Most of Hawaii’s
public firms have filed
certified statements

Some finances restated

By Dave Segal

Top executives of six more Hawaii companies submitted sworn certifications of their recent financial statements as the clock ticked down on today's filing deadline to comply with the Sarbanes-Oxley Act of 2002.

Among those filing today were:

Barnwell Industries Inc., Morton Kinzler, chairman, president and chief executive officer; Russell Gifford, executive vice president and chief financial officer.

Central Pacific Bank parent CPB Inc., Clint Arnoldus, chairman, president and CEO; Neal Kanda, vice president, secretary and treasurer.

City Bank parent CB Bancshares Inc., Ronald Migita, CEO; Dean Hirata, chief financial officer.

ML Macadamia Orchards LP, John "Doc" Buyers, chairman and CEO; Dennis Simonis, president and chief operating officer; Wayne Roumagoux, senior financial officer.

First Hawaiian Bank parent Bancwest Corp., Walter Dods, chairman and CEO; Douglas Grigsby, executive vice president and chief financial officer.

Hawaiian Airlines Inc., John Adams, CEO; Christine Deister, executive vice president and chief financial officer.

Earlier, top executives of Alexander & Baldwin Inc., Bank of Hawaii Corp. and Maui Land & Pineapple Co. certified their financial reports. Hawaiian Electric Industries Inc. and subsidiary Hawaiian Electric Company Inc., which both complied with the Sarbanes-Oxley Act, also satisfied a Securities and Exchange Commission order by virtue of being one of the top 947 companies in the United States.

Cyanotech, which reported its earnings yesterday, hadn't filed its quarterly report by midday today.

Only executives from Ceatech USA Inc. and Mera Pharmaceuticals Inc., formerly known as Aquasearch Inc., were not required to meet today's deadline because their most recent quarter ended in July. Their filing deadlines will be in mid-September.

Household International Inc. CEO William Aldinger posed in his Mount Prospect, Ill., office in June under a series of charts he creates every week to update himself on the progress of the consumer finance company, which restated its financial results for the last nine years today and said it had earned $386 million less than previously reported.

Deadline inspires companies
to restate finances

By Marcy Gordon
Associated Press

WASHINGTON >> Several companies are restating their finances and many of the nation's biggest corporations are waiting until the last minute to comply with a new government order requiring executives to swear to the accuracy of their recent financial reports.

Companies reporting a need to restate their finances included Household International Inc., the nation's No. 2 consumer finance concern, which said it had earned $386 million less than previously reported over the last nine years.

More than 300 companies had filed as of this morning, from Ace Hardware to Yum Brands Inc. The chief executive officers and chief financial officers of nearly 700 corporations are required to file sworn statements by 5 p.m. EDT today.

Also making restatements: Convenience-store retailer The Pantry Inc. said it had found an "inadvertent" $8 million accounting error in its reports for the first and second quarters. The company, based in Sanford, N.C., said it overstated its accounts payable but the error did not affect its revenue or profits.

And Interpublic Group of Cos., a major advertising business, said it had identified $68.5 million in expenses that had not been properly accounted for. The company is restating its earnings back to 1997 to reflect the overlooked expenses, mostly incurred in its European operations.

Among the CEOs filing statements yesterday: multibillionaire investor Warren Buffett, who vouched for the veracity of his Berkshire Hathaway Inc.'s 2001 annual report, its second-quarter report for this year and other financial statements. The company's chief financial officer, Marc Hamburg, also submitted a statement.

In response to a wave of accounting scandals, the Securities and Exchange Commission in late June ordered 947 companies -- all with annual revenues exceeding $1.2 billion -- to submit the sworn statements from their CEOs and chief financial officers.

The Bush administration had urged companies to file the executives' statements before they were due, saying that would reassure nervous investors.

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