Low oil and gas prices contributed to a bigger earnings drag for a Hawaii company involved in oil and natural gas production in Canada during the last three months of 2015.
Honolulu-based Barnwell Industries Inc. announced Wednesday that it had a $1.4 million net loss in the period representing its fiscal first quarter. The loss was three times as big as a $467,000 loss for the same quarter a year earlier.
Morton Kinzler, Barnwell’s CEO, said in a statement that the poorer results stemmed from lower oil and natural gas prices along with lower production and less revenue from selling Hawaii island real estate.
The lower production was the result of Barnwell selling an oil and natural gas property in Canada last year that was responsible for 70 percent of the firm’s natural gas production.
Barnwell owns real estate adjacent to the Four Seasons Resort Hualalai on Hawaii island through a partnership, but revenue in the recent quarter totaled $150,000 compared with $1.2 million a year earlier.
Total revenue in the recent quarter was $1.85 million compared with $6.03 million a year earlier.
Shares of Barnwell stock closed Wednesday at a 52-week low of $1.44.
Ex-PUC chair Morita vies for KIUC board
Mina Morita, former chairwoman of the Hawaii Public Utilities Commission, is seeking a seat on the Kauai Island Utility Cooperative board of directors.
KIUC announced Wednesday that Morita was running, as well as Carol Bain of Puhi, an incumbent KIUC director; Calvin K. Murashige of Lihue, an incumbent KIUC director; William D. Peterson of Kapaa, a retired information technology professional; and Jan TenBruggencate of Lihue, an incumbent KIUC director currently serving as chairman of the board.
The five candidates are running for three seats on the nine-member board. Directors serve three-year terms.
Ballots for the election will be mailed starting Tuesday. The deadline to vote is March 12. Members can vote by paper ballot, phone or online.
Ormat opts out of HELCO geothermal talks
Hawaii Electric Light Co., the electric utility on Hawaii island, said Wednesday that Ormat Technologies Inc. has withdrawn from contract negotiations to provide 25 megawatts of additional geothermal for the island.
“Our primary goal for the RFP (request for proposal) was to obtain geothermal energy that could significantly lower the overall cost to our customers while maintaining overall system reliability,” HELCO President Jay Ignacio said. “We’re disappointed that Ormat decided not to proceed to develop the project.”
Ormat currently provides 38 megawatts of geothermal to HELCO’s grid.
HELCO said it will continue its efforts to increase cost-effective renewable energy, and is “including geothermal in its analysis of potential future resource options.”
More than 47 percent of electricity in HELCO’s territory comes from renewable resources, including hydro, wind, distributed solar and geothermal.
Hawaii restaurants crack Yelp Top 100 list
Ten Hawaii restaurants ranging from casual to white tablecloth are listed among award-winning restaurant royalty in the annual Top 100 Places to Eat in the U.S., released Wednesday.
Topping the list for Hawaii is Marukame Udon in Honolulu at No. 10. Also in Honolulu, Ono Seafood is 14th, and Da Poke Shack in Kailua-Kona is 15th, all ranked above 19th-rated Alinea in Chicago, considered a temple of molecular gastronomy in the U.S. and one of only 13 restaurants in the country to receive three Michelin stars.
Mama’s Fish House Restaurant in Paia on Maui, also a favorite on rankings of high-end restaurant lists, is 35th; and at No. 56, Lahaina Grill, also on Maui, ranked one spot higher than the exclusive French Laundry in Yountville, Calif.
Local favorite Helena’s Hawaiian Food in Honolulu is 63rd. Also in Honolulu, Musubi Cafe Iyasume ranks at No. 76, Shark Pit Maui in Lahaina made the list at No. 84, Umeke’s in Kailua-Kona is 89th and Leoda’s Kitchen and Pie Shop in Lahaina is No. 92.
The overall winner was Porto’s Bakery & Cafe in Burbank, Calif., and two of its other locations also made the list.
Researchers for online review site Yelp.com analyzed which food establishments were the most popular and well-reviewed on the site. They were compared using a system that examines restaurant ratings and the number of reviews, taking quality, popularity and statistical fluctuations into account.
On The Move
>> Outrigger Enterprises Group has named Denise Shigeta trusts and estates manager. She was previously senior associate for the local PricewaterhouseCoopers tax practice and assistant vice president and tax consultant for Bank of Hawaii’s trust tax department.
>> Berkshire Hathaway HomeServices Hawai’i Realty has hired the following new Realtors: Karen N. Robertshaw, previously of Locations, and Pamela Adam, previously of RE/MAX Honolulu.
>> The USS Missouri Memorial Association has announced that Charlie “Chuck” Jones Jr. has joined its board of directors. He is a retired partner and vice president of Booz Allen Hamilton and also served as a senior executive adviser to the firm during retirement. Prior to joining Booz Allen, Jones was an officer in the U.S. Navy for more than 24 years, including having served as captain.
