Harmony Airways not doing well

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tincanflyer
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Harmony Airways not doing well

Post by tincanflyer »

Is this true or more rumors from airliners.net???

http://www1.airliners.net/discussions/g ... n/3124419/
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Kelowna Pilot
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Post by Kelowna Pilot »

I really hope not, but with a slowing economy and the US looking at a Housing market induced recession, who knows...

I just hope they don't hire this guy as their CFO:

http://iamfacingforeclosure.com/100/bor ... mments-top
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DA900
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Post by DA900 »

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Last edited by DA900 on Sat Dec 02, 2006 11:05 pm, edited 1 time in total.
Rectum, damn near killed 'em
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Post by YVRflyer »

Rumours you gotta love them. If any of these sources would be properly informed, they would know that we are in the process of adding aircraft to the fleet and introducing a new aircraft type.
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Dash-Ate
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Post by Dash-Ate »

December 01, 2006
Fly boy grounds himself

Gary Collins will no longer be flying the friendly skies with Harmony Airways. Earlier today, the company announced the former provincial finance minister had resigned as its president. In an interview with Public Eye, Mr. Collins explained he made the decision because there's "something else that I'm looking at" - specifically two other career opportunities. "And hopefully you'll hear from me in the not-to distance future." And what opportunities is he considering, you may wonder? "I'm not in a position to make an announcement or commitment at this point," stated Mr. Collins. Although he did say it wouldn't involve the Liquour Stores Income Fund or work with the British Columbia government. When ask whether he would consider a return to politics, Mr. Collins responded, "Maybe sometime within the next millenium. But I'm still in detox. I'm not there yet. I'd never rule it out. But it's certainly not something on this side of the horizon." The following is a complete copy of the aforementioned announcement.

Kirk Henderson Named Interim President at Harmony Airways
Former Jim Pattison Group Vice-Chair Replaces Gary Collins

Richmond, BC (December 1, 2006): Harmony Airways Chairman and owner Dr David T.K. Ho today announced that Kirk Henderson, former Vice-Chairman of the Jim Pattison Group, has been named interim President following the resignation of Gary Collins who had been with the Vancouver-based airline for two years.

"Gary brought a tremendous profile and professionalism to our airline, and his organizational skills allowed us to re-structure and grow our business, particularly in the Hawaii market where Harmony has become a leader among Canadian carriers," said Dr Ho. "As we carry out our search for a new President, I'm very pleased that Kirk Henderson is available to join us and help prepare us for future growth. Kirk's business experience, and in particular his years with the Jim Pattison Group, will provide the leadership that's needed during this interim period."

Collins thanked Ho and the entire Harmony team for the opportunity to help build a British Columbia success story.

"I'm really proud of what our team accomplished over the past couple of years," said Collins. "We took a fledgling local airline and made it a household name with a great reputation for customer service. In the process, we made Harmony's name synonymous with Hawaii and other sunshine destinations."

Dr Ho said that while the airline has long-term plans to fly to China, the core of its current business continues to be vacation destinations, particularly Maui, Honolulu and Las Vegas.

"Like our entire team, I'm committed to the continued success of Harmony, and I'm particularly pleased that Gary will stay on with us as a member of our board of advisors," added Dr Ho.

The other members of the Harmony Airways board of advisors are Steve Bellringer, William (Bill) Dalton, William (Bill) Cohen, Anthony von Mandl, John Reynolds, Greg McDougall, David Chu, Lyall Knott, Robert (Bob) Weins, and Doug Black.

"I'm very pleased to join the Harmony team, and like Dr Ho, I'm excited about preparing the airline for future growth in the years ahead," added Henderson. "The potential is tremendous and the Harmony brand has become a popular choice for travelers, particularly when it comes to the discerning leisure travel market."

Harmony Airways flies year-round, non-stop service to Hawaii from Vancouver and Calgary. Other year-round service from Vancouver includes Las Vegas and Toronto. Seasonal services include flights to Hawaii from Kelowna, Edmonton, and Victoria, as well as Palm Springs and San Francisco from Vancouver. Hotels, car rentals, and vacation packages are offered through Harmony Vacations.

-30-
Media contacts:
Norman Stowe
Gary Collins

http://www.publiceyeonline.com/archives/002015.html
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That'll buff right out :rolleyes:
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RB211
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Post by RB211 »

The Voyageur deal was just for the summer. It was done to accommodate some interline agreements with some Asian carriers to provide connections to YYC for the season. It wasn't intended to develop the YVR-YYC market.

Rumours of Harmony's demise are brought to you by the 'fun loving' folks at WJ. Their Christmas wish list includes HQ's demise. It's funny how much of a 'Teal' AC this airline has become when it comes to wanting to eliminate competition.

I have heard it only serves to deepen the resolve of Dr. Ho. He recently sent a memo to all employees that new generation a/c were being sought for 2007.

I don't read their imminent failure into that.
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Azure
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Post by Azure »

RB211 wrote: Rumours of Harmony's demise are brought to you by the 'fun loving' folks at WJ. Their Christmas wish list includes HQ's demise. It's funny how much of a 'Teal' AC this airline has become when it comes to wanting to eliminate competition.
Since WJ and Harmony have an inter-line agreement, I really doubt that there is any wish by fun loving WJ'ers to lose that perk. Well, the smart ones anyway.

And if China happens....all the better!
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YVRflyer
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Post by YVRflyer »

Doesn't look like China will be happening as Air Canada scooped up most available frequencies to China from the Canadian Government.
I can also confirm RB211's statement where the rumour started.
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C-FABH
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Post by C-FABH »

RB211 wrote: Rumours of Harmony's demise are brought to you by the 'fun loving' folks at WJ.
Maybe they hacked into Harmony's reservation system, only to find empty flights? :lol:
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CanadaEH
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Post by CanadaEH »

Rumours you gotta love them. If any of these sources would be properly informed, they would know that we are in the process of adding aircraft to the fleet and introducing a new aircraft type.
Adding aircraft and introducing a new aircraft type does not mean you are making money. There are a few signals that suggest you aren't, but that doesn't mean a certain "teal" airline wishes for you to go away. I've flown HQ twice and I thought the service was fantastic, the food to be good, and the FA's to be hot. :wink:
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boeingboy
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Post by boeingboy »

They've been "in the process" of adding airplanes for years. Fact is they should have more than 4 airplanes right now if they want to do anything, and they haven't made any money yet either - $120 million in the hole and rising. I suspect Dr. Hoe wants it to lose money so he can write off the gains of his other companies.

Now that's not to say they will dissapear anytime soon, and the service is fantastic - however I suspect that at some point in the future (who knows when) it will be just like C3. Dr Hoe will just lock the doors after work one night and that will be it.
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goldeneagle
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Post by goldeneagle »

boeingboy wrote:They've been "in the process" of adding airplanes for years. Fact is they should have more than 4 airplanes right now if they want to do anything, and they haven't made any money yet either - $120 million in the hole and rising. I suspect Dr. Hoe wants it to lose money so he can write off the gains of his other companies.

Now that's not to say they will dissapear anytime soon, and the service is fantastic - however I suspect that at some point in the future (who knows when) it will be just like C3. Dr Hoe will just lock the doors after work one night and that will be it.
Mr Ho is not an idiot. Only idiots build companies to create write-offs specifically. If you really need the write-off, just give the money to a charitable organization, and get the tax reciept. The only folks that think companies are built for 'write-offs' are those to stupid to understand the economics of how write-offs and write-downs actually work. Those folks didn't get to be billionaires, and, cant afford to start airlines out of thier own pocket. While it's true, some companies turn into write-offs for thier founders, that is never the goal, and, often just an 'after the fact' rationalization, bought only by those with little/no understanding of finance.

It never ceases to amaze me how little the pilot peer group as a whole understands about running a business...

Harmony is a private company, with managed growth. They have been around and watched others fall, while the company is being built into a solid foundation. As long as it's never taken public (this is how founders cash out of a company), it will survive, and be healthy. I suspect we will all still be able to ride harmony airplanes, even after the next AC bankruptcy, and 'team teal' joins them in the oblivion of bankrupt airlines. That's simply because a private company operates on a timeframe beyond 'next quarter report', so they have an inherent advantage in the marketplace. Airlines as public companies, it's not a question of if, only when, they go bankrupt.
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Post by Bugz »

goldeneagle wrote:

Harmony is a private company, with managed growth. They have been around and watched others fall, while the company is being built into a solid foundation. As long as it's never taken public (this is how founders cash out of a company), it will survive, and be healthy. I suspect we will all still be able to ride harmony airplanes, even after the next AC bankruptcy, and 'team teal' joins them in the oblivion of bankrupt airlines. That's simply because a private company operates on a timeframe beyond 'next quarter report', so they have an inherent advantage in the marketplace. Airlines as public companies, it's not a question of if, only when, they go bankrupt.
Is that why Jetsgo and Canjet did so well??
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pika
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Post by pika »

Rumours of Harmony's demise are brought to you by the 'fun loving' folks at WJ. Their Christmas wish list includes HQ's demise.
Surely a company with 62 airplanes (plus orders) and a market cap nearing two billion dollars has more to wish for?
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YVRflyer
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Post by YVRflyer »

You would think so. Why did WJ then take the time to visit the station manager in Hawaii a couple of months ago and casually mentioned that they will taken over the Hawaii routes and run Harmony out of business by January ????? At least thats the rumour we have been hearing.

BTW, Dr. Ho's net worth is well above 2 billion. He is presently doing a business development deal in Shanghai worth about that.
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flybye
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Post by flybye »

goldeneagle wrote: As long as it's never taken public (this is how founders cash out of a company), it will survive, and be healthy.
It's also how founders raise equity to grow and expand their companies with "other people's money" rather than gambling their own - which is probably why Ho still only has 4 757's.
I remember when they started, a guy going there told me "Yeah, they told me I'm going right seat on the '57 and should be a Capt on a '67 in year when we get them." That was almost exactly 4 years ago now.

I don't profess to know what is happening at HMY, but if history is a teacher - where there's smoke, there's fire (CanJet, JetsGo, AC just before bankruptcy, etc)

Good Luck!
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pika
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Post by pika »

BTW, Dr. Ho's net worth is well above 2 billion. He is presently doing a business development deal in Shanghai worth about that.
Is that more rumour or can that be verified?
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YVRflyer
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Post by YVRflyer »

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pika
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Post by pika »

That article is over a year old. Nothing about his wealth or development though.
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Flybabe
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Post by Flybabe »

C-FABH wrote: Maybe they hacked into Harmony's reservation system, only to find empty flights? :lol:
Empty??

Doubtful.. :roll:

I've only flown on HMY once... and I have to admit, the service was wayyyyy better than WJ. I won't even mention AC. Nary a vacant seat to be found.
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