A&B Reports 2nd Quarter 2005 Net Income of $29.4 Million; Net Income 2% Lower in 2nd Quarter, 17% Higher in 1st Half.HONOLULU Honolulu (hŏn'əl  `l, hōnō–), city (1990 pop. -- Alexander & Baldwin Baldwin, cities, United StatesBaldwin. 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 that net income for the second quarter of 2005 was $29,400,000, or $0.66 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Net income in the second quarter of 2004 was $30,100,000, or $0.70 per fully diluted share. Revenue in the second quarter of 2005 was $392,100,000, compared with revenue of $374,400,000 in the second quarter of 2004. Net income for the first half of 2005 was $67,100,000, or $1.52 per fully diluted share. Net income in the first half of 2004 was $57,200,000, or $1.33 per fully diluted share. Revenue in the first half of 2005 was $756,700,000, compared with revenue of $715,600,000 in the first half of 2004. COMMENTS ON QUARTER & OUTLOOK "Although our results for the second quarter are slightly below last year, due principally to timing of real estate sales, our two primary businesses are performing quite well," said 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:
"The second quarter was a good one, with Transportation's 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. up 24 percent and this key part of the company on track to have an exceptional year. Operating profit from real estate sales was down about two-thirds from strong quarterly performance in 2004, but the nature of this business segment makes it difficult to rely on quarter-to-quarter comparisons. Full-year real estate sales results are the benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. we use, and here we are confident 2005 will have a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. result. The real estate leasing segment of the business, where quarterly comparisons are meaningful, achieved a 14 percent increase in operating profit. Food Products' results were below expectations in the quarter, with little prospect of improvement for the remainder of the year. In addition, an 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. loss of $2.2 million before tax was recorded in the quarter for our minority investment in the C&H sugar refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar business, effectively writing it down to its net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. . "Several other matters deserve comment," noted Doane. "At Matson Matson is a surname, and may refer to:
2. By an act of congress, approved July 29, 1850, it is provided that any person, not being an owner, who shall on the high seas, willfully, with. , entered the 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. market late in the first quarter. Matson has responded to this new competition and will likely increase its competitive response over time. In Matson's core 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. 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. business, the MANULANI was placed into the Hawaii service in June June: see month. . This ship is the third of four efficient new vessels Vessels are a post-rock band from Leeds, UK. Vessels were born from the ashes of A Day Left in September 2005. In 2006 they self-released a 5 track eponymous ep, and played many gigs including the unsigned stage at Leeds Festival. , and the first purchased because of Matson's new Guam/China service. These new ships provide improved operating economics that will benefit the Hawaii, Guam Guam (gwäm), Chamorro Guåhan, the largest, most populous, and southernmost of the Mariana Islands (see also Northern Mariana Islands, an unincorporated territory of the United States (2005 est. pop. and China markets. "In real estate, there have been several notable events. Initial market response to our Kukui'ula venture is highly encouraging, and our Kai kai Noun NZ informal food [Maori] kai noun N.Z. (informal) food, grub (slang) provisions, fare, board, commons, eats (slang Malu venture at Wailea is exceeding expectations. Government approval has just been received to proceed with development of a 352-unit residential condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. in Honolulu called Keola La'i. We also have other investments in the pipeline that should be made public in the next several months. "In the near term, all 100 units of our Lanikea high rise are expected to close in the third quarter, and initial closings at the 247-unit Hokua condominium venture are now scheduled for January January: see month. 2006. "The Hawaii economy remains vibrant, with little change expected in the next 6 to 12 months. All in all, our business environment remains favorable. The outlook for 2005 is excellent, but I would be somewhat cautious about 2006, as the Guam/China service is initiated, and economic momentum and real estate may shift into a lower gear."
TRANSPORTATION--OCEAN TRANSPORTATION
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------------------------------------------
Revenue $221.0 $208.1 6%
Operating Profit $38.7 $31.4 23%
----------------------------------------------------------------------
Volume (Units)
----------------------------------------------------------------------
Hawaii Containers 44,300 40,400 10%
Hawaii Automobiles 43,300 41,600 4%
Guam Containers 4,200 4,300 - 2%
----------------------------------------------------------------------
For the second quarter of 2005, Ocean Transportation revenue of $221.0 million was $12.9 million, or 6 percent, higher than the second quarter of 2004. This increase was due to higher Hawaii container volume, improved yields and cargo mix, and increases in the fuel surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. necessitated by higher fuel prices. Total Hawaii container volume was ten percent higher than the second quarter of 2004, reflecting continuing economic growth in the state. Total Hawaii 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 4 percent higher. Operating profit of $38.7 million was $7.3 million, or 23 percent, higher than the second quarter of 2004. This increase was primarily the result of the higher Hawaii container volume, improved Hawaii and Guam yields and cargo mix, and lower vessel repairs and operating overhead expenses. Matson enjoyed an unusually high operating profit margin Operating profit margin The ratio of operating profit to net sales. in the quarter, 17.5 percent. A portion of higher-than-normal margin was due to continuing good performance at SSA (Serial Storage Architecture) A fault tolerant peripheral interface from IBM that transfers data at 80 and 160 Mbytes/sec. SSA uses SCSI commands, allowing existing software to drive SSA peripherals, which are typically disk drives. Terminals, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (SSAT SSAT Specialist Schools and Academies Trust (UK) SSAT Society for Surgery of the Alimentary Tract SSAT Social Security Appeals Tribunal SSAT Secondary School Admissions Test SSAT Spermidine/Spermine N(1) ), a stevedoring and terminal operating company operating company A business that engages in transactions with outsiders. of which Matson is a minority partner. Income from this investment is included in operating profit, but not in revenue. Half Ended June 30 ---------------------------------------------------------------------- Dollars in Millions 2005 2004 Change ---------------------------------------------------------------------- Revenue $427.2 $404.6 6% Operating Profit $68.4 $50.0 37% ---------------------------------------------------------------------- Volume (Units) ---------------------------------------------------------------------- Hawaii Containers 85,600 80,100 7% Hawaii Automobiles 78,900 77,900 1% Guam Containers 8,200 8,800 - 7% ---------------------------------------------------------------------- For the first half of 2005, Ocean Transportation revenue of $427.2 million was $22.6 million, or 6 percent, higher than the first half of 2004. This increase also was due to higher Hawaii container volume, improved yields and cargo mix, and increases in the fuel surcharge necessitated by higher fuel costs. Total Hawaii container volume was 7 percent higher than the first half of 2004. Total Hawaii automobile volume was 1 percent higher. Operating profit of $68.4 million was $18.4 million, or 37 percent, higher than the first half of 2004. This increase was primarily the result of the higher Hawaii container volume, higher earnings from SSAT, improved Hawaii and Guam yields and cargo mix, lower vessel operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and lower operating overhead expenses. The majority of the improvement at SSAT resulted from higher international import volumes and the balance from SSAT's January fiscal-year-end closing adjustments.
TRANSPORTATION--LOGISTICS SERVICES
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------------------------------------------
Revenue $106.6 $93.5 14%
Operating Profit $3.6 $2.6 38%
----------------------------------------------------------------------
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. services revenue of $106.6 million was $13.1 million, or 14 percent, higher than the second quarter of 2004. Revenue was higher due to a 4 percent total net increase in volume, with strength in highway volumes, partially offset by small declines in domestic and intermodal in·ter·mod·al adj. Relating to transportation by more than one means of conveyance, as by truck and rail: intermodal transport. rail volumes. Rates were higher in all lines. Operating profit of $3.6 million was $1.0 million, or 38 percent, higher than in the comparable period last year. Gross margins were higher in all lines, offset, in part, by higher G&A and other normal operating expenses. The operating profit margin for the logistics services business reached a record high 3.4 percent in the second quarter of 2005, compared with 2.8 percent for the second quarter of 2004 and the previous high of 3.1 percent in the first quarter of 2005. The improvement was due to a greater portion of higher-margin highway volume in the total, and growing economies of scale. Half Ended June 30 ---------------------------------------------------------------------- Dollars in Millions 2005 2004 Change ---------------------------------------------------------------------- Revenue $202.7 $167.6 21% Operating Profit $6.6 $3.6 83% ---------------------------------------------------------------------- Logistics services revenue of $202.7 million was $35.1 million, or 21 percent, higher than the first half of 2004. Revenue was higher due to a 9 percent increase in volume, with rises in all lines, and higher rates. Operating profit of $6.6 million was $3.0 million, or 83 percent, higher than in the comparable period last year. Similar to the quarter, gross margins were higher in all lines, offset, in part, by higher G&A and other normal operating expenses.
REAL ESTATE--LEASING
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------------------------------------------
Revenue $21.3 $20.4 4%
Operating Profit $10.5 $9.2 14%
----------------------------------------------------------------------
Occupancy Rates
----------------------------------------------------------------------
Mainland 95% 94% 1%
Hawaii 92% 90% 2%
----------------------------------------------------------------------
Leasable Space (Million sq. ft.)
----------------------------------------------------------------------
Mainland 3.5 3.7 - 5%
----------------------------------------------------------------------
Hawaii 1.7 1.7 --
----------------------------------------------------------------------
Property Leasing revenue for the second quarter of 2005 (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. ) of $21.3 million was $0.9 million, or 4 percent, higher than the second quarter of 2004. Operating profit of $10.5 million was $1.3 million, or 14 percent, higher. The improved revenue and operating profit resulted primarily from property acquisitions subsequent to the second quarter of 2004 and higher occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) . A one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. cost incurred in 2004 for siding repairs to an office building in Honolulu also contributed to the improvement in operating profit. Comparing the periods, there was a small net reduction in the leasable area 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. . On the Mainland, two leased properties were sold during the first quarter and one acquired during the second. In Hawaii, one property, a ground lease of a retail site in Honolulu, was acquired during the first quarter. Half Ended June 30 ---------------------------------------------------------------------- Dollars in Millions 2005 2004 Change ---------------------------------------------------------------------- Revenue $43.2 $41.2 5% Operating Profit $21.2 $18.7 13% ---------------------------------------------------------------------- Occupancy Rates ---------------------------------------------------------------------- Mainland 95% 94% 1% Hawaii 91% 90% 1% ---------------------------------------------------------------------- Property Leasing revenue for the first half of 2005 (before removing amounts treated as discontinued operations) of $43.2 million was $2.0 million, or 5 percent, higher than the first half of 2004. Operating profit of $21.2 million was $2.5 million, or 13 percent, higher. The improved revenue and operating profit resulted from property acquisitions subsequent to the first half of 2004, timing of expenditures for repairs in 2004 to siding on an office building in Honolulu and lease termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. payments received in 2005.
REAL ESTATE--SALES
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------------------------------------------
Revenue $14.6 $28.3 - 48%
Operating Profit $4.8 $13.4 - 64%
----------------------------------------------------------------------
Property sales revenue in the second quarter of 2005 of $14.6 million was $13.7 million, or 48 percent, lower than the second quarter of 2004. Operating profit from property sales of $4.8 million was $8.6 million, or 64 percent, lower than the strong results of the second quarter of 2004. Both decreases resulted simply from the timing of transactions. Real estate demand in Hawaii remains high in virtually all areas and all segments of the market. Sales during the second quarter of 2005 consisted primarily of the 80 percent balance of an installment sale Installment sale The sale of an asset in exchange for a specified series of payments (the installments). installment sale A sale in which the buyer is scheduled to make a series of payments over a period of time. of a 30-acre development parcel at Wailea. Sales during the second quarter of 2004 consisted primarily of 13 commercial properties on 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. and 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. that sold for a
total of $8.9 million, including 11 lots at Mill Town Center on Oahu;
three resort residential parcels at Wailea, including the first 20
percent of the parcel that just closed, that sold for $13.8 million; one
floor in the Alakea Corporate Tower in Honolulu for $1 million and 5
residential house lots at Wailea, for $4.3 million.
Half Ended June 30 ---------------------------------------------------------------------- Dollars in Millions 2005 2004 Change ---------------------------------------------------------------------- Revenue $60.5 $68.4 - 12% Operating Profit $21.3 $32.4 - 34% ---------------------------------------------------------------------- Property sales revenue in the first half of 2005 of $60.5 million was $7.9 million, or 12 percent, lower than the first half of 2004. Again, the decrease was primarily due to timing, with a large number of sales occurring in the first half of 2004. Operating profit from property sales of $21.3 million was $11.1 million, or 34 percent, lower than the strong results of the first half of 2004. In addition to the final installment Regular, partial portion of the same debt, paid at successive periods as agreed by a debtor and creditor. An installment loan is designed to be repaid in certain specified, ordinarily equal amounts over a designated period, such as a year or a number of months. payment in the second quarter, sales during the first half of 2005 also consisted primarily of Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. Pacific Business Centre, in Ontario, Calif., for $17.8 million; Northwest For names and places containing the slightly longer word 'northwestern' (or variants), see . Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. Business Center, in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , for $6.3 million; 5-1/2 floors at Alakea Corporate Tower, a Honolulu office condominium, for $5.5 million; an eight-acre residential resort development parcel at Wailea for $4.5 million; a commercial development parcel in Waikiki Waikiki (wīkēkē`), famous beach and resort center SE of Honolulu on SE Oahu island, Hawaii. Tourism is the economic mainstay; Waikiki is known the world over for its beach and recreational facilities, especially surfing. ; three residential lots at Wailea Golf Vistas; three lots at Maui Business Park Phase I and three lots at Mill Town Center on Oahu. In the first half of 2004, sales consisted primarily of 30 commercial properties on Maui and Oahu that sold for a total of $21.1 million, including 7 lots at Maui Business Park and 20 lots at Mill Town Center on Oahu; three resort residential parcels at Wailea that sold for a total of $13.8 million; 8-1/2 floors at Alakea Corporate Tower for $9.8 million, and 28 residential lots, including 26 at Wailea Golf Vistas, for $23.2 million. In addition, 11 sales of homes at the Kai Lani joint venture on Oahu closed out that project. Discontinued operations in the first half of 2005 included the Ontario Pacific Business Centre and Northwest Business Center, and the fee interest in a parcel on Maui. They also included the operating results of an office building on Maui and two office buildings in downtown Honolulu Downtown Honolulu is the current and historic central part of Honolulu—bounded by Nuʻuanu Stream to the west, Ward Avenue to the east, Vineyard Boulevard to the north, and Honolulu Harbor to the that the Company plans to sell within the next 12 months. The amounts reported as continuing and discontinued operations in prior quarters are restated each time a property is designated as discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: .
FOOD PRODUCTS
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------------------------------------------
Revenue $32.2 $28.9 11%
Operating Profit $0.3 $0.3 -
----------------------------------------------------------------------
Tons Sugar Produced 58,400 53,200 10%
----------------------------------------------------------------------
Food Products revenue in the second quarter of 2005 of $32.2 million was $3.3 million, or 11 percent, higher than in 2004. The increase reflected higher sales volume and higher prices of sugar, and higher rates on sales of electrical power. Operating profit of $0.3 million was virtually the same as that of the second quarter of 2004. The benefits of the higher revenue were offset entirely by a revised higher cost per ton of sugar. This change was due to a recently projected decrease in the size of the 2005 sugar crop, combined with higher operating costs operating costs npl → gastos mpl operacionales , especially for fuel. HC&S will produce a smaller crop in 2005, so that future crops have greater age prior to harvesting har·vest n. 1. The act or process of gathering a crop. 2. a. The crop that ripens or is gathered in a season. b. The amount or measure of the crop gathered in a season. c. , offsetting the cumulative effects of recent droughts, fires and other negative impacts. Half Ended June 30 ---------------------------------------------------------------------- Dollars in Millions 2005 2004 Change ---------------------------------------------------------------------- Revenue $54.6 $42.3 29% Operating Profit $9.3 $2.9 3.2X ---------------------------------------------------------------------- Tons Sugar Produced 77,900 64,900 20% ---------------------------------------------------------------------- Food Products revenue in the first half of 2005 of $54.6 million was $12.3 million, or 29 percent, higher than in 2004. More sugar was sold than in the year-earlier period, but sales of power were lower. Higher rates boosted total power sales revenue. Both revenue and operating profit benefited from a $5.5 million one-time, weather-related federal relief payment received during the first quarter. Operating profit of $9.3 million was $6.4 million, or 3.2 times, higher than that of the first half of 2004. The majority of the increase was due to the federal payment. CORPORATE EXPENSE, OTHER For the second quarter of 2005, corporate expenses of $5.2 million were $0.4 million, or 8 percent, higher than the second quarter of 2004. For the first six months, corporate expense of $10.5 million is $1.5 million, or 17 percent higher. The increases in both periods were primarily due to increased amortization of restricted stock grants, increased professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. and legal expenses, and higher personnel costs, partially offset by lower Sarbanes-Oxley related costs. An impairment loss of $2.2 million was recorded in the second quarter, reducing A&B's investment in C&H to its net realizable value. BALANCE SHEET, CASH FLOW COMMENTS Working capital increased by $57 million since 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. 2004, primarily due to higher balances of real estate held for sale. The $148 million increase in Property, Net and the $100 million increase in 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. both reflect primarily the delivery of the new vessel. Similarly, comparing the cash flows in the first six months of 2005 and 2004, the $150 million increase in Capital Expenditures and the $121 million issuance of debt also reflect primarily the delivery of the new ship. 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 real estate, 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 statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ," within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with our 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. and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.
ALEXANDER & BALDWIN, INC.
-------------------------
2005 and 2004 Second-Quarter and First-Half Results
---------------------------------------------------
2005 2004
------------- -------------
Three Months Ended June 30:
------------------------------------------
Revenue $392,100,000 $374,400,000
Income From Continuing Operations $29,100,000 $29,000,000
Discontinued Operations: Properties(1) $300,000 $1,100,000
Net Income $29,400,000 $30,100,000
Basic Share Earnings
Continuing Operations $0.67 $0.68
Net Income $0.67 $0.71
Diluted Share Earnings
Continuing Operations $0.66 $0.67
Net Income $0.66 $0.70
Average Shares Outstanding 43,600,000 42,500,000
Diluted Average Shares Outstanding 44,200,000 43,100,000
Six Months Ended June 30:
------------------------------------------
Revenue $756,700,000 $715,600,000
Income From Continuing Operations $62,500,000 $55,500,000
Discontinued Operations: Properties(1) $4,600,000 $1,700,000
Net Income $67,100,000 $57,200,000
Basic Share Earnings
Continuing Operations $1.44 $1.31
Net Income $1.54 $1.35
Diluted Share Earnings
Continuing Operations $1.42 $1.29
Net Income $1.52 $1.33
Average Shares Outstanding 43,500,000 42,400,000
Diluted Average Shares Outstanding 44,100,000 43,000,000
(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 Six Months
Ended Ended
--------------- ---------------
June 30, June 30,
--------------- ---------------
2005 2004 2005 2004
------- ------- ------- -------
Revenue:
--------------------------------------
Transportation
Ocean Transportation $221.0 $208.1 $427.2 $404.6
Logistics Services 106.6 93.5 202.7 167.6
Real Estate
Leasing 21.3 20.4 43.2 41.2
Sales 14.6 28.3 60.5 68.4
Less Amounts Reported In
Discontinued Operations (1.7) (3.1) (28.1) (5.3)
Food Products 32.2 28.9 54.6 42.3
Reconciling Items (1.9) (1.7) (3.4) (3.2)
------- ------- ------- -------
Total Revenue $392.1 $374.4 $756.7 $715.6
======= ======= ======= =======
Operating Profit, Net Income:
--------------------------------------
Transportation
Ocean Transportation $38.7 $31.4 $68.4 $50.0
Logistics Services 3.6 2.6 6.6 3.6
Real Estate
Leasing 10.5 9.2 21.2 18.7
Sales 4.8 13.4 21.3 32.4
Less Amounts Reported In
Discontinued Operations (0.6) (1.7) (7.5) (2.7)
Food Products 0.3 0.3 9.3 2.9
------- ------- ------- -------
Total Operating Profit 57.3 55.2 119.3 104.9
Write-down of C&H (2.2) - (2.2) -
Interest Expense (3.0) (3.2) (5.8) (6.4)
Corporate Expenses (5.2) (4.8) (10.5) (9.0)
------- ------- ------- -------
Income From Continuing Operations
Before Income Taxes 46.9 47.2 100.8 89.5
Income Taxes (17.8) (18.2) (38.3) (34.0)
------- ------- ------- -------
Income From Continuing Operations 29.1 29.0 62.5 55.5
Discontinued Operations: Properties 0.3 1.1 4.6 1.7
------- ------- ------- -------
Net Income $29.4 $30.1 $67.1 $57.2
======= ======= ======= =======
Basic Earnings Per Share, Continuing
Operations $0.67 $0.68 $1.44 $1.31
Basic Earnings Per Share, Net Income $0.67 $0.71 $1.54 $1.35
Diluted Earnings Per Share,
Continuing Operations $0.66 $0.67 $1.42 $1.29
Diluted Earnings Per Share, Net
Income $0.66 $0.70 $1.52 $1.33
Average Shares 43.6 42.5 43.5 42.4
Diluted Shares 44.2 43.1 44.1 43.0
Consolidated Balance Sheets
---------------------------
(In Millions)
June 30, December 31,
---------------- ---------------
2005 2004
---------------- ---------------
(Unaudited)
ASSETS
Current Assets $358 $288
Investments 130 111
Real Estate Developments 56 82
Property, Net 1,281 1,133
Capital Construction Fund 37 40
Other Assets 127 124
---------------- ---------------
Total $1,989 $1,778
================ ===============
LIABILITIES & EQUITY
Current Liabilities $248 $235
Long-Term Debt 314 214
Post-Retirement Benefit Obligs. 46 45
Other Long-Term Liabilities 38 41
Deferred Income Taxes 388 339
Shareholders' Equity 955 904
---------------- ---------------
Total $1,989 $1,778
================ ===============
Consolidated Statements of Cash Flows
-------------------------------------
(In Millions)
Six Months Ended
-----------------------------
June 30,
-----------------------------
2005 2004
------------- --------------
(Unaudited)
Operating Cash Flows $127 $84
Capital Expenditures (174) (24)
CCF Withdrawals/(Deposits), Net (12) -
Proceeds From Issuance of
(Payment of) Debt, Net 90 (31)
Dividends Paid (20) (19)
All Other, Net 16 5
------------- --------------
Increase/(Decrease) In Cash $27 $15
============= ==============
Depreciation $(41) $(40)
============= ==============
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