Hawaiian Telcom (HCOM) Misses Q1 EPS by 10c; Appoints New CFO

Hawaiian Telcom (NASDAQ: HCOM) reported Q1 EPS of $0.09, $0.10 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $97.1 million versus the consensus estimate of $98.5 million.

The company also announced the appointment of Dan T. Bessey as its new Chief Financial Officer and Meredith J. Ching, senior vice president of government and community relations of Alexander & Baldwin, Inc. (A&B), as the eighth member of its board of directors.

"As we continue to grow Hawaiian Telcom, we are excited to welcome these seasoned executives to our team," said president and CEO Eric K. Yeaman. "Dan's extensive experience in finance and strategic planning in the telecommunications and high technology sectors makes him the ideal financial executive to help us continue to drive Hawaiian Telcom's performance forward.

"We are fortunate to have Meredith, a respected local business and community leader, as the newest addition to our board. Meredith brings a deep understanding of Hawaiʻi's business sector, legislative and regulatory environment and communities and appreciates the critical importance of having the proper, next-generation telecommunications infrastructure and services available for Hawaiʻi's residents and businesses, not only for today but into the future," Yeaman added.

Bessey joins Hawaiian Telcom from Cesca Therapeutics (Nasdaq: KOOL), a publicly traded bio-technology company based in Rancho Cordova, California, where he served as Chief Financial Officer and managed the Finance and Accounting, Business Planning and Forecasting, Corporate Development, Investor Relations and Human Resources functions. Previously, Bessey spent 17 years at SureWest Communications (merged with Consolidated Communications, Inc. in July 2012), a publicly traded telecommunications company providing voice, video and data services to both residential and commercial customers in the greater Sacramento, California; Kansas City, Kansas and Missouri areas. He began his career at SureWest as its Director of Corporate Finance, was promoted to Controller then Vice President, Finance before being appointed Vice President, Chief Financial Officer responsible for multiple functions including, Finance and Accounting, Business Planning and Forecasting, Mergers and Acquisitions, Treasury Management, Investor Relations, Human Resources and Information Systems. At SureWest, Bessey successfully developed and implemented long-term business and financial strategies that increased profitability and shareholder return.

Bessey earned a bachelor's degree in business administration/accountancy from California State University, Sacramento where he graduated magna cum laude.

Ching has served as a key member of A&B's executive management team since 2007 when she was named senior vice president, government and community relations of the 145-year old Hawaiʻi company with interests in real estate development, agriculture, natural materials and infrastructure construction. Prior to joining A&B in 1982, Ching held the position of financial analyst with the Dillingham Corporation.

Ching's community involvement currently includes the boards of the Girl Scouts of Hawaiʻi, Kapiʻolani Health Foundation, Hawai'i Agriculture Foundation, Hawai'i Ag & Culinary Alliance and the A&B Sugar Museum. Past community involvement includes service on the boards of Hawai'i Nature Center, Nature Conservancy of Hawaiʻi, YMCA, HMSA, Pālama Settlement, Neighborhood Justice Center, and Child and Family Service.

Ching's past government service activities included appointments to the State of Hawaiʻi Commission on Water Resource Management, the State Board of Agriculture, City & County of Honolulu Charter Commission, Mayor's Task Force to develop the Pacific Nations Center and the Governor's Task Force on the Department of Environmental Protection.

Ching holds a bachelor's degree in civil engineering from Stanford University and a master's degree in business administration from the University of California at Los Angeles.

Ching's appointment was effective May 1, 2015 and Bessey's on May 11, 2015.

For earnings history and earnings-related data on Hawaiian Telcom (HCOM) click here.

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