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Honolulu Star - Advertiser, April 24, 2014 | Go to article overview

Business Briefs


Polynesian Adventure Tours chief named

Sandra Weir is the new president of Polynesian Adventure Tours. She has more than 24 years of financial management and operational experience, having served most recently as finance director at Secure Energy Services Inc., and previously as director of business development for Norwegian Cruise Line in Hawaii, from March 2005 to October 2011.

Polynesian Adventure Tours is a wholly owned subsidiary of the cruise line.

The company also announced additional appointments, including Vice President of Sales and Marketing Eric Burgoyne, Director of Charter Sales Margaret Lehman, and Marketing Specialist Lynley Minamoto.

Territorial audit finds reporting deficiencies

Territorial Bank's parent company filed its delayed year-end regulatory filing Wednesday after an internal audit of the company's financial reporting found deficiencies that represented "material weaknesses" and ineffective disclosure controls and procedures.

But Territorial Financial Corp. spokesman Walter Ida said the company's 2013 earnings were "not affected by these weaknesses and remain the same."

Ida also added that the audit delayed the release of the company's proxy.

The report by the bank's independent auditor, KPMG LLP, found that the bank did not have proper controls in place for identifying financial risks and controls as well as accounting for investment securities policies and processes, and income tax policies and procedures.

"As a result of these control deficiencies ... a reasonable possibility exists that material misstatements in the company's interim and annual financial statements will not be prevented or detected on a timely basis," the report said.

The bank said it would take steps to correct the deficiencies.

Territorial's stock fell 37 cents to $20.51 Wednesday on the Nasdaq Stock Market. The company filed its 10-K with the Securities and Exchange Commission after the market closed.

Honolulu burger joint expands to Texas

Teddy's Bigger Burgers has sold the first of two franchise agreements for the state of Texas for undisclosed terms.

Teddy's founders anticipate additional announcements about franchised locations in the Lone Star State.

Since its establishment in Hawaii in 1998, Teddy's has grown to 11 locations in the islands, one in Japan, and three between Washington state and Iowa. Another will be opening soon in California.

The company is marketing franchises in all domestic territories and select international markets.

Hawaiian Legacy makes environmental list

A?nonprofit certifying businesses as being socially responsible has named a Hawaii company to its most recent annual list of companies having a top-tier positive environmental impact.

B Lab, a Pennsylvania-based nonprofit that certifies companies as being a B Corp., or benefit corporation, named Hawaiian Legacy Hardwoods as among 25 small B Corp. businesses on its Best for the World list in the environmental category. Certified companies with scores in the top 10 percent are named to B Lab's Best for the World list in categories that include overall impact and impact on the environment, workers and community.

Hawaiian Legacy Hardwoods uses donations and investment contributions to plant koa trees on Hawaii island.

Facebook's earnings, revenue soar

NEW YORK -- Facebook's earnings nearly tripled and revenue grew sharply in the first quarter, surpassing Wall Street's expectations thanks to an 82 percent increase in advertising revenue. …

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