38 charities benefit from pledges

First Hawaiian Bank employees and retirees pledged $572,138 to benefit 38 charities in Hawaii, Guam and Saipan.

The charity campaign, called Kokua Mai, is administered by the bank. More than 90 percent, or about 2,247 bank employees, participated in the effort, according to the bank.

First Hawaiian has 58 branches in Hawaii, three on Guam and two on Saipan.

Shares fall even as Gannett posts gains

Gannett Co. posted its largest profit of the year in the fourth quarter as cost-cutting efforts were aided by a lessening decline in advertising sales.

But shares of the biggest U.S. newspaper publisher tumbled after company executives didn't offer any hope for an upturn in newspaper advertising this year.

The report released yesterday showed that newspaper and magazine ad revenue plummeted by almost $1.2 billion, or 28 percent, from 2008.

Print advertising remains Gannett's biggest source of revenue despite efforts to bring in more money from the Internet and other media.

Fourth-quarter ad revenue at the McLean, Va.-based Gannett's publications, which include USA Today, the Honolulu Advertiser and more than 80 other daily newspapers, fell 18 percent, or more than $172 million. That followed year-over-year declines of 32 percent to 34 percent in each of the first three quarters.

Newspaper ad sales have been deteriorating for several years, but the erosion widened dramatically beginning in the summer of 2008 as the economy headed into its worst financial crisis since the Great Depression.

Sidoti & Co. analyst Christopher Walling said the company's cautious guidance about a possible ad upturn appeared to be the main reason that Gannett's stock price fell $1.13, or 7 percent, to close yesterday at $15.02.

Dole seeks $850M refinancing loan

Dole Food Co., the world's biggest fresh fruit and vegetable producer, is seeking an $850 million term loan to refinance existing bank debt and bonds, Bloomberg News reported yesterday citing a person familiar with the negotiations.

Deutsche Bank AG, Bank of America Merrill Lynch and Wells Fargo & Co. are arranging the seven-year loan, said the person, who declined to be identified because the matter is private. Lenders will hold a conference call tomorrow in New York to discuss the terms, the person said.

Dole, based in Westlake Village, Calif., intends to use the proceeds to refinance existing term loans and borrowings outstanding under its senior notes due 2011, the person said.

The company, founded in Hawaii at the beginning of the last century, was once a major force in the state's agricultural and real estate.

It still has significant real estate holdings in the islands, where its businesses include Waialua Estate, where it grows coffee and cacao.

ON THE MOVE

Hawaii Pacific University has appointed Jeffrey Boromisa as executive in residence in the College of Business Administration. He has 28 years' experience with Kellogg's Co.

Central Pacific HomeLoans, a subsidiary of Central Pacific Bank, has hired Daneil Chinen as vice president and compliance officer. She has more than 30 years of experience in the mortgage and home loan industry.

Baldrige & Associates Structural Engineering has named Drew Fagent and Fernando Frontera as licensed structural engineers in Hawaii. Fagent has worked on a multitude of projects including high-rise condominiums, commercial design and custom residences and renovations. Frontera's experience includes working in the structural engineering consulting industry.

MW Group has promoted Colby Kisaba to chief financial officer from controller. He was previously an assurance business adviser for Arthur Andersen and a financial analyst for the government.

Verizon Wireless has promoted Andrew Chase to retail store manager for the company's Kapolei store from assistant store manager at the Pearlridge Mall location. He has been a retail sales representative, senior sales representative and assistant manager with the company.