IN HAWAII
Hawaiian tender offer is oversubscribed
Hawaiian Airlines Inc. said it has received nearly five times the number of tendered shares it needs to accomplish its buyback from shareholders.The carrier, which last month announced it would buy nearly 17.5 percent, or 5.9 million shares, at $4.25, said approximately 27.6 million shares were tendered and not withdrawn.
To meet its buyback goal, the company expects to buy about 21 percent of shares submitted by each holder. The final proration factor, which determines what percentage of offered shares the company will buy from each holder, is expected to be announced July 9.
Hawaiian, which on May 30 had nearly 33.7 million shares outstanding shares of common stock, said it expects to have approximately 27.8 million outstanding shares at the completion of the offer.
Hawaiian's stock fell 33 cents today to $3.65.
Psychiatric Association books 2011 convention
The American Psychiatric Association has booked its annual convention at the Hawaii Convention Center in 2011, and the association's board of trustees has voted to include Hawaii as a potential venue for future conventions.The convention is projected to draw 18,000 attendees, said the Hawaii Visitors & Convention Bureau, which markets the convention center. HVCB said it made 23 convention bookings in the first five months of this year, up from 16 bookings in the same period in 2001.
Eight meetings and conventions have been booked from Japan alone, the bureau said. Notable bookings include the Coors Brewing Co. and Cisco Systems Inc., which will be coming in 2004.
A&B 3rd quarter dividend is 22.5 cents
Honolulu company Alexander & Baldwin Inc. yesterday announced a third-quarter dividend of 22.5 cents, the same as in previous quarters.The dividend is payable Sept. 5 to shareholders of record Aug. 1.
A&B stock closed up 83 cents yesterday on the Nasdaq Stock Market to $26.28.
ON THE MAINLAND
Xerox inflated sales by $1.9 billion
Stamford, Conn. >> Xerox Corp., the world's biggest copier maker, said it inflated revenue by $1.9 billion over the past five years by misreporting sales of equipment and service contracts.Those sales are included in $6.4 billion in revenue Xerox misrepresented from 1997 to 2001, primarily from transactions in Latin America. The company plans to file its 2001 annual report today with the restated numbers. The accounting manipulations, in which Xerox improperly reported the timing and makeup of sales, helped the company meet earnings forecasts. The U.S. Securities and Exchange Commission fined the company a record $10 million in April because of the false reporting of about $3 billion in sales.
In other news ...
SAN ANTONIO >> A federal judge yesterday dismissed an antitrust lawsuit against video rental giant Blockbuster Inc. and five Hollywood movie studios, saying the small video store operators who brought the suit did not present proof that anything illegal occurred. The plaintiffs claimed the studios and Blockbuster conspired on special revenue-sharing deals in 1997 and 1998 to monopolize the video rental market and drive them out of business.WASHINGTON >> The Justice Department has charged three former British bankers with wire fraud in an alleged $7.3 million scheme involving Enron, prosecutors announced yesterday. The complaint alleges the former officers of National Westminster Bank secretly invested in an Enron entity through a series of financial transactions.
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[Hawaii Inc.]
New Jobs
>> Teri Yamashige has been named to lead Communications Pacific's new advertising division, CP Advertising. Named senior vice president, Yamashige has 20 years of experience in marketing and advertising.She most recently was chief operating officer and vice president of account service at ADWorks.
Her clients have include AT&T Wireless Services, Castle & Cooke Hawaii, Tyson Foods, HawaiianMiles MasterCard and Aloha United Way. Yamashige is a member of the board of directors of the Hawaii Advertising Federation.
Raude Nagaishi has been hired as account executive at CP Advertising. He has 15 years of advertising experience, also most recently at ADWorks.
>> James P. Browne has joined Renaissance Ilikai Waikiki Hotel as its banquet manager.
His duties include overseeing all catered events including functions for meetings and conventions. He has more than 30 years of experience in the hospitality industry and is a certified professional catering executive.
Recognition
>> Eddie Flores Jr. was recently awarded the 2002 Filipinas Magazine Achievement Award in Entrepeneurship at the Hyatt Regency in San Francisco.Flores is co-founder and owner of L&L Drive-Inn, a restaurant chain with nearly 60 locations in Hawaii, California, Oregon and Nevada. He is also the chairman of the Filipino Community Center and Honolulu Board of Water Supply and director of the American Red Cross, Goodwill Industries, Chinese Chamber of Commerce, Mid-Pacific Institute and Aloha United Way.