Ipus and IPOS
Some people just know how to make an entrance or, in the case of Kamehameha Schools, a re-entrance.
A perennial Top 250er since the list’s inception in 1984, the school stopped reporting sales figures to Hawaii Business in 1997 and hasn’t been seen on the rankings since. But what a difference four years make. With a new CEO, board of trustees, corporate structure and even name, the school made the most dramatic re-appearances on our list, posting one of the largest gains. Last year, Kamehameha’s sales soared to $839 million, a 150.7 percent increase over 1998 earnings. The lion’s share of 1999’s revenue came from a $522 million windfall earned from the May 1999 initial public offering of the Goldman Sachs Group.
“The IPO was a big part of our earnings success,” says Hamilton I. McCubbin, CEO, Kamehmeha Schools. “But we also had other investments we made within Goldman Sachs. While we won’t be posting such a huge gain again in 2000, this isn’t just a one-time deal. We’ll be selling about half of our holdings in Goldman Sachs.”
According to McCubbin, revenues aren’t the only things that will be growing. The new strategic plan— awaiting approval by the trustees—calls for the creation of vocational programs and the expansion of preschool, K through 12 and literacy programs.
“It’s an exciting time to be at Kamehameha Schools,” says McCubbin. “A very exciting time.”