Posted at 12:44 p.m., Monday, May 15, 2006
Business briefs: Barnwell Industries' earnings rise
Advertiser StaffHonolulu-based Barnwell Industries Inc. earned $3.4 million, or 39 cents a share in the first quarter, up from $910,000, or 11 per share, in the same period a year earlier, the company reported today.
The rise was largely the result of increases in revenues from oil and natural gas operations, investment in leasehold land and the recognition of deferred tax benefits, said Morton Kinzler, chairman and chief executive officer of Barnwell.
Revenues for the three-month period ending March 31 totaled $13.5 million, up form $10.0 million for the same quarter a year earlier. The company invested $8.3 million in oil and gas exploration during the first quarter, up from $4.5 million for he same period a year earlier.
Barnewell's shares fell 37 cents to close at $22.86 today on the American Stock Exchange.
Hawaiian Telcom losses widen in first quarter
Hawaiian Telcom, Hawai'i's major phone company, today said it lost $38.6 million during first quarter, versus a year-ago loss of $15.7 million. Earnings before interest expense, taxes, depreciation and amortization was 58.4 million.
Operating revenues during the quarter fell 2.7 percent to $144.9 million from $148.9 million in the first quarter of 2005 because of a reduction in access lines.
Hawaii Children's Cancer Foundation gets boost
The Hawaii Children's Cancer Foundation received a 20 percent boost in its fundraising goals thanks to donations from the Sheraton Hawaii Bowl and NFL Charities.
The HCCF was among several charities that received more than $10,000 from the Sheraton Hawaii Bowl's wine-tasting event and golf tournament. The funds are earmarked for HCCF's Family Assistance Program, which helps families of childhood cancer patients pay for transportation and housing expenses during the first year of their child's treatment.
The $5,000 NFL Charities grant will help the growing number of childhood cancer survivors in Hawaii. It funds neurocognitive testing to address the learning disabilities and other effects that are a frequent result of treatment.