Reported by Star-Bulletin staff & wire
Wednesday, July 28, 1999
HVCB delivers convention booking
The Hawaii Visitors & Convention Bureau has won a convention booking with the National Association of Letter Carriers.The association said it will bring 12,000 people to Hawaii for a July 19-23, 2004 meeting at the Hawaii Convention Center. The HVCB said the attendees are expected to spend about $31 million, generating more than $2 million in taxes.
Safeway to invest $1.4 billion to grow
PLEASANTON, Calif. -- Supermarket chain Safeway Inc. said it will spend $1.4 billion to open as many as 75 new stores and remodel 250 others next year, as it targets annual growth of 15 percent in earnings per share over the next five years. The firm is building its 19th Hawaii store, which will be the anchor tenant for the Piilani Shopping Center in Kihei, Maui.
Straub's manager sees lower profits
NASHVILLE, Tenn. -- PhyCor Inc., the biggest manager of doctor's practices including Straub Clinic & Hospital in Hawaii, said second-quarter earnings fell 35 percent and warned of lower-than-expected profit for the year as it disposes of some clinics.The Nashville-based company said profit from operations fell to $9.9 million, or 13 cents a share, from net income of $15.3 million, or 22 cents. That matched the average estimate of analysts polled by First Call Corp. PhyCor, whose shares fell 44 percent in the past year, has struggled to manage expenses and increase profits.
Investors flock to drugstore.com
NEW YORK -- In what was expected to be one of the week's more popular debuts, drugstore.com Inc. said today it raised $90 million in the initial sale of its stock to the public. The company has attracted attention particularly because it melds the $1 trillion health care sector with the Internet. The Bellevue, Wash.-based online drugstore said its 5 million shares sold for $18 apiece, above the expected range of $15 to $17 each. Shares closed at $50.25 on the Nasdaq market.