Taking Stock

As the summer doldrums start to set in during the month of June, the Hawaii financial markets showed a positive direction with the New York markets going in the opposite direction. The Federal Reserve’s 25-basis point interest rate reduction was generally less than anticipated and had no significant effect one way or another.

American Classic Voyages (AMCV) continued to suffer from bad news. They announced that they had settled claims from the Securities and Exchange Commission (SEC) that quarterly reporting in 1999 was inaccurate and misleading in regards to their treatment of advertising costs. No fines were levied and AMCV did not admit or deny guilt. There also has been talk on Capitol Hill regarding their deal with the government in regards to guarantees for loans taken out to finance the building of two new ships.

Maui Land & Pineapple’s (MLP) stock continued its rise from a low of $17 per share in May 2001 to close at the end of June at over $25 per share. Tesoro’s (TSO) shares fell almost 20 percent after the company warned the Street that their earnings would not meet analyst’s expectations for the second quarter 2001. Although the company is expecting to double from last year’s $0.35 per share, to approximately $0.70 per share, analysts had expected earnings to come in around $0.80 per share.

Ticker Symbol	Company	Exchange	Price 01/31/00	Price 2/28/01	Change in Period	Percent Change in Period	Earnings Last 12 mos.	Dividends	Yield	High 12 mos.	Low 12 mos.	P/E Ratio
ALEX	Alexander & Baldwin	OTC	23.42	25.75	2.33	9.95	1.91	0.90	3.50	29.61	-20.61	13.48
AMCV	Amer. Classic Voyage	OTC	4.00	3.50	-0.50	-12.50	-0.76	3.50	100.00	21.81	-2.70	-4.61
AQSE	Aquasearch	OTC	0.25	0.28	0.03	12.00	NA	--	--	0.79	-0.19	--
BOH	Pacific Century Financial	NYSE	24.67	25.79	1.12	4.54	3.46	0.80	4.0	22.20	-14.75	5.78
BRN	Barnwell Industires	ASE	20.80	20.00	-0.80	-3.85	3.46	0.80	4.0	22.00	-14.75	5.78
BWE	BancWest	NYSE	34.33	34.40	0.07	0.20	1.82	0.76	2.21	34.78	-14.48	18.90
CTIX	Cheap Tickets	OTC	12.35	15.10	2.75	22.27	0.46	--	--	16.75	-6.88	32.83
CBBI	CB Bancshares	OTC	32.98	35.74	2.76	8.37	3.24	0.40	1.1	36.00	22.39	11.03
CEAT	CEATECH USA	OTC	0.95	1.04	0.09	9.47	NA	--	--	1.31	-0.41	--
CPBI	CPB, Inc.	OTC	27.10	29.58	2.48	9.15	2.27	0.64	2.16	30.00	21.00	13.03
CYAN	Cyanotech	OTC	1.40	1.33	-0.07	-5.00	-0.07	--	--	2.06	-0.63	--
DOL	Dole Foods	NYSE	15.48	19.05	3.57	23.06	1.18	0.40	2.10	19.19	-11.75	16.14
HA	Hawaiian Airlines	ASE	3.08	3.25	0.17	5.52	-0.41	--	--	3.30	1.75	-7.93
HE	Hawaiian Electric	NYSE	37.07	38.20	1.13	3.05	1.33	2.48	6.49	38.40	-31.25	28.72
ISLD	Digital Island	OTC	3.36	3.42	0.06	1.79	-20.04	--	--	57.38	-1.25	-0.17
MLP	Maui Land & Pine	ASE	22.05	25.54	3.49	15.83	-0.10	0.13	0.51	27.53	-17.00	-255.40
RZT	Resort Quest Intl. Inc.	NYSE	12.24	11.50	-0.74	-6.05	0.58	--	--	13.30	-4.94	19.83
NUT	Mauna Loa Mac	NYSE	3.10	3.30	0.20	6.45	-0.09	0.20	6.06	5.0	-2.95	-36.67
SHLR	Schuler Homes	OTC	14.05	13.54	-0.51	-3.63	0.63	--	--	18.70	-5.63	21.49
TSO	Tesoro Petroleum Corp.	OTC	15.55	12.60	-2.95	-18.97	2.07	0.29	2.3	16.50	-8.94	6.09
This information is based on sources believed to be reliable, but is not guaranteed by this corporation. Any opinion expressed reflects judgment as of date of submission of materials, and may be subject to change. OTC stocks priced at the bid, listed stocks priced at the last trade.

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