Maui Land averts delisting threat

Maui Land & Pineapple Co. is officially safe from having its stock delisted from the New York Stock Exchange.

The company announced that the "Big Board" stock exchange finally removed it from a watch list of stocks that potentially could be removed from trading on the exchange.

Maui Land was put on the list in January 2010 after the collective value of its outstanding stock shares didn’t meet a minimum 30-day average of $50 million.

At that time, Maui Land’s market capitalization had fallen to a low of about $20 million, but it has been over $50 million since August after the company sold about 10 million new shares for $40 million.

Maui Land had until this July to meet the listing standard. Yesterday, Maui Land’s market capitalization was $99 million. Its shares rose 2 cents yesterday to $5.27.

Island Air alters rewards program

Island Air says it will change its Cloud 9 Customer Rewards Program, effective May 2, and convert from a point system to a mileage system. For every flight flown, members will receive 500 miles (credited for a flight flown on a full one-way revenue ticket). Existing points will be converted to their equivalent amount of miles (for example, seven points equals 3,500 miles). The redemption proc­ess is the same: 4,500 miles (or nine flown flights) can be redeemed for a free one-way interisland flight.

The airline said converting to a mileage-based system will allow members more options to earn miles in the future. Cloud 9 members can check their accounts on May 3 to ensure points were converted correctly. For more information, call 800-388-1105.

Food, gas push consumer prices up

WASHINGTON » Americans are paying more for food and gas, a trend that threatens to slow the economy at a crucial time. So far, the spike in such necessities hasn’t stopped businesses from stepping up hiring or slowed factory production, which rose in March for the ninth straight month. Still, higher gas prices have led some economists to lower their forecasts for growth for the January-March quarter.

Consumer prices rose 0.5 percent last month, the Labor Department said yesterday. Nearly all of the gains came from pricier gas and food. When taking out those two volatile categories, core inflation was relatively flat.

Bratz suit takes toll on Mattel profit

NEW YORK » Sales of Barbie helped Mattel Inc.’s revenue rise 8 percent during the first quarter, but higher costs for its lawsuit over the Bratz dolls and other expenses sent net income down 33 percent.

Mattel, the largest U.S. toymaker, is gearing up for a heavy movie tie-in summer, with toy lines tied into Disney/Pixar’s "Cars 2," due out June 24, and "Green Lantern," Warner Bros.’ new superhero franchise, out June 17.

In the first quarter net income fell to $16.6 million, or 5 cents a share, from $24.8 million, or 7 cents a share, last year. Analysts expected earnings of 4 cents per share, according to FactSet.

Revenue rose 8 percent to $951.9 million from $880.1 million. However, the revenue was offset by higher expenses, including $18.2 million in costs related to the latest lawsuit in its six-year legal battle with Bratz maker MGA.

Credit card late payments, defaults drop

NEW YORK » More Americans paid their credit card bills on time in March, a positive sign for the banking industry. The top six credit card companies all said defaults and late payments fell.

Bank of America Corp., the nation’s largest credit card issuer, had the highest late payment rate at 4.82 percent of balances on an annualized basis. American Express Co., which caters to a more affluent customer, had the lowest rate at 1.8 percent.

ON THE MOVE

» Easter Seals Hawaii has named Maj­ken Mech­ling, right, as president and chief executive officer, effective May 1. She was selected from a pool of more than 200 candidates from around the nation. Mech­ling has more than 30 years of not-for-profit fund development and program management leadership experience, including as executive director of the Hawaii chapter of Juvenile Diabetes Research Foundation International, executive director of American Diabetes Association Hawaii and executive director of the Hono­lulu Symphony.

» Coldwell Banker Pacific Properties has raised more than $13,000 for Japan-America Society of Hawaii, which is an organization that promotes understanding and friendship between the people of Japan and the United States through the perspective of Hawaii. Funds will support victims of Japan’s earthquake and tsunami.