Stocks In Full Bloom

Spring has arrived, producing a very good month of gains with the bulls moving the bears aside. The end of the war in Iraq got investors to stop reacting moment to moment on war news and start looking for values in the over sold market. The Dow Jones Industrial Average climbed over six percent, with the broader market, S&P 500, up even more, over eight percent for the month. The Hawaiian Industrial Average was even stronger with the help of the unsolicited offer by CPB, Inc. to purchase CB Bancshares, sending the Average up over eleven percent for April.

The big news in April was the announcement of an unsolicited offer by CPB, Inc. (holding company for Central Pacific Bank) to buy CB Bancshares (holding company for City Bank) for $70 per share in cash and stock. This news sent CBBI shares skyrocketing that day, ultimately ending the month up almost forty percent. The offer is subject to approval by CBBI's board of directors, shareholders and appropriate regulatory agencies. Thus far the CBBI's Board has rejected the offer and it has yet to go to their shareholders for a vote.

Bank of Hawaii also benefited from the general market bullishness and the news on CPB's offer. Bank of Hawaii shares were up approximately eleven percent in April, matching the Hawaiian Industrial Average's performance.

The big loser for the month was Hawaiian Holdings (holding company for Hawaiian Airlines) as they started trading for the first time since filing for Chapter Eleven Bankruptcy protection. On April 16th, Hawaiian's shares resumed trading and fell to as low as $0.36 per share, establishing a new low since emerging from Chapter Eleven in the mid-nineties and one tenth of the twelve month high of $4.00 per share. Hawaiian's shares ended the month down approximately fifty percent.

Resort Quest was able to ride the wave in April. The travel lodging company's future prospects were looking better as fears of traveling due to the war with Iraq ended. Also, benefiting the Company was the fear of contracting SARS in Asia has made more American travelers prefer to vacation in the United States, Resort Quest's home market. Shares of the Company rose eleven percent.

Ticker Symbol	Company	Exchange	Price 3/31/03	Price 4/30/03	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	24.86	26.73	1.87	7.52	1.42	0.90	3.37	29.25	20.50	18.82
BOH	Bank of Hawaii	NYSE	30.80	34.30	3.50	11.36	1.70	0.76	2.22	31.50	22.79	20.18
BRN	Barnwell Industires	ASE	22.40	22.75	0.35	1.56	0.56	0.60	3.0	22.80	19.40	40.63
CBBI	CB Bancshares	OTC	48.78	67.41	18.83	38.19	3.43	0.64	1.0	50.50	33.05	19.65
CEAH	CEATECH USA	OTC	0.17	0.15	-0.02	-11.76	0.00	--	--	0.80	0.15	--
CPF	CPB, Inc.	NYSE	25.45	26.91	1.46	5.74	2.04	0.44	1.60	31.24	13.82	13.19
CYAN	Cyanotech	OTC	0.48	0.44	-0.04	-8.33	-0.13	--	--	1.20	0.25	-3.38
HA	Hawaiian Airlines	ASE	1.50	0.78	-0.72	-48.00	-1.44	--	--	4.00	0.36	-0.54
HE	Hawaiian Electric	NYSE	40.76	40.46	-0.30	-0.74	3.24	2.48	6.13	49.00	34.55	12.49
MRPI	Mera Pharmaceuticals, Inc.	OTC	0.03	0.03	0.00	0.00	NA	--	--	0.16	0.03	--
MLP	Maui Land & Pine	ASE	19.65	20.56	0.91	4.63	-0.79	0.00	0.00	22.75	13.75	-26.03
NUT	Mauna Loa Mac	NYSE	3.24	3.30	0.06	1.85	-0.06	0.20	6.06	3.95	3.20	-55.00
RZT	Resort Quest Intl. Inc.	NYSE	3.10	3.46	0.36	11.61	-0.37	--	--	8.12	2.85	-9.35
TSO	Tesoro Petroleum Corp.	OTC	7.40	7.92	0.52	7.03	-1.93	0.00	0.00	14.54	1.24	-4.10
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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