UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
______________
FORM
8-K
______________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): October 29,
2009
ALEXANDER
& BALDWIN, INC.
(Exact
name of registrant as specified in its charter)
|
Hawaii
|
000-00565
|
99-0032630
|
|
(State or other jurisdiction of
incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification
No.)
|
822
Bishop Street, P. O. Box 3440
Honolulu, Hawaii
96801
(Address
of principal executive office and zip code)
(808)
525-6611
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2.):
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
|
Item
2.02. Results of Operations and Financial
Condition.
Alexander &
Baldwin, Inc. issued a press release on October 29, 2009 announcing its 2009
third quarter earnings. This information, attached as
Exhibit 99.1, is being furnished to the SEC pursuant to Item 2.02 of
Form 8-K.
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits
|
|
99.1
|
Press
Release announcing 2009 third quarter earnings issued on October 29,
2009.
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October
29, 2009
ALEXANDER & BALDWIN,
INC.
/s/ Christopher J.
Benjamin
Christopher J. Benjamin
Senior Vice President,
Chief Financial Officer and
Treasurer
|
For
media inquiries:
|
For
investor relations inquiries:
|
|
Meredith
J. Ching
|
Kevin
L. Halloran
|
|
808.525.6669
|
808.525.8422
|
|
mching@abinc.com
|
khalloran@abinc.com
|
|
HOLD
FOR RELEASE:
|
|
|
8:00
A.M. EASTERN DAYLIGHT TIME
|
|
|
Thursday,
October 29, 2009
|
A&B REPORTS
3rd QUARTER 2009 NET INCOME OF
$8.5 MILLION
Earnings
Benefit from Ocean Transportation Gains and Cost Cutting
Initiatives
Honolulu (October 29, 2009) - Alexander
& Baldwin, Inc. (NYSE:ALEX) today reported that net income for the third
quarter of 2009 was $8.5 million, or $0.21 per diluted share. Net income in the
third quarter of 2008 was $36.8 million, or $0.89 per diluted share. Revenue in
the third quarter of 2009 was $375.9 million, compared to revenue of $456.2
million in the third quarter of 2008.
Net
income for the first nine months of 2009 was $24.1 million, or $0.59 per diluted
share. Net income in the first nine months of 2008 was $108.5 million, or $2.61
per diluted share. Revenue for the first nine months of 2009 was $1,049.8
million, compared to revenue of $1,494.5 million in the same period of
2008.
COMMENTS
ON QUARTER
“Market
conditions continue to affect the Company’s core transportation and real estate
businesses. Results for the third quarter were mixed, with Ocean Transportation
and Real Estate Leasing performing relatively well in their respective markets
while Real Estate Sales and Logistics Services results were modest,” said W.
Allen Doane, chairman and chief executive officer of A&B. “The loss in
Agribusiness, while anticipated, was painful.”
“In
response to the difficult economic environment, we have taken necessary measures
across all of the business units to better align our cost structure with the
realities of today’s conditions. These efforts are producing tangible
results.”
“The
Company remains on solid financial ground and our core operating units continue
to generate significant cash flow augmented by a multitude of cost reduction
programs and reduced capital spending. As a result, we have trimmed outstanding
debt by $33 million through the first nine months of the year, leaving ample
capacity to make what may be significant investments over the course of the next
eighteen months in distressed real estate development opportunities and in an
expansion of our transportation services.”
“The
Ocean Transportation segment earned $24.2 million in operating profit for the
quarter, on increased, sequential quarter-to-quarter container volume in our
Hawaii and China trade lanes. These volume gains partially offset a significant
first half 2009 decline in rates for trans-Pacific containers, where recent rate
recovery in the China trade may be helpful in the future. We also continue to
realize the financial benefits of headcount reductions and fleet optimization
initiatives made earlier in the year. This right-sizing of our fleet has
resulted in network utilization rates approaching 90 percent, and a
corresponding improvement in quarter-to-quarter operating margin.”
“Matson
Integrated Logistics posted operating earnings of $2.2 million, a modest
improvement over second quarter 2009 results, as weak industry demand resulted
in excess capacity that trimmed gross margins in our brokerage services. MIL
continues to realize benefits from its own series of cost reduction initiatives,
as well as improving performance in its warehouse and distribution
operations.”
“Our
Agribusiness segment posted a significant loss of $13.8 million during the
quarter, driven by reduced power sales, low sugar yields and non-cash pension
expenses. Power sales reflect the impact of lower crude oil prices on the price
of power, while the decline in sugar yield is primarily the result of a severe
two-year drought. However, losses are expected to be considerably less in the
fourth quarter, due to the completion of the annual sugar harvest in late
October.”
“Real
Estate Leasing achieved operating profit of $10.2 million, the result of high
occupancy levels in our Hawaii properties and a good mix of property types with
a broadly diversified tenant base in our U.S. Mainland facilities. Sequentially,
occupancy was essentially unchanged from the second quarter. However, operating
profit declined from earlier in the year due primarily to lower rents and tenant
concessions in our U.S. Mainland portfolio.”
“Real
Estate Sales posted operating profit of $3.5 million in the quarter, resulting
from the sale of a Southern California income property and two small Maui land
parcels during the quarter. While sales at ongoing developments were negligible,
we are still realizing favorable pricing for commercial property sales, and will
continue to opportunistically capture embedded gains within our commercial
portfolio to generate cash for 1031 tax-deferred re-investment in higher-return
assets. This turnover is essential to maintaining a strong and diversified
portfolio that increases in value over time. Additionally, we are making good
progress in planning, permitting and construction at key development projects,
in anticipation of rising buyer demand in the future.”
“Finally,
our Board of Directors recently declared a quarterly dividend of $0.315 per
share, reflecting our continued confidence in the strength of our operations and
the prospects for growth in the coming years.”
TRANSPORTATION—OCEAN
TRANSPORTATION
|
Quarter
Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Revenue
|
$
|
234.2
|
$
|
272.8
|
-14
|
%
|
||||
|
Operating
profit
|
$
|
24.2
|
$
|
31.4
|
-23
|
%
|
||||
|
Operating
profit margin
|
10.3
|
%
|
11.5
|
%
|
||||||
|
Volume
(Units)
|
||||||||||
|
Hawaii
containers
|
35,100
|
39,900
|
-12
|
%
|
||||||
|
Hawaii
automobiles
|
21,200
|
21,800
|
-3
|
%
|
||||||
|
China
containers
|
12,400
|
12,300
|
1
|
%
|
||||||
|
Guam
containers
|
3,500
|
3,600
|
-3
|
%
|
||||||
For the
third quarter of 2009, revenue decreased 14 percent from the year earlier period
due to lower fuel surcharges, net volume decreases and lower rates in the China
trade, offset by improved rates and cargo mix in the Hawaii trade. Hawaii
container volume continues to be affected by the economic downturn, resulting in
12 percent lower volume in the third quarter versus the same period in the prior
year. Automobile volume decreased 3 percent from the year earlier period, due
primarily to the timing of rental fleet replacement shipments. China volume
improved modestly due to the addition of a third port of call at Xiamen, China.
Operating profit was $7.2 million, or 23 percent, lower in the third quarter
compared to 2008 due to lower volume, increases in terminal handling costs
attributable to higher contractual stevedoring rates and higher non-cash pension
expense, partially offset by lower vessel costs stemming from fleet optimization
efforts, lower general and administrative expenses and improved net
yields.
|
Nine
Months Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Revenue
|
$
|
653.8
|
$
|
784.2
|
-17
|
%
|
||||
|
Operating
profit
|
$
|
44.8
|
$
|
84.7
|
-47
|
%
|
||||
|
Operating
profit margin
|
6.9
|
%
|
10.8
|
%
|
||||||
|
Volume
(Units)
|
||||||||||
|
Hawaii
containers
|
101,900
|
116,800
|
-13
|
%
|
||||||
|
Hawaii
automobiles
|
62,800
|
71,000
|
-12
|
%
|
||||||
|
China
containers
|
33,100
|
36,700
|
-10
|
%
|
||||||
|
Guam
containers
|
10,500
|
10,600
|
-
1
|
%
|
||||||
For the
first nine months of 2009, Ocean Transportation revenue decreased 17 percent,
principally due to the same factors cited for the third quarter. Hawaii
container volume decreases were due to the same factors cited for the quarter.
Auto volume declined in total in the first nine months of the year due
principally to lower new car shipments. China container volume was lower due to
weak U.S. import demand. Operating profit for the first nine months
of 2009 decreased by 47 percent, primarily due to lower volume, higher operating
and terminal handling costs, headcount reduction expenses, higher dry dock costs
and higher non-cash pension expense. Improved yields, lower fuel costs, and cost
containment initiatives, including improved equipment control and fleet
management efforts, partially offset reductions in operating
profit.
TRANSPORTATION—LOGISTICS
SERVICES
|
Quarter
Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Intermodal
revenue
|
$
|
48.2
|
$
|
73.9
|
-35
|
%
|
||||
|
Highway
revenue
|
34.1
|
44.2
|
-23
|
%
|
||||||
|
Total
Revenue
|
$
|
82.3
|
$
|
118.1
|
-30
|
%
|
||||
|
Operating
profit
|
$
|
2.2
|
$
|
5.1
|
-57
|
%
|
||||
|
Operating
profit margin
|
2.7
|
%
|
4.3
|
%
|
||||||
Logistics
Services revenue for the third quarter of 2009 was 30 percent, or $35.8 million,
lower than the third quarter of 2008, due primarily to lower volume in all
service lines and lower rates, which were driven largely by lower fuel
surcharges and competitive pricing pressures. In the third quarter 2009,
Intermodal and Highway volume decreased by 19 and 9 percent, respectively, as
compared to the third quarter of 2008, with a significant reduction in
international intermodal volume related to lower U.S. import demand. Logistics
operating profit fell by $2.9 million compared to the third quarter of 2008, due
principally to the lower volume and lower rates cited above.
|
Nine
Months Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Intermodal
revenue
|
$
|
139.5
|
$
|
212.2
|
-34
|
%
|
||||
|
Highway
revenue
|
99.3
|
124.0
|
-20
|
%
|
||||||
|
Total
Revenue
|
$
|
238.8
|
$
|
336.2
|
-29
|
%
|
||||
|
Operating
profit
|
$
|
5.5
|
$
|
14.4
|
-62
|
%
|
||||
|
Operating
profit margin
|
2.3
|
%
|
4.3
|
%
|
||||||
For the
first nine months of 2009, Logistics Services revenue and gross margins
decreased as a result of principally the same factors cited for the quarter.
Intermodal and Highway volume decreased by 23 and 10 percent, respectively, in
the first nine months of 2009 as compared to the first nine months of 2008.
Operating profit and volume decreases were due to the same factors cited for the
quarter.
REAL
ESTATE—INDUSTRY
Real
Estate Leasing and Real Estate Sales revenue and operating profit are analyzed
before discontinued operations are removed. This is consistent with how the
Company evaluates and makes investment, disposition and capital allocation
decisions.
REAL
ESTATE—LEASING
The
Company regularly makes dispositions of commercial properties from its leasing
portfolio and land under ground leases or vacant land parcels and subsequently
reinvests proceeds, on a tax-deferred basis, in new properties. As a result, the
Company typically incurs higher depreciation expenses attributable to a step-up
in the cost basis of its properties or to the replacement of formerly
non-depreciable property with depreciable property. Further, due to the inherent
timing lag between disposition and reinvestment, the Company incurs modest loss
of revenue and income in these interim periods.
|
Quarter
Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Revenue
|
$
|
25.2
|
$
|
26.2
|
-4
|
%
|
||||
|
Operating
profit
|
$
|
10.2
|
$
|
11.1
|
-8
|
%
|
||||
|
Operating
profit margin
|
40.5
|
%
|
42.4
|
%
|
||||||
|
Occupancy
Rates:
|
||||||||||
|
Mainland
|
83
|
%
|
95
|
%
|
-12
|
%
|
||||
|
Hawaii
|
95
|
%
|
98
|
%
|
-3
|
%
|
||||
|
Leasable
Space (million sq. ft.):
|
||||||||||
|
Mainland
|
7.1
|
5.9
|
20
|
%
|
||||||
|
Hawaii
|
1.4
|
1.3
|
8
|
%
|
||||||
Real
Estate Leasing revenue for the third quarter of 2009 was $25.2 million, a
decrease of 4 percent from the third quarter of 2008, due to lower occupancies
and rents, primarily in the mainland portfolio, the net effect of property sales
and acquisitions and the non-reinvestment of proceeds from a late 2008
disposition. Operating profit of $10.2 million was $0.9 million, or 8 percent,
lower than the third quarter of 2008 for the reasons cited above, as well as to
higher depreciation expenses.
Leasable
space increased by a net 1.3 million square feet as compared to the third
quarter of 2008, due to the net effect of several acquisitions and dispositions
throughout the preceding year and to the placement in service of several
industrial properties after the third quarter of 2008 with large gross leasable
areas. Two industrial properties placed into service account for approximately
one half of the 12 percent year-over-year decline in occupancy rates. Industrial
property vacancies affect occupancy levels disproportionately in relation to
revenue, operating profit and net operating income, as this asset class
generally has significantly lower rental rates per square foot.
|
Nine
Months Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Revenue
|
$
|
78.3
|
$
|
82.3
|
-5
|
%
|
||||
|
Operating
profit
|
$
|
33.2
|
$
|
37.6
|
-12
|
%
|
||||
|
Operating
profit margin
|
42.4
|
%
|
45.7
|
%
|
||||||
|
Occupancy
Rates:
|
||||||||||
|
Mainland
|
86
|
%
|
96
|
%
|
-10
|
%
|
||||
|
Hawaii
|
95
|
%
|
98
|
%
|
-3
|
%
|
||||
For the
first nine months of 2009, real estate leasing revenue and operating profit
decreased by 5 percent and 12 percent respectively, from the year earlier
period. Revenue was lower due to the non-recurrence of a $1.4 million business
interruption payment received in 2008, lower occupancy and rents, the timing of
property sales and acquisitions, and the non-reinvestment of proceeds from a
late 2008 disposition. Operating profit was lower due to the aforementioned
factors, and to increased depreciation and amortization expenses and increased
bad debt reserves.
REAL
ESTATE—SALES
|
Quarter
Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Improved
property sales
|
$
|
8.3
|
$
|
61.2
|
-86
|
%
|
||||
|
Development
sales
|
2.3
|
7.1
|
-68
|
%
|
||||||
|
Unimproved/other
property sales
|
4.3
|
8.9
|
-52
|
%
|
||||||
|
Total
revenue
|
$
|
14.9
|
$
|
77.2
|
-81
|
%
|
||||
|
Operating
profit before joint ventures
|
$
|
3.2
|
$
|
25.5
|
-87
|
%
|
||||
|
Earnings
from joint ventures
|
0.3
|
0.3
|
--
|
%
|
||||||
|
Total
operating profit
|
$
|
3.5
|
$
|
25.8
|
-86
|
%
|
||||
Third
quarter 2009 Real Estate Sales revenue was $14.9 million, or 81 percent lower
than the third quarter of 2009. In the third quarter of 2009, the Company sold
its San Jose Avenue industrial property (Los Angeles, California) and two
parcels on Maui. In the third quarter of 2008, the Company sold three commercial
properties and several residential units at its Keola La’i and Keala’ula
projects. Third quarter 2009 operating profit was $3.5 million, 86 percent lower
than in the third quarter of 2008, due principally to lower sales
volume.
|
Nine
Months Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Improved
property sales
|
$
|
41.5
|
$
|
73.3
|
-43
|
%
|
||||
|
Development
sales
|
5.2
|
211.8
|
-98
|
%
|
||||||
|
Unimproved/other
property sales
|
14.7
|
10.7
|
37
|
%
|
||||||
|
Total
revenue
|
$
|
61.4
|
$
|
295.8
|
-79
|
%
|
||||
|
Operating
profit before joint ventures
|
$
|
18.2
|
$
|
66.0
|
-72
|
%
|
||||
|
Equity
in earnings of joint ventures
|
0.5
|
10.3
|
-95
|
%
|
||||||
|
Total
operating profit
|
$
|
18.7
|
$
|
76.3
|
-75
|
%
|
||||
For the
first nine months of 2009, revenue was substantially lower than from the same
period in 2008, principally as a result of extensive sales at Keola La’i in the
first quarter of 2008 and the previously described commercial property sales.
Operating profit was 75 percent lower in the first nine months of 2009 as
compared to 2008, principally due to 2008 Keola La’i sales, and 2008 joint
venture income related to sales at the Company’s Kai Malu residential
development.
AGRIBUSINESS
|
Quarter
Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Revenue
|
$
|
32.5
|
$
|
37.5
|
-13
|
%
|
||||
|
Operating
loss
|
$
|
(13.8
|
)
|
$
|
(6.7
|
)
|
-2
|
X
|
||
|
Operating
profit margin
|
-42.5
|
%
|
-17.9
|
%
|
||||||
|
Tons
sugar produced
|
53,700
|
50,500
|
6
|
%
|
||||||
Third
quarter 2009 Agribusiness revenue declined $5.0 million, or 13 percent,
principally as a result of lower power prices and sales volume. Power prices
decreased by more than 50 percent compared to the prior year quarter due to
lower oil prices. Operating losses increased considerably, as compared to the
third quarter of 2008, primarily due to the lower power sales prices and to
lower sugar margins. Sugar production increased 6 percent in the third quarter
versus the same period in 2008, mostly due to harvest timing. The increase was
offset by negative sugar margins due to lower full year production estimates.
Lower production levels are the result of the unprecedented 2007-08 drought
conditions.
|
Nine
Months Ended September 30,
|
||||||||||
|
(dollars
in millions)
|
2009
|
2008
|
Change
|
|||||||
|
Revenue
|
$
|
79.4
|
$
|
96.2
|
-17
|
%
|
||||
|
Operating
loss
|
$
|
(27.0
|
)
|
$
|
(6.8
|
)
|
-4
|
X
|
||
|
Operating
profit margin
|
-34.0
|
%
|
-7.1
|
%
|
||||||
|
Tons
sugar produced
|
109,200
|
114,800
|
-5
|
%
|
||||||
In the
first nine months of 2009, Agribusiness revenues decreased and operating loss
increased, significantly, compared to the first nine months of 2008, for
primarily the same reasons cited for the quarter. Power revenues and attendant
operating profit were also adversely impacted in the first nine months of the
year, as compared to the prior year, by an unfavorable third quarter 2008 Public
Utilities Commission modification to the Company’s avoided-cost
formula.
CORPORATE
EXPENSE
Corporate
expenses of $4.9 million declined by 8 percent, or $0.4 million, in the third
quarter of 2009 as compared to the third quarter of 2008. The decrease is due
principally to reductions in performance-based incentive programs and to other
overhead cost containment initiatives.
CONDENSED
CASH FLOW TABLE
|
Year-to-Date
September 30,
|
||||||||||
|
(dollars
in millions, unaudited)
|
2009
|
2008
|
Change
|
|||||||
|
Cash
Flow from Operating Activities
|
$
|
78
|
$
|
202
|
-61
|
%
|
||||
|
Capital
Expenditures (1)
|
||||||||||
|
Transportation
|
(11
|
)
|
(29
|
)
|
-62
|
%
|
||||
|
Real
Estate
|
(12
|
)
|
(51
|
)
|
-76
|
%
|
||||
|
Agribusiness
and other
|
(4
|
)
|
(11
|
)
|
-64
|
%
|
||||
|
Total
Capital Expenditures
|
(27
|
)
|
(91
|
)
|
-70
|
%
|
||||
|
Other
Investing Activities, Net
|
19
|
(49
|
)
|
NM
|
||||||
|
Cash
Used in Investing Activities
|
$
|
(8
|
)
|
$
|
(140
|
)
|
-94
|
%
|
||
|
Net
Debt Proceeds/(Payments)
|
(33
|
)
|
17
|
NM
|
||||||
|
Repurchase
of Capital Stock
|
--
|
(50
|
)
|
NM
|
||||||
|
Dividends
Paid
|
(39
|
)
|
(38
|
)
|
3
|
%
|
||||
|
Other
Financing Activities, Net
|
(1
|
)
|
2
|
NM
|
||||||
|
Cash
Used in Financing Activities
|
$
|
(73
|
)
|
$
|
(69
|
)
|
6
|
%
|
||
|
Net
Decrease in Cash
|
$
|
(3
|
)
|
$
|
(7
|
)
|
-57
|
%
|
||
|
(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.
2009 and
2008 Third-Quarter and Nine Month Results (Condensed)
(In
Millions, Except Per Share Amounts, Unaudited)
|
2009
|
2008
|
|||||||
|
Three Months Ended September
30:
|
||||||||
|
Revenue
|
$
|
375.9
|
$
|
456.2
|
||||
|
Income
From Continuing Operations
|
$
|
6.1
|
$
|
19.3
|
||||
|
Discontinued
Operations: Properties1
|
$
|
2.4
|
$
|
17.5
|
||||
|
Net
Income
|
$
|
8.5
|
$
|
36.8
|
||||
|
Basic
Earnings Per Share
|
||||||||
|
Continuing
Operations
|
$
|
0.15
|
$
|
0.47
|
||||
|
Net
Income
|
$
|
0.06
|
$
|
0.42
|
||||
|
Diluted
Earnings Per Share
|
||||||||
|
Continuing
Operations
|
$
|
0.15
|
$
|
0.46
|
||||
|
Net
Income
|
$
|
0.06
|
$
|
0.43
|
||||
|
Basic
Weighted Average Shares Outstanding
|
41.0
|
41.3
|
||||||
|
Diluted
Weighted Average Shares Outstanding
|
41.2
|
41.5
|
||||||
|
2009
|
2008
|
|||||||
|
Nine Months Ended September
30:
|
||||||||
|
Revenue
|
$
|
1,049.8
|
$
|
1,494.5
|
||||
|
Income
From Continuing Operations
|
$
|
10.1
|
$
|
83.5
|
||||
|
Discontinued
Operations: Properties1
|
$
|
14.0
|
$
|
25.0
|
||||
|
Net
Income
|
$
|
24.1
|
$
|
108.5
|
||||
|
Basic
Earnings Per Share
|
||||||||
|
Continuing
Operations
|
$
|
0.25
|
$
|
2.02
|
||||
|
Net
Income
|
$
|
0.34
|
$
|
0.61
|
||||
|
Diluted
Earnings Per Share
|
||||||||
|
Continuing
Operations
|
$
|
0.25
|
$
|
2.01
|
||||
|
Net
Income
|
$
|
0.34
|
$
|
0.60
|
||||
|
Basic
Weighted Average Shares Outstanding
|
41.0
|
41.3
|
||||||
|
Diluted
Weighted Average Shares Outstanding
|
41.0
|
41.6
|
||||||
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
|
Nine Months Ended
|
||||||||||||
|
September 30
|
September 30
|
||||||||||||
|
Revenue:
|
2009
|
2008
|
2009
|
2008
|
|||||||||
|
Transportation
|
|||||||||||||
|
Ocean
Transportation
|
$
|
234.2
|
$
|
272.8
|
$
|
653.8
|
$
|
784.2
|
|||||
|
Logistics
Services
|
82.3
|
118.1
|
238.8
|
336.2
|
|||||||||
|
Real
Estate
|
|||||||||||||
|
Leasing
|
25.2
|
26.2
|
78.3
|
82.3
|
|||||||||
|
Sales
|
14.9
|
77.2
|
61.4
|
295.8
|
|||||||||
|
Less
Amounts Reported In Discontinued Operations
|
(10.2
|
)
|
(72.6
|
)
|
(53.8
|
)
|
(93.1
|
)
|
|||||
|
Agribusiness
|
32.5
|
37.5
|
79.4
|
96.2
|
|||||||||
|
Reconciling
Items
|
(3.0
|
)
|
(3.0
|
)
|
(8.1
|
)
|
(7.1
|
)
|
|||||
|
Total
Revenue
|
$
|
375.9
|
$
|
456.2
|
$
|
1,049.8
|
$
|
1,494.5
|
|||||
|
Operating Profit, Net
Income:
|
|||||||||||||
|
Transportation
|
|||||||||||||
|
Ocean
Transportation
|
$
|
24.2
|
$
|
31.4
|
$
|
44.8
|
$
|
84.7
|
|||||
|
Logistics
Services
|
2.2
|
5.1
|
5.5
|
14.4
|
|||||||||
|
Real
Estate
|
|||||||||||||
|
Leasing
|
10.2
|
11.1
|
33.2
|
37.6
|
|||||||||
|
Sales
|
3.5
|
25.8
|
18.7
|
76.3
|
|||||||||
|
Less
Amounts Reported In Discontinued Operations
|
(4.0
|
)
|
(28.4
|
)
|
(23.7
|
)
|
(40.6
|
)
|
|||||
|
Agribusiness
|
(13.8
|
)
|
(6.7
|
)
|
(27.0
|
)
|
(6.8
|
)
|
|||||
|
Total
Operating Profit
|
22.3
|
38.3
|
51.5
|
165.6
|
|||||||||
|
Interest
Expense
|
(6.7
|
)
|
(5.8
|
)
|
(19.2
|
)
|
(17.5
|
)
|
|||||
|
General
Corporate Expenses
|
(4.9
|
)
|
(5.3
|
)
|
(15.5
|
)
|
(16.4
|
)
|
|||||
|
Income
From Continuing Operations Before Income Taxes
|
10.7
|
27.2
|
16.8
|
131.7
|
|||||||||
|
Income
Taxes
|
4.6
|
7.9
|
6.7
|
48.2
|
|||||||||
|
Income
From Continuing Operations
|
6.1
|
19.3
|
10.1
|
83.5
|
|||||||||
|
Income
from Discontinued Operations(net of income taxes)
|
2.4
|
17.5
|
14.0
|
25.0
|
|||||||||
|
Net
Income
|
$
|
8.5
|
$
|
36.8
|
$
|
24.1
|
$
|
108.5
|
|||||
|
Basic
Earnings Per Share, Continuing Operations
|
$
|
0.15
|
$
|
0.47
|
$
|
0.25
|
$
|
2.02
|
|||||
|
Basic
Earnings Per Share, Net Income
|
$
|
0.21
|
$
|
0.89
|
$
|
0.59
|
$
|
2.63
|
|||||
|
Diluted
Earnings Per Share, Continuing Operations
|
$
|
0.15
|
$
|
0.46
|
$
|
0.25
|
$
|
2.01
|
|||||
|
Diluted
Earnings Per Share, Net Income
|
$
|
0.21
|
$
|
0.89
|
$
|
0.59
|
$
|
2.61
|
|||||
|
Basic
Weighted Average Shares Outstanding
|
41.0
|
41.3
|
41.0
|
41.3
|
|||||||||
|
Diluted
Weighted Average Shares Outstanding
|
41.2
|
41.5
|
41.0
|
41.6
|
|||||||||
Consolidated
Balance Sheet (Condensed)
(In
Millions, Unaudited)
|
September 30,
|
December 31,
|
||||||||
|
2009
|
2008
|
||||||||
|
ASSETS
|
|||||||||
|
Current
Assets
|
$
|
281
|
$
|
284
|
|||||
|
Investments
|
219
|
208
|
|||||||
|
Real
Estate Developments
|
85
|
78
|
|||||||
|
Property,
Net
|
1,605
|
1,590
|
|||||||
|
Other
Assets
|
141
|
190
|
|||||||
|
Total
|
$
|
2,331
|
$
|
2,350
|
|||||
|
LIABILITIES
& EQUITY
|
|||||||||
|
Current
Liabilities
|
$
|
259
|
$
|
238
|
|||||
|
Long-Term
Debt, Non-Current Portion
|
412
|
452
|
|||||||
|
Liability
for Benefit Plans
|
128
|
122
|
|||||||
|
Other
Long-Term Liabilities
|
53
|
52
|
|||||||
|
Deferred
Income Taxes
|
413
|
414
|
|||||||
|
Shareholders’
Equity
|
1,066
|
1,072
|
|||||||
|
Total
|
$
|
2,331
|
$
|
2,350
|
|||||