Posted on: Tuesday, February 15, 2005
BUSINESS BRIEFS
Court approves airline contracts
Advertiser Staff
A U.S. Bankruptcy Court judge yesterday approved new contracts between Aloha Airlines and the Air Line Pilots Association, Association of Flight Attendants and International Association of Machinists and Aerospace Workers District Lodge 141 that each call for 10 percent wage cuts for this year and 2006.
The three unions cover approximately 2,900 of Aloha's 3,300 union employees.
Members of the International Association of Machinists and Aerospace Workers District Lodge 142 and Transport Workers Union have yet to vote on their tentative agreements, which also call for 10 percent wage cuts, an Aloha spokesman said.
Washington, D.C.-based The Carlyle Group said it returned $5.3 billion to investors last year on deals that included the $650 million sale of shipper Horizon Lines LLC. The investment firm did not disclose its rate of return, but historically has had a gross return on realized corporate investments of more than 30 percent a year.
Carlyle is in the process of purchasing telephone company Verizon Hawaii for $1.65 billion. During 2004 Carlyle said it raised $7.8 billion and invested $2.7 billion.
Honolulu-based Barnwell Industries reported net earnings of $2.44 million, or 86 cents per share for the quarter ended Dec. 31, 2004, down from $2.91 million, or $1.05 per share in the same period a year earlier.
All per-share information was adjusted to reflect a two-for-one stock split in the form of a 100 percent stock dividend paid on Jan. 28.
Net earnings for the year-earlier quarter were higher because of $1.54 million in non-cash deferred tax benefits due to reductions in Canadian corporate income tax rates, the company said.
Earnings before taxes in the current quarter were $3.77 million, up 59 percent from $2.36 million a year earlier. The increase was due mainly to an increase in operating profits from oil and natural gas operations.
Carlyle reports $5.3B return
Barnwell earns $2.44M in 4Q
