The Honolulu-based maker of fuel-cell membranes attributed its profitability to a $1.0 million increase in revenue from the contracts with Nissan Motor Co., Ltd.

Total revenue for the first fiscal quarter ended was $1.1 million, compared to $100,000 in the same quarter of 2004. As of June 30 the company had $3.1 million in deferred revenue, compared to $4.2 million as of March 31, 2005. The company's deferred revenue is attributable to contracts with Nissan Motor Co., Ltd., and the United States Navy, and the decrease from March 31, 2005 to June 30, 2005, is a result of the recognition of $1.1 million of deferred revenue under contracts with Nissan Motor Co., Ltd. Hoku said it expects to recognize the majority of this deferred revenue during the remainder of fiscal year 2006.

Hoku also announced today that the underwriters of the company's recent initial public offering of its common stock have exercised in part their over-allotment option to purchase an additional 183,200 shares of the company's common stock at the initial public offering price of $6.00 per share, before deducting underwriting discounts. Piper Jaffray & Co. is acting as book-running manager for the offering, and together with SG Cowen & Co., LLC and Thomas Weisel Partners LLC, are acting as representatives of the underwriters.

Groundbreaking set for Wyland Waikiki hotel

Diamond Hotels and Resorts will hold a ceremony tomorrow to mark the start of construction on the new Wyland Waikiki hotel.

The developer plans renovate the former Ohana Waikiki Surf and reopen it in January with a motif inspired by marine life artist Wyland.

Best known for his massive whale murals, Wyland has achieved international recognition for his paintings, sculpture, fine art photography and non-profit work.

The 404-room hotel will feature ocean and reef color schemes and patterns, as well as pieces from Wyland's art collection throughout guest rooms, elevators, lobby and corridors.

Horizon boosts fuel surcharge by another 2.5 percent

Horizon Lines said effective Sept. 15 it will increase by 2.5 percent the fuel surcharge it passes on to shipping customers to compensate for higher fuel costs.