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): February 1, 2006

                            ALEXANDER & BALDWIN, INC.
             (Exact name of registrant as specified in its charter)


           Hawaii                          0-565                99-0032630
           ------                          -----                ----------
(State or other jurisdiction of   (Commission File Number)   (I.R.S. Employer
- -------------------------------   ------------------------   ----------------
       incorporation)                                        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.):

 _
|_|  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)
 _
|_|  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)
 _
|_|  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))
 _
|_|  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 February 1, 2006, announcing its 2005 fourth quarter and year-end consolidated 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 2005 fourth quarter and year-end consolidated earnings issued on February 1, 2006. 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: February 1, 2006 ALEXANDER & BALDWIN, INC. /s/ Christopher J. Benjamin ------------------------------------ Christopher J. Benjamin Senior Vice President and Chief Financial Officer

For further information, contact:
   John B. Kelley, Vice President
   Phone 808-525-8422
   E-mail: jkelley@abinc.com
                                                HOLD FOR RELEASE:
                                                6:30 P.M. EASTERN STANDARD TIME
                                                Wednesday, February 1, 2006

             A&B REPORTS 2005 NET INCOME OF $126 MILLION, UP 25%
             ---------------------------------------------------
                  4th Quarter Net $23.4 Million, Also Up 25%

         Honolulu (February 1, 2006)--Alexander & Baldwin, Inc. (NASDAQ:ALEX)
today reported that net income for the full year 2005 was $126,000,000, or $2.86
per fully diluted share. Net income in the full year 2004 was $100,700,000, or
$2.33 per fully diluted share. Revenue in the full year 2005 was $1,606,800,000,
compared with revenue of $1,489,100,000 in the full year 2004.

         Net income for the fourth quarter of 2005 was $23,400,000, or $0.53 per
fully diluted share. Net income in the fourth quarter of 2004 was $18,700,000,
or $0.42 per fully diluted share. Revenue in the fourth quarter of 2005 was
$398,500,000, compared with revenue of $392,500,000 in the fourth quarter of
2004.

COMMENTS ON YEAR, QUARTER & OUTLOOK

         "2005 was a benchmark year," said Allen Doane, president and chief
executive officer of A&B. "The Transportation segments achieved a 22 percent
year-over-year increase in operating profit and Real Estate's total operating
profit rose 20 percent. Even with a subpar harvest, Food Products
operating profit doubled, thanks to a one-time federal payment and increased
power sales.

         "In the fourth quarter, however, Matson Navigation and its subsidiary,
Matson Integrated Logistics, when combined, experienced a 5 percent decrease in
operating profit, partially due to one less accounting week in 2005. Other
factors included higher fuel costs, lower Hawaii freight volume and pre-startup
costs associated with the new Guam-China service. Real estate results in the
quarter were quite favorable.

         "A&B's successful earnings performance in 2005 makes it difficult--but
all the more necessary--to remind investors that we still expect that the
results in 2006 will be lower.

         "Matson has completed preparations for the first sailing this week of
its new China-Long Beach Express service that will replace the Company's
alliance with APL, but no amount of preparation can offset the costs
of starting the new China service and of shifting vessels previously used in the
Guam service to Hawaii.

         "Closer to home, we continue to make progress with permits at Kukui'ula
on Kauai, where I had the opportunity to participate in a groundbreaking
ceremony on January 23, preparatory to beginning major construction. There still
are a number of hurdles to clear before we close the first sales there--planned
for the 4th quarter of 2006.

         "Hawaii is enjoying good economic growth, with residential real estate
markets now seeing moderation in price appreciation. Matson retains a strong
competitive position in its present trades, with a commitment to customer
service and a continuing need to maintain cost discipline. A&B Properties
continues to seek entitlements on company owned lands, to pursue developments at
multiple locations in Hawaii, and to invest in additional new development
opportunities.

         "As we have stated publicly since July 2004, the ending of the Guam APL
Alliance and the initiation of the new Guam-China service will make year-to-year
comparisons negative for Matson. Real estate prospects for A&B Properties remain
favorable, although residential markets in Hawaii appear to be plateauing. Food
Products will have a difficult time lapping 2005, given the one-time federal
payment received that year."

TRANSPORTATION--OCEAN TRANSPORTATION



- -------------------------------------------------------------------------------
                                         Quarter Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions            2005                  2004              Change
- -------------------------------------------------------------------------------
                                                               
  Revenue                    $ 223.6               $ 230.5              -  3%
  Operating Profit           $  22.8               $  25.3              - 10%
- -------------------------------------------------------------------------------
Volume (Units)
- -------------------------------------------------------------------------------
  Hawaii Containers           44,300                45,900              -  3%
  Hawaii Automobiles          37,200                46,700              - 20%
  Guam Containers              4,100                 4,000              +  3%
- -------------------------------------------------------------------------------


         Fourth quarter 2005 Ocean Transportation revenue of $223.6 million was
$6.9 million, or 3 percent, lower than the fourth quarter of 2004. A significant
portion of the decrease is due to comparing a 13-week accounting period in 2005
with 14 weeks in 2004. Also contributing to the decrease were lower auto volumes
and rates due to competitive factors, offset in part by higher revenue from a
higher fuel surcharge, and improved yields and mix for containerized freight.
Total Hawaii container volume was three percent lower than the fourth quarter of
2004, reflecting primarily the shorter accounting period. Total Hawaii
automobile volume was 20 percent lower. Auto shipments in the 4th quarter of
2004 had been unusually high due to large shipments from manufacturers to renew
rental car fleets.

         Fourth quarter 2005 Ocean Transportation operating profit of $22.8
million was $2.5 million, or 10 percent, lower than the fourth quarter of 2004.
This decrease resulted primarily from the factors cited for decreased revenue,
plus higher fuel costs, startup expenses related to the new Guam-China service
and higher purchased transportation costs due in part to a greater portion of
freight shipped to the Neighbor Islands. These factors were offset, in part, by
continuing good performance at SSA Terminals, LLC (SSAT), a stevedoring and
terminal operating company of which Matson is a minority partner, and fewer
vessel operating days.



- -------------------------------------------------------------------------------
                                        Year Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions           2005                  2004               Change
- -------------------------------------------------------------------------------
                                                                
  Revenue                   $ 878.3               $ 850.1                  3%
  Operating Profit          $ 128.0               $ 108.3                 18%
- -------------------------------------------------------------------------------
Volume (Units)
- ------------- -----------------------------------------------------------------
  Hawaii Containers         175,800               169,600                  4%
  Hawaii Automobiles        148,100               157,000                - 6%
  Guam Containers            16,600                17,200                - 3%
- -------------------------------------------------------------------------------


         Full year 2005 Ocean Transportation revenue of $878.3 million was $28.2
million, or 3 percent, higher than the full year 2004. This increase was
primarily the result of increases in the fuel surcharge, higher Hawaii freight
volume, and improved freight yields and mix, offset in part by lower automobile
volume and rates. Total Hawaii container volume was 4 percent higher than in
full year 2004. Total Hawaii automobile volume was 6 percent lower.

         Full year 2005 Ocean Transportation operating profit of $128.0 million
was $19.7 million, or 18 percent, higher than the full year 2004. This increase
was primarily the result of higher earnings from SSAT, improved freight yields
and cargo mix in all services, higher Hawaii freight volume and lower vessel and
operating overhead expenses, offset in part by higher outside transportation
costs and lower vessel charters and other business.

TRANSPORTATION--LOGISTICS SERVICES



- -------------------------------------------------------------------------------
                                     Quarter Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions           2005                  2004               Change
- -------------------------------------------------------------------------------
                                                                 
  Revenue                   $ 120.4              $ 109.8                  10%
  Operating Profit          $   4.3              $   3.1                  39%
- ---------------------------------------------------------- --------------------


         Fourth quarter 2005 Logistics Services revenue of $120.4 million was
$10.6 million, or 10 percent, higher than the fourth quarter of 2004. Continued
growth in highway volumes was offset by declines in domestic and international
intermodal rail volumes. Yields were higher in all lines, however.

         Fourth quarter 2005 Logistics Services operating profit of $4.3 million
was $1.2 million, or 39 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 reached an all-time
high of 3.6 percent in the fourth quarter of 2005, compared with 2.8 percent for
the fourth quarter of 2004 and the previous high of 3.4 percent in the second
quarter of 2005. The good performance was due, in part, to a growing portion of
higher-margin highway business in the total.



- -------------------------------------------------------------------------------
                                        Year Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions           2005                 2004                Change
- -------------------------------------------------------------------------------
                                                                 
  Revenue                   $ 431.6              $ 376.9                  15%
  Operating Profit          $  14.4              $   8.9                  62%
- -------------------------------------------------------------------------------


         Year 2005 Logistics Services revenue of $431.6 million was $54.7
million, or 15 percent, higher than the full year 2004. Revenue was higher, with
strength in highway volumes offset by declines in domestic and international
intermodal rail volumes, but higher yields in all lines.

         Year 2005 Logistics Services operating profit of $14.4 million was $5.5
million, or 62 percent, higher than in the comparable period last year. The
improvement in operating profit was the result of higher yields and higher total
volume, partially offset by higher personnel costs and other overhead.

REAL ESTATE--LEASING



- -------------------------------------------------------------------------------
                                   Quarter Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions            2005                 2004               Change
- -------------------------------------------------------------------------------
                                                                
  Revenue                    $ 23.2               $ 21.7                   7%
  Operating Profit           $ 11.1               $ 10.0                  11%
- -------------------------------------------------------------------------------

Occupancy Rates
- -------------------------------------------------------------------------------

  Mainland                       96%                  95%                  1%
  Hawaii                         95%                  91%                  4%
- -------------------------------------------------------------------------------
Leasable Space (Million sq. ft.)
- -------------------------------------------------------------------------------

  Mainland                      3.5                  3.7                 - 5%
  Hawaii                        1.6                  1.7                 - 6%
- -------------------------------------------------------------------------------


         Fourth quarter 2005 Real Estate Leasing revenue (before removing
amounts treated as discontinued operations) of $23.2 million was $1.5 million,
or 7 percent, higher than the fourth quarter of 2004. Real Estate Leasing
operating profit of $11.1 million was $1.1 million, or 11 percent, higher. The
improved revenue and operating profit resulted primarily from property
acquisitions, higher occupancy rates and the completion and leasing of the Kunia
Shopping Center.

         Comparing the periods, leasable area declined slightly. On the
Mainland, 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; one property, a shopping
center in Kona, was acquired in the third quarter; and two office buildings were
sold during the fourth quarter.



- -------------------------------------------------------------------------------
                                        Year Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions           2005                  2004               Change
- -------------------------------------------------------------------------------
                                                                 
  Revenue                    $ 89.7                $ 83.8                  7%
  Operating Profit           $ 43.7                $ 38.8                 13%
- -------------------------------------------------------------------------------
Occupancy Rates
- -------------------------------------------------------------------------------
  Mainland                       95%                   95%                --
  Hawaii                         93%                   90%                 3%
- -------------------------------------------------------------------------------


         Full year 2005 Real Estate Leasing revenue (before removing amounts
treated as discontinued operations) of $89.7 million was $5.9 million, or 7
percent, higher than the full year 2004. Real Estate Leasing operating profit of
$43.7 million was $4.9 million, or 13 percent, higher. The improved revenue and
operating profit resulted from property acquisitions, higher occupancies and
leasing of Kunia Shopping Center.

REAL ESTATE--SALES



- -------------------------------------------------------------------------------
                                   Quarter Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions            2005                 2004               Change
- -------------------------------------------------------------------------------
                                                                
  Revenue                    $ 26.7                $  2.3                12X
  Operating Profit           $  7.2                $ (0.3)                NA
- -------------------------------------------------------------------------------


         Fourth quarter 2005 Real Estate Sales revenue of $26.7 million was
$24.4 million higher than the fourth quarter of 2004. Real Estate Sales
operating profit of $7.2 million was $7.5 million higher than the fourth quarter
of 2004.

         Sales during the fourth quarter of 2005 consisted primarily of two
office buildings, the Haseko Building and Oceanview Center, both located on
leased land in downtown Honolulu, and one lot at Mill Town Center on Oahu. There
were no major property sales in the fourth quarter of 2004.



- -------------------------------------------------------------------------------
                                        Year Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions           2005                  2004               Change
- -------------------------------------------------------------------------------
                                                                 
  Revenue                     $ 148.9              $ 82.3                 81%
  Operating Profit            $  44.1              $ 34.6                 27%
- -------------------------------------------------------------------------------


         Full year 2005 Real Estate Sales revenue of $148.9 million was $66.6
million, or 81 percent, higher than the full year 2004. Real Estate Sales
operating profit of $44.1 million was $9.5 million, or 27 percent, higher than
the full year 2004. Sales in both periods reflected Hawaii's broad real estate
market strength. Full year 2005 results also benefited from a $5.2 million
insurance gain received in the 3rd quarter as a result of a February 2005 fire
that destroyed much of the Kahului Shopping Center on Maui. Variations in profit
margin result from the mix of properties sold.

         The sales during full year 2005 included:

o        the Haseko and Oceanview buildings, sold for a total of $25.5 million;

o        closings of 100 condominium units at the Lanikea high-rise in Waikiki
         for $59 million;

o        Ontario Pacific Business Centre, in Ontario, Calif., for $17.8 million;

o        the 80 percent balance of an installment sale of a 30-acre development
         parcel at Wailea, Maui, for $14.2 million;

o        Northwest Business Center, in San Antonio, Texas, for $6.3 million;

o        5-1/2 floors at Alakea Corporate Tower, a Honolulu office condominium,
         for $5.5 million;

o        an eight-acre residential resort development parcel at Wailea for
         $4.5 million;

o        a commercial development parcel in Waikiki;

o        three residential lots at Wailea Golf Vistas;

o        three lots at Maui Business Park Phase I and

o        four lots at Mill Town Center on Oahu.

o        Joint venture income in 2005 included the sale of the Westridge project
         in Valencia and preferred income on the Hokua condominium financing
         offset, in part, by marketing expenses at Kukui'ula.

     In the full year 2004, sales consisted primarily of:

o        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;

o        three resort residential parcels at Wailea that sold for a total of
         $13.8 million;

o        17-1/2 floors at Alakea Corporate Tower for $19.3 million, and

o        28 residential lots, including 26 at Wailea Golf Vistas, for $23.2
         million.

o        In addition, 11 sales of homes at the Kai Lani joint venture on Oahu
         and three at Holo Holo Ku on the Big Island closed out those projects.

         Discontinued operations in the full year 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 expected to be sold in 2006 and two office buildings in downtown
Honolulu that were sold in October 2005. Three parcels on Maui were classified
as discontinued operations in 2005 and were sold in January 2006. The amounts
reported as continuing and discontinued operations in prior quarters are
restated each time a property is designated as discontinued.

FOOD PRODUCTS



- -------------------------------------------------------------------------------
                                        Quarter Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions           2005                  2004               Change
- -------------------------------------------------------------------------------
                                                                
  Revenue                    $ 34.0                $ 32.2                  6%
  Operating Profit           $  2.0                $  1.3                 54%
- -------------------------------------------------------------------------------
Tons Sugar Produced          52,400                56,400                - 7%
- -------------------------------------------------------------------------------


         Fourth quarter 2005 Food Products revenue of $34.0 million was $1.8
million, or 6 percent, higher than in 2004. The increase reflected higher
electric power sales revenue, due to higher rates and greater volume, and higher
molasses prices, partially offset by lower raw sugar sales volume and prices.

         Fourth quarter 2005 Food Products operating profit of $2.0 million was
$0.7 million greater than the $1.3 million operating profit in the fourth
quarter of 2004. The increase was primarily the result of the higher power sales
and molasses prices, and a smaller charge during the fourth quarter of 2005 than
in 2004 to reduce the carrying value of coffee inventories to fair market value.
These factors were partially offset by lower margins on raw sugar sales due to
lower sales volume and prices.



- -------------------------------------------------------------------------------
                                       Year Ended December 31
- -------------------------------------------------------------------------------
Dollars in Millions           2005                  2004                Change
- -------------------------------------------------------------------------------
                                                                
  Revenue                    $ 123.2              $ 112.8                  9%
  Operating Profit           $  11.2              $   4.8                2.3X
- -------------------------------------------------------------------------------

Tons Sugar Produced          192,700              198,800                - 3%
- -------------------------------------------------------------------------------


         Full year 2005 Food Products revenue of $123.2 million was $10.4
million, or 9 percent, higher than in 2004. Full year 2005 Food Products
operating profit of $11.2 million was $6.4 million higher than that 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. Apart
from that factor, the benefits of higher power sales rates and volume, and
higher molasses prices were more than offset by lower sugar volume and prices
and higher operating costs, primarily personnel, boiler and mobile-equipment
fuel, chemicals and fertilizer expenses.

CORPORATE EXPENSE, OTHER

         Fourth quarter 2005 corporate expenses of $7.8 million were $1.7
million, or 28 percent, higher than the fourth quarter of 2004. For the full
year, corporate expense of $24.1 million was $3.8 million, or 19 percent higher.
The increases in both periods were due primarily to higher charitable
contributions to the A&B Foundation, increased amortization of restricted stock
grants, and higher personnel and incentive costs, partially offset by lower
Sarbanes-Oxley related costs. Impairment losses of $2.2 million and $0.1 million
were recorded in the second and third quarters, respectively, in connection with
A&B's ultimate disposition of its interest in C&H.

BALANCE SHEET, CASH FLOW COMMENTS, TAX RATE

         The $156 million increase in Property, Net and the $82 million increase
in Long-Term Debt both primarily reflect the delivery of a new vessel.

         On the cash flow statements through December 31, the $80 million
increase in Capital Expenditures reflects primarily the delivery of the new ship
and active real estate construction. The $173 million net increase in Proceeds
(Payments) From Issuance of Debt reflects primarily the delivery of the new
ship.

         The consolidated tax rate for 2005 was 37.5 percent, lower than the 38
percent estimated until the 4th quarter. Expanded tax credits associated with
renewable energy production were the primary reason for the change.

         Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in
ocean transportation and intermodal services, through its subsidiaries, Matson
Navigation Company, Inc. and Matson Integrated Logistics, Inc.; in real estate,
through A&B Properties, Inc.; and in food products, 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.
                                 -------------------------
                   2005 and 2004 Fourth-Quarter and Full-Year Results
                   --------------------------------------------------


                                                           2005                        2004
                                                           ----                        ----
 Three Months Ended December 31:
 ------------------------------
                                                                          
 Revenue                                               $398,500,000                $392,500,000
 Income From Continuing Operations                      $18,300,000                 $18,100,000
 Discontinued Operations:  Properties(1)                 $5,100,000                    $600,000
 Net Income                                             $23,400,000                 $18,700,000
 Basic Share Earnings
      Continuing Operations                                   $0.42                       $0.42
      Net Income                                              $0.54                       $0.44
 Diluted Share Earnings
      Continuing Operations                                   $0.42                       $0.42
      Net Income                                              $0.53                       $0.42
 Average Basic Shares Outstanding                        43,700,000                  42,900,000
 Average Diluted Shares Outstanding                      44,100,000                  43,600,000

 Year Ended December 31:
 ----------------------
 Revenue                                             $1,606,800,000              $1,489,100,000
 Income From Continuing Operations                     $115,800,000                 $97,600,000
 Discontinued Operations:  Properties(1)                $10,200,000                  $3,100,000
 Net Income                                            $126,000,000                $100,700,000
 Basic Share Earnings
      Continuing Operations                                   $2.66                       $2.29
      Net Income                                              $2.89                       $2.37
 Diluted Share Earnings
      Continuing Operations                                   $2.63                       $2.26
      Net Income                                              $2.86                       $2.33
 Average Basic Shares Outstanding                        43,600,000                  42,600,000
 Average Diluted Shares Outstanding                      44,000,000                  43,200,000

(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            Year Ended
                                                         ------------------            ----------
                                                             December 31,              December 31,
                                                             -----------               -----------
                                                          2005         2004         2005         2004
                                                          ----         ----         ----         ----
Revenue:
- -------
                                                                                
  Transportation
      Ocean Transportation                           $    223.6   $    230.5   $    878.3   $    850.1
      Logistics Services                                  120.4        109.8        431.6        376.9
  Real Estate
      Leasing                                              23.2         21.7         89.7         83.8
      Sales                                                26.7          2.3        148.9         82.3
      Less Amounts Reported In
         Discontinued Operations                          (26.5)        (2.5)       (56.5)       (10.3)
  Food Products                                            34.0         32.2        123.2        112.8
  Reconciling Items                                        (2.9)        (1.5)        (8.4)        (6.5)
                                                     ----------   ----------   ----------   ----------
      Total Revenue                                  $    398.5   $    392.5   $  1,606.8   $  1,489.1
                                                     ==========   ==========   ==========   ==========

Operating Profit, Net Income:
- ----------------------------
  Transportation
      Ocean Transportation                           $     22.8   $     25.3   $    128.0   $    108.3
      Logistics Services                                    4.3          3.1         14.4          8.9
  Real Estate
      Leasing                                              11.1         10.0         43.7         38.8
      Sales                                                 7.2         (0.3)        44.1         34.6
      Less Amounts Reported In
         Discontinued Operations                           (8.1)        (1.0)       (16.5)        (5.0)
  Food Products                                             2.0          1.3         11.2          4.8
                                                     ----------   ----------   ----------   ----------
      Total Operating Profit                               39.3         38.4        224.9        190.4
  Write-down of C&H                                         -            -           (2.3)          -
  Interest Expense                                         (3.4)        (3.1)       (13.3)       (12.7)
  Corporate Expenses                                       (7.8)        (6.1)       (24.1)       (20.3)
                                                     ----------   ----------   ----------   ----------
      Income From Continuing Operations
         Before Income Taxes                               28.1         29.2        185.2        157.4
  Income Taxes                                             (9.8)       (11.1)       (69.4)       (59.8)
                                                     ----------   ----------   ----------   ----------
  Income From Continuing Operations                        18.3         18.1        115.8         97.6
      Discontinued Operations: Properties                   5.1          0.6         10.2          3.1
                                                     ----------   ----------   ----------   ----------

  Net Income                                         $     23.4   $     18.7   $    126.0   $    100.7
                                                     ==========   ==========   ==========   ==========

  Basic Earnings Per Share, Continuing Operations    $     0.42   $     0.42   $     2.66   $     2.29
  Basic Earnings Per Share, Net Income               $     0.54   $     0.44   $     2.89   $     2.37

  Diluted Earnings Per Share, Continuing Operations  $     0.42   $     0.42   $     2.63   $     2.26
  Diluted Earnings Per Share, Net Income             $     0.53   $     0.42   $     2.86   $     2.33

  Basic Shares                                             43.7         42.9         43.6         42.6
  Diluted Shares                                           44.1         43.6         44.0         43.2






                        Condensed Consolidated Balance Sheets
                        -------------------------------------
                                    (In Millions)

                                          December 31,             December 31,
                                          -----------              -----------
                                              2005                     2004
                                              ----                     ----
                                                       (Unaudited)

ASSETS
                                                            
Current Assets                            $       303             $       288
Investments                                       154                     111
Real Estate Developments                           71                      82
Property, Net                                   1,289                   1,133
Capital Construction Fund                          93                      40
Other Assets                                      161                     124
                                          -----------             -----------
                  Total                   $     2,071             $     1,778
                                          ===========             ===========

LIABILITIES & EQUITY
Current Liabilities                       $       254             $       235
Long-Term Debt                                    296                     214
Post-Retirement Benefit Obligs.                    47                      45
Other Long-Term Liabilities                        45                      41
Deferred Income Taxes                             415                     339
Shareholders' Equity                            1,014                     904
                                          -----------             -----------
                  Total                   $     2,071             $     1,778
                                          ===========             ===========







        Condensed Consolidated Statements of Cash Flows Information
        -----------------------------------------------------------
                           (In Millions)

                                                        Year Ended
                                                        ----------
                                                        December 31,
                                                        -----------
                                                2005                    2004
                                                ----                    ----
                                                        (Unaudited)

                                                            
Operating Cash Flows                      $       277             $       173
Capital Expenditures                             (231)                   (151)
CCF Withdrawals/(Deposits), Net                   (69)                    140
Proceeds From Issuance of
    (Payment of) Debt, Net                         71                    (102)
Repurchase of Capital Stock                         -                      (2)
Dividends Paid                                    (39)                    (38)
All Other, Net                                      6                      16
                                          -----------             -----------
Increase/(Decrease) In Cash               $        15             $        36
                                          ===========             ===========

Depreciation                              $       (84)            $       (80)
                                          ============            ============