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[ FAST FACTS HAWAII ]

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Hoku Scientific IPO set for tomorrow

Hoku Scientific Inc., a Honolulu-based fuel-cell technology developer, will have its initial public offering of stock priced today after the market closes and will begin trading tomorrow, according to lead underwriter Piper Jaffray & Co.

The company has said it expects its stock to be priced between $11 and $13 and that it could raise up to $62.8 million. It will be the first IPO of a Hawaii company in six years.

Hoku, which will trade on the Nasdaq National Market under the ticker symbol HOKU, is not expected to open at the start of trading tomorrow but will debut later in the trading day, a Piper Jaffray spokesman said.

North American to end isle flights

North American Airlines Inc. plans to end all flights between Oakland, Calif., and Hawaii on Sept. 1, saying the route is not profitable.

The company started the service in November 2004, and has been flying to the state seven to nine times a week.

World Air Holdings Inc., based in Peachtree City, Ga., bought North American Airlines in April for $35 million in cash. World Air Holdings has decided it makes more sense to use the planes and crew for charter service, the company said.

Hawaii bankruptcies rise again

Statewide bankruptcy filings rose year over year in July for the fourth consecutive month ahead of a new federal law that will make it harder and more expensive to file for financial relief.

Total filings last month jumped 19.6 percent to 281 from 235. In the last four months, filings have increased 16.8 percent to 1,249 from 1,069 during the same period in 2004. The new law takes effect Oct. 17.

Chapter 7 liquidation, the most common bankruptcy in Hawaii, grew 25.5 percent in July to 261 from 208. Chapter 13 filings, which allow a wage earner to pay creditors over three years, fell 20 percent to 20 from 25.

Joshua Gotbaum delays fee request

Former Hawaiian Airlines trustee Joshua Gotbaum has received a one-week extension to file his long-awaited success fee request for seeing the carrier through a tense reorganization.

Gotbaum said the extension was necessary because some of the computer records needed for submitting the application were lost during 2003 and 2004 system failures and are still being retrieved through the computer's archived files. The deadline, which was yesterday, has been extended until next Monday.

Gotbaum and his family left Hawaii last night to return to their Washington, D.C., home. "We're leaving because I haven't found anything in Hawaii that was as challenging or half as much fun as running Hawaiian Airlines," Gotbaum said.

Analyst boosts A&B target price

JMP Securities analyst James Wilson, citing greater certainty on upcoming real estate sales and an attractive stock valuation, has raised his target price on Alexander & Baldwin Inc. to $64 from $60.

Wilson, based in San Francisco, also raised his 2005 earnings-per-share estimate to $2.75 from $2.70. He maintained his estimate for next year's earnings per share at $2.80 but increased his 2007 estimate to $4 from $3.55. He maintained his rating on the stock at "market outperform."

Separately, San Diego-based analyst Nicholas Aberle of Caris & Co. maintained his "average" rating on the stock. Aberle raised his 2005 EPS estimate to $2.65 from $2.56 because he expects better ocean transport margins, but kept the 2006 EPS at $2.30.

A&B plans $40 million Kauai homes project

A&B Properties Inc. plans to build 135 condominium and single-family units overlooking Port Allen Harbor in South Kauai for $40 million.

The overall development consists of a 75-unit, multistory condominium project named "Kai 'Olino," and 60 single-family homes in an adjacent project called "Keala'ula."

Goodfellow Bros., one of the state's largest civil contractors, has been awarded the contract for infrastructure improvements. Site work is expected to begin this month.

The first 48 condo units at Kai 'Olino were presold in May and all of the units were purchased by prospective owner-occupants. Prices ranged from $325,000 to $550,000 for two- and three-bedroom units. The remaining 27 units are to be released for presale next month.

Sales of the Keala'ula single-family homes are expected to begin in the fall. Pricing has yet to be determined.

Hawaiian Telcom awards systems pact

Hawaiian Telcom Communications Inc. has awarded BearingPoint Inc. of McLean, Va., a multiyear contract to build and maintain new operations and business support systems for Hawaii.

The systems mark a significant local investment for Hawaiian Telcom, the former Verizon Hawaii, which renamed itself in May after being acquired by the Carlyle Group. The project includes installing a complete set of front-office, back-office and network systems, including systems for finance, human resources, customer billing and customer service.

The new system is part of a $100 million investment Hawaiian Telcom is planning for back-office operations in Hawaii.