FAST FACTS HAWAII
Time Warner to shed cable TV
NEW YORK » Time Warner Inc.
said yesterday it plans to spin off the rest of its cable TV business, answering investor pleas to further simplify the media conglomerate's sprawling corporate structure.
The news came as Time Warner, which also owns Warner Bros., CNN, AOL and Time magazine, reported a 36 percent decline in first-quarter earnings from a year ago, when it had a gain from the sale of AOL's Internet access business in Germany. The results were mainly in line with expectations.
Time Warner didn't offer details on how or when the split with its largest operating division would occur, but said it was close to an agreement with the board of Time Warner Cable.
Time Warner earned $771 million or 21 cents per share in the first three months of the year, down from $1.2 billion or 31 cents per share a year ago. Revenues rose 2 percent to $11.42 billion.
GM loses $3.3B in quarter
DETROIT » General Motors Corp.
struggled to a $3.3 billion first-quarter loss, due in part to a weak U.S. market, a strike at a major parts supplier and plummeting sales of sport utility vehicles and pickups.
GM's loss reported yesterday for the January-March period amounted to $5.74 per share and also reflected one-time charges. It compares with a profit of $62 million, or 11 cents per share, in the first quarter of 2007. But its earnings beat Wall Street expectations.
GM's total revenue for the quarter was $42.7 billion, down from $43.4 billion a year ago.
GM's loss included a $1.45 billion charge to reflect a change in the value of its interest in GMAC Financial Services and $731 million to increase its liability in Delphi Corp.'s ongoing bankruptcy.
Starbucks profit off 28 percent
SEATTLE » Starbucks Corp.
said yesterday its fiscal second-quarter profit fell 28 percent as U.S. consumers responded to rising food and gas prices by making fewer latte runs.
For the quarter ended March 30, Starbucks' net income sank to $108.7 million, or 15 cents per share, from $150.8 million, or 19 cents a share in the same period last year.
Revenue rose 12 percent to $2.53 billion from $2.26 billion in the year-ago quarter, the company said yesterday. U.S. same-store sales, a key measure of retail health, fell in the mid-single digits as traffic declined.
However, the company also said that through 2011 it expects substantial profit growth.
Las Vegas Sands posts loss
LAS VEGAS » Las Vegas Sands Corp.
said yesterday it lost $11.2 million in the first quarter as resort construction costs escalated, the U.S. economy weakened and competition intensified in the Chinese gambling enclave of Macau.
The company's quarterly loss equaled 3 cents per share, compared with a profit of $90.9 million, or 26 cents per share, a year earlier. Excluding items such as losses on sold assets and expenses related to opening new casinos, adjusted earnings totaled $23.6 million, or 7 cents a share for the quarter.
Analysts had predicted earnings of 36 cents per share for the latest quarter.
Sands said quarterly revenue increased 72 percent to $1.08 billion from $628.2 million a year ago, boosted by new casinos. Analysts expected $1.24 billion.
Consumer goods results mixed
CINCINNATI » Makers of household consumer and food products reported mixed results amid the slumping economy yesterday as they raised prices on everything from hot dogs to toothpaste to try to offset soaring energy and ingredient costs.
Procter & Gamble Co., the maker of Pampers diapers and Gillette razors, said that higher retail prices, cost controls and strong growth in emerging markets helped lift its fiscal third-quarter profit 8 percent. P&G also raised its full-year outlook, sending its shares up 3 percent.
The company said it remains optimistic about sustaining its growth because of daily uses for its many household brands such as Charmin toilet paper, Crest toothpaste and Tide detergent.
But rival Colgate-Palmolive Co., whose products include its namesake toothpaste and dish soap, said first-quarter earnings fell 4 percent as the company took restructuring charges and a higher provision for income taxes. Colgate said rising materials costs were offset by raising prices, but that margins would be pressured as the cost of raw materials kept rising.
» PBR Hawaii has promoted Dacheng Dong
to associate from senior planner and GIS analyst. He joined the firm in 2005, specializing in master plan design, site planning, land and resource analysis, and GIS mapping and rendering. He is certified with the Leadership in Energy and Environmental Design designation.
» Harris Consultancy has announced the following new hires:
Allan Payne as creative director. He was previously creative director for Gilbert & Associates on Maui.
Rob Deveraturda as public relations director. He was previously an account supervisor at Communication Partners & Associates in New York.
Lisa Burgin as director of client services. She was previously vice president of Bank of America in Los Angeles.
» Bank of Hawaii has announced the following new promotions:
Paula J. Hamilton to senior vice president or retail credit from vice president. She will continue her duties as retail credit analytics and reporting manager. She joined Bank of Hawaii in 2005.
Diane Y. Higa to senior vice president and IT services director from vice president. She will oversee the service delivery functions of the bank's Information Management and Systems Group and the core banking systems applications. She joined the bank in 1994 as a product manager in the Retail Products Division.
Darlene-Inez "Kaleo" Kekoolani to senior vice president of human resources from vice president. She will continue her duties as compensation and benefits manager, and oversee the human resources information systems.
Coleen F. Shoji to senior vice president of Cash Management Services and Account Analysis Operations from vice president. She will continue her duties in managing the bank's cash and treasury sales and development strategy, and the account analysis operations department. She joined the bank in 2000 as vice president and commercial banking officer.