Honolulu 2nd on parking rate list
Downtown Honolulu's median daily parking rate of $35.05 is the second highest of any metropolitan area in the nation, trailing only Manhattan, according to a report by Colliers International.
In Manhattan's Midtown and Downtown areas, the daily parking rate is $44 and $38, respectively, according to Colliers' 2009 Parking Rate Survey. The national average is $15.96, according to the report.
While Honolulu's daily rate is high, the city's median monthly rate of $212.33 is well below the $550 rate in Midtown Manhattan. Other cities ahead of Honolulu in monthly parking fees include, Boston ($402.50), San Francisco ($350), Chicago ($325) and Philadelphia ($314). The national average is $154.23.
The report noted that "despite economic hardships, U.S. parking garage owners and operators have managed to hold rates at last year's levels."
CYANOTECH'S EARNINGS UP SLIGHTLY
Cyanotech Corp., the maker of nutritional and health products from microalgae, reported slightly higher revenue and profit for its fiscal fourth quarter that ended March 31.
The Kailua, Kona-based company said revenue increased by $8,000 to $3.42 million as it worked to position its Hawaiian Spirulina Pacifica as a nutritional leader and strengthen its astaxanthin potency.
Net income rose to $194,000, or 4 cents a share, as the company looked to contain costs and increase productivity through new cultivation strategies. A year earlier, Cyanotech reported a profit of $181,000, or 3 cents a share.
Andrew H. Jacobson, president and chief executive officer, said the company plans to introduce "a number of innovative products" in the coming fiscal year.
Shares of Cyanotech fell 21 cents to $1.95 in trading on the Nasdaq market yesterday.