Real estate sales narrow Barnwell’s loss

Lower oil prices hurt petroleum producer Barnwell Industries Inc. in the last three months of 2014, though the Hono­lulu-based company lost less money during the period due to improved real estate sales.

Barnwell reported a $467,000 net loss for the three months ended Dec. 31, which was an improvement from a $989,000 net loss in the same quarter a year earlier.

The company, which owns residential real estate on Hawaii island, said about $2.5 million in property sales during the recent quarter improved its financial results along with contract drilling work.

Oil and natural gas production by Barnwell in Canada declined 54 percent and 21 percent, respectively. Those drops, along with lower petroleum prices, offset some of the gains from real estate and drilling, the company said.

Total revenue for the three months representing the first quarter in Barnwell’s fiscal year was $6 million compared with $7.2 million a year earlier.

Hawaii ranks third in U.S. for solar workers

Hawaii has the third most solar workers per capita in the nation, according to The Solar Foundation, an independent nonprofit research and education organization based in Washington, D.C.

In 2014 there were 2,200 solar workers in Hawaii, a decrease from 2,600 solar workers in 2013.

Nevada has the most jobs per capita with 5,900 workers, followed by Vermont, according to the data.

Special K hurts Kellogg’s cereal sales

NEW YORK » Special K can’t seem to shake its outdated image among weight watchers.

Kellogg said Thursday its U.S. cereal unit suffered another sales decline in the fourth quarter, hurt by the performance of its top moneymaker, which over the years has branched out into an array of products including bars, crackers and chips.

During a conference call, Kellogg CEO John Bryant noted weight watchers are no longer as focused on "holding back calories" and instead want foods that make them feel good about themselves. That has hurt Special K, which is known for its "Special K Challenge" that debuted more than a decade ago and promised people would be able to shed pounds by replacing breakfast and lunch with bowls of the cereal.

For the quarter, the Battle Creek, Mich.-based company said sales of U.S. breakfast foods declined 7.7 percent. Sales of U.S. snacks also fell 3.1 percent in the quarter.

Kellogg was also hit with adjustments related to its pension plans of $822 million during the quarter. As a result, it posted a loss of $293 million compared with a profit of $819 million in the year-earlier period.

U.S. jobless aid applications rise by 25,000

WASHINGTON » The number of Americans seeking unemployment benefits jumped last week, though it is still at relatively low levels pointing to healthy hiring.

Applications rose 25,000 to a seasonally adjusted 304,000, the Labor Department said Thursday.

The four-week average, which smooths out some of the volatility, fell to 289,750. That is down 14 percent from a year ago.

Cheaper gasoline lowers U.S. retail sales

WASHINGTON » U.S. retail sales fell sharply last month as gas prices plummeted and auto sales slowed. But excluding those volatile categories, Americans stepped up their spending a bit.

Retail sales dropped 0.8 percent in January, the Commerce Department said Thursday, following a 0.9 percent decline in December. The dollar value of gas station sales plunged 9.3 percent, the largest drop in six years. Auto dealer sales also fell for the second straight month after big gains in the fall. Outside those categories, sales ticked up 0.2 percent after a flat reading in December.

The modest gain suggests Americans are still cautious about spending their windfall from lower gas prices, which economists expect will save the typical family $750 this year. Cheaper gas and strong hiring have sent consumer confidence to seven-year highs, a sign spending should pick up soon.

On The Move

» Diana Caballero has been named president of Kupuna Care Hawaii’s nonmedical home care agency. Her responsibilities include overseeing the agency’s expansion. She also works with nonprofit agencies in the community and serves as a guest speaker for senior groups.

» Maui-based Management Consultants Hawaii has appointed:

— Neil Thomas to community association manager. He has 21 years’ experience in the industry.

— Al Andrews to customer development and community association manager. He has more than 30 years’ experience in the industry.

» Gerald Terasako has been named vice president and loan officer for Hawaii National Bank’s commercial real estate department. His responsibilities include servicing and expanding the bank’s commercial mortgage portfolio. Terasako has more than 25 years of banking experience and previously served as a vice president of business lending and as a branch manager.

Ship Ahoy!

Friday’s ship arrivals and departures: