A&B Reports 2003 Earnings of $81.3 Million; Year's Earnings Per Share Up 37 Percent.Business Editors HONOLULU--(BUSINESS WIRE)--Jan. 22, 2004 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 fourth quarter 2003 net income of $18,800,000, or $0.44 per share. Net income in the fourth quarter of 2002 was $17,400,000, or $0.43 per share. Revenue in the fourth quarter of 2003 was $327,700,000, compared with revenue of $281,600,000 in the fourth quarter of 2002. Net income for full year 2003 was $81,300,000, or $1.95 per share. For full year 2002, the Company reported net income of $58,200,000, or $1.42 per share. Earnings per share increased by $0.53, or 37 percent. Revenue in 2003 was $1,232,500,000, compared with $1,087,700,000 in 2002. COMMENTS ON QUARTER, OUTLOOK "The 2003 fourth quarter rounded out a good year for A&B, with especially strong performance at both Matson Matson is a surname, and may refer to:
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:
"In addition to its positive financial results, Matson successfully began a new roll-on/roll-off roll-on/roll-off Adjective denoting a ship designed so that vehicles can be driven straight on and straight off auto service in the fourth quarter. Smooth operations also continue for Matson's new containership containership Oceangoing vessel designed to transport large, standard-sized containers of freight. Rail-and-road containers were used early in the 20th century; in the 1960s containerization became a major element in ocean shipping as well. , M.V. Manukai, which made its inaugural voyage VOYAGE, marine law. The passage of a ship upon the seas, from one port to another, or to several ports. 2. Every voyage must have a terminus a quo and a terminus ad quem. in the third quarter. Lastly, late in the year, Matson Integrated Logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. acquired a truck brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. firm, which is an attractive segment of the intermodal in·ter·mod·al adj. Relating to transportation by more than one means of conveyance, as by truck and rail: intermodal transport. business. "A&B Properties' continued good financial performance in 2003 was complemented by its highly successful real estate investments. Although the development of our historic land portfolio continues, the acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. of A&B Properties' earnings has resulted from real estate acquisitions like the 270 acres of entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: land at the Wailea resort, a transaction that closed in October October: see month. . "As we look toward the company's performance in 2004, improved service levels at Matson, benefits from the new real estate investments and the improving economic outlook for 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. have the prospect, in combination, to result in continuing the growth of our earnings, although not at the pace achieved in 2003."
TRANSPORTATION -- OCEAN TRANSPORTATION
Quarter Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $199.3 $174.7 14%
Operating Profit $32.4 $9.2 3.5X
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Volume (Units)
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Hawaii Containers 42,200 36,800 15%
Hawaii Automobiles 36,200 28,000 29%
Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in ocean transportation more than tripled in the fourth quarter of 2003 versus the same period in 2002. In December December: see month. 2003, a Matson subsidiary joined two other marine terminal operators to form a multiemployer pension plan (MEP MEP maximum expiratory pressure. MEP, n muscle energy procedure; diagnostic and therapeutic technique. Pulsed muscle energy techniques (MET) and integrated neuromuscular inhibition technique (INIT) are two examples. ). The conversion of benefit obligations and associated assets from single-employer plans to the MEP 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. settlement gain of $16.7 million, which benefited operating profit in the quarter. Excluding this one-time event, the quarter's results were marked by a return to a more normal level of profitability in contrast to the labor disruptions that depressed results in the fourth quarter of 2002. Also contributing to the improvement were higher freight and 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 volumes in the Hawaii service and rate actions taken during 2003. During the fourth quarter of 2003, Matson initiated a significant change in its carriage carriage, wheeled vehicle, in modern usage restricted to passenger vehicles that are drawn or pushed, especially by animals. Carriages date from the Bronze Age; early forms included the two-wheeled cart and four-wheeled wagon for transporting goods. of automobiles No invention has so transformed the landscape of the United States as the automobile, and no other country has so thoroughly adopted the automobile as its favorite means of transportation. , adding considerable roll-on/roll-off capacity to its fleet through the operation of a chartered vessel and modifications to another vessel. Also, marine terminals dedicated to vehicles were established in Oakland Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. and Honolulu Honolulu (hŏn'əl  `l, hōnō–), city (1990 pop. . This change addresses customers' preference for
roll-on/roll-off stowage STOWAGE, mar. law. The proper arrangement in a ship, of the different articles of which a cargo consists, so that they may not injure each other by friction, or be damaged by the leakage of the ship.2. of autos. The new service improves delivery times and includes direct calls to the island of 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. , as well as to Oahu Oahu (ōä`h ), island (1990 pop. 836,231), 593 sq mi (1,536 sq km), third largest and chief island of Hawaii, part of Honolulu co., between Molokai and Kauai. .
Year Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $776.3 $686.9 13%
Operating Profit $92.8 $42.4 2.2X
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Volume (Units)
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Hawaii Containers 162,400 152,500 6%
Hawaii Automobiles 145,200 120,500 20%
The comparison of full-year 2003 performance to that of 2002 benefited from the one-time pension settlement gain and the impact in 2002 of labor disruptions on the West Coast. Higher operating profit also was due to rate actions and an improved mix of freight; higher freight and automobile volumes in the Hawaii service; better results from improved operations of joint ventures; and modestly improved productivity at the Sand Island container terminal A container terminal is a facility where cargo containers are transhipped between different transport vehicles, for onward transportation. The transhipment may be between ships and land vehicles, for example trains or trucks, in which case the terminal is described as a in Honolulu. Partially offsetting these factors were higher operating costs operating costs npl → gastos mpl operacionales to accommodate the greater cargo volume and higher pension expense.
TRANSPORTATION -- LOGISTICS SERVICES
Quarter Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $68.5 $52.4 31%
Operating Profit $1.4 $0.7 2.0X
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Record revenue for Matson Integrated Logistics, Inc. (MIL) in the fourth quarter of 2003 was due mainly to greater customer volume in all categories: domestic, international and highway activity. At $1.4 million, operating profit in the quarter doubled from the same period in 2002. In December, MIL acquired TransAmerica Transportation Services, Inc.(TTS (1) See text-to-speech. (2) (Transaction Tracking System) Software that monitors a transaction until completion. In the event of a hardware or software failure, it ensures that the database is brought back to its former state before the attempt to ), a third-party logistics A third-party logistics provider (abbreviated 3PL) is a firm that provides outsourced or "third party" logistics services to companies for part, or sometimes all of their supply chain management function. company. TTS offers various intermodal brokerage services and presently handles about 50,000 shipments annually.
Year Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $237.7 $195.1 22%
Operating Profit $4.7 $3.1 52%
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For full-year 2003, higher logistics services revenue and operating profit also were due mainly to increased customer volume.
PROPERTY DEVELOPMENT & MANAGEMENT -- LEASING
Quarter Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $20.3 $19.1 6%
Operating Profit $9.8 $8.4 17%
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Occupancy Rates
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Mainland 94% 94% --
Hawaii 91% 90% 1%
Growth in fourth quarter 2003 revenue and operating profit was primarily the result of the recently acquired income-producing properties, increased rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time on existing properties and slightly higher occupancies for Hawaii commercial properties.
Year Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $80.3 $73.1 10%
Operating Profit $37.0 $32.9 12%
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Occupancy Rates
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Mainland 93% 92% 1%
Hawaii 90% 89% 1%
Similarly, growth in revenue and operating profit for 2003 (before removing amounts treated as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. ) was the result of higher occupancies and increased rental income, and purchases of income-producing properties both on the 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. and in Hawaii.
PROPERTY DEVELOPMENT & MANAGEMENT -- SALES
Quarter Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $10.3 $31.8 - 68%
Operating Profit $2.7 $5.2 - 48%
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The mix of sales activity in the fourth quarter of 2003 consisted primarily of lots or units in residential and industrial projects, and A&B's share of sales in joint-venture residential developments, versus sales of large developed or undeveloped properties. Prominent among the sales during the fourth quarter of 2003 were two lots at Maui Business Park, eight full floors at Alakea Corporate Tower in Honolulu, 37 homes at the Kai kai Noun NZ informal food [Maori] kai noun N.Z. (informal) food, grub (slang) provisions, fare, board, commons, eats (slang Lani joint venture on Oahu and six at the HoloHolo Ku joint venture on the island of Hawaii. Among the larger sale transactions in the fourth quarter of 2002 were 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 an industrial property in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , plus four lots at Maui Business Park and five homes at HoloHolo Ku.
Year Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue(1) $63.8 $93.0 - 31%
Operating Profit(1) $23.8 $19.4 23%
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(1) Before removing amounts treated as discontinued operations.
There was a similar shift in the mix of sales for full year 2003 versus 2002 -- with a greater contribution from subdivision and joint venture sales activities and less from sales of larger properties. Sales in 2003 included a shopping center in Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). , six commercial properties on Maui, 23 residential properties, eight floors at Alakea Corporate Tower, seven industrial lots on Oahu, five industrial lots on Maui and a total of 142 residential units at two joint venture developments. In 2002, prominent sales included a seven-building complex in Texas, the shopping center and industrial property in Southern California, several smaller commercial properties, an undeveloped parcel in upcountry Maui, nine business parcels on Oahu and Maui, 27 residential properties, a shopping center in Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. and five residential units at a joint venture. The sales of certain properties within the real estate portfolio are reported as "discontinued operations" if their earnings and cash flows are separately identifiable and material. The after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gains on those sales, and the current and historical earnings of all of these properties, are classified in the financial statements under the caption "Discontinued Operations: Properties." During 2003, six properties met these criteria criteria (krītēr´ē  ),n. and were treated as discontinued operations.
FOOD PRODUCTS
Quarter Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $29.3 $33.5 - 13%
Operating Profit $0.5 $5.8 - 91%
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Tons Sugar Produced 49,500 61,100 - 19%
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In the fourth quarter of 2003, lower food products revenue resulted primarily from lower production and sales of raw sugar. Higher unit costs for the quarter and full year were driven by the lower production in the quarter, which caused a substantial decrease in operating profit, especially when compared with the last quarter of 2002 when these factors had been especially strong.
Year Ended
December 31
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Dollars in Millions 2003 2002 Change
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Revenue $112.9 $112.7 --
Operating Profit $5.1 $13.8 - 63%
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Tons Sugar Produced 205,700 215,900 - 5%
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For full year 2003, food products revenue was unchanged. This resulted from lower production and sales of raw sugar being offset by the benefit of modestly higher sugar prices. At the operating profit level, however, the combination of higher costs and lower volume combined to depress de·press v. 1. To lower in spirits; deject. 2. To cause to drop or sink; lower. 3. To press down. 4. To lessen the activity or force of something. margins severely. Higher costs primarily resulted from the cost of pensions, personnel, insurance, maintenance and other reserves. In a decision related to the Food Products segment, the Company reduced consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: income in the fourth quarter to reflect a $7.7 million reduction in the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of its equity investment in C&H Sugar Company, Inc. The carrying value had been $11.5 million since a prior reduction was made in 2001. This value impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. reflects the highly leveraged capital structure of C&H and the uncertainty of future cash flows when related to the C&H securities held by A&B. BALANCE SHEET COMMENTS Comparing the year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. balance sheets for 2003 and 2002, the $107 million project cost for Matson's new container (1) Software that acts as a parent program to hold and execute a set of commands or to run other software routines. (2) A data structure that holds one or more different types of data. See metafile and OLE. vessel, delivered in the third quarter of 2003, was the largest component of the increase in property, net. The ship's financing added $55 million to long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and it reduced balances in the capital construction fund (CCF CCF abbr. Cooperative Commonwealth Federation of Canada ) by $41.5 million. In the first quarter, there was a conveyance The transfer of ownership or interest in real property from one person to another by a document, such as a deed, lease, or mortgage. conveyance n. of land and improvements with a carrying cost Noun 1. carrying cost - the opportunity cost of unproductive assets; the expense incurred by ownership carrying charge opportunity cost - cost in terms of foregoing alternatives of $27.7 million to the Kukui'Ula joint venture. This reduced real estate developments and raised investments. Real estate developments and current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. rose in the fourth quarter with the $67 million acquisition of Wailea and other property investments. CASH FLOW COMMENTS Comparing 2003 with 2002, operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. increased by a net $75.6 million. The increase was due principally to better operating results in 2003 and the effects of the timing of tax payments made in 2002 resulting from the sale of securities in late 2001. Capital expenditures were $169.6 million greater, primarily because of the delivery of the new containership and higher real estate expenditures and acquisitions. The CCF withdrawals and increase in debt also resulted principally from the vessel delivery. Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation and intermodal services, through its subsidiaries, 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. and Matson Integrated Logistics, Inc.; in property development and management, through A&B Properties, Inc.; and in 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 described on page 19 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which is included in the Company's 2002 annual report to shareholders. These factors could cause actual results to differ materially from those projected in the statements.
ALEXANDER & BALDWIN, INC.
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2003 and 2002 Fourth-Quarter and Full-Year Results
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2003 2002
--------------- ---------------
Three Months Ended December 31:
-------------------------------------
Revenue $327,700,000 $281,600,000
Income From Continuing Operations $18,200,000 $13,400,000
Discontinued Operations:
Properties(1) 600,000 $4,000,000
Net Income $18,800,000 $17,400,000
Basic Share Earnings
Continuing Operations $0.43 $0.33
Net Income $0.44 $0.43
Diluted Share Earnings
Continuing Operations $0.43 $0.32
Net Income $0.44 $0.42
Average Shares Outstanding 42,000,000 41,200,000
Twelve Months Ended December 31:
-------------------------------------
Revenue $1,232,500,000 $1,087,700,000
Income From Continuing Operations $69,400,000 $45,900,000
Discontinued Operations:
Properties(1) $11,900,000 $12,300,000
Net Income $81,300,000 $58,200,000
Basic Share Earnings
Continuing Operations $1.67 $1.12
Net Income $1.95 $1.42
Diluted Share Earnings
Continuing Operations $1.66 $1.11
Net Income $1.94 $1.41
Average Shares Outstanding 41,600,000 41,000,000
(1) "Discontinued Operations: Properties" consists of sales, or
intended sales, of certain lands and buildings that are material
and have separately identifiable earnings and cash flows.
Industry Segment Data, Net Income
---------------------------------
(In Millions, Except Per Share Amounts, Unaudited)
Three Months Twelve Months
Ended Ended
----------------- -----------------
December 31, December 31,
----------------- -----------------
2003 2002 2003 2002
-------- -------- -------- --------
Revenue:
-------------------------------
Transportation
Ocean Transportation $199.3 $174.7 $776.3 $686.9
Logistics Services 68.5 52.4 237.7 195.1
Property Development &
Management
Leasing 20.3 19.1 80.3 73.1
Sales 10.3 31.8 63.8 93.0
Less Amounts Reported In
Discontinued Operations - (29.9) (38.5) (73.1)
Food Products 29.3 33.5 112.9 112.7
-------- -------- -------- --------
Total Revenue $327.7 $281.6 $1,232.5 $1,087.7
======== ======== ======== ========
Operating Profit, Net Income:
-------------------------------
Transportation
Ocean Transportation $32.4 $9.2 $92.8 $42.4
Logistics Services 1.4 0.7 4.7 3.1
Property Development &
Management
Leasing 9.8 8.4 37.0 32.9
Sales 2.7 5.2 23.8 19.4
Less Amounts Reported In
Discontinued Operations (0.9) (6.3) (19.1) (19.5)
Food Products 0.5 5.8 5.1 13.8
-------- -------- -------- --------
Total Operating Profit 45.9 23.0 144.3 92.1
Write-Down of Long-Lived
Assets (7.7) - (7.7) -
Interest Expense (3.5) (2.7) (11.6) (11.7)
Corporate Expenses (5.0) (3.6) (15.2) (13.1)
-------- -------- -------- --------
Income From Continuing
Operations Before Income
Taxes 29.7 16.7 109.8 67.3
Income Taxes (11.5) (3.3) (40.4) (21.4)
-------- -------- -------- --------
Income From Continuing
Operations 18.2 13.4 69.4 45.9
Discontinued Operations:
Properties 0.6 4.0 11.9 12.3
-------- -------- -------- --------
Net Income $18.8 $17.4 $81.3 $58.2
======== ======== ======== ========
Basic Earnings Per Share,
Continuing Operations $0.43 $0.33 $1.67 $1.12
Basic Earnings Per Share, Net
Income $0.44 $0.43 $1.95 $1.42
Average Shares 42.0 41.2 41.6 41.0
Consolidated Balance Sheets
---------------------------
(In Millions)
December 31, December 31,
------------- -------------
2003 2002
------------- -------------
(Unaudited)
ASSETS
Current Assets $246.8 $233.7
Investments 68.4 32.9
Real Estate Developments 77.0 42.1
Property,
Net 1,078.9 942.6
Capital Construction Fund 165.4 208.4
Other
Assets 123.1 92.9
------------- -------------
Total $1,759.6 $1,552.6
============= =============
LIABILITIES & EQUITY
Current Liabilities $182.9 $151.1
Long-Term Debt 329.7 247.8
Post-Retirement Benefit Obligs. 43.6 42.6
Other Long-Term Liabilities 37.0 49.6
Deferred Income Taxes 355.6 337.8
Shareholders' Equity 810.8 723.7
------------- -------------
Total $1,759.6 $1,552.6
============= =============
Consolidated Statements of Cash Flows
-------------------------------------
(In Millions)
Twelve Months Ended
December 31,
-----------------------------
2003 2002
------------- -------------
(Unaudited)
Operating Cash Flows $131.3 $55.7
Capital Expenditures (214.2) (44.6)
CCF Withdrawals/(Deposits), Net 43.0 (53.7)
Proceeds From Issuance of
(Payment of) Debt, Net 60.1 30.1
Dividends Paid (37.4) (36.9)
All Other, Net 23.0 30.7
------------- -------------
Increase/(Decrease) In Cash $5.8 $(18.7)
============= =============
Depreciation $72.6 $70.7
============= =============
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