Reported by Star-Bulletin staff & wire
Monday, May 18, 1998
AFC plans to acquire Paradise Bakery assets
Atlanta-based AFC Enterprises today said it plans to acquire the assets of Paradise Bakery & Cafe, including its restaurant at Ala Moana Center.The tentative deal includes 14 other company-operated cafes and 34 franchised outlets, including one at Restaurant Row.
A purchase price was not disclosed. Paradise last year had sales of more than $40 million.
AFC, parent of Churchs Chicken, Popeyes Chicken & Biscuits and other chains, last year had sales of more than $1.6 billion.
Voyager Submarines posts 11% sales gain
Voyager Submarines Hawaii said it carried 38,000 passengers in the first quarter of this year, 8 percent more than in the 1997 quarter. First-quarter revenues were up 11 percent, said Ed Root, vice president.He said the company gained market share despite a decline in the number of visitors to Hawaii. The boost in revenues was due to gains from the Asia-Pacific markets, Root said.
State opens new center for small businesses
The state government officially opened its business assistance service center today on the first floor of the Princess Kamamalu Building at the corner of Richards and King streets.Small businesses will be able to use the office to obtain and fill in basic business start-up forms required by tax, labor and business registration rules.
Mauna Loa's earnings jump 196% in quarter
Mauna Loa Macadamia Partners L.P. had a profit of $669,000 in the first quarter of 1998, an increase of 196 percent over the first-quarter total from last year. The latest profit was equal to nine cents a share, compared with six cents a share (technically per Class A partnership unit) in the 1997 quarter.Sales of $3.5 million in the latest quarter were up 94.4 percent.
The company said it had the largest first-quarter nut harvest in its history, 5.6 million pounds, or a 93 percent increase from the 1997 quarter.
But it cautioned that a Big Island drought will hurt production the rest of this year.
Cardinal buying Scherer in a $2.4 billion deal
DUBLIN, Ohio -- Cardinal Health Inc. said today it agreed to buy R.P. Scherer Corp., which develops drug delivery systems, in a stock and debt deal valued at $2.4 billion.Cardinal said the acquisition does not affect its plans to buy Bergen Brunswig Corp., a $2.8 billion deal that is being opposed by the U.S. Federal Trade Commission.
Under the deal announced today, Scherer shareholders will get a fixed exchange of 0.95 Cardinal common shares for each share of Scherer common stock. Cardinal said it will issue about 23 million shares and will assume $159 million in debt.
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