A&B Reports 3rd Quarter 2005 Net Income of $35.5 Million; Net Income 43% Higher in 3rd Quarter, 25% Higher in Year-to-Date.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 third quarter of 2005 was $35,500,000, or $0.81 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 third quarter of 2004 was $24,800,000, or $0.58 per fully diluted share. Revenue in the third quarter of 2005 was $451,800,000, compared with revenue of $381,200,000 in the third quarter of 2004. Net income for the first nine months of 2005 was $102,600,000, or $2.33 per fully diluted share. Net income in the first nine months of 2004 was $82,000,000, or $1.91 per fully diluted share. Revenue in the first nine months of 2005 was $1,208,500,000, compared with revenue of $1,096,800,000 in the first nine months of 2004. COMMENTS ON QUARTER & OUTLOOK "With this quarter's contribution, the company is on track for an outstanding 2005," 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:
Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and Real Estate's total operating profit more than doubled. Even without a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. $5.2 million insurance gain in real estate, the quarter was a good one for A&B Properties. As expected, the Food Products results were down, based on lower production of sugar and coffee. "The third quarter also was marked by buyers' first response to the 352 unit Keola La'i 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 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 , where about 210 of the 225 market-priced units released for sale already have non-binding commitments. A&B was selected over three other finalists as the potential developer of Kakaako Kakaʻako is the name of a commercial and retail district of Honolulu, Hawai‘i nestled between Ala Moana near Waikīkī to the east, downtown Honolulu and Honolulu Harbor to the west. Makai Makai (魔界 , a prime 36-acre Honolulu waterfront site for public, retail and residential uses. A&B Properties also received final zoning approval for Haliimaile, a 63-acre site in upcountry 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. , which will be developed as single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. lots and we are awaiting approval of construction plans for 60 single-family homes and 75 condominium units at Port Allen on 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. . During the quarter, we also acquired a prime 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 in Kailua-Kona, on the Big Island. Along with the existing center, we acquired the option to purchase an adjoining, vacant 22-acre development site where we have preliminary plans for a 240,000 square-foot office and retail complex. "At Matson Matson is a surname, and may refer to:
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. auto shipping business. At this point, Matson continues to operate a ninth vessel in its Hawaii service to accommodate cargo. "Looking ahead, some of Matson's Guam-China startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. costs are now beginning to be felt on the P&L and infrastructure spending for the new service has commenced. Matson has been enjoying what might be characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by 'smooth seas,' but we are mindful mind·ful adj. Attentive; heedful: always mindful of family responsibilities. See Synonyms at careful. mind of the recent sharp hikes in energy costs and the widespread effects they will have on operating costs operating costs npl → gastos mpl operacionales . "Those factors notwithstanding, 2005 should be an outstanding year for A&B."
TRANSPORTATION -- OCEAN TRANSPORTATION
Quarter Ended September 30
----------------------------------- ----------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------- ----------- ----------- --------
Revenue $ 227.5 $ 215.0 6%
Operating Profit $ 36.8 $ 33.0 12%
----------------------------------- ----------- ----------- --------
Volume (Units)
----------------------------------- ----------- ----------- --------
Hawaii Containers 45,200 43,600 4%
Hawaii Automobiles 32,000 32,400 - 1%
Guam Containers 4,300 4,400 - 2%
----------------------------------- ----------- ----------- --------
Third quarter 2005 Ocean Transportation revenue of $227.5 million was $12.5 million, or 6 percent, higher than the third quarter of 2004. This increase was primarily the result of higher Hawaii cargo volume, 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, improved yields and cargo mix. Total Hawaii 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. volume was four percent higher than the third 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 1 percent lower. Third quarter 2005 Ocean Transportation operating profit of $36.8 million was $3.8 million, or 12 percent, higher than the third quarter of 2004. This increase was primarily the result of 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; favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. yields and mix in all services, lower vessel operating costs and higher cargo volumes. The contribution from these factors was offset, in part, by substantially higher fuel oil costs. Matson's operating profit margin Operating profit margin The ratio of operating profit to net sales. in the third quarter was 16.2 percent. Although operations were strong, a portion of this higher-than-normal margin was again due to SSAT's results. SSAT income is included in operating profit, but not in revenue, so it raises profit margins disproportionately dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por .
Nine Months Ended September 30 ----------------------------------- ---------------------------------- Dollars in Millions 2005 2004 Change ----------------------------------- ------------ ----------- ------- Revenue $ 654.7 $ 619.6 6% Operating Profit $ 105.2 $ 83.0 27% ----------------------------------- ------------ ----------- ------- Volume (Units) ----------------------------------- ------------ ----------- ------- Hawaii Containers 130,800 123,700 6% Hawaii Automobiles 110,900 110,300 1% Guam Containers 12,500 13,200 - 5% ----------------------------------- ------------ ----------- ------- Nine months 2005 Ocean Transportation revenue of $654.7 million was $35.1 million, or 6 percent, higher than the first nine months of 2004. This increase was primarily the result of higher Hawaii cargo volume, increases in the fuel surcharge and improved yields and cargo mix in all services. Total Hawaii container volume was 6 percent higher than the first nine months of 2004. Total Hawaii automobile volume was 1 percent higher. Nine months 2005 Ocean Transportation operating profit of $105.2 million was $22.2 million, or 27 percent, higher than the first nine months of 2004. This increase was primarily the result of higher Hawaii cargo volume, higher earnings from SSAT, improved Hawaii and 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. yields and cargo mix, and 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. .
TRANSPORTATION -- LOGISTICS SERVICES
Quarter Ended September 30
----------------------------------- ----------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------- ------------ ----------- -------
Revenue $ 108.5 $ 99.5 9%
Operating Profit $ 3.5 $ 2.2 59%
----------------------------------- ------------ ----------- -------
Third quarter 2005 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 $108.5 million was $9.0 million, or 9 percent, higher than the third quarter of 2004. Revenue was higher, with strength in highway volumes offset by declines in 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. rail volumes. Yields were higher in all lines. Third quarter 2005 Logistics Services operating profit of $3.5 million was $1.3 million, or 59 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 Logistics Services business remained at a relatively high 3.2 percent in the third quarter of 2005, compared with 2.2 percent for the third quarter of 2004 and the previous record high of 3.4 percent in the second quarter of 2005. The continuing good performance was due to a growing portion of higher-margin highway business in the total, and increasing economies of scale. Nine Months Ended September 30 ----------------------------------- ---------------------------------- Dollars in Millions 2005 2004 Change ----------------------------------- ------------ ----------- ------- Revenue $ 311.2 $ 267.1 17% Operating Profit $ 10.1 $ 5.8 74% ----------------------------------- ------------ ----------- ------- Nine months 2005 Logistics Services revenue of $311.2 million was $44.1 million, or 17 percent, higher than the first nine months of 2004. Revenue was higher, with strength in highway volumes offset by declines in domestic and international intermodal rail volumes, and higher yields. Nine months 2005 Logistics Services operating profit of $10.1 million was $4.3 million, or 74 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 normal operating expenses.
REAL ESTATE -- LEASING
Quarter Ended September 30
----------------------------------- ----------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------- ------------ ----------- -------
Revenue $ 23.3 $ 20.9 11%
Operating Profit $ 11.4 $ 10.1 13%
----------------------------------- ------------ ----------- -------
Occupancy Rates
----------------------------------- ------------ ----------- -------
Mainland 94% 95% - 1%
Hawaii 93% 90% 3%
----------------------------------- ------------ ----------- -------
Leasable Space (Million sq. ft.)
----------------------------------- ------------ ----------- -------
Mainland 3.5 3.7 - 5%
Hawaii 1.7 1.7 --
----------------------------------- ------------ ----------- -------
Third quarter 2005 Property Leasing revenue (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 $23.3 million was $2.4 million, or 11 percent, higher than the third quarter of 2004. Property Leasing operating profit of $11.4 million was $1.3 million, or 13 percent, higher. The improved revenue and operating profit resulted primarily from property acquisitions and higher Hawaii 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) . Comparing the periods, leasable area declined slightly. 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. , two leased properties were sold during the first quarter and one acquired during the second. In Hawaii, one property, a ground leased retail site in Honolulu, was acquired during the first quarter. Nine Months Ended September 30 ----------------------------------- ---------------------------------- Dollars in Millions 2005 2004 Change ----------------------------------- ------------ ----------- ------- Revenue $ 66.6 $ 62.1 7% Operating Profit $ 32.6 $ 28.8 13% ----------------------------------- ------------ ----------- ------- Occupancy Rates ----------------------------------- ------------ ----------- ------- Mainland 95% 94% 1% Hawaii 92% 90% 2% ----------------------------------- ------------ ----------- ------- Nine months 2005 Property Leasing revenue (before removing amounts treated as discontinued operations) of $66.6 million was $4.5 million, or 7 percent, higher than the first nine months of 2004. Property Leasing operating profit of $32.6 million was $3.8 million, or 13 percent, higher. The improved revenue and operating profit resulted from property acquisitions and higher occupancies.
REAL ESTATE -- SALES
Quarter Ended September 30
----------------------------------- ----------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------- ------------ ----------- -------
Revenue $ 61.7 $ 11.6 5.3X
Operating Profit $ 15.6 $ 2.5 6.2X
----------------------------------- ------------ ----------- -------
Third quarter 2005 Property Sales revenue of $61.7 million was $50.1 million higher than the third quarter of 2004. Property Sales operating profit of $15.6 million was $13.1 million higher than the third quarter of 2004. Sales during the third quarter of 2005 consisted primarily of all 100 units at the company's Lanikea residential high-rise 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. for $59 million and a Maui property for $2.5 million. A gain of $5.2 million also was recognized due to insurance proceeds received as a result of a February February: see month. 2005 fire that destroyed much of the Kahului Shopping Center on Maui. There were comparatively few property sales in the third quarter of 2004. They consisted primarily of seven floors of a downtown Honolulu office condominium for $7.6 million and three Maui 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. commercial
properties for $2.8 million.
Nine Months Ended September 30 ----------------------------------- ---------------------------------- Dollars in Millions 2005 2004 Change ----------------------------------- ------------ ------------ ------- Revenue $ 122.2 $ 80.0 53% Operating Profit $ 36.9 $ 34.9 6% ----------------------------------- ------------ ------------ ------- Nine months 2005 Property Sales revenue of $122.2 million was $42.2 million, or 53 percent, higher than the first nine months of 2004. Property Sales operating profit of $36.9 million was $2.0 million, or 6 percent, higher than the first nine months of 2004. Sales in both periods reflected Hawaii's broad real estate market strength. Nine months 2005 results also benefited from the $5.2 million insurance gain. Variations in profit margin result from the mix of properties sold. Sales during the first nine months of 2005 consisted primarily of the closings at Lanikea in Waikiki; 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; 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, Maui; 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; 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 nine months of 2004, sales consisted primarily of 33 commercial properties on Maui and Oahu that sold for a total of $24 million, including 8 lots at Maui Business Park and 22 lots at Mill Town Center on Oahu; three resort residential parcels at Wailea that sold for a total of $13.8 million; 15-1/2 floors at Alakea Corporate Tower for $17.4 million, and 28 residential lots, including 26 at Wailea Golf Vistas, for $23.2 million. In addition, 11 sales of 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 three at Holo Holo Ku on the Big Island closed out those projects. Discontinued operations in the first nine months 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 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 September 30
----------------------------------- ----------------------------------
Dollars in Millions 2005 2004 Change
----------------------------------- ------------ ----------- -------
Revenue $ 34.6 $ 38.3 - 10%
Operating Profit $ (0.1) $ 0.6 NA
----------------------------------- ------------ ----------- -------
Tons Sugar Produced 62,500 77,500 - 19%
----------------------------------- ------------ ----------- -------
Third quarter 2005 Food Products revenue in the third quarter of 2005 of $34.6 million was $3.7 million, or 10 percent, lower than in 2004. The decrease reflected lower sugar sales volume and lower prices of sugar, partially offset by higher electric power sales and higher molasses molasses, sugar byproduct, the brownish liquid residue left after heat crystallization of sucrose (commercial sugar) in the process of refining. Molasses contains chiefly the uncrystallizable sugars as well as some remnant sucrose. prices. Third quarter 2005 Food Products operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $0.1 million was $0.7 million lower than the $0.6 million operating profit in the third quarter of 2004. The reduction was primarily the result of lower margins on sugar sales due to higher operating costs and lower raw sugar prices, a $1 million charge to reduce 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 coffee inventories to fair market value, partially offset by the higher power Higher power is a term used in a 12-step program, such as Alcoholics Anonymous, to describe "a power greater than yourself." Although many participants equate their higher power with God, a belief in God or in formal religion is not mandatory; the higher power is intended as a sales and molasses prices. Nine Months Ended September 30 ----------------------------------- ---------------------------------- Dollars in Millions 2005 2004 Change ----------------------------------- ------------ ----------- ------- Revenue $ 89.2 $ 80.6 11% Operating Profit $ 9.2 $ 3.5 2.6X ----------------------------------- ------------ ----------- ------- Tons Sugar Produced 140,300 142,400 - 1% ----------------------------------- ------------ ----------- ------- Nine months 2005 Food Products revenue of $89.2 million was $8.6 million, or 11 percent, higher than in 2004. Nine months 2005 Food Products operating profit of $9.2 million was $5.7 million, higher than that of the first nine months of 2004. Both revenue and operating profit benefited from a $5.5 million one-time, weather-related federal relief payment received during the first quarter. CORPORATE EXPENSE, OTHER Third quarter 2005 corporate expenses of $5.8 million were $0.5 million, or 9 percent, higher than the third quarter of 2004. For the first nine months, corporate expense of $16.3 million was $2.0 million, or 14 percent higher. The increases in both periods were due primarily 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, higher charitable contributions charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. , and higher personnel costs, partially offset by lower Sarbanes-Oxley related costs. 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 was recorded in the second quarter, reducing A&B's investment in C&H 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. . BALANCE SHEET, CASH FLOW COMMENTS Working capital increased by $49 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 cash balances resulting from recent real estate sales. The $169 million increase in Property, Net and the $88 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. On the cash flow statements through September September: see month. 30, the $74 million increase in Capital Expenditures reflects primarily the delivery of the new ship and active real estate construction. The $155 million net increase in Proceeds From Issuance of Debt reflects 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 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 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 Third-Quarter and Nine-Months Results
----------------------------------------------------------------------
2005 2004
--------------- ---------------
Three Months Ended September 30:
--------------------------------------
Revenue $451,800,000 $381,200,000
Income From Continuing Operations $35,100,000 $24,200,000
Discontinued Operations: Properties(1) $400,000 $600,000
Net Income $35,500,000 $24,800,000
Basic Share Earnings
Continuing Operations $0.80 $0.57
Net Income $0.81 $0.58
Diluted Share Earnings
Continuing Operations $0.80 $0.57
Net Income $0.81 $0.58
Average Shares Outstanding 43,700,000 42,500,000
Diluted Average Shares Outstanding 44,200,000 43,000,000
Nine Months Ended September 30:
--------------------------------------
Revenue $1,208,500,000 $1,096,800,000
Income From Continuing Operations $97,600,000 $79,700,000
Discontinued Operations: Properties(1) $5,000,000 $2,300,000
Net Income $102,600,000 $82,000,000
Basic Share Earnings
Continuing Operations $2.24 $1.88
Net Income $2.35 $1.93
Diluted Share Earnings
Continuing Operations $2.22 $1.85
Net Income $2.33 $1.91
Average Shares Outstanding 43,600,000 42,500,000
Diluted Average Shares Outstanding 44,000,000 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 Ended Nine Months Ended
------------------ -------------------
September 30, September 30,
------------------ -------------------
2005 2004 2005 2004
--------- -------- --------- ---------
Revenue:
-------------------------------
Transportation
Ocean Transportation $ 227.5 $ 215.0 $ 654.7 $ 619.6
Logistics Services 108.5 99.5 311.2 267.1
Real Estate
Leasing 23.3 20.9 66.6 62.1
Sales 61.7 11.6 122.2 80.0
Less Amounts Reported In
Discontinued Operations (1.7) (2.3) (29.8) (7.6)
Food Products 34.6 38.3 89.2 80.6
Reconciling Items (2.1) (1.8) (5.6) (5.0)
--------- -------- --------- ---------
Total Revenue $ 451.8 $ 381.2 $1,208.5 $1,096.8
========= ======== ========= =========
Operating Profit, Net Income:
-------------------------------
Transportation
Ocean Transportation $ 36.8 $ 33.0 $ 105.2 $ 83.0
Logistics Services 3.5 2.2 10.1 5.8
Real Estate
Leasing 11.4 10.1 32.6 28.8
Sales 15.6 2.5 36.9 34.9
Less Amounts Reported In
Discontinued Operations (0.7) (1.0) (8.2) (3.7)
Food Products (0.1) 0.6 9.2 3.5
--------- -------- --------- ---------
Total Operating Profit 66.5 47.4 185.8 152.3
Write-down of C&H (0.1) - (2.3) -
Interest Expense (4.1) (3.1) (9.9) (9.5)
Corporate Expenses (5.8) (5.3) (16.3) (14.3)
--------- -------- --------- ---------
Income From Continuing
Operations
Before Income Taxes 56.5 39.0 157.3 128.5
Income Taxes (21.4) (14.8) (59.7) (48.8)
--------- -------- --------- ---------
Income From Continuing
Operations 35.1 24.2 97.6 79.7
Discontinued Operations:
Properties 0.4 0.6 5.0 2.3
--------- -------- --------- ---------
Net Income $ 35.5 $ 24.8 $ 102.6 $ 82.0
========= ======== ========= =========
Basic Earnings Per Share,
Continuing Operations $ 0.80 $ 0.57 $ 2.24 $ 1.88
Basic Earnings Per Share,
Net Income $ 0.81 $ 0.58 $ 2.35 $ 1.93
Diluted Earnings Per Share,
Continuing Operations $ 0.80 $ 0.57 $ 2.22 $ 1.85
Diluted Earnings Per Share,
Net Income $ 0.81 $ 0.58 $ 2.33 $ 1.91
Average Shares 43.7 42.5 43.6 42.5
Diluted Shares 44.2 43.0 44.0 43.0
Consolidated Balance Sheets
----------------------------------------------------------------------
(In Millions)
September 30, December 31,
-------------- -------------
2005 2004
-------------- -------------
(Unaudited)
ASSETS
Current Assets $ 344 $ 288
Investments 140 111
Real Estate Developments 49 82
Property, Net 1,302 1,133
Capital Construction Fund 64 40
Other Assets 130 124
-------------- -------------
Total $ 2,029 $ 1,778
============== =============
LIABILITIES & EQUITY
Current Liabilities $ 242 $ 235
Long-Term Debt 302 214
Post-Retirement Benefit Obligs. 47 45
Other Long-Term Liabilities 40 41
Deferred Income Taxes 404 339
Shareholders' Equity 994 904
-------------- -------------
Total $ 2,029 $ 1,778
============== =============
Consolidated Statements of Cash Flows
----------------------------------------------------------------------
(In Millions)
Nine Months Ended
---------------------------
September 30,
---------------------------
2005 2004
------------- ------------
(Unaudited)
Operating Cash Flows $ 232 $ 124
Capital Expenditures (209) (135)
CCF Withdrawals/(Deposits), Net (38) 140
Proceeds From Issuance of
(Payment of) Debt, Net 77 (78)
Dividends Paid (30) (29)
All Other, Net 16 7
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Increase/(Decrease) In Cash $ 48 $ 29
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Depreciation $ (62) $ (59)
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