Barnwell triples earnings in year
Honolulu-based Barnwell Industries Inc. earned $3.4 million, or 39 cents a share, in the first quarter, up from $910,000, or 11 cents per share, in the same period a year earlier, the company reported yesterday.
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 from $10 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 the same period a year earlier.
Barnwell's shares fell 37 cents to close at $22.86 yesterday on the American Stock Exchange.
PHONE COMPANY SEES $38.6M LOSS
Hawaiian Telcom, Hawai'i's major phone company, yesterday said it lost $38.6 million during the first quarter, compared with a $15.7 million loss last year. 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.
GET2HAWAII ADDS 2 TO BOARD
Get2Hawaii has named former Hawaiian Airlines president and chief executive officer Paul Casey to its board of directors.
The Honolulu-based software company also announced that Carnet Williams, executive director of the Hawaii Business and Entrepreneur Acceleration Mentors, is joining its board.
"Paul and Carnet strengthen our board's knowledge of travel marketing in the Asia/Pacific region as well as the information technology and systems needed to support our business," said Ron Wright, chief executive officer for Get2Hawaii CEO.