the past three years (2005-2007) as reported by the U.S. Department of

Transportation. Consumer surveys by Conde Nast Traveler, Travel + Leisure

and Zagat have all ranked Hawaiian as the top domestic airline serving

Hawaii.



    Now in its 79th year of continuous service in Hawaii, Hawaiian is the

state's biggest and longest-serving airline, as well as the second largest

provider of passenger air service between the U.S. mainland and Hawaii.

Hawaiian offers nonstop service to Hawaii from more U.S. gateway cities

than any other airline (10), as well as service to Australia, American

Samoa, the Philippines and Tahiti. Hawaiian also provides approximately 150

daily jet flights among the Hawaiian Islands. Hawaiian Airlines, Inc. is a

subsidiary of Hawaiian Holdings, Inc. (Nasdaq: HA).



    Additional information is available at HawaiianAirlines.com.



    Forward-Looking Statements



    The foregoing information contains certain forward-looking statements

that reflect the Company's current views with respect to certain current

and future events and financial performance. These forward-looking

statements are and will be, as the case may be, subject to many risks,

uncertainties and factors relating to the Company's operations and business

environment which may cause the Company's actual results to be materially

different from any future results, expressed or implied, in these

forward-looking statements. These risks and uncertainties include, without

limitation, aviation fuel costs, competition in the interisland markets,

competitive pressure on pricing, ability to negotiate labor agreements, our

ability to satisfy financial covenants and our new long term commitments

for aircraft. Any forward-looking statements in this release are based upon

information available to the Company on the date of this release. The

Company does not undertake to publicly update or revise its forward-looking

statements even if experience or future changes make it clear that any

statements expressed or implied therein will not be realized. Additional

information on risk factors that could potentially affect the Company's

financial results may be found in the Company's filings with the Securities

and Exchange Commission.










    Hawaiian Holdings, Inc.

    Consolidated Statements of Operations

    (in thousands, except for per share data) (unaudited)





                                       Three Months Ended   Six Months Ended

                                            June 30,            June 30,

                                         2008      2007      2008      2007



    Operating Revenue:

      Passenger                        $295,200  $222,167  $525,566  $414,724

      Cargo                               9,016     7,454    16,778    14,444

      Charter                                 -     2,213     1,144     4,616

      Other                              14,976    12,350    26,968    25,590

        Total                           319,192   244,184   570,456   459,374



    Operating Expenses:

      Aircraft fuel, including

       taxes and oil                    123,377    68,164   214,413   127,458

      Wages and benefits                 64,958    59,946   122,259   117,943

      Aircraft rent                      23,322    24,439    47,135    48,579

      Maintenance materials

       and repairs                       29,960    23,236    59,335    48,298

      Aircraft and passenger

       servicing                         14,314    13,847    27,986    27,937

      Commissions and other selling      20,148    14,996    36,319    28,380

      Depreciation and amortization      11,755    11,169    23,774    21,395

      Other rentals and landing fees      8,944     6,818    17,113    13,803

      Litigation settlement             (52,500)        -   (52,500)        -

      Other                              26,443    22,168    48,156    42,310

        Total                           270,721   244,783   543,990   476,103



    Operating Income (Loss)              48,471      (599)   26,466   (16,729)



    Nonoperating Income (Expense):

      Interest and amortization of

       debt discounts and issuance

        costs                            (4,847)   (6,414)  (10,480)  (12,956)

      Interest income                     1,867     2,374     3,857     5,195

      Capitalized interest                    -       400         -     1,309

      Gains (losses) on fuel hedging      8,877    (1,044)   14,451    (1,746)

      Other, net                            (23)       81       136       (65)

        Total                             5,874    (4,603)    7,964    (8,263)



    Income (Loss) Before Income Taxes    54,345    (5,202)   34,430   (24,992)

      Income tax expense (benefit)            -    (1,261)        -    (9,159)



    Net Income (Loss)                   $54,345   $(3,941)  $34,430  $(15,833)



    Net Income (Loss) Per Common

     Stock Share:

      Basic                               $1.14    $(0.08)    $0.73    $(0.34)

      Diluted                             $1.09    $(0.08)    $0.71    $(0.34)



    Weighted Average Number of Common

     Stock Shares Outstanding:

      Basic                              47,488    47,153    47,396    47,153

      Diluted                            49,796    47,153    48,739    47,153







    Hawaiian Holdings, Inc.

    Reconciliation of Non-GAAP Financial Measures

    (in millions, except for CASM data) (unaudited)





                         Three Months Ended           Six Months Ended

                              June 30,                    June 30,

                         2008          2007           2008        2007



    GAAP operating

     expenses           $270.7        $244.8        $544.0        $476.1

      Litigation

       settlement        (52.5)            -         (52.5)            -

    Operating

     expenses, less

     litigation

     settlement          323.2         244.8         596.5         476.1

      Aircraft fuel,

       including

       taxes and oil     123.4          68.2         214.4         127.5

    Operating

     expenses, less

     litigation

     settlement and

     aircraft fuel      $199.8        $176.6        $382.1        $348.6



    Available Seat

     Miles             2,391.5       2,311.8       4,672.8       4,472.9



    CASM - GAAP          11.32 cents   10.59 cents   11.64 cents   10.64 cents

      Add back:

       Litigation

       settlement        (2.20)            -         (1.12)            -



    CASM -

     excluding

     litigation

     settlement          13.52 cents   10.59 cents   12.77 cents   10.64 cents

      Less:

      aircraft

      fuel                5.16          2.95          4.58          2.84

    CASM -

     excluding

     litigation

     settlement

     and

     aircraft

     fuel                 8.36 cents    7.64 cents    8.18 cents    7.80 cents



    Notes:

    ASM's represents total operations