Marathon hustles $106M in spending
The Honolulu Marathon in December generated $106 million in spending and $5.41 million in state taxes, according to a Hawaii Pacific University study released yesterday by marathon organizers.
Spending and tax collections were up from the previous year when the marathon accounted for $100 million in spending and $5.13 million in taxes.
Pat Bigold, director of Honolulu Marathon media relations, said the increase was largely due to the stronger yen and increased spending by Japanese tourists. Japanese marathoners spent $342.91 per day during the 2010 marathon, up 9 percent from 2009, according to the study.
"There were 22,806 entries in the 2010 marathon and 13,492 of them were from Japan. Another 2,221 Japanese participated in the 10-kilometer Race Day Walk which is conducted with the marathon. The Japanese walkers’ spending increased by 11 percent over 2009," the study reported.
The study was based on 1,641 interviews with marathoners, including 1,189 conducted in Japanese.
CPF completes reverse stock split
Central Pacific Financial Corp.’s previously announced 1-for-20 reverse stock split went into effect at the close of trading yesterday and its shares will be reflected at the higher price beginning with today’s trading.
Shares of Central Pacific Bank’s parent closed down 2 cents yesterday at $1.51, or a split-adjusted $30.20, on the New York Stock Exchange.
The reverse stock split was approved by the state Department of Commerce and Consumer Affairs and was a closing condition of Central Pacific’s $325 million private placement and proposed exchange of Central Pacific preferred stock held by the U.S. Treasury, and accrued dividends, into shares of the bank’s common stock.
No fractional shares will be issued as a result of the reverse split. For stock holders, shares held will be divided by 20 and, if the result is not a whole number, then the number will be rounded up to the next nearest whole number.
Isle condo management firm bought
Associa, a national condominium and homeowner association company, has acquired Hawaii First, the state’s third-largest association management firm.
Terms of the deal were not disclosed.
Honolulu-based Hawaii First’s 35 employees will remain with the company, which will continue to operate under the same name and manage 135 community associations, including Wailana at Waikiki and 909 Kapiolani.
Dallas-based Associa also owns Certified Management Inc., which manages more than 400 properties statewide.
Mauna Loa, ML Mac extend deal
Mauna Loa Macadamia Nut Corp., a Hershey Co. subsidiary, has agreed to continue buying nuts from Big Island producer ML Macadamia Orchards L.P. after a contract expires at the end of this year. ML Macadamia said a new contract will guarantee that Mauna Loa buys all of its nuts in 2012 for 77 cents per pound of wet in-shell nuts.
Two other new contracts call for Mauna Loa to buy two-thirds of ML Macadamia nuts in 2013, and one-third of production in 2014, respectively. However, ML Macadamia said its intent is to renegotiate terms for 2012 and 2013 sales to have Mauna Loa buy all its nuts.
The three contracts exclude nuts produced in orchards that ML Macadamia acquired last year from a California company. Those orchards are covered by separate supply agreements with Mauna Loa that expire at various dates through 2080.
ON THE MOVE
Mortgage Bankers Association of Hawaii has elected Mark R. James as its president. He is serving as president of the association for the second time, having previously led the group in 1994-1995. James heads the Mason-McDuffie Mortgage Corp. operation in Hawaii.
PacRim Marketing Group has promoted Kim Fujinaka to integrated marketing and client services manager from marketing coordinator. She was previously a community relations coordinator at Loyola Marymount University.
PRTech has promoted Noriko Puaa to director of operations from project manager. Her experience includes being an international marketing coordinator at Hilton Grand Vacations Club in Honolulu, manager at G-Call Corp. and system engineer for Asahigin Software.
Aloha United Way‘s 2-1-1 information and referral service hotline received $60,000 for the second year in a row from the Omidyar Community Stabilization Initiative. The money will help support 2-1-1, which assists people in finding the information they need. Most of the calls are for health and dental insurance, utility bill assistance, food pantries, public assistance and rent payment assistance.