BUSINESS BRIEFS
Barnwell reports income tripled
Advertiser Staff
Barnwell Industries Inc., the Honolulu-based real estate and oil company, said net income almost tripled in the three months ended Dec. 31 as it recorded tax benefits and enjoyed higher oil and natural gas sales, along with lower compensation costs.
The company reported net income rose to $3.12 million, or 39 cents a share in the quarter. A year earlier it had profit of $13.3 million, or 13 cents.
Barnwell said revenue increased to $15.7 million from $13.3 million in the corresponding quarter in 2006.
Helping its bottom line were $909,000 of deferred tax benefits and a $1.72 million increase in oil and natural gas sales as prices for the commodities rose. The company also reported a $1.27 million decline in incentive compensation expense related to a decline in stock appreciation rights expense.
Barnwell also said its board of directors had declared a cash dividend of 5 cents a share that is payable March 17 to stockholders of record on March 3.
TIMES WORKERS SEEK TO QUIT UNION
More than half of the unionized workers at Times Super Markets have signed a petition to decertify the union from representing them, according to Times officials.
The company said that 59 percent of the 116 members of the Hawai'i Teamsters & Allied Workers Union Local 996 signed the petition. The workers are meat and fish cutters and wrappers. Times said it has notified Local 996 of the petition.
Sandy Kanemura, Local 996 spokeswoman, said the union will ask for a copy of the petition to verify the signatures. She said a vote would have to be taken before the union could be decertified.
The workers went on strike Dec. 17 over medical benefits. On Jan. 7, the union issued a return-to-work offer in hopes of stopping Times from hiring replacement workers.
To date, 38 workers have been recalled by Times. The return-to-work offer essentially ended the strike.
IGNACIO NEW PRESIDENT AT HELCO
Jay Ignacio has been named president of Hawaii Electric Light Co., the electric utility serving the Big Island, effective March 10.
Ignacio will replace Warren H.W. Lee, who is retiring after 35 years of service at Hawaii Electric Light Co., and its parent, Hawaiian Electric Co. Lee served the past 17 years of his career as president of Hawaii Electric Light Co.
"Under Warren's tenure, HELCO has become among the leading utilities in the nation in the use of renewable energy, including geothermal, wind and hydro power, with plans for even more projects ahead," said Mike May, president and chief executive officer of Hawaiian Electric Co.
"At the same time, Jay knows the HELCO system inside and out, and is well prepared to take over the reins," he said.
Ignacio currently serves as HELCO's manager of transmission and distribution.
4 BUSINESS LEADERS TO BE HONORED
Junior Achievement of Hawai'i will induct four business leaders into the Hawai'i Business Hall of Fame in a ceremony March 7 at the Royal Hawaiian Hotel.
This year's inductees are Jon de Mello of Mountain Apple Co., Joseph J. Ferraro of Ferraro Choi and Associates Ltd., Peter Kim of Yummy Restaurant Group, and Richard Ha of Hamakua Springs Country Farms.
The ceremony will begin with a reception at 5:30 p.m. in the hotel's Monarch Room. For information on tickets, call Junior Achievement of Hawai'i at 545-1777 or visit www.jahawaii.com.
