HAWAII

Hilo company buys Brewer trucking assets

Brewer Environmental Industries LLC said it has agreed to sell most of the Big Island assets of HT&T Trucking Division to a Hilo company, TRI-K Investments LLC.

TRI-K Investments, headed by Elizabeth and Roger Toledo, plans to offer jobs to most of the 50 employees affected by the sale. The deal, which includes freight, hauling and repair shops in Kona, Hilo and Kawaihae, is in due diligence. Brewer is looking for a buyer for the remaining operations of HT&T on the Big Island, which covers about 38 employees, said Stephen Knox, president of Brewer.

HT&T Truck Center on Oahu was sold earlier this year to a partnership of investors and Brewer officers that previously purchased core businesses of Brewer Environmental Industries.

MAINLAND

KITV parent says ad spending is recovering

NEW YORK >> Hearst-Argyle Television Inc., which owns 24 television stations including Honolulu's KITV-4, said yesterday that advertising shows "meaningful" signs of recovery and raised its third-quarter earnings estimate.

New York-based Hearst-Argyle said it would earn between 23 cents and 25 cents a share. A Thomson First Call survey of 11 analysts forecast earnings of 17 cents a share.

The media company also said it sees third-quarter net operating revenue up 18 percent to 20 percent from last year because of increasing ad sales. It had earlier estimated an 11 percent to 13 percent increase.

Based on year-ago revenue of $145.2 million, the company expects third-quarter revenue of $171.3 million to $174.2 million this year. A survey of three analysts projected third-quarter revenue of $158.0 million. In the third quarter of 2001, the company earned 7 cents a share, after adjusting for a change in accounting rules. The company said it lost about $11 million in advertising revenue in that quarter after the Sept. 11 attacks.

Former Sunbeam CEO settles lawsuit

WEST PALM BEACH, Fla. >> Sunbeam Corp.'s former chairman and CEO Al Dunlap will pay $500,000 to settle a lawsuit by regulators charging him with inflating income and other improper accounting practices.

The bankrupt appliance maker's former chief financial officer, Russell Kersh, will pay $200,000 under the judgments signed yesterday by U.S. District Judge Donald Middlebrooks. The settlements permanently bar both men from serving as officers or directors of any public company, though neither admitted to wrongdoing.

Through his attorney, Frank C. Razzano, Dunlap said the agreement was "a welcome outcome" that allowed him to pursue his retirement.

Situation urgent at United, CEO says

CHICAGO >> United Airlines' new chief executive characterized the carrier's situation yesterday as one of extreme urgency but said a bankruptcy filing is not a foregone conclusion.

Hoping to set a cooperative tone for difficult labor negotiations, Glenn Tilton paid a brief courtesy visit to the leaders of all of United's unions, assembled at a rare joint strategy meeting. While calling it premature to talk about specifics of a financial recovery plan, Tipton made clear he doesn't think severe labor cuts sought by his predecessor were out of line.

In other news ...

Martha Stewart Living Omnimedia Inc. said it isn't searching for a new chief executive officer to replace Martha Stewart, who founded the media company based on her homemaking tips. The New York Times reported yesterday that the company began looking for an executive to replace Stewart, citing people who had been briefed on the search. The paper is standing by its story.