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POSTED: Friday, July 03, 2009

HawTel's cash holdings near $100M

Hawaiian Telcom reported yesterday that it ended the month of May with a cash balance of $99.6 million.

That's nearly $25 million more than the cash balance the company had when it filed for Chapter 11 bankruptcy in December. Hawaiian Telcom ended April with $96.5 million in cash.

Operating revenue came in at $34.7 million in May, slightly above the $34.5 million recorded in April. Operating expenses, meanwhile, were $25.7 million in May, 2.4 percent higher than $23.3 million in April.

The company posted a net loss of $8.9 million in May compared with a $6.1 million loss in April.

Hawaiian Telcom improved its cash position, in part, because of stable operations, consistent revenue levels and interest savings, said spokesman Brian Tanner. Besides not paying interest to bondholders, the company is paying reduced interest to its lenders.

 

HMC lost $552,000 in May

Hawaii Medical Center lost $552,000 in May, running its losses to $5.5 million since filing for Chapter 11 bankruptcy on Aug. 29, according to its most recent monthly operating report filed with U.S. Bankruptcy Court.

HMC West in Ewa Beach earned $366,000 during the month, but HMC East in Liliha lost $918,000.

Total revenue for the company during the month was $12.3 million and was outpaced by total expenses of nearly $13 million.

Separately, HMC is asking the court to extend its exclusivity period for soliciting acceptance for its reorganization plan from July 15 to a date 23 days after the approval of the balloting process for the disclosure statement and reorganization plan.

 

MidWeek offering help to charities

MidWeek has started a feature called “;Proof Positive”; in which leaders of Hawaii's charitable organizations are invited to tell their stories — and the stories of the people who benefit from the organization's services.

The feature, in conjunction with Clear Channel Radio, appears on the same page as “;Good Neighbor,”; which focuses each week on a person who contributes to the community as a volunteer.

Also part of that weekly page will be advertising space reserved for nonprofit ads. Any nonprofit/charity organization is welcome to submit a public-service announcement for consideration. Ads will run pro bono as a public service of MidWeek and will be rotated based on space availability.

For information on submitting an ad, contact Sara Uemura at .(JavaScript must be enabled to view this email address) or 529-4703.

 

Alamo Rent a Car and Enterprise add isle outlets

Alamo Rent A Car and Enterprise Rent-A-Car — both owned and operated by the Taylor family of St. Louis — recently expanded their operations to meet customer demand and enhance car rental service on the Big Island, Kauai and Molokai.

Alamo's new office on Molokai is its sixth airport location in the state.

Enterprise's new branch offices are located at the Hilo, Kona and Lihue airports.

 

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ON THE MOVE

;  Abbott Communi-cations has hired Maya King as account coordinator. She previously was a photo coordinator for Hana Hou! magazine.

Lex Brodie's has promoted Scott Williams to president from general manager, June Ota to vice president of finance and administration from accounting manager, and John Kelly to vice president of operations from group manager.

The board of directors of Enterprise Honolulu has elected Robbie Alm as chairman. He is executive vice president of Hawaiian Electric Co. Inc.