Reported by Star-Bulletin staff & wire
Monday, October 28, 1996
Reported by Star-Bulletin staff & wire
Monday, October 28, 1996
The Kahului pineapple grower and land development company said it earned $518,000, or 29 cents per share, for the three months ending Sept. 30, down from third quarter 1995's $4.3 million, or $2.40 per share.
The third quarter 1996 revenues were $37 million, a 9 percent increase from the previous third quarter's $34.1 million. For the first nine months of 1996, Maui Pine has earned $662,000, or 37 cents per share, compared with $3.2 million, or $1.78 per share for the same period last year.
The latest three-month results compare with third quarter 1995 when the company enjoyed a big one-time gain. That's when Maui Pine disposed of its 25 percent interest in the partnership that owned the former Ritz-Carlton Kapalua. The sale of the 550-room hotel resulted in a one-time gain of $5.7 million for Maui Pine during the third quarter of 1995.
Income was down at its California Hotel and Casino, a popular spot among Hawaii visitors to Las Vegas, because a room refurbishing project closed 15 percent of its rooms. And despite 98 percent occupancy, income was also down at the Stardust as gaming and operating margins fell.
In the comparable quarter last year, Boyd had a net profit of $4.2 million, or seven cents a share, despite a $10 million charge for preopening expenses at the new Sam's Town Kansas City. Not counting that one-time charge, taxes and other non-operating costs, first quarter earnings of $33.2 million were down 32 percent from $48.7 million a year earlier.
Revenues of $187 million for the latest quarter were up 4.3 percent from $179 million in the year-earlier period.
The Chamber of Commerce of Hawaii and the U.S. General Services Administration will run a day-long seminar at the Pagoda Hotel to tell Hawaii's small and disadvantaged businesses why they should not ignore federal procurement opportunities. Small businesses and those run by women, veterans and minorities have advantages, the organizers said.
The 8 a.m. to 4 p.m. "Procurement Open House for Small Business" costs $25 for Chamber members and $35 for nonmembers, including lunch. For information call 545-4363.
"The only place you can settle these agreements is at the bargaining table," UAW President Stephen Yokich said.
Management issued a statement repeating what it had said for the past several days. Gerald Knechtel, GM's vice president of personnel, said that GM has made "significant progress."