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ALEXANDER & BALDWIN INC

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Table 0

Financial table in standard format

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(In millions, except per share amounts)(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Revenue:
Operating revenue	$	398.9		$	351.0		$	743.6		$	665.8

Costs and Expenses:
Costs of goods sold, services and rentals		319.6			301.0			613.5			570.7
Selling, general and administrative		36.9			35.0			75.6			81.2
Operating costs and expenses		356.5			336.0			689.1			651.9

Operating Income		42.4			15.0			54.5			13.9
Other Income and (Expense):
Gain on insurance settlement and other		0.7			--			1.4			--
Equity in income of real estate affiliates		(0.2	)		0.2			(0.9	)		0.2
Interest income		0.2			0.1			2.0			0.2
Interest expense		(6.5	)		(6.9	)		(13.0	)		(12.5	)
Income Before 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
Discontinued operations		0.15			0.19			0.48			0.36
Net income	$	0.70		$	0.31		$	1.12		$	0.38

Diluted Earnings Per Share:
Continuing operations	$	0.55		$	0.12		$	0.64		$	0.02
Discontinued operations		0.15			0.19			0.48			0.36
Net income	$	0.70		$	0.31		$	1.12		$	0.38

Weighted Average Number of Shares Outstanding:
Basic		41.2			41.0			41.1			41.0
Diluted		41.4			41.0			41.4			41.0

Cash Dividends Paid Per Share	$	0.315		$	0.315		$	0.63		$	0.63

ALEXANDER & BALDWIN INC CIK:3453
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Revenue:
Operating revenue	$398.9	$351.0	$743.6	$665.8
Costs and Expenses:
Costs of goods sold, services and rentals	319.6	301.0	613.5	570.7
Selling, general and administrative	36.9	35.0	75.6	81.2
Operating costs and expenses	356.5	336.0	689.1	651.9
Operating Income	42.4	15.0	54.5	13.9
Other Income and (Expense):
Gain on insurance settlement and other	0.7		1.4
Equity in income of real estate affiliates	(0.2)	0.2	(0.9)	0.2
Interest income	0.2	0.1	2.0	0.2
Interest expense	(6.5)	(6.9)	(13.0)	(12.5)
Income Before 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
Discontinued operations	0.15	0.19	0.48	0.36
Net income	$0.70	$0.31	$1.12	$0.38
Diluted Earnings Per Share:
Continuing operations	$0.55	$0.12	$0.64	$0.02
Discontinued operations	0.15	0.19	0.48	0.36
Net income	$0.70	$0.31	$1.12	$0.38
Weighted Average Number of Shares Outstanding:
Basic	41.2	41.0	41.1	41.0
Diluted	41.4	41.0	41.4	41.0
Cash Dividends Paid Per Share	$0.315	$0.315	$0.63	$0.63

Table 1

Financial table in standard format

ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions) (Unaudited)

	June 30,			December 31,
	2010			2009
ASSETS
Current Assets:
Cash and cash equivalents	$	36		$	16
Accounts and notes receivable, net		173			172
Inventories		59			43
Real estate held for sale		6			36
Deferred income taxes		6			6
Section 1031 exchange proceeds		16			1
Prepaid expenses and other assets		22			33
Total current assets		318			307
Investments in Affiliates		283			242
Real Estate Developments		106			88
Property, at cost		2,770			2,715
Less accumulated depreciation and amortization		1,217			1,179
Property net		1,553			1,536
Employee Benefit Plan Assets		3			3
Other Assets		198			204
Total	$	2,461		$	2,380

LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities:
Notes payable and current portion of long-term debt	$	56		$	65
Accounts payable		127			132
Payroll and employee benefits		17			18
Uninsured claims		11			9
Accrued and other liabilities		88			73
Total current liabilities		299			297
Long-term Liabilities:
Long-term debt		470			406
Deferred income taxes		423			428
Employee benefit plans		120			116
Uninsured claims and other liabilities		48			48
Total long-term liabilities		1,061			998
Commitments and Contingencies (Note 3)
Shareholders Equity:
Capital stock		33			33
Additional capital		215			210
Accumulated other comprehensive loss		(76	)		(81	)
Retained earnings		940			934
Cost of treasury stock		(11	)		(11	)
Total shareholders' equity		1,101			1,085
Total	$	2,461		$	2,380

ALEXANDER & BALDWIN INC CIK:3453
	2010-06-30	2009-12-31
ASSETS
Current Assets:
Cash and cash equivalents	$36	$16
Accounts and notes receivable, net	173	172
Inventories	59	43
Real estate held for sale	6	36
Deferred income taxes	6	6
Section 1031 exchange proceeds	16	1
Prepaid expenses and other assets	22	33
Total current assets	318	307
Investments in Affiliates	283	242
Real Estate Developments	106	88
Property, at cost	2,770	2,715
Less accumulated depreciation and amortization	1,217	1,179
Property net	1,553	1,536
Employee Benefit Plan Assets	3	3
Other Assets	198	204
Total	$2,461	$2,380
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities:
Notes payable and current portion of long-term debt	$56	$65
Accounts payable	127	132
Payroll and employee benefits	17	18
Uninsured claims	11	9
Accrued and other liabilities	88	73
Total current liabilities	299	297
Long-term Liabilities:
Long-term debt	470	406
Deferred income taxes	423	428
Employee benefit plans	120	116
Uninsured claims and other liabilities	48	48
Total long-term liabilities	1,061	998
Commitments and Contingencies (Note 3)
Shareholders Equity:
Capital stock	33	33
Additional capital	215	210
Accumulated other comprehensive loss	(76)	(81)
Retained earnings	940	934
Cost of treasury stock	(11)	(11)
Total shareholders' equity	1,101	1,085
Total	$2,461	$2,380

Table 2

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(2)
Commitments, Guarantees and Contingencies:Commitments and financial arrangements (excluding lease commitments disclosed in Note 8 of the Companys Annual Report filed on Form 10-K for the year ended December 31, 2009) at June 30, 2010, included the following (in millions):
Standby letters of credit(a)$10
Performance and customs bonds(b)$19
Benefit plan withdrawal obligations(c)$89
These amounts are not recorded on the Companys condensed consolidated balance sheet and it is not expected that the Company or its subsidiaries will be called upon to advance funds under these commitments.

(a)

Represents letters of credit, of which, approximately $8 million enable the Company to qualify as a self-insurer for state and federal workers compensation liabilities. Additionally, the balance also includes a $2 million letter of credit for insurance-related matters for one of the Companys real estate projects.

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    [2..2)   [1..1] (stub): 'Represents letters of credit, of which, approximately $8 million enable the Company to qualify as a self-insurer for state and federal workers compensation liabilities. Additionally, the balance also includes a $2 million letter of credit for insurance-related matters for one of the Companys real estate projects.'
      Attributes: num=>1 [1..1]  



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Table attributes: balancesheet,date,liabilities

Table 3

Financial table in standard format

Quarter Ended
Six Months Ended
June 30,
June 30,
2010
2009
2010
2009
Discontinued operations (net of tax)
Sales of assets
$
6.0
$
6.2
$
19.5
$
11.3
Leasing operations
--
1.4
0.3
3.5
Total
$
6.0
$
7.6
$
19.8
$
14.8
Discontinued operations includes the results for properties that were sold through June 30, 2010 and, if applicable, the operating results of properties still owned, but meet the definition of discontinued operations under FASB ASC Subtopic 205-20. Operating results included in the Condensed Consolidated Statements of Operations and the segment results (Note 8) for the first half of 2009 have been restated to reflect property that was classified as discontinued operations subsequent to June 30, 2009.

(6)	Comprehensive income for the three and six months ended June 30, 2010 and 2009 consisted of (in millions):

ALEXANDER & BALDWIN INC CIK:3453

Data column 1: "numyear" is ambiguous (2010 or 2009)
Data column 1: Unable to interpret date in column header

Table 4

Financial table in standard format

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 Companys real estate businesses. A discussion of discontinued operations for the real estate business is included separately.
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 projects 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 la nd 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 Companys 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	%

ALEXANDER & BALDWIN INC CIK:3453
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)
Revenue	$23.2	$25.9
Operating profit	$8.5	$11.0
Operating profit margin	36.6	42.5
Occupancy Rates:
Mainland	86	84	2
Hawaii	93	95
Leasable Space (million sq. ft.):
Mainland	7.0	7.1
Hawaii	1.2	1.3

Data column 3: Unable to interpret date in column header

Original filing from SEC EDGAR system.