Cyanotech earnings rise 1.4 percent
Kona-based Cyanotech Corp. reported a slight gain in net income for the April-to-June quarter as an increase in sales of its microalgae products offset a rise in operating expenses. Cyanotech earned $493,000 in its fiscal first quarter, up 1.4 percent from $486,000 in the year-earlier quarter, the company reported Friday.
The earnings came on sales of $6.51 million in the latest quarter compared with sales of $5.95 million a year earlier. Operating expenses rose to $2.06 million from $1.59 million a year earlier.
"The increase in first-quarter operating expenses reflects the investment we are making in brand development, marketing and people with successful business-building track records in consumer packaged goods," said Brent Bailey, Cyanotech president and CEO.
Cyanotech makes high-value nutrition and health products from microalgae. Its products are branded under the names Spirulina Pacifica and BioAstin Natural Astaxanthin.
Shares of Cyanotech fell 54 cents, or 8.8 percent, to close at $5.61 Friday on the Nasdaq Capital Market.
Kingdom Hall in Aina Haina up for sale
The Watchtower Bible and Tract Society of Pennsylvania, better known as the Jehovah’s Witnesses, has put one of its Hawaii church buildings up for sale. The organization has listed its two-story Kingdom Hall on 1.4 acres in Aina Haina for sale through commercial real estate brokerage firm Colliers International without an asking price.
The religious group bought the property that was once home to the Ranch House restaurant in 1995 for $3.6 million, and spent an estimated $2 million constructing the 24,200-square-foot meeting hall.
Phil Bernanke, father of Fed chairman, dies
CHARLOTTE, N.C. » Phil Bernanke, a longtime pharmacist in Dillon, S.C., and father of the Federal Reserve chairman, has died. He was 85.
J.B. Tallent Funeral Service says Bernanke died Wednesday at Charlotte’s Presbyterian Hospital.
Bernanke was in his teens when he moved from New York City to Dillon, where his father opened a drugstore. He served in the Navy during World War II and graduated from the University of South Carolina and the University of North Carolina before returning to Dillon.
He helped run the family pharmacy for more than 40 years before retiring to Charlotte.
His oldest son, Ben, has been chairman of the Federal Reserve since 2006.
Manchester United shares flat in IPO
NEW YORK » Soccer club Manchester United made a disappointing debut on the New York Stock Exchange on Friday, even after opening at a discounted price, with enthusiasm for the celebrated team overshadowed by its debt load and financial track record.
Many had expected that fans of one of the most famous soccer clubs in the world would snap up shares, leading to a pop in early trading, but that didn’t materialize. Some analysts had warned that the initial public offering was overvalued, particularly since the club is debt-ridden and the family that owns it, the Glazers, retained almost total voting control over the team.
Manchester United PLC’s shares ended the day’s trading on the New York Stock Exchange at $14, unchanged from the level they were priced at by the offer’s underwriters late Thursday. The stock, traded under the MANU ticker symbol, had initially been expected to be sold for between $16 and $20 per share.
The $14-per-share price still valued the club at $2.3 billion, slightly higher than the record $2 billion paid for the Los Angeles Dodgers baseball team earlier this year.
Ethiopian Air to get Africa’s first Boeing 787
ADDIS ABABA, Ethiopia » Ethiopian Airlines next week takes delivery of Africa’s first Boeing 787 Dreamliner, and the airline’s chief executive says the plane will first be used on routes around the continent.
The airline takes delivery of the Dreamliner on Tuesday in Seattle. The plane’s maiden flight the following weekend is to carry 250 select customers and VIPs, who will fly around Mount Kilimanjaro on the Tanzanian-Kenyan border.
The 787, which so far is operated only by two Japanese airlines, is Boeing’s most advanced plane. It is made out of lighter, composite material — 50 percent of the plane is carbon fiber — that allows airlines to save on fuel costs.
Large windows provide a stronger connection to the outside world, onboard humidity is increased and the cabin pressure is closer to what it feels like on the ground. LED lights that slowly change color are another feature designed to fight flight fatigue.
Ethiopian Air will put the 787 on its African routes first — to Kenya, Nigeria, Uganda, South Africa, Zambia and Zimbabwe — before it flies to other international destinations, such as Washington, D.C.
Abercrombie, China to sign clean-energy pact
Gov. Neil Abercrombie will sign a memorandum of understanding with China on Monday related to a clean-energy investment and deployment program, the governor’s office said in a news release Friday. Xu Hubin, secretary general of the China Council for the Promotion of International Trade, also will sign the memorandum.
The Chinese will refer interested clean-energy investors and developers to the Hawaii State Energy Office in the Department of Business, Economic Development and Tourism for clean-energy projects in Hawaii in need of capital
On the Move
John Mullen & Co. has announced the following promotions:
>> Sherry Hunt to vice president casualty/property manager.
>> Milia Leong to vice president, workers’ comp manager.
Kona Brewing Co. at Koko Marina has named Ceferino Maduli as executive chef. He has nearly 25 years of experience, including work as executive chef for Christie’s Restaurant.
Coldwell Banker Pacific Properties has announced the following new Realtor associates to its New Agent Training Office program:
>> Joseph Briere was previously a Realtor associate for Genesis Realty of Virginia.
>> Thomas Noda served as an account executive and media consultant at Yellowbook.
>> William O’Toole was previously an Asia Pacific field service director for Cymer Semiconductor Equipment.
>> Antonia Sanders was previously a domestic violence educator at Hawaii State Coalition Against Domestic Violence.
>> Bianca Villa was previously a sales associate for T-Mobile and continues to work there part time.
>> Miki Yoshida served as an executive sales consultant at Mercedes-Benz of Honolulu.
