A&B Reports 1st Quarter 2001 Earnings of $22.4 Million; Strong Real Estate Activities A Highlight.Business Editors HONOLULU--(BUSINESS WIRE)--April 18, 2001 Alexander & Baldwin Baldwin, cities, United States Baldwin. 1 Uninc. city (1990 pop. 22,719), Nassau co., SE N.Y., on the south shore of Long Island, on Baldwin Bay; settled 1640s. A fishing center and summer resort, it has varied manufactures. , Inc. (Nasdaq:ALEX) today reported first quarter 2001 net income of $22,434,000, or $0.55 per share. In the first quarter of 2000, the Company reported net income of $26,431,000, or $0.63 per share, after an accounting change that resulted in a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , non-cash increase in income of $12,250,000, or $0.29 per share. Excluding that change, income rose by $8.3 million (58 percent), or $0.21 per share. Revenue in the first quarter of 2001 was $275,844,000, compared with $232,225,000 in the first quarter of 2000. QUARTER BOOSTED BY PROPERTY SALES, LEASE INCOME "A&B's real estate activities were strong across-the-board, with closings of several large commercial sales in the quarter," said W. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Doane Doane is a surname, and may refer to:
Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. . "During the first quarter, Hawaii's economy continued to grow, benefiting from the momentum that began in 2000. The question is how long this good performance can last -- with the U.S. economic outlook increasingly uncertain and Japan's economy stalled stall 1 n. 1. A compartment for one domestic animal in a barn or shed. 2. a. A booth, cubicle, or stand used by a vendor, as at a market. b. . "We are beginning to see signs of a weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. in tourism in
Hawaii Also see the destination guide on .Hawaiʻi is the name of a chain of several islands and are among the numerous Pacific Islands in the Pacific Ocean. , but it is anyone's guess how significant or prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. this weakness will be. Regardless of what the economy does in the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. , A&B is committed to perform at the best level possible. Although the first quarter results exceeded our expectations, we are guarded in our outlook for the remainder of the year." CONSOLIDATED OPERATING PROFIT $14 MILLION HIGHER Consolidated operating profit (before interest, corporate expenses and taxes) in the first quarter of 2001 was $44.4 million, up $13.8 million, or 45 percent, from the same period in 2000. The increase was led by the results of the property development and management segment. MATSON'S OPERATING PROFIT LOWER IN THE QUARTER In the first quarter of 2001, ocean transportation operating profit was $17.5 million. That was $2.4 million, or 12 percent, lower than the $19.9 million in the first quarter of 2000. First-quarter 2001 Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. service container volume was two percent above that in the 2000 first quarter, but automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of volume was level on a year-over-year basis. The decrease in operating profit was the net result of a number of factors, including lower contributions from investments in a shipping operation in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and a stevedoring joint venture, and competitive fleet and rate actions, offset, in part, by higher cargo volume and a general rate increase in the Hawaii service. HIGHER SALES DRIVE sales drive n → promoción f de ventas sales drive n → campagne commerciale, animation f des ventes SHARP INCREASE IN A&B PROPERTIES' RESULTS In the first quarter of 2001, A&B Properties' operating profit of $21.0 million was $13.1 million above the $7.9 million earned in the corresponding period a year earlier. Property leasing operating profit was $8.7 million in the first quarter of 2001. This was 22 percent higher than the $7.2 million earned in the first quarter of 2000. The improvement was due to the contribution from newly acquired properties, higher occupancy levels and higher lease rates. For the respective first quarters, occupancy levels for U. S. mainland Mainland. 1 Island (1991 pop. 14,150), 178 sq mi (461 sq km), N Scotland. The largest of the Orkney Islands, it is also called Pomona. Kirkwall, the seat of the Orkney Islands council area, is on the island. properties averaged 94 percent in 2001, versus 95 percent last year; but Hawaii properties improved to 89 percent in 2001, versus 84 percent last year. Property sales revenue totaled $43.1 million in the first quarter of 2001, compared with $3.1 million in the first three months of 2000. Operating profit resulting from those sales was $12.2 million, which was $11.5 million higher than in the first quarter 2000 results. Variations in sales activity of this nature reflect the normal episodic episodic sporadic; occurring in episodes. e. falling a paroxymal disorder described in Cavalier King Charles spaniels in which affected dogs, starting at an early age, experience episodes of extensor rigidity, possibly brought on by stress. e. nature of real estate transactions. Sales in the first quarter of 2001 included a shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into and several smaller properties on Bainbridge Bainbridge, city (1990 pop. 10,712), seat of Decatur co., SW Ga., on the Flint River; inc. 1829. It grew up around a fort, used by Andrew Jackson, that was constructed during the Indian Wars of 1817–1821. Island, Wash., and a site for the development of a planned Wal-Mart  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. store in
Kahului, Maui Maui (mou`ē), island (1990 est. pop. 82,500), 728 sq mi (1,886 sq km), second largest island in the state of Hawaii, separated from the island of Hawaii by the Alenuihaha Channel and from Molokai by the Pailolo Channel. .
FOOD PRODUCTS' RESULTS IMPROVED In the first quarter of 2001, food products' operating profit was $5.1 million, compared with $2.1 million in the first quarter of 2000. The segment benefited from a one-time distribution from the sugar transportation cooperative that handles the Hawaii growers' production and improved sugar prices, but high energy costs reduced investment results from C&H Sugar Company, Inc., in which A&B has a 36 percent ownership interest. Alexander & Baldwin, Inc., headquartered in Honolulu Honolulu (hŏn'əl  `l, hōnō–), city (1990 pop. , is
engaged in ocean transportation, through its subsidiary, Matson
Navigation Company Matson Navigation Company, a subsidiary of Alexander & Baldwin, is a private ocean transportation company with roots extending into the late 19th century. It is credited with introducing mass tourism to Hawaii with the opening of the Moana Hotel (now known as the Moana Surfrider Hotel) , Inc.; property development and management, through
A&B Properties, Inc.; and food products, through Hawaiian Hawaiian, member of the Polynesian group of the Austronesian family of languages. Of the fewer than 10,000 people who speak Hawaiian, only a few hundred are native speakers, but the language is taught in some Hawaiian schools and remains important as a symbol of Commercial
& Sugar Company and Kauai Kauai (kou'wī`), circular island (1990 pop. 51,177), 549 sq mi (1,422 sq km), 32 mi (52 km) in diameter, N Hawaii, separated from Oahu island to the southeast by Kauai Channel. Lihue (1990 pop. Coffee Company, Inc. Additional
information about A&B may be found at its web site:
www.alexanderbaldwin.com.
Statements in this press release that are not historical facts are "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements that involve a number of risks and uncertainties such as those described on page 31 of the Company's 2000 annual report to shareholders. These factors could cause actual results to differ materially from those projected in the statements.
ALEXANDER & BALDWIN, INC.
2001 and 2000 First-Quarter Results
2001 2000
---- ----
Three Months Ended March 31:
Revenue $275,844,000 $232,225,000
Income Before Accounting Change $22,434,000 $14,181,000
Net Income $22,434,000 $26,431,000
Basic & Diluted Share Earnings
Before Accounting Change $0.55 $0.34
Net Income $0.55 $0.63
Average Shares Outstanding 40,508,000 42,131,000
Industry Segment Data, Net Income
(In Thousands)
Three Months Ended
March 31,
2001 2000
---- ----
Revenue:
Ocean Transportation $196,609 $200,225
Property Devel. & Mgmt
Leasing 17,096 14,518
Sales 43,084 3,052
Food Products 18,198 13,666
Other 857 764
--------- ---------
Total Revenue $275,844 $232,225
========= =========
Operating Profit, Net Income:
Ocean Transportation $17,455 $19,893
Property Devel. & Mgmt
Leasing 8,740 7,184
Sales 12,216 701
Food Products 5,105 2,068
Other 840 709
--------- ---------
Total Operating Profit 44,356 30,555
Interest Expense (5,779) (5,347)
Corporate Expenses (3,791) (3,502)
--------- ---------
Income Before Taxes
& Accounting Change 34,786 21,706
Income Taxes (12,352) (7,525)
--------- ---------
Income Before Accounting Change 22,434 14,181
Cumulative Effect of Acctg. Change -- 12,250
--------- ---------
Net Income $22,434 $26,431
========= =========
Consolidated Balance Sheets
(In Thousands)
March 31, December 31,
--------- ------------
2001 2000
---- ----
(Unaudited)
ASSETS
Current Assets $203,339 $208,867
Investments 164,743 183,141
Real Estate Developments 52,347 62,628
Property, Net 974,837 954,692
Capital Construction Fund 152,814 150,405
Other Assets 110,199 106,279
---------- ----------
Total $1,658,279 $1,666,012
========== ==========
LIABILITIES & EQUITY
Current Liabilities $132,456 $153,006
Long-Term Debt 335,288 330,766
Post-Retirement Benefit Obligs 44,449 44,752
Other Long-Term Liabilities 57,035 56,698
Deferred Income Taxes 384,661 387,139
Shareholders' Equity 704,390 693,651
---------- ----------
Total $1,658,279 $1,666,012
========== ==========
Consolidated Statements of Cash Flows
(In Thousands)
Three Months Ended
March 31,
2001 2000
---- ----
(Unaudited)
Operating Cash Flows $36,860 $22,101
Capital Expenditures (25,551) (19,034)
CCF Deposits, Net (2,409) 1,113
Proceeds From
(Payment of) Debt, Net (3,500) 27,000
Repurchases Of Capital Stock -- (20,260)
Dividends Paid (9,123) (9,529)
All Other, Net 3,583 1,076
-------- --------
Increase (Decrease) In Cash $(140) $2,467
======== ========
Depreciation $18,030 $17,111
======== ========
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