HONOLULU, March 18, 2002—Hawaiian Airlines, Inc. (AMEX and PCX: HA) announced today that its Board of Directors has authorized the repurchase of up to an aggregate amount not to exceed 5 million shares of its Common Stock from time to time in open market or privately negotiated transactions in the event that its merger agreement with Aloha Airgroup, Inc. and TurnWorks, Inc. is terminated. The stock repurchase is subject to prevailing market conditions and other considerations.
Founded in 1929 as Inter-Island Airways, Hawaiian Airlines is the first and largest Hawaii-based airline. From Honolulu, Hawaiian provides scheduled and charter air transportation of passengers, cargo and mail among the islands of Hawaii and between Hawaii and seven Western U.S. gateway cities and two destinations in the South Pacific. The nation’s 12th-largest carrier, it is also the second-largest provider of trans-Pacific air service between the U.S. mainland and Hawaii.