Horizon Lines Inc., the No. 2 carrier of cargo between the Mainland and Hawaii, reported third quarter net income dropped to $8.4 million from $11.1 million a year earlier as antitrust-related legal expenses and impairment charges ate into earnings.

The company, which also has shipping service to Puerto Rico, Alaska and Micronesia, reported lower cargo volume than a year ago, but it was an improvement over the past three quarters.

Executives said on a conference call that it appears the worst of Hawaii's recession is over.

DOLE STOCK DROPS IN FIRST TRADING DAY

Dole Food Co.'s shares fell in their first day of trading, falling 22 cents from its initial public offering price of $12.50 to close at $12.28.

Some 19.9 million shares of Dole's stock changed hands during trading on the New York Stock Exchange. Dole sold shares to the public Thursday in an initial offering, raising $446 million. Shareholders now own a 41 percent stake in the company.

Founded in Hawaii in 1851, Dole is the nation's No. 1 seller of fresh fruits and vegetables.

MEASURE OF HAWAII'S ECONOMY OFF 0.5%

Hawaii's coincident index fell by 0.5 percent in September, according to a report from the Federal Reserve Bank of Philadelphia.

The decline compared with a fall in the national coincident index of 0.1 percent.

The index measures economic indicators thought to closely coincide with the overall economy such as jobs, unemployment, average hours worked in manufacturing and inflation-adjusted income.

FIRST HAWAIIAN GRANT HELPS HOMEOWNERS

The First Hawaiian Bank Foundation has awarded a $25,000 grant to the Hawaii HomeOwnership Center.

The grant will be used to help the center educate prospective first-time homeowners, said Don Horner, First Hawaiian Bank's chairman and chief executive officer.

Since 2003, the Hawaii HomeOwnership Center has been providing first-time homebuyers with education, information and support. The center serves families of any income and will work with low- and moderate-income families to help them overcome barriers to homeownership.

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.