Alexander & Baldwin, Inc. (NYSE:ALEX) today reported
net income for the second quarter of 2010 of $28.9 million, or
$0.70 per diluted share, compared to $12.6 million, or
$0.31 per diluted share, in the second quarter of 2009.
Revenue in the second quarter of 2010 was $398.9 million,
compared to $351.0 million for the second quarter of 2009.
Net income for the first half of 2010 was $46.2 million, or
$1.12 per diluted share, compared to $15.6 million, or
$0.38 per diluted share, in the first half of 2009. Revenue
for the first half of 2010 was $743.6 million, compared to
$665.8 million in the same period of 2009.
COMMENTS ON QUARTER
“We enjoyed a strong second quarter. While most of our business
segments performed in line with our expectations for the first half
of the year, Matson’s China trade lane continued to exceed
forecasts and was a principal driver of higher year-over-year and
sequential quarterly results,” said Stanley M. Kuriyama, A&B’s
president and chief executive officer. “Adding to the China service
strength, Agribusiness demonstrated significant, anticipated
improvement from 2009 levels and Real Estate Sales continued to
perform well, collectively putting us on track for a good year and
highlighting the benefits of our market diversification.
“Ocean Transportation operating profit rose 75 percent in
the quarter versus prior year, fueled primarily by China. Guam
volumes began to strengthen in the quarter, while Hawaii was
relatively stable. Logistics Services operating profit remained
modest for the quarter. Real Estate Sales were relatively
consistent with the second quarter of 2009, and well ahead on a
year-to-date basis, but these sales are episodic by nature. Real
Estate Leasing performance was lower and primarily reflected
continued pressure on lease rents due to the economic downturn, the
timing of sales and acquisitions, and the impact of expired 1031
sales proceeds.
“Transpacific market dynamics are very favorable, as the
combination of strong U.S. demand and tighter shipping capacity has
contributed to full utilization and improved pricing on our China
service vessels. We expect this favorable environment to continue
through 2010 and into 2011.
“The China to U.S. trade lane is one of the world’s most robust
and is expected to grow over time. As a result of our positive
outlook and long-term confidence in the China-U.S. trade, along
with Matson’s success in its China-Long Beach Express service, we
have decided to initiate a second China shipping service, with five
time-chartered, 3,500 TEU ships that will provide weekly service
between three China ports and Long Beach. This new string will
capitalize on the extensive experience, infrastructure and customer
base Matson has successfully developed in its central China service
over the past several years, and will enable Matson to extend its
geographic presence in China by now calling upon the southern ports
of Hong Kong and Shenzhen, in addition to the central China port of
Shanghai. The new China service will serve three of the world’s
four busiest container ports and provide best-in-class transit
times and cargo availability. In contrast to Matson's current China
service, the new string will operate strictly between China and
Long Beach, and none of the ships in the new service will call upon
Hawaii or Guam. Operations are expected to begin in August and be
in full deployment by early October.
“Demand for quality real estate assets continues, and we were
able to achieve a good price on the sale of an industrial property
in Kent, Washington during the quarter. Our 1031 reinvestment
efforts also remain active and, during the quarter, we reinvested
$23 million of proceeds from previous property sales into the
acquisition of the 88,300 square-foot Lanihau Marketplace in
Kailua-Kona, on the island of Hawaii. In addition, last week we
announced the acquisition, also with 1031 sales proceeds, of a
35-acre industrial complex in West Oahu, for $38 million.
“We also remain focused on investment opportunities in Hawaii
for development assets. In June, we purchased two fee-simple sites
comprising 2.4 acres of prime urban real estate in Honolulu,
approved for residential and commercial uses.
“The Agribusiness recovery stems from a 67 percent
improvement in tons of sugar produced during the quarter due to
improved growing conditions and factory enhancements, as well as
higher sugar prices.
“Overall, we’re very pleased with our operating performance in
the quarter. Certain of our business segments still reflect the
negative impacts of the downturn in the economy, but the strong
performance by our China service, the continued recovery in
Agribusiness and the emerging signs of economic stabilization all
bode well for the balance of 2010.”
TRANSPORTATION INDUSTRY
Ocean Transportation – Second
quarter of 2010 compared with 2009
Quarter Ended June
30, (dollars in millions)
2010
2009 Change Revenue
$
257.2 $ 218.5 18 % Operating
profit
$ 37.0 $ 21.1 75 % Operating profit margin
14.4 % 9.7
% Volume (Units)* Hawaii containers
33,700 34,300 -2 % Hawaii automobiles
21,100 27,200
-22 % China containers
15,000 11,100 35 % Guam containers
4,200 3,600
17 %
* Container volumes included for the
period are based on the voyage departure date, but revenue and
operating profit are adjusted to reflect the percentage of revenue
and operating profit earned during the reporting period for voyages
that straddle the beginning and/or end of each reporting
period.
Ocean Transportation revenue for the second quarter of 2010
increased $38.7 million, or 18 percent, compared with the
second quarter of 2009. The revenue increase was principally due to
a $17.1 million increase in fuel surcharges due to higher fuel
prices in 2010 as compared to 2009, a $15.9 million increase
in revenue resulting from higher yields and improved cargo mix,
principally in the China trade, and a $4.6 million net revenue
increase related to higher volume in China and Guam, partially
offset by a decrease in Hawaii volume that was primarily related to
the timing of automobile shipments.
Total Hawaii container volume was down 2 percent compared to the
second quarter of 2009, reflecting lower shipments of construction
materials and a reduction in eastbound cargo, principally
agricultural products. Matson’s Hawaii automobile volume for the
quarter was 22 percent lower than the second quarter of last
year, due primarily to the timing of automobile rental fleet
replacement activity. China container volume increased 35 percent
in the second quarter of 2010 compared with 2009, principally due
to an increase in market demand and capacity reductions by other
shipping lines. Guam container volume increased 17 percent in the
second quarter of 2010, due to an increase in market demand
related, in part, to activities associated with the expected U.S.
military build-up.
Operating profit for the second quarter of 2010 increased $15.9
million, or 75 percent, compared with the second quarter of 2009.
The increase in operating profit was principally due to a $15.9
million increase in yields, primarily related to China, a $4.4
million increase related to a net increase in volume driven by the
China trade, and a $2.8 million reduction in vessel expenses. The
improvement in operating profit was partially offset by increased
terminal handling costs of $7.0 million, resulting from contractual
increases in terminal fees and handling charges, and a $2.2 million
increase in purchased transportation expenses related to the
overall higher volume. Matson’s share of SSAT joint venture
earnings increased by $2.1 million, principally due to higher
container lift volumes in 2010, but also due to SSAT’s cost saving
initiatives implemented in 2009.
Ocean Transportation – First
half of 2010 compared with 2009
Six Months Ended
June 30, (dollars in millions)
2010
2009 Change Revenue
$
486.7 $ 419.6 16 % Operating
profit
$ 47.4 $ 20.6 2.3 X Operating profit margin
9.7 % 4.9 %
Volume (Units)* Hawaii containers
65,100 66,800 -3 % Hawaii automobiles
42,900 41,600 3
% China containers
28,200 20,700 36 % Guam containers
7,700 7,000
10 %
* Container volumes included for the
period are based on the voyage departure date, but revenue and
operating profit are adjusted to reflect the percentage of revenue
and operating profit earned during the reporting period for voyages
that straddle the beginning and/or end of the reporting period.
Ocean Transportation revenue for the first half of 2010
increased $67.1 million, or 16 percent, compared with the first
half of 2009. This increase was due principally to a
$29.7 million increase in fuel surcharges stemming from higher
fuel prices, a $17.2 million increase in revenue due to higher
yields, principally in the China trade, and a $15.3 million
increase in revenue related to overall higher volumes.
Container volume in Hawaii was down 3 percent for the first half
of 2010 for the same reasons cited for the quarter. Auto volume
increased in the first half of 2010 due to higher new car shipments
from manufacturers to Hawaii, but was also related to the timing of
automobile rental fleet replacement activity. China and Guam
container volumes increased 36 percent and 10 percent,
respectively, for the same reasons cited for the quarter.
Operating profit for the first half of 2010 more than doubled to
$47.4 million, compared with the first half of 2009. The increase
in operating profit was principally due to the yield and volume
improvement in China cited previously, but was also due to a $6.0
million charge recorded in the first quarter of 2009 related to
Matson’s 2009 workforce reduction program. The improvement in
operating profit was partially offset by increased terminal
handling costs of $13.9 million resulting from contractual
increases, and increased purchased transportation expenses of $3.1
million that were driven by higher volumes. Matson’s share of SSAT
joint venture earnings increased by $4.6 million due to higher
container lift volumes in 2010, but were also due to cost saving
initiatives implemented in 2009.
Logistics Services – Second
quarter of 2010 compared with 2009
Quarter Ended June
30, (dollars in millions)
2010
2009 Change Intermodal revenue
$
51.7 $ 46.8 10 % Highway revenue
36.9 33.5 10 % Total Revenue
$ 88.6 $ 80.3
10 % Operating profit
$ 1.5 $ 1.8 -17 %
Operating profit margin
1.7 %
2.2 %
Logistics Services revenue for the second quarter of 2010
increased $8.3 million, or 10 percent, compared with the
second quarter of 2009. This increase was principally due to higher
Intermodal and Highway volumes, which increased by 3 percent and 11
percent, respectively. The increase in volumes is reflective of
improving economic activity and a continued focus on sales efforts
by the Company.
Logistics Services operating profit for the second quarter of
2010 decreased $0.3 million, or 17 percent, compared with the
second quarter of 2009. Operating profit decreased principally due
to lower volume at the Company’s warehousing facilities, as well as
lower intermodal yields impacted by competition and equipment
capacity, but was partially offset by improved Highway and
Intermodal volumes and Highway yields.
Logistics Services – First half
of 2010 compared with 2009
Six Months Ended
June 30, (dollars in millions)
2010
2009 Change Intermodal revenue
$ 96.3 $ 91.3 5 % Highway
revenue
69.4 65.2 6 % Total Revenue
$ 165.7 $ 156.5
6 % Operating profit
$ 3.4 $ 3.3 3 %
Operating profit margin
2.1 %
2.1 %
Logistics revenue for the first half of 2010 increased $9.2
million, or 6 percent, compared with the first half of 2009. This
increase was principally due to higher Intermodal and Highway
volumes, which increased by 2 percent and 13 percent, respectively.
These increases were due to the same reasons cited for the quarter.
Highway volume also benefited from an improvement in
less-than-truckload business and a large military contract move in
the first quarter.
Logistics operating profit for the first half of 2010 increased
$0.1 million, or 3 percent, compared with the first half of 2009.
The increase in operating profit was principally the result of
higher volumes previously cited and lower general and
administrative expenses, but was partially offset by lower
Intermodal yields.
REAL ESTATE INDUSTRY
Real Estate Leasing and Real Estate Sales revenue and operating
profit are analyzed before subtracting amounts related to
discontinued operations. This is consistent with how the Company
evaluates and makes decisions regarding capital allocation,
acquisitions, and dispositions for the Company’s real estate
businesses.
Effect of Property Sales Mix on Operating Results: Direct
year-over-year comparison of the real estate sales results may not
provide a consistent, measurable barometer of future performance
because results from period to period are significantly affected by
the mix and timing of property sales. Operating results, by virtue
of each project’s asset class, geography, and timing, are
inherently episodic. Earnings from joint venture investments are
not included in segment revenue, but are included in operating
profit. The mix of real estate sales in any year or quarter can be
diverse and can include developed residential real estate,
commercial properties, developable subdivision lots, undeveloped
land, and property sold under threat of condemnation. The sale of
undeveloped land and vacant parcels in Hawaii generally provides
higher margins than does the sale of developed and commercial
property, due to the low historical-cost basis of the Company’s
Hawaii land. Consequently, real estate sales revenue trends, cash
flows from the sales of real estate, and the amount of real estate
held for sale on the balance sheets do not necessarily indicate
future profitability trends for this segment. Additionally, the
operating profit reported in each quarter does not necessarily
follow a percentage of sales trend because the cost basis of
property sold can differ significantly between transactions.
Real Estate Leasing – Second
quarter of 2010 compared with 2009
Quarter Ended June
30, (dollars in millions)
2010
2009 Change Revenue
$
23.2 $ 25.9 -10 % Operating
profit
$ 8.5 $ 11.0 -23 % Operating profit margin
36.6 % 42.5
% Occupancy Rates: Mainland
86
% 84 % 2 % Hawaii
93 %
95 % -2 % Leasable Space
(million sq. ft.): Mainland
7.0 7.1 -1 % Hawaii
1.2 1.3
-8 %
Real Estate Leasing revenue for the second quarter of 2010,
before subtracting amounts presented as discontinued operations,
was 10 percent lower than 2009, principally due to the revenue
impact resulting from the timing of acquisitions and dispositions
as well as lower rents in the mainland portfolio. Properties sold
under the Company’s 1031 program are generally replaced within 180
days of the sale; however, revenue and operating profit for the
current period, as compared to a prior period, may be lower because
of the interim period that elapses between sale and reinvestment,
or if the proceeds are not reinvested because a suitable
replacement property that meets the Company’s investment criteria
cannot be found.
Operating profit for the second quarter of 2010, before
subtracting amounts presented as discontinued operations, was 23
percent lower than 2009, due principally to lower rents in the
mainland portfolio, as well as the timing impact of acquisitions
and dispositions, as previously described.
Leasable space was reduced by 218,500 square feet in the second
quarter of 2010 compared with the second quarter of 2009,
principally due to the following activity between July 1, 2009
and June 30, 2010:
Dispositions Acquisitions Date
Property Leasable sq. ft Date
Property Leasable sq. ft 5-10
Valley Freeway (WA) 228,200 4-10 Lanihau Marketplace
(HI) 88,300 2-10 Kele Center (HI) 14,800 1-10 Meadows on the
Parkway (CO) 216,400 1-10 Mililani Shopping Center (HI) 180,300
12-09 Firestone Boulevard Building (CA) 28,100 12-09 Village at
Indian Wells (CA) 104,600 9-09 Waipio Shopping Center (HI) 113,800
10-09 Pacific Guardian Tower (HI) 130,600 8-09 Northpoint
Industrial (CA) 119,400 9-09 San Jose Avenue Warehouse (CA) 126,000
Total Dispositions 784,500 Total Acquisitions 566,000
Real Estate Leasing – First
half of 2010 compared with 2009
Six Months Ended June 30, (dollars in
millions)
2010 2009
Change Revenue
$
46.8 $ 53.1 -12 % Operating
profit
$ 17.6 $ 23.0 -23 % Operating profit margin
37.6 % 43.3
% Occupancy Rates: Mainland
85
% 87 % -2 % Hawaii
93 %
95 % -2 %
Real Estate Leasing revenue for the first half of 2010, before
subtracting amounts presented as discontinued operations, was 12
percent lower than 2009, principally due to lower rents and
occupancies in the mainland portfolio and the revenue impact
resulting from the timing of acquisitions and dispositions
previously described.
Operating profit for the first half of 2010, before subtracting
amounts presented as discontinued operations, was 23 percent lower
than 2009, principally due to the same reasons cited for the
quarter.
Real Estate Sales – Second
quarter and first half of 2010 compared with 2009
Quarter Ended June
30, (dollars in millions)
2010
2009 Change Improved property sales
$ 15.5 $ 13.1 18 %
Development sales
1.4 2.5 -44 % Unimproved/other property
sales
5.1 5.7 -11 % Total revenue
$ 22.0 $ 21.3
3 % Operating profit before joint ventures
$
8.2 $ 9.4 -13 % Earnings from joint ventures
(0.2 ) 0.2 NM Total operating profit
$ 8.0 $ 9.6
-17 %
Six Months Ended June 30, (dollars in millions)
2010 2009
Change Improved property sales
$
70.7 $ 33.2 2.1 X Development
sales
2.1 2.9 -28 % Unimproved/other property sales
9.5 10.4 -9 % Total revenue
$ 82.3 $ 46.5
77 %
Operating profit before joint
ventures and insurancegain
$ 30.3 $ 15.0 2.0 X Earnings from joint ventures
(0.9 ) 0.2 NM Total operating profit
$ 29.4 $
15.2 93 %
2010 Second Quarter: Real Estate Sales revenue and
operating profit, before subtracting amounts presented as
discontinued operations, were $22.0 million and $8.0 million,
respectively, and included the sale of Valley Freeway Corporate
Park (an industrial property in Washington State), a residential
unit on Oahu, and a leased fee parcel and five vacant parcel sales
on Maui.
2010 First Half: Revenue for the first half of 2010,
before subtracting amounts presented as discontinued operations,
was $82.3 million and, in addition to the sales described above,
included the sales of the Mililani Shopping Center on Oahu, Kele
Center on Maui, a 75-acre parcel to Kauai County for affordable
housing, and three residential units on Oahu. Real Estate Sales
operating profit for the first half of 2010 included, in addition
to the sales described above, $1.8 million from the payoff of an
investment in a non-performing mortgage loan that was acquired in
the fourth quarter of 2009, and five residential units on Maui and
the Big Island, partially offset by other joint venture holding
costs.
2009 Second Quarter: Real Estate Sales revenue and
operating profit, before subtracting amounts presented as
discontinued operations, were $21.3 million and $9.6 million,
respectively, and included the sale of Hawaii Business Park on
Oahu, two leased fee parcels in Kahului on Maui, four residential
units on Oahu and Kauai, and two vacant parcels on Maui.
2009 First Half: Real Estate Sales revenue for the first
half of 2009, before subtracting amounts presented as discontinued
operations, was $46.5 million and, in addition to the 2009 second
quarter sales noted above, included the sale of the Southbank II
office building in Arizona, two leased fee parcels in Kahului on
Maui, and one residential unit on Kauai. In addition to the sales
described above, Real Estate Sales operating profit for the first
quarter of 2009 included one residential unit on Maui and rental
revenue from a retail center development in California, offset by
holding costs for other joint venture developments.
AGRIBUSINESS
As of December 1, 2009, the Company began consolidating the
results of the Hawaiian Sugar & Transportation Cooperative
(“HS&TC”) because the Company became the sole member. Since
HS&TC is a wholly-owned consolidated subsidiary, revenue
recognition on raw sugar and molasses sales occurs when HS&TC
delivers the sugar and molasses to the Company’s third-party
customers. Prior to consolidation, the Company recognized revenue
when the raw sugar or molasses was delivered to HS&TC and title
and risk of loss had passed. As a result of this consolidation, the
timing of revenue recognition differs between 2009 and 2010 and
results in year-over-year variances that are further described
below.
Agribusiness – Second quarter
of 2010 compared with 2009
Quarter Ended June
30, (dollars in millions)
2010
2009 Change Revenue
$
29.8 $ 29.2 2 % Operating profit
(loss)
$ 1.8 $
(11.3 ) NM Tons sugar produced
72,500 43,300
67 % Tons sugar sold
22,700 30,800
-26 %
Agribusiness revenue for the second quarter of 2010 increased
$0.6 million, or 2 percent, compared with the second quarter
of 2009. The increase was primarily due to $2.6 million in higher
bulk raw sugar revenue, principally the result of higher sugar
prices that were partially offset by lower sales volume, $1.0
million in higher power sales revenue resulting from higher selling
prices and volumes, and $1.0 million in higher coffee revenues
related to higher volume. These increases were partially offset by
$1.8 million lower specialty sugar revenue resulting from lower
sales volumes and a $1.5 million reduction in molasses revenues
related to lower sales volume. Bulk raw sugar and molasses sales
volumes were lower than production volumes in 2010 due to the
timing of physical deliveries and the change in the point of
revenue recognition resulting from the aforementioned consolidation
of HS&TC.
Operating profit for the second quarter of 2010 increased $13.1
million compared with the second quarter of 2009. The increase was
primarily due to a $12.1 million improvement in raw sugar margins
caused by a lower volume of sugar sold in the second quarter of
2010 at lower negative margins, as compared to a higher volume of
sugar sold at higher negative margins in the second quarter of
2009. The reduction in negative margin per ton in the second
quarter of 2010 is the result of higher sugar prices and an
increase in the projected full-year volume of sugar production over
which costs are allocated.
Agribusiness – First half of
2010 compared with 2009
Six Months Ended June 30, (dollars in
millions)
2010 2009
Change Revenue
$ 44.0
$ 46.9 -6 % Operating profit (loss)
$ 0.7 $ (13.2 )
NM Tons sugar produced
72,500 55,500
31 % Tons sugar sold
22,700
39,500 -43 %
Agribusiness revenue for the first half of 2010 decreased $2.9
million, or 6 percent, compared with the first half of 2009.
The decrease was primarily due to $2.0 million lower Maui Brand
specialty sugar revenue resulting from lower sales volume and $1.3
million in lower molasses sales revenue resulting from lower sales
volume. The decrease in revenues was partially offset by a $1.5
million increase in power sales revenue from higher prices that
were partially offset by lower volume, and a $1.5 million increase
in coffee revenue due to higher sales volume.
Operating profit for the first half of 2010 increased $13.9
million compared with the first half of 2009. The increase was
primarily due to a $14.9 million improvement in raw sugar sales
margins, for the same reasons described for the quarter, partially
offset by a $1.9 million lower of cost or market adjustment to
coffee inventory in the first quarter of 2010 that was primarily
related to the reduced market value of green coffee bean
inventory.
Year-to-date sugar production was 31 percent higher in 2010 than
in 2009 due principally to higher average yields per acre. The
higher yields in 2010 were principally the result of improved
growing conditions and factory enhancements.
CORPORATE EXPENSES
Corporate expenses were $4.5 million for both the second
quarters of 2010 and 2009. Corporate expenses for the first half of
2010 increased $0.5 million to $11.1 million, compared to corporate
expenses for the first half of 2009, due principally to higher
settlement expenses for non-qualified benefit plans related to
retirements, partially offset by lower pension expenses.
CONDENSED CASH FLOW TABLE
Year-to-Date June 30, (dollars in millions,
unaudited)
2010
2009 Change Cash Flow from Operating
Activities
$ 39 $
46 -15 % Capital Expenditures
(1) Transportation
(15) (9 ) 67 % Real Estate
(5) (8
) -38 % Agribusiness and other
(4)
(2 ) 2 X Total Capital Expenditures
(24 ) (19
) 26 % Other Investing Activities, Net
(27 ) 22 NM Cash (Used in)/Provided by
Investing Activities
$ (51 ) $ 3
NM Net Debt Proceeds/(Payments)
55 (30 ) NM
Proceeds from Issuances of Capital
Stock, Including Excess Tax Benefit
3
--
NM
Dividends Paid
(26 ) (26
) -- % Cash Provided by/(Used in) Financing Activities
$
32 $ (56 ) NM Net Increase (Decrease)
in Cash
$ 20
$ (7 ) NM
(1) Excludes
non-cash 1031 exchange transactions and real estate development
activity.
Alexander & Baldwin, Inc. is headquartered in Honolulu,
Hawaii and is engaged in ocean transportation and logistics
services through its subsidiaries, Matson Navigation Company, Inc.,
Matson Integrated Logistics, Inc. and Matson Global Distribution
Services; in real estate through A&B Properties, Inc.; and in
agribusiness through Hawaiian 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,” within the meaning of the Private
Securities Litigation Reform Act 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 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.
2010 and 2009 Second-Quarter and
First-Half Results (Condensed)
(In Millions, Except Per Share
Amounts, Unaudited)
2010
2009
Three Months Ended June 30:
Revenue
$ 398.9 $ 351.0 Income From
Continuing Operations
$ 22.9 $ 5.0 Discontinued
Operations: Properties1
$ 6.0 $ 7.6 Net Income
$ 28.9 $ 12.6 Basic Earnings Per Share Continuing
Operations
$ 0.55 $ 0.12 Net Income
$
0.70 $ 0.31 Diluted Earnings Per Share Continuing Operations
$ 0.55 $ 0.12 Net Income
$ 0.70 $ 0.31
Basic Weighted Average Shares Outstanding
41.2 41.0 Diluted
Weighted Average Shares Outstanding
41.4 41.0
2010
2009
Six
Months Ended June 30:
Revenue
$ 743.6 $ 665.8 Income From
Continuing Operations
$ 26.4 $ 0.8 Discontinued
Operations: Properties1
$ 19.8 $ 14.8 Net Income
$ 46.2 $ 15.6 Basic Earnings Per Share Continuing
Operations
$ 0.64 $ 0.02 Net Income
$
1.12 $ 0.38 Diluted Earnings Per Share Continuing Operations
$ 0.64 $ 0.02 Net Income
$ 1.12 $ 0.38
Basic Weighted Average Shares Outstanding
41.1 41.0 Diluted
Weighted Average Shares Outstanding
41.4 41.0
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 EndedJune 30
Six
Months EndedJune 30
Revenue:
2010
2009
2010
2009
Transportation Ocean Transportation
$ 257.2 $ 218.5
$ 486.7 $ 419.6 Logistics Services
88.6 80.3
165.7 156.5 Real Estate Leasing
23.2 25.9
46.8
53.1 Sales
22.0 21.3
82.3 46.5 Less Amounts Reported
In Discontinued Operations
(18.3 ) (21.4 )
(74.1 ) (51.7 ) Agribusiness
29.8 29.2
44.0 46.9 Reconciling Items
(3.6 )
(2.8 )
(7.8 ) (5.1 ) Total
Revenue
$ 398.9 $ 351.0
$ 743.6 $ 665.8
Operating Profit, Net Income:
Transportation Ocean Transportation
$ 37.0 $ 21.1
$ 47.4 $ 20.6 Logistics Services
1.5 1.8
3.4 3.3 Real Estate Leasing
8.5 11.0
17.6 23.0
Sales
8.0 9.6
29.4 15.2 Less Amounts Reported In
Discontinued Operations
(9.2 ) (12.4 )
(30.4
) (24.0 ) Agribusiness
1.8 (11.3 )
0.7 (13.2 ) Total Operating Profit
47.6
19.8
68.1 24.9 Interest Expense
(6.5 ) (6.9 )
(13.0 ) (12.5 ) General Corporate Expenses
(4.5 ) (4.5 )
(11.1 )
(10.6 ) Income From Continuing Operations Before Income
Taxes
36.6 8.4
44.0 1.8 Income Taxes
13.7 3.4
17.6 1.0 Income From
Continuing Operations
22.9 5.0
26.4 0.8 Income from
Discontinued Operations (net of income taxes)
6.0
7.6
19.8 14.8 Net Income
$
28.9 $ 12.6
$ 46.2 $ 15.6 Basic
Earnings Per Share, Continuing Operations
$ 0.55 $
0.12
$ 0.64 $ 0.02 Basic Earnings Per Share, Net
Income
$ 0.70 $ 0.31
$ 1.12 $ 0.38
Diluted Earnings Per Share, Continuing Operations
$
0.55 $ 0.12
$ 0.64 $ 0.02 Diluted Earnings Per
Share, Net Income
$ 0.70 $ 0.31
$ 1.12
$ 0.38 Basic Weighted Average Shares Outstanding
41.2
41.0
41.1 41.0 Diluted Weighted Average Shares Outstanding
41.4 41.0
41.4 41.0
Consolidated Balance Sheet
(Condensed)
(In Millions, Unaudited)
June 30,2010
December 31,2009
ASSETS Current Assets
$ 318 $ 307 Investments
in Affiliates
283 242 Real Estate Developments
106 88
Property, Net
1,553 1,536 Employee Benefit Plan Assets
3 3 Other Assets
198 204 Total
$
2,461 $ 2,380 LIABILITIES & EQUITY Current
Liabilities
$ 299 $ 297 Long-Term Debt, Non-Current
Portion
470 406 Liability for Benefit Plans
120 116
Other Long-Term Liabilities
48 48 Deferred Income Taxes
423 428 Shareholders’ Equity
1,101
1,085 Total
$ 2,461 $ 2,380
Alexander and Baldwin (NYSE:ALEX)
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