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State tax revenues in November off 8.7%

State tax revenues through the first five months of the fiscal year are up 1 percent from the same period last year, despite a dip in November collections, the Department of Taxation reported yesterday.

November saw an 8.7 percent decline in revenues from November of last year, mostly because of increases in net income tax refunds to corporations and individuals, the department said.

On the plus side was a 1 percent increase in November in general excise and use tax revenues, which reflect island business activity.

The state's Council on Revenues has forecast a 6.2 percent revenue growth this fiscal year, ending June 30.

Kapiolani condos get green light

The state's Kakaako redevelopment agency yesterday approved a plan for two 46-story residential condominium towers on the former Rainbow Chevrolet site on Kapiolani Boulevard.

Called Moana Pacific, the project will have 706 units of one, two and three bedrooms, on a 6.1-acre site acquired by technology entrepreneur Fred Chan for $26 million in 1998.

Chan told the Hawaii Community Development Authority that sales should start next month, with construction of the first building starting in late 2004.

The developer is KC Rainbow Development, a partnership headed by Chan.

Cyanotech debt holder gets stock

The holder of a $1.25 million note for Cyanotech Corp. has converted the debt to 1.9 million shares of the company's stock. The move will reduce the company's overall debt and increase its net equity. It also will decrease future quarterly interest expense by $31,000.

The Kona company, which makes nutritional and feed products from microalgae, has become the top performer in the Honolulu Star-Bulletin stock index since earnings were released in October. Since that time, its stock price has jumped from 48 cents on Oct. 30 to close at $1.15 yesterday. Cyanotech shares are up 187.5 percent for the year.

Isle medical waste firm purchased

Sanitec Services of Hawaii Inc., a Honolulu medical waste collection, treatment and disposal business, has been acquired by California-based 20/20 Networks Inc.

The company's majority shareholder, Crown Partners Inc., will receive $500,000 for its interest in SSH and receive 5 percent of the company's common stock. As part of its acquisition of SSH, the company has changed its name to Micro Bio-Medical Waste Systems Inc.

ML Macadamia maintains dividend

ML Macadamia Orchards LP, Hawaii's biggest grower of macadamia nuts, said yesterday it will pay shareholders a dividend of 3 cents despite posting a slight loss last quarter.

The dividend will be paid Feb. 12, 2004, to shareholders on record as of Dec. 31. This distribution marks the 71st consecutive quarterly dividend, dating back to 1986.

The company, which reduced its dividend 40 percent to 3 cents from 5 cents in the previous quarter, lost $9,000 in the three-month period ended Sept. 30 as sales slipped. But Dennis Simonis, president and chief operating officer of the company, said he expects nut prices to rebound.

Maui Coast Hotel refinances

The 265-room Maui Coast Hotel in Kihei has been refinanced with a $22 million long-term, fixed-rate first mortgage at a better interest rate, according to its Los Angeles real estate investment banking firm Sonnenblick-Eichner Co.

The six-story hotel, built in 1993, said it had significant lender interest and received a cost of capital of less than 6.75 percent.

The property is franchised by Vancouver, Canada-based Coast Hotels and Resorts, and managed by Paramount Hotels LLC of Seattle.

Time Warner Telecom gets $400,000 BYU deal

Time Warner Telecom has won an approximately $400,000, three-year contract to deliver voice and transport communications services to the Brigham Young University campus in Laie. Time Warner has installed four Integrated Services Digital Network voice communications services to support the six student dormitories, and will install five more in January in the administrative building. BYU also will deploy a high-speed transmission link to the University of Hawaii.

Koko Villas I sales in Hawaii Kai begin

Sales have begun for Koko Villas I, a new Hawaii Kai subdivision adjacent to Koko Crater.

Prices for the 70 single-family homes start in the $600,000 range. The first phase of 28 homes range in size from 1,946 square feet to 3,150 square feet. Lot sizes are approximately 7,100 square feet. The homes range from three to five bedrooms and have two- or three-car garages. Design features include 10-foot high ceilings, granite kitchen counter tops and ceramic tile flooring. Sales are being handled by Prudential Locations real estate firm.

In other news ...

>> John Sidgmore, who was chief executive officer of WorldCom Inc. when the telephone company's accounting scandal was uncovered, died yesterday at 52 from complications associated with kidney shutdown.

>> Three-fourths of California's households could not afford to buy a median-priced home in October, according to a real estate report released yesterday. Only 25 percent of the state's households earned $89,340 annually, the minimum income needed to buy a $381,200 home, according to the California Association of Realtors.

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[Hawaii Inc.]

On the Board

>> Outrigger Duke Kahanamoku Foundation has elected Tim Guard, McCabe, Hamilton & Renny president and general manager, to board president for 2003-04. Other officers elected are: 1st Vice President Sharon Brown, 2nd Vice President Cary Moore, Treasurer Easton Manson and Secretary Jim Fulton. Gretchen Duplanty is past president. Other directors include Gloria Garvey, Fray Heath, Bill Morris, Tay Perry, Edward Richardson, Phil Sevier, Keith Steiner and Greg Wunderlich.

Recognition

>> Lewis & Clarke Law School in Portland, Ore,. has recognized Bert T. Kobayashi Jr., senior partner of Honolulu based law firm Kobayashi, Sugita & Goda, as an honorary alumnus for his generosity, support, commitment and leadership in enhancing the institution. His practice focuses on commercial and construction litigation, development and construction, construction document drafting and public utilities representation. Three of his children, a daughter-in-law and a son-in-law attended and graduated from Lewis & Clarke.

New Jobs

>> American Savings Bank has hired Melanie Shishido as commercial banking officer in the commercial banking department. She previously worked at First Hawaiian Bank as a business credit officer, where she was responsible for underwriting, reviewing and approving commercial loans.