BUSINESS BRIEFS
Horizon Lines sees spike in profit
Advertiser Staff and News Services
Horizon Lines Inc. said its profits rose sharply in the third quarter despite declining revenue from its Hawai'i shipping operations.
The North Carolina-based company said it earned $12.5 million, or 42 cents per share in the third quarter, up from $1.6 million, or 5 cents per share in the same period a year earlier. Revenue rose to $352.6 million in the third quarter from $321.1 million a year earlier.
"Our company performed well in the face of increased challenges during the third quarter," said Chuck Raymond, chairman, president and chief executive officer. "Volumes were negatively impacted by continued weakness in our Puerto Rico market, which was exacerbated by five tropical storms including three hurricanes, and by a sharper-than-anticipated slowdown in Hawai'i, where a steep drop in tourism pressured the economy."
Raymond said the company expects Hawai'i's economy to "soften further in the fourth quarter, as visitor volumes from the U.S. and Japan continue to contract sharply."
UH BUSINESS COLLEGE GETS BOOST
The University of Hawai'i's Shidler College of Business announced the establishment of the $200,000 Acuity Faculty Fellowship Endowment.
"The fellowship will enable the college to recruit and retain faculty of the highest caliber," according to a news release from the business school.
Acuity and its partners contributed $ 100,000 that was matched through Shidler's matching gift program, bringing the total to $200,000.
"We are grateful to Acuity and its founders for this faculty fellowship endowment, said V. Vance Rowley, dean of the Shidler College of Business. "It represents a long-term commitment to support the College in our pursuit of educational excellence."
TAX DEPARTMENT WORKSHOP LINEUP
The state Tax Department's year-end workshops for 2008 will begin on Kaua'i next month, followed by workshops on Maui, the Big Island and O'ahu.
Topics include 2009 possible tax legislation proposals, changes in tax forms, general excise tax on nonprofit organizations, and initiatives the department is undertaking in response to the economic slowdown.
The workshops all run from 8:30 a.m. to 12:30 p.m., with registration starting at 8 a.m. The schedule is as follows:
Kaua'i — Nov. 24, Lihu'e, Kaua'i Community College, Fine Dining Room. For more information, call 808-245-8318.
Kona — Dec. 8, Royal Kona Resort, Discovery Room. For more information, call 808-974-7531.
Maui — Dec. 9, Kahului, Maui Beach Hotel, Elleair Rainbow Room. For more information, call 808-984-3231.
Hilo — Dec. 10, University of Hawai'i-Hilo, Campus Center Room 301. For more information, call 808-974-7531.
O'ahu — Dec. 11, Honolulu, Pacific Beach Hotel, Grand Ballrom. For more information, call 734-9211.
The cost is $70 and workshop materials are $20.
DHX OPENS BIG ISLAND FACILITY
DHX-Dependable Hawaiian Express has opened a 15,000-square-foot freight handling facility in Kailua, Kona.
"This new facility will enable DHX-Dependable Hawaiian Express to provide greater flexibility in our operations and also improve the quality of service to customers on the Big Island," said Tim Forkner, DHX Hawaii regional manager.
The facility has seven loading bays that can accommodate a total of 14 trucks or containers at one time, Forkner said.
