BUSINESS BRIEFS
Cyanotech reports $271,000 profit
Advertiser Staff and News Services
Cyanotech Corp. reported a profit for a second consecutive quarter as it boosted sales of Spirulina and astaxanthin products.
The Kailua, Kona-based company had net income of $271,000, or 5 cents a share, in the three months ended June 30, according to a filing at the U.S. Securities and Exchange Commission.
That compared to a net loss of $382,000 or 7 cents a share in the same quarter a year earlier.
The company that makes nutrition and health products from microalgae had reported losses for seven straight quarters before swinging to a profit in a quarter earlier this year. The company has taken steps to refocus its product line, cut its workforce and hire a new chief executive in the past year.
Cyanotech reported sales during the most recent quarter had increased 43 percent to $3.7 million.
KAUAI COFFEE HIRING FOR HARVEST
Kauai Coffee Co. is accepting applications for temporary workers to assist with seasonal harvesting and processing from September to December.
Some of the positions available are: coffee harvester operators; truck drivers and wheeled-loader operators; factory supervisors, operators and workers; internal combustion engine mechanic journeymen; and maintenance workers. Employees can work up to 16 weeks and earn up to $700 per week.
Applicants must provide documents to verify their identity and employment eligibility as required by the Immigration and Reform Control Act of 1986. Applicants also must pass a physical and a drug screening test.
Applications are available at the company's human resources office in Numila, or on its Web site at www.kauaicoffee.com. For information, call 808-335-0022 or 808-335-5481.
ADVERTISER PUBLISHER GIVING TALK
Honolulu Advertiser publisher Lee Webber will be the featured speaker at the Native Hawaiian Chamber of Commerce's monthly luncheon meeting Aug. 21 at the Pacific Club.
Webber's presentation, "Micronesia: Yesterday, Today and Tomorrow," will examine similarities in the issues facing indigenous people from Guam and Micronesia, as well as issues that are affecting Native Hawaiians. Webber is the former publisher of the Pacific Daily News in Guam and has lived in the Pacific for 40 years.
Registration begins at 11:30 a.m. with lunch at noon. The cost is $20 for members and $25 for nonmembers.
For information, call Pauline Worsham at 497-4084, or e-mail her at pauline@pmwconsult.com.
NEWLY FORMED REIT REPORTS LOSS
Pacific Office Properties, a real estate investment trust that owns office properties in Honolulu and several other Western cities, reported a net loss of $1.96 million, or 65 cents per share, in the second quarter.
Pacific Office Properties also reported funds from operations of $180 million, or 1 cent per share, for the quarter ending June 30.
It was the first time the REIT, which was formed in March, reported financial results.
The company said its total market capitalization exceeded $750 million as of June 30, including $417 million in consolidated debt and $335 million in equity.
During the quarter the company said it acquired interests in four joint ventures consisting of 11 office buildings in Honolulu, San Diego and Phoenix totaling about 930,000 leasable square feet.
Pacific Office Properties is managed by an affiliate of the Honolulu-based Shidler Group.
