Atlantis Submarines (International Holdings) Inc. said its profits fell in the first quarter, in part because of a tourism downturn in markets where it operates and a sales decline in Honolulu, where one of its two submarines was sidelined by an electrical fire.

The Vancouver-based company reported a profit of $1.09 million, or 12 cents a share, in the quarter ended March 31.

That was lower than the $1.38 million, or 15 cents, in the quarter a year prior, as revenues fell to $10.3 million from $12.8 million.

The firm said a recession has negatively affected tourism markets where it operates, reducing arrivals and spending. Revenues were down 20 percent from the prior year in both Hawai'i and the Caribbean.

The company said the fire aboard one of its Honolulu-based submarines occurred in February and that the 64-passenger vessel is expected to be back in service by the end of this month.

PARKER RANCH PROMOTES MARIS

The board of directors of Parker Ranch Inc. announced the promotion of William "Bill" Maris to the position of chief operating officer and executive vice president.

Maris joined Parker Ranch in November 2008 as its chief financial officer and in January 2009 was appointed to also serve as interim chief operating officer.

In his role as chief operating officer, Maris will be responsible for the day-to-day operations of the ranch and developing and leading business strategy.

"Bill's experience, professionalism and leadership will help guide Parker Ranch Inc. as it continually seeks to provide support to the Parker Ranch Foundation Trust and its beneficiaries," said PRI chairman Pete Moynahan.

FHB PRESENTS GRANT TO RED CROSS

The First Hawaiian Bank Foundation has given a $25,000 grant to the Hawai'i chapter of the American Red Cross to support its Corporate Partner Campaign.

The local American Red Cross chapter is a leader in health and safety training. Red Cross disaster volunteers provide relief to victims of natural disasters, building fires, and help people prevent, prepare for, and respond to emergencies.

First Hawaiian Bank Foundation is the charitable arm of First Hawaiian Bank. In 2008, the foundation and bank contributed $3.5 million to more than 350 nonprofit organizations.