BUSINESS BRIEFS
Average gas price rises, but slowly
Advertiser Staff
The average price of a gallon of regular gasoline in Hawai'i has risen slower than the national average over the past year, though the state's average price remains the highest in the country.
AAA's Fuel Gauge Report Web site shows Hawai'i's statewide average rose to $3.479 from $2.892 a year earlier, a gain of about 20 percent.
The national average increased at a faster pace during the year. It rose to $2.998 from $2.145, or about 40 percent higher than a year earlier.
The difference in price gains resulted in Hawai'i's average price becoming closer to the national average compared with a year earlier.
Local prices are now 16 percent higher than the national average. A year ago, the gap was almost 35 percent.
Honolulu's average price also increased. The average price for a gallon in Honolulu rose to $3.362 from $2.792 a year ago.
The gap between Honolulu prices and the national average has declined slightly during the year. It is now 16 percent versus 16.7 percent last year at this time.
PET'S DISCOUNT OPENS IN KAIMUKI
Pet's Discount has opened its newest store at the Market City Shopping Center in Kaimuki.
The 3,200-square-foot store is on the Kapi'olani Boulevard side of the shopping center in the space formerly occupied by Blockbuster. Pet's Discount is the state's largest locally owned pet supply chain with six stores.
A grand opening is set for April 5 and 6. The store is open from 10 a.m. to 8 p.m. Monday through Saturday, and from 10 a.m. to 6 p.m. Sundays.
HAWAIIAN CEMENT OWNER SEES GAINS
MDU Resources Group Inc., the natural resources materials and services company that owns Hawaiian Cement, reported fourth-quarter earnings rose to $94.6 million, or 52 cents a share, from $82.4 million, or 45 cents, a year earlier.
The company said it had a record earnings year despite a drop in sales at its construction materials division because of declining housing markets.
SHARES OF YOUNG LAUNDRY ACQUIRED
U.S. Dry Cleaning Corp., owner of Young Laundry in Hawai'i, reported one of its directors had acquired 61,359 shares of the company's common stock.
The company said Martin Brill had purchased the stock at a price of $1.30 a share in converting Series A Convertible Debentures into common stock.
The company said the transaction followed one by Robert Lee, U.S. Dry Cleaning chief executive officer, who bought 188,510 shares at prices that were above the market price.
Palm Springs, Calif.-based U.S. Dry Cleaning, which is attempting to consolidate the dry cleaning business by building regional operations, issued shares last summer at $2.50 each. Since that time, the share price has fallen and closed at 83 cents today.
L&L WELCOMES NEW EXECUTIVE
L&L Franchise Inc. has named Bryan Andaya as its new chief operating officer.
The restaurant chain operates in Hawai'i and on the Mainland under the L&L Drive Inn and L&L Barbeque trade names.
Andaya will oversee the day-to-day operations of the company. Andaya is an attorney with the Honolulu law firm Imanaka Kudo & Fujimoto.
