Maui Land reports first quarter loss
KAHULU - Maui Land & Pineapple Co. Inc. is reporting a first quarter loss of $2.7 million, or 33 cents per share, compared to a $13.2 million loss, or $1.65 per share, in the same quarter last year.
Consolidated revenues were $10.7 million for both first quarters.
In explaining the improved performance, the company cited better operating performance and overhead cost reductions. It also pointed Monday to $3.4 million of gains due to the termination of the company's post-retirement life insurance plan and the elimination of medical benefits for nonbargaining retirees.
In December, the company ceased its agriculture segment operations, which generated an operating loss of $2.5 million in the first quarter of 2009.
Hawaiian Electric reports profit up
HONOLULU - The company that supplies most of the electricity in Hawaii is reporting consolidated net income for the first quarter of $27.1 million, or 29 cents per share.
Monday's report from Hawaiian Electric Industries Inc. compares to $20.4 million, or 22 cents per share, for the first quarter of 2009.
HEI President and CEO Constance H. Lau said the company is making solid progress in improving the performance of its operating companies. She says HEI continues to focus on improving its utilities' returns, which remain significantly below their allowed rates of return.
Lau said the company looks forward to completing the final major phase of a performance improvement project at its subsidiary American Savings Bank next quarter.
More residents take early retirement
HONOLULU - More Ha-waii residents are taking early retirement benefits from Social Security as a way to make ends meet as the economic downturn costs them their jobs.
Social Security figures show 9,612 island residents filed for early retirement benefits last year. That's up about 15 percent from 2008 and 36 percent from 2005.
The state director of AARP Hawaii, Barbara Kim Stanton, notes taking the benefits as early as 62 years of age means smaller monthly Social Security checks.
Jane Yamamoto-Burigsay of the Social Security Administration office in Hawaii said some who have lost their jobs are forced to take early retirement, because they have no other source of income.
City workers facing furloughs
HONOLULU - Honolulu city workers are looking at the prospect of being required to take off two furlough Fridays a month in order to help balance the city's budget.
The 24 furlough Fridays that would begin in July are contained in a tentative agreement covering some 10,000 city workers represented by the Hawaii Government Employees Association and United Public Workers.
The days off would save the city an estimated $26 million. The furlough days would mean a pay cut of between 8 and 9 percent for the workers.
HGEA Executive Director Randy Perreira said there will be some exempt positions, including fire and police personnel. However, he says exempt employees would be required to take a pay cut of slightly less than 8 to 9 percent.