Thursday, September 19, 2002
ML Macadamia buys C. Brewer landML Macadamia Orchards LP will buy 1,774 acres of macadamia nut orchards on the Big Island for about $1.1 million
The company said the board of its general partner, ML Resources Inc., approved the purchase of four orchards it currently farms under long-term leases with C. Brewer and Co. Ltd. They are part of the 4,169 acres of orchards that ML Macadamia oversees.
The company said the acquisition of the fee-simple interest in the properties will reduce the partnership's lease rent expense and is expected to significantly increase the long-term value of ML Macadamia.
The company also declared a 5 cents a unit third quarter cash distribution yesterday.
It will be paid Nov. 15 to unitholders of record as of Sept. 30 and represents the 66th consecutive quarterly dividend since the partnership was formed in 1986.
ML Macadamia, whose dividend yields 5.7 percent, has maintained its payout at 5 cents a share since dropping it from 9 cents a share in May 2001.
UH family business awards need nomineesFamily businesses face myriad challenges, usually without much recognition. The Family Business Center of Hawaii at the University of Hawaii College of Business Administration would like to change the latter.
It is looking for excellent family businesses of all sizes to participate in its 2002 Family Business of the Year Awards.
"Those in family businesses work especially hard, put in long hours and are motivated to succeed because their livelihood is dependent on this. The awards are an opportunity for family businesses to shine," said Kim Fujiuchi, center director.
Businesses will be sorted by size -- less than 25 employees; 26-250 employees; and more than 250 -- and judged on company history, longevity and community contributions, among other criteria. The application deadline is Oct. 2.
Winners will receive a plaque and one-year membership to the Family Business Center at a ceremony at noon Nov. 6 at the Willows Restaurant. Tickets are $30.
For more information or an application, call 956-4298 or e-mail email@example.com.
FedEx adds scheduled home deliveriesFedEx has launched a new service in Hawaii, "FedEx Home Delivery," which improves the way mainland businesses can deliver their merchandise to island residents. It includes a money-back guarantee for failure to deliver on-time, extends standard delivery to 8 p.m. weekdays and adds Saturday as a standard delivery day.
The system also allows residents to set a time when they will be home to receive items. It is run by FedEx Ground, a subsidiary of FedEx Corp. FedEx Ground said the only difference in Hawaii from the national home-delivery system is that the packages must first be air-freighted to the islands.
UPS also delivers to homes but does not have the extended hours and delivery appointments that FedEx Ground offers, a local UPS representative said.
ON THE MAINLAND
Troubled Kmart sells off BlueLight.comLOS ANGELES >> Kmart Corp. announced a blue light special on its own BlueLight.com yesterday, as it entered into an asset purchase agreement to sell the Internet service provider to United Online Inc.
Launched three years ago, the San Francisco-based wholly owned subsidiary boasts 165,000 subscribers to its no-frills, $8.95 monthly service. Originally a high-profile joint venture, the service turned into a major drain on Kmart Corp.'s finances.
BlueLight would offer no specifics on the deal.