ResortQuest promotes executive to president

ResortQuest International Inc., which manages more than 30 properties in Hawaii through its Aston Hotels & Resorts subsidiary, said today that Chief Operating Officer James Olin has been promoted to the additional role of president.

Olin, whose new role is effective immediately, will be responsible for overseeing the company's more than 50 vacation rental and real estate locations across North America. He was formerly president and chief executive of Abbott Resorts Inc., one of ResortQuest's largest operations, from 1992 to January 2000.

ResortQuest is the world's largest vacation rental property management company with approximately 20,000 vacation rental properties.

Disney earns $259 million as sales decline 2 percent

Burbank, Calif, >> Walt Disney Co. earned $259 million in the fiscal second quarter on lower expenses at the second-largest U.S. media company. Sales dropped 2 percent as the ABC television network sold less advertising.

Net income was 13 cents a share in the period ended March 31, compared with a loss of $567 million, or 26 cents, a year earlier, the company said. The year-earlier loss included $996 million in expenses to shut down the company's Go.com Web site and some retail stores. Sales slipped to $5.9 billion from $6.05 billion.

Fleming acquisitions bring new retail partners

NEW YORK >> Food distributor Fleming Cos. Inc. yesterday said it will buy two smaller rivals for about $320 million, moving further from its roots as a supermarket supplier into the growing convenience store market.

The acquisitions will help Fleming, which distributes packaged foods, cigarettes and beverages to an array of retailers, more than make up for the revenue decrease it expects from its biggest customer, bankrupt retailer Kmart Corp.

Fleming said Smyrna, Ga.-based Head Distributing, and the much larger Core-Mark International Inc. of South San Francisco are expected to boost its earnings for 2003.

Dallas-based Fleming, which has operations in Hawaii, said it estimates $20 million of combined revenue gains and cost savings in 2003 from the deals.

Cruise lines face environmental suit

Los Angeles >> Carnival Corp., Royal Caribbean Cruises Ltd. and other cruise ship operators were sued by environmental groups who claim the companies improperly dump water along California's coast.

The Surfrider Foundation, Environmental Law Foundation and other groups claim the cruise liners discharge ballast water -- which is pumped into the bottom of a ship to keep it balanced at sea -- in violation of California law. The practice imperils ecosystems by introducing non-native species, the groups claim.

The suit seeks a court order forcing Carnival, Royal Caribbean and P&O Princess Cruises Plc to comply with a 1999 law that prohibits dumping ballast water within 200 miles of the coast. It also seeks disgorgement of the alleged profits from the practice into an environmental fund

In other news

THOUSAND OAKS, Calif. >> Amgen Inc., the world's largest biotechnology company, said first-quarter profit rose 12 percent on higher sales of its drugs for anemia and chemotherapy-related infections. Net income rose to $340.9 million, or 32 cents a share, from $304.9 million, or 28 cents, a year ago, matching analysts' estimates. Revenue increased 12 percent to $1 billion from $901.6 million.