Longs Drugs has loss on acquisition costs

WALNUT CREEK, Calif. >> Longs Drug Stores Corp., an operator of drugstores in Hawaii and the western U.S. mainland, had a first-quarter loss of $13.7 million because of a decline in the value of some acquisitions.

The loss of 36 cents a share compared with net income of $11.6 million, or 31 cents, a year earlier. Sales in the quarter ended May 2 rose 5.6 percent to $1.09 billion.

Companies must regularly evaluate the goodwill on their books to see whether that value has declined, under an accounting change from last year. Excluding costs for writing down goodwill related to store acquisitions in the Pacific Northwest and California, Longs would have had profit of $11 million, or 29 cents a share, the company said.

On that basis, the company was forecast to earn 28 cents, according to the average estimate of five analysts surveyed by Thomson First Call.

Longs Drug said it expects to have profit of 27 cents to 31 cents in the second quarter, and $1.25 to $1.35 this year, excluding certain expenses. Analysts were expecting 31 cents and $1.28.

Hawaii TechJobs Web site gets redesign

The High Technology Development Corp. has updated and streamlined its TechJobsHawaii Web site, which assists technology companies in recruiting tech-skilled kamaaina, former Hawaii residents and others seeking technology positions in Hawaii.

Improved search functions, automatic e-mail notification to job seekers and employers and faster employer registration are among the changes.

TechJobsHawaii.org was created by HTDC two years ago as part of its Hele On Home campaign to reverse the brain drain from Hawaii. In that time at least two dozen job seekers have found positions through the site, according to the HTDC. Its services are free.

VC conference names keynote speakers

The Wayne Brown Institute is returning to Maui for the 2002 Investors Choice International Equity Capital Conference June 19 and 20.

Keynote speakers will be Bill Reichert, president and director of Garage Technology Ventures; and Ray Smilor, president of the Foundation for Enterprise Development.

The event gives entrepreneurs a chance to pitch for funds to an audience of venture capitalists. Conference applicants are selected by a panel of venture capital experts and then coached in developing a 10-minute investor presentation, which is then made by the entrepreneur.

Smilor headlines the reception and dinner June 19. He has been involved in the writing and editing of several books and articles on entrepreneurship. Reichert will speak at lunch on June 20. He has been involved as a co-founder or senior executive in several venture-backed technology startups.

The cost to attend is $395 per investor, individual or organization; and $295 for each additional member of the same firm. Information and registration is available at www.venturecapital.org.

Merrill settles on $100 million fine

NEW YORK >> Merrill Lynch & Co. will pay $100 million and stop paying analysts based on the banking business they generate to settle charges by New York Attorney General Eliot Spitzer that the firm's research misled investors. The biggest securities firm by capital will create a panel to review stock rating changes and appoint someone to ensure the firm lives up to the agreement for one year.