A&B Reports 2nd Quarter 2006 Net Income of $30.2 Million; Strong Financial and Operating Results.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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALEX) today reported that net income for the second quarter of 2006 was $30,200,000, or $0.68 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 2005 was $29,400,000, or $0.66 per fully diluted share. Revenue in the second quarter of 2006 was $418,200,000, compared with revenue of $391,200,000 in the second quarter of 2005. Net income for the first half of 2006 was $67,600,000, or $1.53 per fully diluted share. Net income in the first half of 2005 was $67,100,000, or $1.52 per fully diluted share. Revenue in the first half of 2006 was $779,500,000, compared with revenue of $755,000,000 in the first half of 2005. COMMENTS ON QUARTER & OUTLOOK "A&B performed well during the second quarter as measured by financial results and by progress on major initiatives," 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:
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. and Food Products segments more than offset lower 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 our Ocean Transportation segment, where results, as expected, reflected the transition from Matson's APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. Alliance to the newly launched 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 services. We are on track for a very good 2006, and remain confident that progress on major real estate development projects and Matson's trans-Pacific expansion will position the Company for even stronger performance in the years to come. "At Matson Matson is a surname, and may refer to:
adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , with second half earnings to approach or perhaps match second half 2005. The logistics segment produced an outstanding quarter, with positive year-over-year comparisons forecast for the remainder of 2006. "In real estate, our commercial property segment recorded a Company record 98% occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy across our 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. and 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. US properties. The sales segment benefited from gains on the sale of two Phoenix area retail centers. Altogether, real estate quarterly operating profit of $23.1 million was $7.8 million above 2005. We anticipate full-year profitability in our real estate business will meet or exceed our stated long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. objective of 13-15 percent annual growth. "The food products segment performed well in the second quarter, but profitability is forecasted to be modest for the remainder of the year. "Two key investment initiatives, Matson's China service and Kukui'ula, are progressing well. China 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. volumes have been ramping up nicely, offsetting lower than planned rates. Service levels from China to Long Beach have been superior. At Kukui'ula, we remain on schedule for initial sale closings in the fourth quarter - cash from these sales will help fund construction of project infrastructure, but the margin on these sales in 2006 will be nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. due to the percentage of completion accounting method. "With Hawaii residential market conditions in transition, sales volumes have declined and residential prices appear to be plateauing plateauing Sports medicine A weight training term for the point above which an anabolic drug becomes ineffective in increasing muscle mass. See Anabolic steroids, Weight training. . Commercial real estate conditions remain robust. On a broader basis, Hawaii's economy is forecast to be healthy with continued growth for the rest of the year."
TRANSPORTATION--OCEAN TRANSPORTATION
----------------------------------------------------------------------
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $243.6 $221.0 10%
Operating Profit $24.4 $38.7 - 37%
----------------------------------------------------------------------
Volume (Units)
----------------------------------------------------------------------
Hawaii Containers 44,600 44,700 --
Hawaii Automobiles 33,800 43,300 - 22%
Guam Containers 3,900 4,200 - 7%
China Containers 7,500 - NM
----------------------------------------------------------------------
For the second quarter of 2006, Ocean Transportation revenue of $243.6 million was $22.6 million, or 10 percent, higher than the second quarter of 2005. This increase was due to increases in total service volumes, 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. revenues, and improved yields and cargo mix, partially offset by the loss of charter revenue due to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the APL Alliance, and lower volumes in the Hawaii and Guam services. Total Hawaii container volume was down slightly from the second quarter of 2005, reflecting primarily a reduction in eastbound east·bound adj. Going toward the east. eastbound Adjective going towards the east Adj. 1. volumes, including lower shipments of agricultural products and lower military-related household good movements. 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 down 22 percent for the quarter due primarily to the impact of reduced auto manufacturer incentives for rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. car agencies, which resulted in lower rental car turnover, as well as competitive pressures. Operating profit of $24.4 million was $14.3 million, or 37 percent, lower than in the second quarter of 2005. This reduction was caused by expense increases that more than offset revenue gains, primarily an increase in vessel VESSEL, mar. law. A ship, brig, sloop or other craft used in navigation. 1 Boul. Paty, tit. 1, p. 100. See sup. 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. operating and overhead expenses due to higher fuel costs and the China service startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. , and increased terminal handling costs due to higher rates.
----------------------------------------------------------------------
Six Months Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $462.9 $427.2 8%
Operating Profit $42.7 $68.4 - 38%
----------------------------------------------------------------------
Volume (Units)
----------------------------------------------------------------------
Hawaii Containers 86,400 86,100 --
Hawaii Automobiles 65,600 78,900 - 17%
Guam Containers 7,700 8,200 - 6%
China Containers 9,500 - NM
----------------------------------------------------------------------
For the first half of 2006, Ocean Transportation revenue increased to $462.9 million, an 8 percent or $35.7 million improvement over the first half of 2005. The increase was primarily due to increased total container volumes, increases in the fuel surcharge and improvements in yields, offset partially by the loss of charter revenue. Total Hawaii automobile volume was 17 percent lower, due primarily to competitive pressures and reduced shipments to rental agencies as noted above. Guam container volume was 6 percent lower than in the first half of 2005, due primarily to changes in vessel schedules. Operating profit of $42.7 million was $25.7 million, or 38 percent, lower than the first half of 2005. This decrease was primarily the result of increases in vessel operating and overhead expenses due to higher fuel costs and the China service startup, along with increased terminal handling costs due to higher rates. Earnings from Matson's 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) joint venture were $3.6 million lower than the first half of 2005, due primarily to a favorable adjustment made during the first half of 2005. Earnings from this venture are not included in revenue, but are included in operating profit.
TRANSPORTATION--LOGISTICS SERVICES
----------------------------------------------------------------------
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $116.4 $106.6 9%
Operating Profit $5.3 $3.6 47%
----------------------------------------------------------------------
Logistics services revenue of $116.4 million was $9.8 million, or 9 percent, higher than the second quarter of 2005. The increase was due primarily to higher volumes in the highway and expedited lines of business and improved pricing in all lines, partially offset by moderate volume reductions in the domestic and international intermodal in·ter·mod·al adj. Relating to transportation by more than one means of conveyance, as by truck and rail: intermodal transport. lines. Operating profit of $5.3 million was $1.7 million or 47 percent higher than in the comparable period last year. The improvement was due primarily to growth in higher margin lines of business, improved yields across all lines, and lower overhead costs overhead costs see fixed costs. as a percentage of revenue. The operating profit margin Operating profit margin The ratio of operating profit to net sales. for the logistics services business was 4.6 percent in the second quarter of 2006, compared with 4.3 percent in the first quarter of 2006 and 3.4 percent for the second quarter of 2005. Margin improvement was due to expansion in the higher-margin highway brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. business, improved yield management, and economies of scale.
----------------------------------------------------------------------
Six Months Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $224.8 $202.7 11%
Operating Profit $10.0 $6.6 52%
----------------------------------------------------------------------
Logistics services revenue of $224.8 million was $22.1 million, or 11 percent, higher than the first half of 2005 for the same reasons cited for the second quarter. Operating profit of $10.0 million was $3.4 million, or 52 percent, higher for the same reasons as cited for the quarter.
REAL ESTATE--LEASING
----------------------------------------------------------------------
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $24.4 $21.3 15%
Operating Profit $12.2 $10.5 16%
----------------------------------------------------------------------
Occupancy Rates
----------------------------------------------------------------------
Mainland 98% 95% 3%
Hawaii 98% 92% 6%
----------------------------------------------------------------------
Leasable Space (Million sq. ft.)
----------------------------------------------------------------------
Mainland 3.7 3.5 6%
----------------------------------------------------------------------
Hawaii 1.5 1.7 -12%
----------------------------------------------------------------------
Real estate leasing revenue for the second quarter of 2006, measured 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 $24.4 million, an increase of $3.1 million or 15 percent over the second quarter of 2005. Operating profit of $12.2 million was $1.7 million or 16 percent higher. The increases are due primarily to net additions of leased property after the second quarter of 2005 and improved 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) .
----------------------------------------------------------------------
Six Months Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $49.0 $43.2 13%
Operating Profit $24.3 $21.2 15%
----------------------------------------------------------------------
Occupancy Rates
----------------------------------------------------------------------
Mainland 97% 95% 2%
Hawaii 98% 91% 7%
----------------------------------------------------------------------
Real estate leasing revenue for the first half of 2006 (before removing amounts treated as discontinued operations) of $49.0 million was $5.8 million, or 13 percent, higher than the first half of 2005, while operating profit of $24.3 million was $3.1 million, or 15 percent, higher. As with quarterly results, the improved revenue and operating profit resulted primarily from net property additions and occupancy improvements.
REAL ESTATE--SALES
----------------------------------------------------------------------
Quarter Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $36.8 $14.6 2.5x
Operating Profit $10.9 $4.8 2.3x
----------------------------------------------------------------------
Real estate sales revenue in the second quarter of 2006 of $36.8 million was $22.2 million, or more than twice the revenue in the second quarter of 2005. Operating profit of $10.9 million was $6.1 million, or more than twice the operating profit in the second quarter of 2005. The results reflect the sale of two Phoenix area retail centers, Carefree Marketplace and Mesa South, for a combined $35.6 million, and the sale of one commercial parcel 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. .
----------------------------------------------------------------------
Six Months Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $60.6 $60.5 --
Operating Profit $38.0 $21.3 78%
----------------------------------------------------------------------
Real estate sales revenue in the first half of 2006 of $60.6 million was slightly higher than the first half of 2005, while operating profit of $38.0 million was $16.7 million, or 78 percent, higher. First half results reflect income from investments in joint ventures, primarily the proceeds from the sale of all 247 residential units at Hokua, which are included in operating profit but not in revenue. Hokua is a joint venture high-rise residential development in Honolulu. Other sales during the first half of 2006 consisted primarily of two Phoenix area retail centers, four commercial parcels, and one office building on Maui. Discontinued operations in the first half of 2006 included the sales of two retail centers in the Phoenix area, an office building on Maui, and several commercial parcels in Hawaii. In addition, a commercial parcel on Maui has been classified as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. because of A&B's plan to sell the property. 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 2006 2005 Change
----------------------------------------------------------------------
Revenue $37.8 $32.2 17%
Operating Profit $3.1 $0.3 10.3x
----------------------------------------------------------------------
Tons Sugar Produced 61,400 58,400 5%
----------------------------------------------------------------------
Food Products revenue in the second quarter of 2006 of $37.8 million was $5.6 million, or 17 percent, higher than in the second quarter of 2005, while operating profit of $3.1 million was $2.8 million, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. ten times higher. Revenue benefited from favorable pricing and volumes on the sales of both electricity and raw sugar. The improvement in operating profit was driven primarily by increased pricing and volumes of electricity sales.
----------------------------------------------------------------------
Six Months Ended June 30
----------------------------------------------------------------------
Dollars in Millions 2006 2005 Change
----------------------------------------------------------------------
Revenue $53.3 $54.6 - 2%
Operating Profit $9.6 $9.3 3%
----------------------------------------------------------------------
Tons Sugar Produced 62,200 77,900 - 20%
----------------------------------------------------------------------
Food Products revenue in the first half of 2006 of $53.3 million was $1.3 million, or 2 percent, lower than in 2005. However, excluding the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. $5.5 million federal relief payment received in the first quarter of 2005, revenue increased $4.2 million or 9 percent. The variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality was due, among other factors, to higher electricity sales, sugar prices and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. sugar sales, offset partially by lower raw sugar sales volumes. Operating profit of $9.6 million exceeded 2005 by $0.3 million or 3 percent due principally to favorable pricing and volumes on the sales of electricity. Excluding the one-time federal relief payment in the first quarter of 2005, operating profit in the first half of 2006 was $5.8 million, or more than 150 percent, higher than 2005. CORPORATE EXPENSE, OTHER For the second quarter of 2006 and the six months ended June June: see month. 30, 2006, corporate expenses were slightly below the amounts for the corresponding periods in 2005. A&B expects that its effective corporate tax rate for 2006 will be 37.5 percent, half a percentage point lower than previously estimated. BALANCE SHEET, CASH FLOW COMMENTS Working capital at June 30, 2006 was $20 million lower than December December: see month. 31, 2005, primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a lower balance for real estate held for sale, lower cash balances, and higher balances on revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facilities, partially offset by higher accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and inventory balances. Cash decreased by $23 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. 2005, primarily due to share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. , net deposits into the CCF CCF abbr. Cooperative Commonwealth Federation of Canada , and capital expenditures. Total debt, including current portion, increased by $80 million from December 31, 2005, primarily due to capital expenditure financing and share repurchases. The ratio of debt to debt plus equity has increased to 29.2 percent at June 30, 2006 from 24.4 percent at December 31, 2005. As previously announced, the Company has repurchased $71.5 million of its common stock through open market purchases and in connection with an accelerated share repurchase program executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. through an agreement with Goldman Gold·man , Emma 1869-1940. Russian-born American anarchist. Jailed repeatedly for her advocacy of birth control and opposition to military conscription, she was deported to the Soviet Union in 1919. , Sachs Sachs , Hans 1494-1576. German writer and Meistersinger noted for his many dramas, poems, and songs. His life inspired Wagner's opera Die Meistersinger von Nürnberg (1868). & Co. The net decrease in shareholder's equity during 2006 is attributable to this share repurchase program. Because the associated shares were retired late in the second quarter and early in the third quarter, there was a negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . impact on earnings per share in the second quarter. For the third quarter, average outstanding shares are expected to be reduced by roughly 3.5 percent. Despite comparable earnings, cash flows from operating activities in the first half of 2006 declined by $89 million when compared to the first half of 2005, due principally to the composition of earnings in the first half of 2006, which included a larger proportion of gains on the sale of properties that are classified as investing cash flows, distributions from the Hokua joint venture that also are classified as investing cash flows, and changes in current and deferred income tax and accounts receivable balances. Capital expenditures for the first half of 2006 decreased $87 million from the same period in 2005, due primarily to the $144 million purchase of the MV Manulani in the prior year period. 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.
-------------------------
2006 and 2005 Second-Quarter and First-Half Results (Condensed)
---------------------------------------------------------------
2006 2005
--------------- --------------
Three Months Ended June 30:
---------------------------
Revenue $418,200,000 $391,200,000
Income From Continuing Operations $20,500,000 $28,800,000
Discontinued Operations: Properties(1) $9,700,000 $600,000
Net Income $30,200,000 $29,400,000
Basic Share Earnings
Continuing Operations $0.47 $0.66
Net Income $0.69 $0.67
Diluted Share Earnings
Continuing Operations $0.46 $0.65
Net Income $0.68 $0.66
Average Shares Outstanding 44,000,000 43,600,000
Diluted Average Shares Outstanding 44,300,000 44,200,000
Six Months Ended June 30:
-------------------------
Revenue $779,500,000 $755,000,000
Income From Continuing Operations $48,200,000 $61,900,000
Discontinued Operations: Properties(1) $19,400,000 $5,200,000
Net Income $67,600,000 $67,100,000
Basic Share Earnings
Continuing Operations $1.10 $1.42
Net Income $1.54 $1.54
Diluted Share Earnings
Continuing Operations $1.09 $1.40
Net Income $1.53 $1.52
Average Shares Outstanding 43,900,000 43,500,000
Diluted Average Shares Outstanding 44,300,000 44,100,000
(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 (Condensed)
(In Millions, Except Per Share Amounts, Unaudited)
Three Months Ended Six Months Ended
------------------- -----------------
June 30, June 30,
------------------- -----------------
2006 2005 2006 2005
---------- -------- -------- -------
Revenue:
--------
Transportation
Ocean Transportation $243.6 $221.0 $462.9 $427.2
Logistics Services 116.4 106.6 224.8 202.7
Real Estate
Leasing 24.4 21.3 49.0 43.2
Sales 36.8 14.6 60.6 60.5
Less Amounts Reported In
Discontinued Operations (37.5) (2.6) (61.7) (29.8)
Food Products 37.8 32.2 53.3 54.6
Reconciling Items (3.3) (1.9) (9.4) (3.4)
---------- -------- -------- -------
Total Revenue $418.2 $391.2 $779.5 $755.0
========== ======== ======== =======
Operating Profit, Net Income:
-----------------------------
Transportation
Ocean Transportation $24.4 $38.7 $42.7 $68.4
Logistics Services 5.3 3.6 10.0 6.6
Real Estate
Leasing 12.2 10.5 24.3 21.2
Sales 10.9 4.8 38.0 21.3
Less Amounts Reported In
Discontinued Operations (15.6) (1.0) (31.2) (8.4)
Food Products 3.1 0.3 9.6 9.3
---------- -------- -------- -------
Total Operating Profit 40.3 56.9 93.4 118.4
Loss on Investment (2.2) (2.2)
Interest Expense (3.0) (3.0) (6.2) (5.8)
General Corporate Expenses (5.1) (5.2) (10.3) (10.5)
---------- -------- -------- -------
Income From Continuing
Operations Before Income
Taxes 32.2 46.5 76.9 99.9
Income Taxes (11.7) (17.7) (28.7) (38.0)
---------- -------- -------- -------
Income From Continuing
Operations 20.5 28.8 48.2 61.9
Discontinued Operations:
Properties 9.7 0.6 19.4 5.2
---------- -------- -------- -------
Net Income $30.2 $29.4 $67.6 $67.1
========== ======== ======== =======
Basic Earnings Per Share:
Continuing Operations $0.47 $0.66 $1.10 $1.42
Net Income $0.69 $0.67 $1.54 $1.54
Diluted Earnings Per Share:
Continuing Operations $0.46 $0.65 $1.09 $1.40
Net Income $0.68 $0.66 $1.53 $1.52
Average Shares 44.0 43.6 43.9 43.5
Diluted Shares 44.3 44.2 44.3 44.1
Consolidated Balance Sheets (Condensed)
---------------------------------------
(In Millions)
June 30, December 31,
----------- --------------
2006 2005
----------- --------------
(Unaudited)
ASSETS
Current Assets $296 $303
Investments 124 154
Real Estate Developments 105 71
Property, Net 1,341 1,289
Capital Construction Fund 112 93
Other Assets 179 161
----------- --------------
Total $2,157 $2,071
=========== ==============
LIABILITIES & EQUITY
Current Liabilities $267 $254
Long-Term Debt 353 296
Post-Retirement Benefit Obligs. 48 47
Other Long-Term Liabilities 64 45
Deferred Income Taxes 437 415
Shareholders' Equity 988 1,014
----------- --------------
Total $2,157 $2,071
=========== ==============
Consolidated Statements of Cash Flows (Condensed)
-------------------------------------------------
(In Millions)
Six Months Ended
--------------------------------
June 30,
--------------------------------
2006 2005
----------------- --------------
(Unaudited)
Operating Cash Flows $40 $129
Capital Expenditures (87) (174)
CCF Withdrawals/(Deposits), Net (18) (12)
Proceeds From Issuance of
(Payment of) Debt, Net 80 90
Repurchase of Capital Stock (72) -
Dividends Paid (21) (20)
All Other, Net 55 14
----------------- --------------
Increase/(Decrease) In Cash $(23) $27
================= ==============
Depreciation $(41) $(41)
================= ==============
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion