Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, May 21, 1996

Isle home builder sees fourth-quarter loss

Reflecting the sluggish housing market and a soft economy, C. Brewer Homes Inc. posted a net loss of $1 million for its fiscal fourth quarter.

The local home builder's fourth quarter 1996 results compare with a profit of $199,000 in the year-earlier quarter.

On a per share basis, the company posted a net loss of 12 cents for the three months ended March 31, compared with a profit of 2 cents in the same period last year.

For the year, the company posted a net loss of $1.5 million, or an 18 cents per share, compared with a net profit of $1.8 million, or 21 cents a share, the previous year.

"Our financial performance in fiscal 1996 primarily reflected unusual weakness in the residential real estate market and a general softness in the Hawaiian economy," said Pete Moynahan, the company's chief executive officer.

C. Brewer said its fourth-quarter results were affected by special charges such as the cost of moving the company's headquarters from Oahu to Maui. Relocation costs and other special charges totaled $1.2 million last quarter, the company said.

Kmart Corp. reports $99 million loss for period

DETROIT - Kmart Corp. today reported it lost $99 million in the first quarter, suffering large costs related to selling most of its stake in the Thrifty PayLess Holdings Inc. drug store chain.

The loss for the quarter ended May 1 amounted to 21 cents a share, compared with a loss of $28 million, or 6 cents a share, in the first quarter of 1995.

Sales were up nearly 2 percent at $7.58 billion, compared with $7.44 billion in the year-ago period. The nation's No. 3 retailer said sales were hurt by having fewer stores and by cold weather during the quarter.

Kmart's loss was widened by $61 million, or 13 cents a share, due to the Thrifty PayLess sale and the re-evaluation of its remaining holdings in the chain.

Without the charge, Kmart would have lost $38 million, or 8 cents a share.

The first quarter was the 13th consecutive period for which Kmart has reported a loss or a decline in earnings.

For more local, national and international business news,
see the Hawaii Inc. section in today's Honolulu Star-Bulletin.

Text Site Directory:
[News] [Business] [Features] [Sports] [Editorial] [Community] [Info] [Stylebook] [Feedback]