Reported by Star-Bulletin staff & wire
Thursday, May 23, 1996
Reported by Star-Bulletin staff & wire
Thursday, May 23, 1996
The owner of the South Seas Motors and Oahu Chrysler Jeep car dealerships reported a loss of $150,652, or 1 cent a share, for the three months ending March 31. That's an improvement from first quarter 1995's $378,000, or 5 cents a share, loss. Revenues increased 14 percent to $12.5 million in the first quarter 1996 from $10.9 million in the year-earlier period.
The company attributed the quarterly loss to administrative expenses of its December 1995 sale of its unprofitable Dollar Rent A Car franchise to Dollar Systems Inc. In the deal, Dollar Systems acquired most of the rental division's employees and nearly all of its assets and debts.
Pacific said its revenues were boosted by increased car sales. The company on Thursday was set to launch a used-car store, dubbed Car World. The company says the outlet, located near the airport, will be Hawaii's first used-car superstore.
"We are pleased that our decision to focus on vehicle sales has proven to be the right one," said Alan Robin, Pacific International's chief executive officer.
The company said a typical residential household would see monthly bills increase by $13 on Maui, and $12 on Lanai and Molokai.
Maui Electric on Wednesday filed an application for a rate increase with the state Public Utilities Commission.
Maui Electric said it needs the rate increase to raise $18.9 million to build a new generating unit at its Maalaea plant on Maui and to have new generators on Lanai and Molokai. The company said it also needed to install a new Lahaina transmission line.
Maui Electric's proposal calls for shifting some of the financial burden of the improvement on Lanai and Molokai to Maui consumers.
Company President Tom Jezierny said the cost shift, about $1.50 more a month on Maui per customer, will have little effect on the Valley Isle. The company said, however, without such a shift, Lanai and Molokai would witness a rate increase of 55 percent and 30 percent, respectively.