Castle & Cooke Inc. 1998 Third Quarter Results.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Oct. 27, 1998--Castle & Cooke Inc. (NYSE NYSE See: New York Stock Exchange :CCS (1) (Common Channel Signaling) A communications system in which one channel is used for signaling and different channels are used for voice/data transmission. Signaling System 7 (SS7) is a CCS system, also known as CCS7. See SS7. ) Tuesday Tuesday: see week. reported 1998 third quarter net income of $4.0 million on revenues of $79.1 million, compared with 1997 third quarter net income of $476,000 on revenues of $54.5 million. The 1998 third quarter results include $8.1 million in residential and other property sales revenue from the sale of two large undeveloped properties. The net income generated on these two sales was $2.2 million. Net income for the first nine months of 1998 was $8.0 million on revenues of $205.9 million, compared with net income of $2.3 million on revenues of $163.7 million for the first nine months of 1997. The net income to common shareholders was $4.0 million or $0.24 per share for the third quarter of 1998, compared with a net loss, after preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) , of $574,000 or $.03 per share for the third quarter of 1997. The net income to common shareholders was $8.0 million or $0.42 per share for the first nine months of 1998, compared with a net loss, after preferred dividends, of $870,000 or $.04 per share for the first nine months of 1997. The company purchased 3,015,764 of its common shares in the "Dutch Auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. " self-tender offer Self-tender offer A company that tenders for its own shares. completed in July July: see month. of 1998 and redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. all of its outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. in December December: see month. of 1997. David H. Murdock David Howard Murdock (1924-), with his net worth of 4.2 billion US Dollars, is the 204th richest person in the world. A high-school dropout, Murdock was drafted by the U.S. Army in 1943. , chairman and chief executive officer said, "The new Keene's Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] development in Orlando Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. , Fla., which began sales in the second quarter of 1998, contributed favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to our third quarter results as compared to the previous year." Murdock Not to be confused with Murdoc. Not to be confused with Murdoch. Murdock is a surname, and may refer to:
 ), 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. residential business and the overall Hawaii Hawaii, island, United StatesHawaii, 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. economy. Oahu new orders decreased 30% in the third quarter as compared to the same period in the prior year. As a result, the Oahu backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. is down 31% at September September: see month. 30, 1998, when compared to the same date a year earlier. On the mainland, the expansion of our commercial portfolio through new construction continues as planned." For the Oahu and mainland operations, total residential home deliveries in the third quarter of 1998 were 110, compared with 95 in the comparable period of 1997. Average home sales prices in the third quarter of 1998 were $261,000 compared with $258,000 for the comparable period in 1997. New home orders in the third quarter of 1998 were 105, compared with 131 in the comparable period of 1997. The aggregate sales value of the residential home backlog was $25.7 million at Sept. 30, 1998, compared with $31.3 million at Sept. 30, 1997. On the mainland, total residential homesite deliveries in the third quarter of 1998 were 222, compared with 100 in the comparable period of 1997. Average homesite sales prices in the third quarter of 1998 were $64,000 compared with $38,000 for the comparable period in 1997. The increase in average homesite sales price is primarily due to deliveries at the new Keene's Pointe development. New homesite orders in the third quarter of 1998 were 77, compared with 159 in the comparable period of 1997. The aggregate sales value of the residential homesite backlog was $20.9 million at Sept. 30, 1998, compared with $7.5 million at Sept. 30, 1997. The Lana'i resorts operations reported an 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 $5.3 million for the third quarter of 1998 as compared with an operating loss of $5.6 million for the same period in 1997. The resorts reported an operating loss before luxury home and lot sales and depreciation of $3.2 million for the third quarter of 1998 as compared with an operating loss before luxury home and lot sales and depreciation of $3.1 million for the same period in 1997. The Lana'i luxury home and lot sales generated an operating loss of $326,000 in the third quarter of 1998 compared with an operating loss of $295,000 in the third quarter of 1997. Depreciation expense was approximately $1.8 million for the third quarter of 1998 as compared with depreciation expense of approximately $2.2 million in the third quarter of 1997. Currently, there are five sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. for townhomes under construction at the Terraces at Manele This article or section has multiple issues: * Its neutrality is disputed. * It does not cite any references or sources. Please help improve this article by citing reliable sources. * Its tone or style may not be appropriate for Wikipedia. Bay, which have an aggregate sales value of approximately $6.1 million. Castle & Cooke Inc. (NYSE:CCS) is a developer of residential real estate in Hawaii; Bakersfield Bakersfield, city (1990 pop. 174,820), seat of Kern co., S central Calif., at the southern end of the San Joaquin valley; inc. 1898. It is an oil, mining, and agricultural center and one of the fastest-growing U.S. cities. , Calif.; Sierra Vista, Ariz.; and Orlando. The company owns and operates two of the world's highest rated resorts on the Island of Lana'i in Hawaii. The company is also involved in commercial development in Hawaii, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . Statements herein 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. ." Such statements are based on the company's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among other things, product demand, the company's lack of experience in markets outside of its current markets, the effects of economic conditions and geographic concentration, the impact of competitive products and pricing, the cost of materials and labor, governmental regulations and the need for governmental approvals. -0-
CASTLE & COOKE INC.
SUMMARY OF CONSOLIDATED OPERATIONS
(Unaudited)
(Dollars and shares in 000s, except
per share amounts, unit data, average prices and new orders)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
Operating results
Revenues
Residential and
other property
sales $ 52,121 $ 28,680 $ 113,652 $ 82,653
Resort revenues 13,770 13,027 53,093 43,311
Commercial and
other revenues 13,245 12,754 39,121 37,732
Total revenues 79,136 54,461 205,866 163,696
Costs of operations
Cost of residential
and other property
sales 42,343 26,033 97,469 74,855
Cost of resort
operations 18,656 18,284 60,657 54,445
Cost of commercial
and other
operations 8,347 6,959 24,548 21,635
General and
administrative
expenses 3,278 2,815 10,084 9,929
Total costs of
operations 72,624 54,091 192,758 160,864
Operating income 6,512 370 13,108 2,832
Operating margin 8% 1% 6% 2%
Interest and other
income, net 1,540 524 2,665 1,628
Interest expense 2,053 105 3,827 689
Income before
income taxes 5,999 789 11,946 3,771
Income tax
(provision) benefit (1,980) (313) (3,942) (1,491)
Net income 4,019 476 8,004 2,280
Preferred stock
dividend and
accretion -- (1,050) -- (3,150)
Net income (loss)
available to
common
shareholders $ 4,019 $ (574) $ 8,004 $ (870)
Basic earnings
(loss) per
common share $ 0.24 $(0.03) $ 0.42 $ (0.04)
Average number
of common shares
outstanding 17,014 19,983 18,989 19,967
Unit data
Total homes
delivered 110 95 285 256
Total lots
delivered 222 100 649 496
Average price
per home $ 261 $ 258 $ 260 $ 258
Average price
per lot $ 64 $ 38 $ 46 $ 28
New orders and
backlog
New orders -- homes 105 131 331 319
New orders -- homesites 77 159 734 522
Number of units in
backlog --homes 92 118 92 118
Number of units
in backlog -- homesites 490 258 490 258
Aggregate sales
value of backlog --
homes $ 25,705 $ 31,282 $ 25,705 $ 31,282
Aggregate sales
value of
backlog --
homesites $ 20,927 $ 7,544 $ 20,927 $ 7,544
Financial condition
Total assets $ 1,060,746 $ 1,026,642
Total debt $ 260,051 $ 155,106
Preferred stock $ -- $ 36,225
Total equity $ 533,811 $ 582,872
-0-
CASTLE & COOKE INC.
RESIDENTIAL PROPERTY SALES
SUPPLEMENTARY ANALYST DATA
(Unaudited)
(Dollars in 000s)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
Oahu Backlog -- Homes
Units
Backlog at beginning
of period 94 80 46 54
Add: New orders 90 129 309 314
Less: Deliveries (103) (91) (274) (250)
Backlog at end of period 81 118 81 118
Dollars
Backlog at beginning
of period $ 27,002 $ 23,954 $ 11,920 $ 15,053
Add: New orders 24,761 31,394 84,865 81,577
Less: Deliveries (27,835) (24,066) (72,857) (65,348)
Backlog at end
of period $ 23,928 $ 31,282 $ 23,928 $ 31,282
Average price per
unit delivered $ 270 $ 264 $ 266 $ 261
Mainland Backlog -- Homes
Units
Backlog at beginning
of period 3 2 -- 1
Add: New orders 15 2 22 5
Less: Deliveries (7) (4) (11) (6)
Backlog at end
of period 11 0 11 0
Dollars
Backlog at beginning
of period $ 473 $ 180 $ -- $ 90
Add: New orders 2,206 250 3,108 509
Less: Deliveries (902) (430) (1,331) (599)
Backlog at end
of period $ 1,777 $ -- $ 1,777 $ --
Average price per
unit delivered $ 129 $ 108 $ 121 $ 100
Total Backlog -- Homes
Units
Backlog at beginning
of period 97 82 46 55
Add: New orders 105 131 331 319
Less: Deliveries (110) (95) (285) (256)
Backlog at end
of period 92 118 92 118
Dollars
Backlog at beginning
of period $ 27,475 $ 24,134 $ 11,920 $ 15,143
Add: New orders 26,967 31,644 87,973 82,086
Less: Deliveries (28,737) (24,496) (74,188) (65,947)
Backlog at end
of period $ 25,705 $ 31,282 $ 25,705 $ 31,282
Average price per
unit delivered $ 261 $ 258 $ 260 $ 258
-0-
CASTLE & COOKE INC.
RESIDENTIAL PROPERTY SALES
SUPPLEMENTARY ANALYST DATA (CONTINUED)
(Unaudited)
(Dollars in 000s)
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
Mainland Backlog --
Homesites
Units
Backlog at beginning
of period 635 199 405 232
Add: New orders 77 159 734 522
Less: Deliveries (222) (100) (649) (496)
Backlog at end
of period 490 258 490 258
Dollars
Backlog at beginning
of period $ 27,282 $ 7,659 $ 19,964 $ 7,959
Add: New orders 7,771 3,695 30,994 13,284
Less: Deliveries (14,126) (3,810) (30,031) (13,699)
Backlog at end
of period $ 20,927 $ 7,544 $ 20,927 $ 7,544
Average price per
unit delivered $ 64 $ 38 $ 46 $ 28
Included in backlog at Sept. 30, 1998, are homesites to be
sold to builders under option contracts, pursuant to which
approximately 124 homesites with an aggregate sales price of
approximately $6.31 million are expected to close after Sept. 30, 1999.
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