KonaRed revenue jumps, net income falls
Hawaii coffee cherry drink maker KonaRed Corp. dramatically increased its revenue but posted a net loss for the first three months of the year as the fledgling company worked to expand distribution.
Kauai-based KonaRed reported doubling sales to $413,513 in the first quarter from $200,818 in the same quarter last year. The company’s net income fell to a $995,000 loss from a $149,848 profit in the same comparable period.
KonaRed said the net loss included stock options valued at $601,434 granted to a director on the company’s board as compensation for services in the quarter.
Shaun Roberts, KonaRed CEO, said the company will continue distribution-expansion efforts that led to its line of drinks getting into Walmarts in the past six months.
However, the company, which was established in 2008 and launched product sales in 2011, also has previously said it expects continued operating losses due to expenses tied to increasing production, marketing and sales.
Shares of KonaRed stock edged up 4 cents to close at 62 cents Thursday after the earnings announcement. KonaRed went public in October, and its shares since then have ranged from 49.5 cents on Monday to $1.24 on Jan. 27.
Walmart and Wild Oats offer organic line
NEW YORK » Wal-Mart Stores Inc. is using its massive size to drive down the price of organic food items from tomato paste to chicken broth to make them more affordable for its low-income customers.
The world’s largest retailer and nation’s largest grocery seller said Thursday that it has teamed up with Wild Oats to sell a new line of organic food, starting this month, that’s at least 25 percent cheaper than the national organic brands it carries and in line with the prices of its branded non-organic alternatives. Wild Oats helped pioneer the organic food trend in the late 1980s but has largely disappeared from store shelves since 2007.
Former Canadian finance minister dies
TORONTO » Former Canadian Finance Minister Jim Flaherty, a fixture on the world financial stage who stepped down just three weeks ago, has died. He was 64.
Flaherty’s family released a statement that said he died Thursday in Ottawa. Mike Harris, Ontario’s former premier and a friend, said he suffered a massive heart attack.
Flaherty, who had the job since 2006, was the longest-serving finance minister among the Group of Seven leading industrial economies until he announced he was stepping down March 18 to return to the private sector. He battled a rare skin disease over the past year but had said his decision to leave politics was not related.
Judge OKs SAC Capital’s $1.8B fraud deal
NEW YORK »The once high-flying hedge fund SAC Capital was sentenced on criminal fraud charges Thursday under a $1.8 billion deal that prosecutors say included the largest criminal fine ever imposed in an insider trading case.
U.S. District Judge Laura Taylor Swain in Manhattan formally administered the sentence on Stamford, Conn.-based SAC Capital LP and three related entities based on pleas last fall by the companies to wire fraud and securities fraud.
The judge said nearly $400 million earned illegally by one of the companies was a "staggering amount" reflecting a corrupt corporate culture.
ON THE MOVE
Central Pacific Bank has promoted Delia Kaniaupio to Kihei branch manager from customer service manager. She joined Central Pacific Bank in 2000 and has more than 15 years of experience in the banking industry.
Historic Hawai‘i Foundation has awarded Mason Architects president Glenn Mason the Frank Haines Award for historic preservation. The award recognizes achievements in
the preservation of Hawaii’s historic buildings and cultural sites. Mason’s 39 years of preservation projects include Hawaiian Hall at Bishop Museum,
Kaumakapili Church, Iolani Palace, Lunalilo Tomb, Kalahikiola Church, Hulihee Palace in Kailua-Kona and Davies Hall at St. Andrew’s Cathedral.
