Business Briefs
Star-Bulletin staff & wire reports




Hawaiian Air's parent delays earnings report

Hawaiian Airlines' parent has notified the Securities and Exchange Commission that it will be late filing its quarterly financial report.

The filing, which was due Monday, is now expected by Aug. 15.

The reason for the delay is that Hawaiian Holdings Inc. will be consolidating results of the holding company and the airline for the first time since 2003 and must incorporate the period from June 2 -- when the airline emerged from bankruptcy -- through June 30.

Unocal shareholders vote on deal

Shareholders of oil and gas company Unocal Corp. were poised today to end months of haggling, national political debate and international intrigue with a vote on whether to accept a takeover bid by rival Chevron Corp. The company was expected to get approval of the stock and cash deal, which already has passed regulatory muster.

Their vote will end months of uncertainty sparked by an effort by a Chinese state oil company hoping to secure energy resources by wresting Unocal from Chevron.

The Unocal board approved the Chevron bid after rejecting a more lucrative offer from Chinese oil and gas company CNOOC Ltd. That offer was overshadowed by regulatory concerns and fierce opposition from members of Congress, who cited the fact that CNOOC is 70 percent owned by China's Communist government.

Clear Channel earnings fall 13%

SAN ANTONIO >> Clear Channel Communications Inc., which owns seven radio stations in the Honolulu market, said yesterday its second-quarter earnings fell 13 percent on lower revenue and higher operating costs as the media conglomerate prepares to spin off some of its businesses.

Clear Channel, the country's largest radio station owner, reported quarterly income of $221 million, or 40 cents a share, down from $254 million, or 41 cents a share, in the same period last year.

Revenue declined 1 percent to $2.46 billion from $2.49 billion a year ago, as radio advertising sales fell nearly 7 percent to $932 million.

In Hawaii, Clear Channel owns KSSK-AM 590/FM 92.3, KIKI-FM 93.9, KDNN-FM 98.5, KUCD-FM 101.9, KHVH-AM 830 and KHBZ-AM 990.

Delta Air hits new low on bad news

Delta Air Lines, struggling to avoid bankruptcy, was hit by a fresh crisis yesterday when it delayed a regulatory filing so it could conclude critical talks to reach a deal with a new credit card processing company.

Shares of Delta closed at $1.95, down 28 cents, or 12.6 percent, a new low for the stock, which has lost more than half its value in the last month.

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