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Local stocks are slightly jolted by U.S. Mainland scandals. (Hawaii Stocks).

Although Hawaii stocks also have been affected by U.S. Mainland events, there has been some good news in the islands.

CPB Inc., the holding company for Central Pacific Bank, was ranked as one of the nation's top 100 financial institutions by U.S. Banker magazine. And in the category of mid-sized banks with assets of $1.8 billion to $5 billion, CPB was ranked fourth in the nation. The rankings were based on key benchmarks with return on average equity at 50 percent.

Alexander & Baldwin continued to show confidence in Hawaii real estate with its $30.2 million purchase of Mililani Shopping Center. This is the 18th commercial and development property purchased in the past three years, marking a total capital investment of $280 million. A&B is now the fifth largest private landowner in Hawaii.

Hawaiian Airlines' tender offer to repurchase up to 5.88 million of its own shares at a price of $4.25 per share was oversubscribed with 27.6 million shares, tendered and not withdrawn. The repurchase of shares will now be done on a prorate basis of approximately 20 percent. Airline Investor Partnership LP, which now holds approximately 54 percent of the outstanding shares, will participate in the tender offer only to the extent that it maintains 50 percent ownership of the company.

Cyanotech received notification from Nasdaq, warning the company that it could be delisted if its share price continues to trade below $1 per share. This would mean that the company would need to apply for listing on The Nasdaq Small Cap Market. At the time of this writing in early July, if Cyanotech was able to maintain a bid price of at least $1 per share for 30 consecutive trading days, it would be allowed to retain its Nasdaq listing.

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                                            PERCENT   EARNINGS
TICKER                               PRICE    PRICE     CHANGE
SYMBOL COMPANY           EXCHANGE  5/31/02  6/28/02  IN PERIOD

Alexander & Baldwin      OTC         27.51    25.53      -1.98
Aquasearch               OTC          0.06     0.10       0.04
Bank of Hawaii           NYSE        28.95    28.00      -0.95
Barnwell Industries      ASE         20.40    20.00      -0.40
CB Bancshares            OTC         42.51    37.89      -4.62
CEATECH USA              OTC          0.60     0.75       0.15
CPB Inc.                 OTC         42.65    45.95       3.30
Cyanotech                OTC          0.85     0.63      -0.22
Dole Foods               NYSE        33.27    28.85      -4.42
Hawaiian Airlines        ASE          3.49     3.65       0.16
Hawaiian Electric        NYSE        45.55    42.55      -3.00
Maui Land & Pine         ASE         19.05    20.20       1.15
Resort Quest Intl. Inc.  NYSE         6.40     5.70      -0.70
Mauna Loa Mac            NYSE         3.72     3.58      -0.14
Tesoro Petroleum Corp.   OTC          7.05     7.75       0.70


TICKER                      CHANGE     LAST  DIVI-            HIGH
SYMBOL COMPANY           IN PERIOD  12 MOS.  DENDS  YIELD  12 MOS.

Alexander & Baldwin          -7.20     2.96   0.90   3.53    29.25
Aquasearch                   66.67       NA     --     --     0.29
Bank of Hawaii               -3.28     1.45   0.72   2.57    29.86
Barnwell Industries          -1.96     0.64   0.60   3.0     20.75
CB Bancshares               -10.87     1.77   0.40   1.1     42.51
CEATECH USA                  25.00       NA     --     --     1.20
CPB Inc.                      7.74     3.81   0.80   1.74    45.60
Cyanotech                   -25.88    -0.15     --     --     1.53
Dole Foods                  -13.29    -0.20   0.60   2.08    33.99
Hawaiian Airlines             4.58    -0.40     --     --     4.60
Hawaiian Electric            -6.59     3.10   2.48   5.83    47.80
Maui Land & Pine              6.04     1.05   0.00   0.00    27.53
Resort Quest Intl. Inc.     -10.94     0.41     --     --    11.81
Mauna Loa Mac                -3.76     0.16   0.20   5.59     3.95
Tesoro Petroleum Corp.        9.93     0.43   0.00   0.0     15.29


TICKER                       LOW     P/E
SYMBOL COMPANY           12 MOS.   RATIO

Alexander & Baldwin        21.12    8.63
Aquasearch                  0.04      --
Bank of Hawaii             19.32   19.31
Barnwell Industries        17.90   31.25
CB Bancshares              27.50   21.41
CEATECH USA                 0.55      --
CPB Inc.                   27.24   12.06
Cyanotech                   0.40   -4.20
Dole Foods                 18.10  144.25
Hawaiian Airlines           1.70    9.13
Hawaiian Electric          36.12   13.73
Maui Land & Pine           19.00   19.24
Resort Quest Intl. Inc.     2.50   13.90
Mauna Loa Mac               3.02   22.38
Tesoro Petroleum Corp.      5.63   18.02
                              5/31/02   6/30/02  MONTHLY    CHG
                                                   % CHG

HAWAIIAN INDUSTRIAL AVERAGE   3737.11   3592.29  -144.82  -3.88
DOW JONES INDUSTRIAL AVERAGE  9925.25  -9269.92  -655.33  -6.60
S+P 500                       1067.13    990.64   -76.49  -7.17
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Comment:Local stocks are slightly jolted by U.S. Mainland scandals. (Hawaii Stocks).
Author:Havre, Randy
Publication:Hawaii Business
Article Type:Brief Article
Geographic Code:1U9HI
Date:Aug 1, 2002
Words:785
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