The company's net income for the first three months of the year was $1.3 million, or 17 cents per share, compared with $1.5 million, or 21 cents per share in the first quarter of 2004.

Revenue during the quarter was $38.1 million, down from $40.5 million a year earlier.

David Cole, company chairman and CEO, said the results were in line with expectations.

Honolulu average gas price hits record $2.45 a gallon

The average price for regular gasoline in Honolulu rose to a record $2.452 a gallon, according to today's AAA Daily Fuel Gauge Report.

Statewide the average also hit a record high of $2.543 a gallon. In Wailuku, Maui, regular gas averaged $2.894 a gallon, which was a record. In Hilo on the Big Island, it averaged $2.573 a gallon.

National Credit union group names Chun chairman

PSCU Financial Services, the nation's largest credit union service organization, has appointed local credit union official Ariel Chun as its chairman.

Chun currently serves as chief executive officer of the University of Hawaii Federal Credit Union.

PSCU Financial Services is a non-profit cooperative that is owned by 500 member credit unions nationwide. As chairman, Chun will be responsible for overseeing the board of directors' long-term financial planning for the nation's credit union industry.