A&B Net Income is Down Two-Thirds in 2009

Posted by Wendy Osher

Earnings at Alexander & Baldwin, Inc. (NYSE:ALEX) for 2009 were down about two thirds from the previous year.  Net income for the company dropped from $132.4 million in 2008 to just $44.2 million in 2009.

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Meantime, revenue for the full year 2009 was $1,404.8 million, compared to revenue of $1,879.8 million for the full year 2008.

Company president and CEO Stan Kuriyama said, “The Company’s modest profit in 2009 was hard earned in a very difficult operating environment for all of our lines of business.”

The company’s agribusiness segment reported continued struggles with drought-induced lower yields in its core sugar operations.  A&B also received lower rates for power it produced and sold to the electric utilities on Maui and Kauai.

“Increases in domestic sugar prices and improving yield forecasts have positioned Agribusiness for a major improvement in 2010. Adequate access to irrigation water must be maintained to ensure ongoing operating viability over the longer term,” said Kuryiama.

Kuriyama said the cost cutting actions taken in the past two years, well positions the company in 2010 as markets begin to recover.

Kuriyama said, “Despite the challenging earnings environment, the Company generated positive operating cash flow, while improving its overall financial condition. While some of 2009’s economic challenges will persist throughout 2010, the Company is much better positioned to create near-term earnings growth and long-term value in a more stabilized environment.”

In the company’s Ocean Transportation sector, Kuriyama said there should be benefits as volumes stabilize in the key Hawaii trade and prices firm in the China trade.  He did note there may be challenges in achieving historical margins at lower volume levels.

The report further noted that Logistics Services should similarly benefit from some recovery in domestic volumes and rates.

In the Real Estate sector, the company anticipates leasing to be challenged with lower revenues due to lower rents and occupancies, and higher depreciation related to newly acquired properties.  Despite the challenges, A&B anticipates continued generation of significant cash net operating income.

“As economic growth returns, we are confident that the Company’s capital resources to support new investments, and strong franchises and market positions in our shipping and real estate businesses, will result in shareholder value creation and earnings growth in 2010 and beyond,” said Kuriyama.

OHA To Host TV Specials On Akaka Bill

The Office of Hawaiian Affairs will host two live television specials this month focusing on the “Akaka Bill” more formally known as the Native Hawaiian Government Reorganization Act of 2009.

OHA hopes to use the airings as a way to better inform the public about the measure that is now before the U.S. Senate and House of Representatives.

While the bill in its various forms and transitions over the years has drawn support an opposition alike, the Office of Hawaiian Affairs has long been a supporter of the measure.  The bill was crafted to provide a process of federal recognition to Native Hawaiians.

“We are hopeful that the final version of the bill will be one that all parties can move forward with,” said Clyde Nämu‘o, OHA’s Chief Executive Officer.

“This is a complicated bill. We want to help both Hawaiians and non-Hawaiians alike understand what this bill means, answer people’s questions, and help everyone prepare for what we believe will be successful passage of this landmark legislation,” said Nämu‘o.

The two live television specials will be produced by OHA and will include participation from community members, legal experts, and panelists.

The first show, which will air on Thursday, January 7, at 8 p.m. on KITV, will feature:

• Lilikalä Kame‘eleihiwa, Professor with the University of Hawai‘i Kamaküokalani Center for Hawaiian Studies.
• Michael Kahikina, Legislative Chair with Sovereign Councils of Hawaiian Homelands Assembly.
• Robin Danner, President and Chief Executive Officer of the Council for Native Hawaiian Advancement.
• Bruss Keppeler, member of the Association of Hawaiian Civic Clubs.

The second show will broadcast on Thursday, January 14, at 7 p.m. on KITV and will feature the legal implications of the bill before a panel of legal experts.  Both shows will also be streamed live on KITV.com.

OHA has provided an email address for the public to email questions in advance to:  akakabill@oha.org.  Viewers will also be able to call in their questions on the nights of the shows.

(Posted by Wendy Osher; supporting information provided by the Office of Hawaiian Affairs)

Maui Radio to Broadcast Live Coverage of EA SPORTS Maui Invitational

By Wendy Osher

 

ESPN 550 AM on Maui will broadcast all 12 of the EA SPORTS Maui Invitational Basketball tournament games to be played November 23-25 at the Lahaina Civic Center.  The Nationally televised event is hosted by Chaminade University and is touted as the nation’s premier early season college-basketball tournament.

 

File Photo by Pacific Radio Group. Barry Helle (r) and Fred Guzman (l) will be joined by Josh Pacheco in broadcasting live play-by-play action from the 2009 EA SPORTS Maui Invitational Basketball Tournament.

Play-by-play will be provided by on-air personalities Barry Helle, Fred Guzman and Josh Pacheco.  In addition to the radio broadcast on ESPN 550 AM KMVI, the games will also be simulcast on the station’s website at espn550.com.  The national ESPN affiliate will also be carrying the games live in HD on the ESPN network of television stations.

 

This is the first year that the local broadcast will be offered to web users and the eighth year that Pacific Radio Group has carried live play-by-play radio coverage of the event.

 

Now in its 26^th year, the EA SPORTS Maui Invitational features a lineup of former national champion teams including Cincinnati, Arizona, Maryland and Wisconsin.  The 2009 lineup also includes Colorado, Gonzaga, Vanderbilt and host Chaminade University of Honolulu.

 

Remaining tickets for the tournament will be available onsite at the Lahaina Civic Center.  The Box Office opens Friday, November 20^th at 9 a.m. and will be open from 9 a.m. to 5 p.m. throughout the weekend.  On tournament days, the box office will be open from 8 a.m. to the end of the last game on each tournament day.  Tickets can also be purchased by calling 808-667-DUNK (3865).

 

EA SPORTS Maui Invitational Game Bracket/Schedule:

Monday, November 23, 2009:

• Game 1:            10 a.m.  Colorado vs. Gonzaga (ESPN2)
• Game 2:            12:30 p.m.  Cincinnati vs. Vanderbilt (ESPN2)
• Game 3:            4:30 p.m.  Chaminade vs. Maryland  (ESPNU)
• Game 4:            7 p.m.  Arizona vs. Wisconsin  (ESPN2)

Tuesday, November 24, 2009:

• Game 5:            8:30 a.m. Loser of Game 2 & 3  (ESPN2)
• Game 6:            11 a.m.  Loser of Game 1 & 4  (ESPN2)
• Game 7:            2 p.m.  Winner of Game 2 & 3  (ESPN)
• Game 8:            4:30 p.m.  Winner of Game 1 & 4  (ESPN)

Wednesday, November 25, 2009:

• Game 9 for 7^th and 8^th Place:                   9 a.m.  Loser of Game 5 & 6  (ESPNU)
• Game 10 for 3^rd and 4^th Place:                 11:30 a.m.  Loser of Game 7 & 8  (ESPN2)
• Game 11 for 5^th and 6^th Place:                 2 p.m.  Winner of Game 5 & 6  (ESPNU)
• Game 12 for Champion & 2^nd Place:         5 p.m.  Winner of Game 7 & 8  (ESPN)

Mayor’s Small Business Awards Finalists Announced

The list of Finalists for the Mayor’s Small Business Awards has been released.  This year’s event, “1930s to 2009, Looking Back – Moving Forward,” celebrates the era that many of Maui’s time-honored mom-and-pop businesses got their start.

Nominees in the small business category with 11-50 employees include:  The Dunes at Maui Lani, David Gleason; Island Honda, Anne Oishi; Maui Brewing Co., Garrett Marrero; Pacific Defense Solutions, LLC, Wes Freiwald; and The Maui Closet Company, Debbie Finkiewicz.  Winners will be announced at a dinner on Friday October 23 at the Wailea Beach Marriott.

Former KGMB9 news anchor Jade Moon will be the keynote speaker at the 2009 Mayor’s Small Business Awards dinner, which will be held Friday, October 23, 2009 at the Wailea Beach Marriott Resort and Spa. Photo Courtesy County of Maui.

Back by popular demand this year are emcees and TV personalities Guy Hagi and Kim Gennaula; keynote speaker will be Jade Moon. 1930s-style entertainment will be provided by Kelly Covington.

Dinner cost is $50 per person; no-host bar. Dinner reservations and special room rates are available by contacting the Maui County Business Resource Center at 873-8247.

The winner in each of the six categories will receive a beautiful Haunani Mine koa-framed commemorative award, window decal and certificate of recognition.

The finalists for Young Business Person are: Andrew Crawford, Bevinco Maui

Danoucha Starkweather, Danoosha Designs Frank “Palani” Alexander II, Alexanders Kitchens and Baths LLC Garrett Marrero, Maui Brewing Co.

Leo Kaniela Caires, Maui Energy Co.

There are also awards being issued for Life Time Achievement, Non-Profit Angel Award, and Small business with 10 or fewer employees.

(Posted by Wendy Osher)

SILVA NAMED 2009 OFFICER OF THE YEAR

The Maui Police Department’s Sergeant David Silva is being honored as the recipient of the Officer of the Year Award from the 2009 Hawaii State Law Enforcement Officers Association.  Sergeant Silva will be honored at HSLEOA Conference banquet which will be held next Friday evening, September 25, 2009, at the Ritz Carlton Hotel in Kapalua.

Sgt. David Silva. Courtesy Photo, Maui Police Department.

Sergeant David J. Silva is a 21-year veteran of the Maui Police Department.  He has been assigned to the districts of Wailuku, Hana, Lahaina, Molokai, and Kihei.  He also served in the Communications Section, Internal Affairs, Criminal Investigation, and is currently with the Juvenile Crime Prevention Division.

In his current assignment, Silva’s supervisors said, “Silva always strives to make a difference, accepts challenges, and fights and prevents crime with a vengeance.  He is a true professional that repeatedly sets a fine example for his men and women to follow.  He has effectively managed his personnel to the point that they were even selected by the Maui News to receive the prestigious recognition as the People Who Made A Difference in 2008.”

Supervisors provided further comments and accolades saying, “Sergeant Silva never hesitates to take on a case assignment to assist his team of busy investigators.  As recently as March 2009, Sergeant Silva led and solved a robbery case involving three juveniles who assaulted a male using the ATM machine.  As a result of his tenacity and diligent investigation, he tracked down and arrested two 16-year-old juveniles.  Through his efforts, a third juvenile was also identified.”

In 2008, Sgt. Silva’s team of investigators made more than 88 arrests for prohibitions involving underage drinking.  The team also received the Mothers Against Drunk Driving Law Enforcement Award in both 2007 and 2008 for their work to prevent underage drinking.

Silva also worked to curb truancies and curfew violations.  In 2008, there were 322 arrests for Compulsory School Attendance, and 62 arrests for curfew violations.  Silva also carried out a special operation which involved the arrest of a juvenile selling drugs in a high school parking lot.

In addition to his regular assignment, Silva is also trained as a Crisis Negotiator, a Mobile Command Vehicle Operator, and a recruit class instructor.  His involvement in the community includes work as a coach for flag football at Maui Waena Intermediate School and a volunteer at St. Anthony.

(Posted by Wendy Osher.  The above comments are from a Conference book excerpt; The comments and accolades were from his supervisors in writing him up for the award.)

LAYOFFS LOOMING: STATE REVENUES LOWER THAN PROJECTED

An updated assessment of tax revenues shows the state lost an additional $57 million in FY09-worse than the 9 percent decline projected by the Council on Revenues.

Governor Linda Lingle said she will have to make “tough, realistic decisions to close the budget shortfall.”  She did not specify how many workers would be laid off, but initially indicated there may be as many as 2,500 layoffs if furloughs are not approved.  Her plan to layoff state workers for three days each month for two years was struck down by Circuit Judge Karl Sakamoto last week based on constitutional reasoning.

Final tax revenues for fiscal year 2009, showed general fund revenue collections decreased by $436.1 million or 9.4 percent compared to fiscal year 2008.

The final tax collections represent $56.7 million in additional general fund revenue loss compared to what the Council on Revenues had projected for the fiscal year that ended on June 30, 2009 when it last met on May 28.  The additional revenue loss means the state is now facing a budget shortfall in excess of $786 million through June 30, 2011.

This past fiscal year, Declared Estimated Taxes dropped significantly to $262.5 million, a 39 percent fall from last fiscal year.  In a press release issued yesterday, the governor’s office said this was an indicator that Hawai’i residents are projecting their current and future incomes to be significantly less.

Another trend is the drop in Withholdings on Taxes and Wages, which saw a decline in the last month of the fiscal year.  Whereas monthly Withholding on Taxes and Wages ranged from $118 million in January 2009 to $106 million in May 2009, this number dropped to $77.8 million in June 2009.  The decline is being attributed to decreases in wages and increases in unemployment.

“The additional revenue loss as well as these two worrisome trends show that our economy is continuing to weaken,” said Governor Linda Lingle.  “It is imperative that we all work together to continue to make tough, realistic decisions to close the budget shortfall and remain focused on growing our economy for the long-term,” Lingle said.

(Posted by Wendy Osher © 2009; Information provided by the Office of the Governor)

ABC’S ‘THE BACHELORETTE’ HEADS TO HAWAI‘I

The final three contestants on the ABC series “The Bachelorette” head to Maui for a Romantic Getaway.  Jillian Harris, the Bachelorette for Season 5 arrives on Maui for a two-hour episode on July 13 (8 p.m. EST/7 p.m. CST).

The scenic Hana coast is among the Maui sites featured in the upcoming Season 5 episode of ABC's "The Bachelorette". Photo by Wendy Osher.

The show follows Harris and the remaining three bachelors – Ed, Kiptyn, and Reid –in their quest for love, exploring Maui on romantic and luxurious dates leading up to the Rose Ceremony at Maui’s Olowalu Plantation House.

“Couples dream of coming to Hawai‘i for a romantic getaway because of our

breathtaking scenery, warm year-round tropical weather, our music, dance, and Aloha spirit of our people,” said John Monahan, president and CEO of the Hawai‘i Visitors and Convention Bureau.

“Maui is an ideal location for The Bachelorette with its exceptional beachfront resorts, stunning landscapes, and friendly people,” said Monahan.

Viewers will get a glimpse of the Aloha State’s natural beauty and relaxing atmosphere via two hours of prime time national television.

Harris and the final three bachelors begin their Hawai‘i escape on Maui’s west side in Kä‘anapali where they are pampered with lavish oceanfront suites, fine dining experiences, and island hospitality during their private dates at Westin Maui Resort and Spa and Sheraton Maui Resort and Spa.

Each of the couples then set out on individual dates enjoying a traditional lü‘au on the beach, activities at Kapalua Adventures in Kapalua Resort, a bird’s eye view of the island with Sunshine Helicopters, a cliff-side picnic at the Hotel Häna-Maui and Honua Spa, and a snorkel cruise along Maui’s picturesque coastline with Trilogy Excursions.

Harris then has the difficult task of selecting the final two bachelors during the Rose Ceremony held at Olowalu Plantation House.

So which two bachelors will make the cut? Tune in to ABC’s “The Bachelorette” on July 13 at 8 p.m. EST/7 p.m. CST (check local listings).

(Posted by Wendy Osher)

MAUI COUNTY FAIR NAMES FAIR DIRECTOR, MANAGING DIRECTOR

The 87th Maui County Fair will be led by a team of two.

Fair Managing Director Sherri Grimes is pictured with her family in the 2008 County Fair Parade. Photo by Wendy Osher.

Sherri Grimes, who served as the Fair Director for the past three years, will become the fair’s Managing Director.  The job calls for oversight of budget and logistics.

Grimes teams up with new Fair Director Karey Oura who will lead the fair’s community relations and outreach division.  Oura served as Assistant Fair Director and co-chair of entertainment in 2006 and 2007.  This year’s event runs from October 1^st thru the 4^th.

“This year has presented many unique challenges for our world’s economic climate but the fair has always and will continue to serve as a fun outlet to spend quality time with our families. I look forward to lending support in carrying on and expanding some of the initiatives led by last year’s Director Sherri Grimes, as well as creating opportunities to spotlight some of our volunteers, educators and service providers for their direct involvement in bettering Maui County’s future,” said Oura.

Unlike past years, the Fair Director position will change annually, bringing fresh ideas and personalities to Maui’s long-standing annual Maui tradition.

“It is an honor to be able to continue to work with the many dedicated volunteers, community service and non-profit groups, Chairpersons and committees, Board of Directors, various State and County agencies, sponsors, and the many other gracious supporters who are responsible for making the Maui County Fair come alive,” said Grimes.

The 87th Maui County Fair brings the community together to enjoy an alcohol-free, smoke-free and drug-free family-oriented educational event with entertainment, local food, and fun.

The Maui County Fair is a primary source of funding for many of Maui’s nonprofit and community organizations. It relies entirely on corporate or local business sponsorships, local donations, and volunteers for support.  Corporate Sponsorship packets are also available online for download.

For information about the Maui County Fair contact Managing Director Sherri Grimes at 280-6889 or visit mauicountyfair.com or twitter.com/mauicountyfair on the web.

(Posted by Wendy Osher; Photo by Wendy Osher)

ROYAL ORDER ON MAUI PLANS KAMEHAMEHA DAY COMMEMORATION

The Royal Order of Kamehameha Kahehili Chapter IV on Maui will commemorate the birth of Kamehameha The Great on Thursday June 11, 2009.

The royal society annually observes the day with reverence paying special attention to the significance of Kamehameha’s role in Hawaiian history.

The march down Kaahumanu Avenue is a procession as opposed to the celebratory parades held across the state.

The march begins at 9 a.m. at the main entrance of Maui Community College, with the procession to head in the Paia bound direction, crossing the Kahului Beach Road Intersection, and ending at Ho’aloha park.

Our crews were on hand during the 2008 event and captured the preceding footage:

(Posted by Wendy OSHER © 2009; VIDEO CREDITS:  Wendy Osher News 06/11/08 Kamehameha Day in Kahului, Maui. Produced by Wendy Osher and Frank W Pulaski III Written by Wendy Osher Camera and Edited by Frank W Pulaski III )