Published On: Wed, Jun 25th, 2014

Larry Ellison’s Island Air posts a $3.3 million loss for the first quarter of 2014

Ellison, the principal shareholder in the Oracle Corporation with an annual global turnover of 37 billion dollars worldwide, was reported to be philosophical about the recent loss.

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When you have a personal fortune estimated to be in the region of $43 billion and own one of the World’s largest and most successful software companies, then it is only reasonable to treat yourself to one or two toys as the fruits of your labor.

In billionaire businessman Larry Ellison‘s case you tried happen to be properties throughout the world, including some situated  on two small islands of the Hawaiian coast.

Ellison’s most recent personal acquisition has been his own airline Island Air, an operator service between all of the Hawaiian islands , although not necessarily  the true that the two that the billionaire businessman owns.

Well such an experienced businessman as Ellison would have been expecting some growing pains for Island Air, he may have been disturbed to discover that the Honolulu-based airline made a loss  of $3.3 million in the first quarter of 2014,  making for the airline’s fourth consecutive loss making quarter  since Ellison acquired them.

On the relative upside, income for the airline during the first three months of the year actually jumped by 29.3 percent, from the same period a year ago, reaching $7.5 million, although operating expenses gobbled that up and more, reaching $10.8 million, making for  is $3.3 million loss, according to information released by the U.S. Department of Transportation.

Recently, Larry has been no stranger to disappointment with his company’s performance with Oracle Corp. reporting  a fiscal fourth-quarter profit of just $3.64 billion, down $140 million on the same period last year,  on income  of $11.3 billion.

In terms of competing investments Larry Ellison has laid out $61 million to acquire two Q400 NextGen turboprop aircraft for the airline from Bombardier for $61 while at the same time having recently invested $5.3 billion to acquire MICROS systems, who provided integrated software and hardware solutions to the hospitality and retail industries, albeit Oracle’s largest acquisition in five years. It’s all relative as they say!

 

Larry Ellison first discovered  the world of computers during his time as a student at the University of Chicago in the late sixties.

After graduating Ellison’s  working career began in the early nineteen seventies when he joined the recently formed Amdahl Corporation, based in  California.  After a few years, Ellison left Amdahl to join the Ampex Corporation, where one of his first projects was to build a complex database , to which he gave the title named “Oracle”, a name that was to go to have a significant effect in his life.

In 1977 Larry Ellison parted company with the Ampex Corporation to establish the Software Development Laboratories (SDL) with two other partners. The new company had a working capital of just $2, 000, of which $1, 200 was put up by Larry Ellison. A few years later, the company was renamed Oracle after the Oracle database that Larry had developed almost a decade previously.

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