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Tiki Central Forums General Tiki Here's Where the Kahiki Rebuild Money Went
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Here's Where the Kahiki Rebuild Money Went
chisel slinger
Tiki Socialite

Joined: Feb 23, 2004
Posts: 263
From: columbus,ohio
Posted: 2004-06-03 8:22 pm   Permalink

Well I guess for some reason you didnt hear that it was leveled. and there now stands a walgreens. believe you me, I saw it happen.

 
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christiki295
Tiki Socialite

Joined: Apr 09, 2003
Posts: 3836
From: LA-2547 mls east Hawaii &5500 Easter Is
Posted: 2004-06-03 8:28 pm   Permalink

Quote:

On 2004-06-03 20:22, chisel slinger wrote:
Well I guess for some reason you didnt hear that it was leveled. and there now stands a walgreens. believe you me, I saw it happen.



I'm stunned and horrified!


 
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Tiki Chris
Tiki Socialite

Joined: Mar 24, 2002
Posts: 1542
From: London
Posted: 2004-06-23 7:59 pm   Permalink

Quote:

On 2004-06-03 13:34, ChefMike wrote:
The plan of reopening the Kahiki restaurant is on hold because we are concentrating in making the best Asian frozen foods that is on the market.
Mahalo,
Alice Tsao



sorry i haven't gotten back to y'all about kahiki as an investment. plan to take a more thorough look this friday or the coming monday.

however i did happen upon this article:

Kahiki Foods Announces Record Sales and Earnings


COLUMBUS, Ohio, Jun 23, 2004 /PRNewswire-FirstCall via COMTEX/ -- Kahiki Foods (Pink Sheets: KSCI) announced today that sales for its fiscal year ended March 31, 2004 were $14,990,000 compared to last year's $9,205,000, an increase of 63%. Earnings were $676,000 compared to last year's loss of $86,000. Basic earnings per share were $0.23 compared to a loss of $.03 for the same period the previous year. Diluted earnings per share were $0.19 compared to a loss of $.03 for the year ended March 31, 2003. Basic weighted average outstanding shares were 2,968,171, compared to 2,964,888 for the same period the previous year. Fully diluted weighted average shares outstanding were 3,506,186 compared to 2,964,888 for the year ended March 31, 2003.

The increase in revenues and earnings is attributable to the company's successful launch of several new products and increased penetration in both retail and membership club stores. The company's rapid growth has been the major driver for constructing a new, state-of-the-art, 119,000-square-foot manufacturing facility in Gahanna, Ohio. This facility will become operational later this summer. It will have capacity to support $75 million in sales and will enhance product quality and operational effectiveness.

In an effort to add visibility to its name in the financial community and benefit present and future shareholders, Kahiki will commence filing quarterly reports with the SEC. This will further the company's goal of obtaining a listing on the over-the-counter market, and as soon as possible, the NASDAQ Small Cap market.

Michael Tsao, president and CEO of the company, said, "Last year was our best performance year ever. We worked very hard to develop and launch many new products. Fortunately, they resonated well with consumers. We also instituted several cost reduction programs that resulted in better efficiencies. We also solidified our management team with important new hires. Obviously, we are pleased with the overall results." Tsao added, "The company is anticipating substantially higher sales and earnings for the first quarter compared to last year's first quarter." He cautioned that "chicken prices were rising rapidly and having an effect on the company's margins. The company is implementing various measures to reduce the effect of increasing costs."



 
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christiki295
Tiki Socialite

Joined: Apr 09, 2003
Posts: 3836
From: LA-2547 mls east Hawaii &5500 Easter Is
Posted: 2004-06-23 8:43 pm   Permalink

Quote:

[i]On 2004-06-23 19:59, Tiki Chris wrote
Kahiki Foods Announces Record Sales and Earnings
. . .
In an effort to add visibility to its name in the financial community and benefit present and future shareholders



The Kahiki quickly should purchase some land near its upcoming manufacturing plant and build another tiki mecca to increase its visibility and to Mai-Tai & dine its bigtime investors.


 
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tikiskip
Grand Member (8 years)  

Joined: Nov 26, 2005
Posts: 4475
Posted: 2008-09-22 9:10 pm   Permalink

Have you ever looked at something and said
"man something here is just NOT right"
That is how I think when I hear the Michael Tsao story,
As it it told by the many people I have talked to about it.
Mr Tsao has passed, Kahiki curse? I don't know.

I have said it before Bill Sapp and Lee Henry made a restaurant
out of their and others souls.

Michael Tsao made MONEY.
I feel he had no love for the kahiki.

Sorry just the facts.


 
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bigbrotiki
Tiki Socialite

Joined: Mar 25, 2002
Posts: 11586
From: Tiki Island, above the Silverlake
Posted: 2008-09-22 9:41 pm   Permalink

I have a more pragmatic view. Since Michael Tsao took the place over in the 80s, he did a fine job at keeping it alive and in good shape, just like many Asian staff members did when they took over Polynesian places from the original American owners. The white middle class owners decided to retire, just like the whole Tiki style "retired" at that time, and the hard working, frugal minded Asians were able to turn a buck even though the trend had died out.

I do not LIKE what happened to the Kahiki, for sure, but I cannot see evil in a business man taking a Million dollar offer for a business he invested a lot of work and money in. If at all, the evil lies in the Wallgreens conglomerate to ignore a National Register of Historic Places nomination and buy it to tear it down instead of going next door.

I never gave Tsao's talk of re-building a new Kahiki any weight, it just wouldn't have been the same anyway.


 
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tikiskip
Grand Member (8 years)  

Joined: Nov 26, 2005
Posts: 4475
Posted: 2008-09-23 06:12 am   Permalink

I cannot see evil in a business man taking a Million dollar offer for a business.
I hear that! And I agree.

But the rest of the story is what makes Mr Taso not such a white knight.
Mitch Boyce so called bought and saved the Kahiki.
Mr Tsao was brought in by Mitch to run the place.
And Mr Taso did run the place. Into the ground.
After he was done mitch just wanted out and gave him a sweet deal
on the Kahiki.
How else would Mr Taso a 25 year old kid buy a million dollar restaurant?
This is what people who knew/worked with Mr Taso told me.

They don't even own the egg roll factory any more.
And the egg roll Kahiki site makes it look like the Tasos started the Kahiki.
I just want people to remember the folks that that made the Kahiki great.

[ This Message was edited by: tikiskip 2012-09-07 06:13 ]


 
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Jeff Central
Tiki Socialite

Joined: Jul 23, 2002
Posts: 1677
From: Columbus, Ohio
Posted: 2008-09-23 06:19 am   Permalink

I talked to Michael Tsao the night before the "Bon Voyage Kahiki" party as I was helping to set up the sound system. I asked him WHY they were selling the building off and he said that there would need to be a million dollars in repairs. Most of this had to do with the plumbing throughout the entire building. The basement had already flooded a few times and you could see the damage during the final night party.

I also got the feeling that he just didn't want to keep it going anymore. He seemed tired of running the restaurant and he knew the money he would make from the Walgreen sale could be used for his frozen food business.

I do believe that he wanted to rebuild though. I have a picture of the planned "new" Kahiki that was to be located on the riverfront in Columbus. I'll dig it up and post it if you guys are interested. Plans with the city of Columbus never panned out the way he wanted and the frozen food business was taking off so why rebuild? It would take millions of dollars to try and recreate the Kahiki today and it would never be the same.

All this is water under the bridge now.

The Kahiki has been razed, the artifacts have been dispersed and all that is left are memories.

Cheers and Mahalo,
Jeff


 
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twitch
Tiki Socialite

Joined: May 12, 2006
Posts: 431
From: Vacant lot where T. Vic's, Van. was
Posted: 2008-09-23 09:08 am   Permalink

Quote:

On 2008-09-23 06:19, Jeff Central wrote:
I have a picture of the planned "new" Kahiki that was to be located on the riverfront in Columbus. I'll dig it up and post it if you guys are interested.



Jeff, if you could post that it'd be awesome. It may be just a dream now, but it'd be nice to have some evidence of what it would've been like had it gone through.


 
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Jeff Central
Tiki Socialite

Joined: Jul 23, 2002
Posts: 1677
From: Columbus, Ohio
Posted: 2008-09-23 3:46 pm   Permalink

Ladies and Gentlemen.....

The Kahiki that never was.........................



Cheers and Mahalo,
Jeff


 
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tikibob
Tiki Socialite

Joined: Jun 24, 2002
Posts: 268
From: Charleston, South Carolina
Posted: 2008-09-23 7:51 pm   Permalink

Quote:

On 2008-09-23 06:19, Jeff Central wrote:
I asked him WHY they were selling the building off and he said that there would need to be a million dollars in repairs.



Although the Kahiki was an amazing place, what was left at the closing was a shell of it's former self.

The building was terribly run down. The carpets were totally back and filthy from wear. The terrariums were in disrepair. The bathrooms were worn out. I could go on.

Now I am not running the place down but it was obvious that the restaurant had been neglected for years. Obvious that who ever was in power just no longer cared. I hate to say it, but Tsao was probably just keeping the place going until someone made an offer.

As stated earlier, it was apparent that he and Alice were just tired of the place. The source of the money to keep a place like this running and in good repair had long since gone.

I talked with Tsao about a new site also and his response was canned. I never thought that he would open another Kahiki.

I don't slight him for his business move. It just happens.

I will say this: that August 2000 I met some of the tiki ohana that are my best tiki friends still. I still remember being there when a recorded video message from Martin Denny was play to "open" the Closing Party.

It is a good memory. Maybe that is the way it is supposed to be. A good memory.

I will say this, which is my only my opinion, the Mai Kai could be going the same way. It just takes SO MUCH to run these very large, very maintenance intensive restaurants. When the throws of people reduce to a trickle, something has to give.

_________________

Balmy regards,

Tiki Bob



[ This Message was edited by: tikibob 2008-09-23 19:56 ]


 
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tikiskip
Grand Member (8 years)  

Joined: Nov 26, 2005
Posts: 4475
Posted: 2008-09-23 8:18 pm   Permalink

Very well put Bob.

"I will say this, which is my only my opinion, the Mai Kai could be going the same way. It just takes SO MUCH to run these very large, very maintenance intensive restaurants".
You need to keep up on the repairs or it will all go to pot soon.

Plus I don't think he was waiting for a sale.
I think he needed to keep the Kahiki going to sell egg rolls.
It's not often that you get an offer of a million bucks for an old tiki joint.
But when you do heck you got to take it.

It's just too bad that places like these will be a thing of the past soon.
And vanilla places like Starbucks just poping up every where.


 
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bigbrotiki
Tiki Socialite

Joined: Mar 25, 2002
Posts: 11586
From: Tiki Island, above the Silverlake
Posted: 2008-09-23 9:51 pm   Permalink

Skip: Granted, you probably talked to more Kahiki-connected folks than anyone, thanks for the info. As far as I know, Tsao, (how ever old he really was when he took over the place) was a manager at a Trader Vic's before he started working at the Kahiki.

Jeff: Very nice, cool rendering

Bob: Sad but true


 
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Swanky
Tiki Socialite

Joined: Apr 03, 2002
Posts: 5275
From: Hapa Haole Hideaway, TN
Posted: 2008-09-24 06:04 am   Permalink

[quote]
On 2008-09-23 19:51, tikibob wrote:
Quote:

On 2008-09-23 06:19, Jeff Central wrote:
...I will say this, which is my only my opinion, the Mai Kai could be going the same way. It just takes SO MUCH to run these very large, very maintenance intensive restaurants. When the throws of people reduce to a trickle, something has to give...



I want to happily say here that Dave Levy, the new owner of the Mai Kai is spending lots of money to renovate the place. His love of it is incredible and when we congregate there for Hukilau, we will see the difference. I am excited. I spent months thinking last Hukilsu would be my last visit to the Mai Kai and now I know what Dave is doing and it makes my heart glad. I may yet get to enjoy a cocktail there with my daughter in a few years.


 
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tikiskip
Grand Member (8 years)  

Joined: Nov 26, 2005
Posts: 4475
Posted: 2008-09-24 07:00 am   Permalink

Michael was no dummy.
I guess Swanky put it best when he said Daves LOVE for the Mai Kai.
I don't think the Taso's had a real LOVE for the Kahiki.
Except for now that it's gone and it's memory may help sell egg rolls.


 
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