Posted on: Friday, December 12, 2003

BUSINESS BRIEFS
Hawaiian sees stronger November

Advertiser Staff and News Services

Hawaiian Airlines saw better traffic last month compared to the previous November, the company announced yesterday.

Revenue passenger miles, which are defined as one paying passenger transported one mile, increased 21.5 percent from 394.6 million to 479.6 million. Available seat miles, a measure of scheduled capacity, rose 2.4 percent from 553.0 million to 566.2 million. And load factor, how full planes are with paying customers, went from 71.3 percent to 84.7 percent — a 13.4 percentage point increase.

The airline, which is in Chapter 11 bankruptcy, also announced it has extended its negotiations with Boeing Capital Corp. over aircraft lease agreements. The three-month extension will expire on March 15.

Cyanotech debt to turn to stock

Big Island aquaculture company Cyanotech said yesterday it was converting $1.25 million in debt to 1.92 million shares of company stock. The company said the conversion will decrease future quarterly interest expense by $31,000.

Cyanotech shares rose 1 cent yesterday to $1.15.

Magoon to get new investor

The Magoon companies said Easton Manson, managing partner of Persis Asset Advisors, has become the first non-family shareholder.

Magoon Estate and Magoon Brothers are privately held commercial real estate companies established in Honolulu in 1924. Manson's investment in Magoon comes as the company plans to double its real estate portfolio from 750,000 square feet to 1.5 million.