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.
It was the fourth quarter in a row that Facebook beat forecasts as it continues to barrel ahead in mobile advertising at a time when nearly 80 percent of its users are accessing it on smartphones and other portable gadgets.
The world’s biggest online social network said Wednesday that it earned $642 million, or 25 cents a share, in the January-March quarter, up from $219 million, or 9 cents per share, in the same period a year ago.
Adjusted earnings, which exclude stock compensation expenses and other costs, were $885 million, or 34 cents a share, in the latest quarter.
Facebook’s revenue was $2.5 billion, up 71 percent from $1.46 billion in the same period a year ago.
Advertising revenue totaled $2.27 billion.
ON THE MOVE 
Shioi Construction has promoted Diane Jenkins to controller. Jenkins was previously an accounting manager and has been with Shioi Construction for 10 years.
Resources Global Professionals has announced that Gary Hakoda has joined its Honolulu office as an information management/technology consultant. He previously retired from Kaiser Permanente as an IT director in its Hawaii region’s information technology group.
Olomana Loomis ISC has promoted Liane Hu to senior communications project manager from communications project manager. Hu will continue to manage and develop communications and public relations plans and strategies. She joined the company in 2010 as a communications project manager.
SHIFTING GEARS
Kauai resident turns lucky key on Oahu and wins new Kia via sweepstakes
Suzanne Schott of Kalaheo, Kauai, won a 2014 Kia Soul as part of Aloha Island Mart’s recent Aloha Kia Sweepstakes.
She was among five finalists from around Hawaii who won the chance to choose a key to try and start up the green, five-door sport utility vehicle.
"I have never owned a brand new car in my life — I’m so excited," said Schott, a regular customer of the Kalaheo convenience store, in a statement. The four other finalists received a $200 Aloha Petroleum gift card. Aloha Petroleum Ltd. hosted the five contestants during the culmination of the sweepstakes at the Kaneohe Aloha Island Mart on Wednesday.
"We are pleased that we could once again host this exciting Aloha Kia giveaway, and we thank our sponsors and vendors for making it possible," said Larry Adams, Aloha Petroleum director of sales and marketing.
Alfa Romeo to ship ‘just an appetizer’ of sports cars in its return to U.S. market
NEW YORK » After a nearly 20-year absence, Italian car maker Alfa Romeo is returning to the U.S. market.
Alfa CEO Harald Wester said the company plans to ship about 100 4C sports cars to the U.S. in June.
Alfa expects to ship a total of 800 cars to the U.S. this year, including 500 limited-edition 4C models. Wester expects 4C shipments will grow to 1,200 to 1,300 per year in 2015 and beyond.
"It’s just an appetizer," Wester said at the New York auto show, where the 4C is displayed next to its sister Italian luxury brand, Maserati. Wester is also the head of Maserati.
Alfa’s parent company, Italian automaker Fiat SpA, will release more details next month.
