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Hawaiian Air adds seats but many go unfilled
Hawaiian Airlines had a lot more seats available last month than it had a year earlier, but filled a lower percentage of them.The result was that on average, more than 31 percent of Hawaiian's seats were empty last month in its interisland, mainland-Hawaii and Hawaii-South Pacific services.
In its monthly traffic report, Hawaiian said its available seat miles, the number of seats times the distance traveled, rose 30.7 percent last month to just over 499 million, from 388.9 million in February 2002. Revenue passenger miles, the number of passengers times the distance they were carried, rose 13.1 percent to 343.4 million from a year-earlier 303.5 million.
The result was a drop in load factor -- the percent of seats that were occupied -- to 68.8 percent last month from 79.5 percent in February 2002. The capacity rise came from Hawaiian's new daily flights to Phoenix and Sacramento.
Hawaiian said it carried 423,492 passengers throughout its system last month, up 1.3 percent from 418,016 in the year-earlier month.
CPB raises dividend 45 percent
Central Pacific Bank parent CPB Inc. said yesterday it was raising its dividend 45 percent in the first quarter to 16 cents a share from 11 cents in the previous quarter.The dividend will be payable April 25 to shareholders of record as of March 31.
Lingle names Caliboso to PUC
Carlito P. Caliboso has been nominated by Gov. Linda Lingle to serve as chairman of the Public Utilities Commission. His appointment is contingent upon Senate confirmation.Caliboso, a partner with the law firm of Catalani Nakanishi & Caliboso, has focused his law practice primarily in the areas of business and transactional matters, including real estate transactions, land use and commercial finance and leasing.
"Carl's experience in the business, legal and government arenas gives him a broad perspective and good foundation for serving on the PUC," Lingle said. "He will make an outstanding chairman who will serve the public with integrity, fairness and sound judgment."
Maui mayor seeks hike in sewer fees
WAILUKU >> Sewer rates for businesses would go up in Maui County under a proposal by Mayor Alan Arakawa.Arakawa's proposed budget keeps the base rate for businesses, religious groups and government users at $8.50 a month, while increasing usage rates.
For businesses with irrigation meters, the rate per 1,000 gallons would go from $4.32 to $5.15 for hotels, $5.10 to $6.20 for restaurants and food processors, and from $3.15 to $3.60 for other commercial users. For government facilities the rate would go from $3.15 to $3.60, and from $3 to $3.60 for religious groups.
Without irrigation meters, the rate per 1,000 gallons would go from $3.45 to $4.15 for hotels, from $4.08 to $4.95 for restaurants and food processors, from $2.50 to $2.88 for other commercial users, from $2.50 to $2.85 for government, and from $2.40 to $2.85 for religious groups.
County Budget Director Danny Agsalog said the cost of the sewer system has been subsidized by property taxes and the sewer rate increases shift the burden to users.
Longs Drug Stores to buy back shares
WALNUT CREEK, Calif. >> Longs Drug Stores Corp., the operator of 457 drug stores in six western U.S. states, will buy back as many as 2 million of its shares for no more than $50 million.The company will repurchase the stock on the open market or in negotiated transactions from time to time until January 2008, the Walnut Creek, Calif.-based company said in a statement.
Longs recently finished a 2 million-share, $80 million buyback program begun in 1999, paying an average of $17.28 per share. The company had about 38.5 million shares outstanding as of Jan. 30. Shares closed up 72 cents, or 4.9 percent, to $15.30 on the New York Stock Exchange. They had fallen 27 percent this year.
Dole sells $475 million in notes
Dole Food Co. has sold $475 million of eight-year senior notes, $100 million more than planned, to help fund a management buyout. The eight-year notes yielded 8.875 percent and are expected to carry ratings of "B2" from Moody's Investors Service and "B-plus" from Standard & Poor's. The interest will be paid semiannually.David Murdock, Dole's chairman and chief executive officer, plans to acquire the approximately 76 percent of Dole's common stock that he and his affiliates do not already own for $33.50 a share in cash. A stockholder meeting to vote on the proposed merger will be held March 26.
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