Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, October 16, 1997

Cyanotech has $54,000 loss

Cyanotech Corp. today reported a net loss of $54,000 for its fiscal second quarter, reflecting lower demand for its Spirulina microalgae product.

The Kailua-Kona-based company said the loss compares with a net income of $1.1 million, or 7 cents per share, for the three months ending Sept. 30, 1996.

The company reported net sales of about $2 million for its second quarter, down from the year-earlier's $2.8 million.

Shares of Cyanotech dropped 12.5 cents to close at $4.433/4 today on the Nasdaq market, according to Bloomberg News.

Last week, the company warned investors that that its second quarter results would be lower than anticipated due to fewer sales of its Spirulina product.

The company said that sales to its largest customer in mainland China dropped to $140,000 in the latest quarter, compared to $1.2 million in the year-earlier period.

By Rick Daysog, Star-Bulletin

HEI's earnings climb 39 percent for quarter

Hawaiian Electric Industries Inc. reported a nearly 39 percent jump in third-quarter earnings, helped by a one-time charge that lowered profits a year ago.

HEI, a diversified holding company, said net income for the quarter ended Sept. 30 totaled $24.1 million, or 77 cents per share, compared with $17.4 million, or 57 cents a share, in the year-earlier period. Excluding last year's charge, HEI's profits in the recent quarter would be down nearly a third from a year ago.

Revenue dipped less than 1 percent to $367.1 million.

Robert Clarke, HEI president, said Hawaii's sluggish economy hurt demand for electricity, contributing to a 4 percent decline in operating income, to $48.1 million, for its core utility business.

Mortgage rates jump from 20-month low

WASHINGTON -- Average interest rates on 30-year fixed-rate mortgages jumped to 7.34 percent this week from a 20-month low the previous week.

The increase from 7.26 percent a week earlier brought the average to its highest level in four weeks, Freddie Mac said today.

Fifteen-year mortgages, a popular option for refinancing, averaged 6.89 percent this week, up from 6.82 percent. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.55 percent, up from 5.49 percent and the highest in five weeks.The rates do not include points.

Pleasant plans flights from Seattle to Maui

Pleasant Hawaiian Holidays said it will launch twice-a-week non-stop service from Seattle to Maui in December.

The flights, beginning Dec. 20, will operate Saturdays and Sundays through 1998. Pleasant Hawaiian, the largest travel company to Hawaii, said it will use 216-seat Boeing 757 aircraft under contract with American Trans Air. Ed Hogan, Pleasant Hawaiian's chief executive, said Seattle will be a major growth market for the company in Hawaii.

Clear isle skies dampen hopes for refunds

After days of wet weather, the skies parted on Monday and the sun shone brightly over Honolulu -- to the disappointment of some Furnitureland customers.

The National Weather Service recorded zero inches of rain at Honolulu Airport -- shy of the quarter-inch mark customers wanted.

Furnitureland ran a promotion promising to refund customers fully for purchases between Sept. 8 and Oct. 5 if it rained at least .25-inches at the airport Monday.