Friday, February 2, 2001
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Posted on: Friday, February 2, 2001

Hawai'i business briefs

Advertiser Staff and News Services

Roberts Hawaii names president

Troy Iwamoto has been promoted to president and chief operating officer at Roberts Hawaii Inc., responsible for day-to-day operations. Robert Iwamoto Jr. will remain chairman and chief executive and will focus on long-term strategy, corporate investments and new business development. Troy Iwamoto previously was corporate vice president of sales and marketing and general manager of the Roberts Hawaii Big Island operations.

Revenues down, Cyanotech says

Cyanotech Corp. said yesterday that its losses dropped, but revenues also fell in the last three months of 2000, as a major customer reduced purchases from the Kailua-Kona algae company.

Cyanotech reported revenues of $1.8 million for the quarter ended Dec. 31, down from $2 million the same period the year before. Net losses dropped to $322,000 for the quarter, down from $3.2 million in fourth-quarter 1999. The 1999 figure included a one-time $2.8 million charge.

Sales dropped because the company’s largest customer, Spirulina International, reduced its orders, said Gerald Cysewski, chairman, president and CEO of Cyanotech. Spirulina International’s orders dropped from 17 percent to 5 percent of total sales, Cysewski said.

Cheap Tickets names new CEO

Cheap Tickets Inc. named Sam E. Galeotos its new chief executive yesterday. Galeotos replaced company founder Michael Hartley, who will remain executive chairman and work on long-term strategy.

Galeotos joined Honolulu-based Cheap Tickets as president and chief operating officer in October 1999.

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