Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, February 10, 1998

Hawaii National's net dropped 8.4% in '97

Expansion costs and the struggling Hawaii economy cut into 1997 earnings at Hawaii National Bank's parent Hawaii National Bancshares Inc.

The holding company reported a profit of $651,000, or 92 cents a share, for last year, down 8.4 percent from a profit of $711,000, or $1 a share, in 1996. The bank said it experienced expenses in widening its branch network and merging a service company into the bank.

Hawaii National ended 1997 with assets of $299 million, up 1 percent from $296 million a year earlier. Hawaii National has ten branches on Oahu, two on Maui and one on the Big Island.

Productivity report shows strong gain

WASHINGTON -- Americans' productivity, the key measure of how quickly living standards can rise, increased a healthy 1.7 percent in 1997 after an even better 1.9 percent rise the year before.

The gain, reported today by the Labor Department, was double the slow 0.8 percent average annual productivity increase from 1990 through 1995. Still, it was a far cry from the nearly 3 percent a year advances from after World War II through the early 1970s. Productivity measures output per hour of work.

Premier Parks buying Time Warner's Six Flags

NEW YORK -- Premier Parks Inc. is buying the Six Flags theme-park chain from Time Warner Inc. and its partner in a $965 million deal that will make Premier the nation's No. 2 park operator behind Walt Disney Co.

Premier, currently the fifth-largest park operator, will have 25 parks in 14 states after buying No. 2 Six Flags, the companies said yesterday. The company also will acquire the rights to use Time Warner cartoon characters such as Bugs Bunny, Batman and Superman at its theme parks.

See expanded coverage in today's Honolulu Star-Bulletin.
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