POSTED: 9:09 a.m. HST, Jul 1, 2010
LAST UPDATED: 9:20 a.m. HST, Jul 1, 2010
The parent of Hawaiian Airlines said it plans to repurchase up to $10 million of its stock based on yesterday's closing price of $5.17 a share.
The repurchase amounts to about 3.7 percent of the company's outstanding common shares, Hawaiian Holdings Inc. said in a news release today.
“Our decision to repurchase our stock is a reflection of the confidence our management and board has in Hawaiian's future and reflects our commitment to build value for our shareholders," said Mark Dunkerley, president and chief executive officer.
Hawaiian also said it expects to record a gain of approximately $9 million as its share of a litigation settlement which would be reflected in results for the third quarter of 2010. The settlement, which closes today, resolves a lawsuit between LAX TWO Corp. a California nonprofit mutual benefit corporation of which the Hawaiian Airlines is a member, and the Los Angeles World Airports over LAX TWO's leasehold interest in Terminal 2 at Los Angeles International Airport.