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x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended
March 31, 2010
|
|
OR
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from ______________________ to _________________
|
|
Commission file number
000-00565
|
|
(Exact name of registrant as specified in its charter)
|
Hawaii
|
99-0032630
|
(State or other jurisdiction of
incorporation or organization
)
|
(I.R.S. Employer
Identification No.)
|
P. O. Box 3440, Honolulu, Hawaii
822 Bishop Street, Honolulu, Hawaii
(Address of principal executive offices)
|
96801
96813
(Zip Code)
|
|
(808) 525-6611
|
|
(Registrant’s telephone number, including area code)
|
|
N/A
|
|
(Former name, former address, and former
|
|
fiscal year, if changed since last report)
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
Three Months Ended
|
|||||||
March 31,
|
|||||||
2010
|
2009
|
||||||
Revenue:
|
|||||||
Operating revenue
|
$
|
345.0
|
$
|
315.3
|
|||
Costs and Expenses:
|
|||||||
Costs of goods sold, services and rentals
|
294.0
|
270.1
|
|||||
Selling, general and administrative
|
38.7
|
46.2
|
|||||
Operating costs and expenses
|
332.7
|
316.3
|
|||||
Operating Income (Loss)
|
12.3
|
(1.0
|
)
|
||||
Other Income and (Expense):
|
|||||||
Equity in losses of real estate affiliates
|
(0.7
|
)
|
--
|
||||
Gain on investment
|
0.7
|
--
|
|||||
Interest income
|
1.8
|
0.1
|
|||||
Interest expense
|
(6.5
|
)
|
(5.6
|
)
|
|||
Income (Loss) Before Taxes
|
7.6
|
(6.5
|
)
|
||||
Income tax expense (benefit)
|
3.5
|
(2.4
|
)
|
||||
Income (Loss) From Continuing Operations
|
4.1
|
(4.1
|
)
|
||||
Income From Discontinued Operations (net of income taxes)
|
13.2
|
7.1
|
|||||
Net Income
|
$
|
17.3
|
$
|
3.0
|
|||
Basic Earnings (Loss) Per Share:
|
|||||||
Continuing operations
|
$
|
0.10
|
$
|
(0.10
|
)
|
||
Discontinued operations
|
0.32
|
0.17
|
|||||
Net income
|
$
|
0.42
|
$
|
0.07
|
|||
Diluted Earnings (Loss) Per Share:
|
|||||||
Continuing operations
|
$
|
0.10
|
$
|
(0.10
|
)
|
||
Discontinued operations
|
0.32
|
0.17
|
|||||
Net income
|
$
|
0.42
|
$
|
0.07
|
|||
Weighted Average Number of Shares Outstanding:
|
|||||||
Basic
|
41.1
|
41.0
|
|||||
Diluted
|
41.3
|
41.0
|
|||||
Cash Dividends Per Share
|
$
|
0.315
|
$
|
0.315
|
March 31,
|
December 31,
|
||||||
2010
|
2009
|
||||||
ASSETS
|
|||||||
Current Assets:
|
|||||||
Cash and cash equivalents
|
$
|
20
|
$
|
16
|
|||
Accounts and notes receivable, net
|
172
|
172
|
|||||
Inventories
|
62
|
43
|
|||||
Real estate held for sale
|
6
|
36
|
|||||
Deferred income taxes
|
6
|
6
|
|||||
Section 1031 exchange proceeds
|
6
|
1
|
|||||
Prepaid expenses and other assets
|
28
|
33
|
|||||
Total current assets
|
300
|
307
|
|||||
Investments in Affiliates
|
260
|
242
|
|||||
Real Estate Developments
|
89
|
88
|
|||||
Property, at cost
|
2,743
|
2,715
|
|||||
Less accumulated depreciation and amortization
|
1,200
|
1,179
|
|||||
Property – net
|
1,543
|
1,536
|
|||||
Employee Benefit Plan Assets
|
4
|
3
|
|||||
Other Assets
|
223
|
204
|
|||||
Total
|
$
|
2,419
|
$
|
2,380
|
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current Liabilities:
|
|||||||
Notes payable and current portion of long-term debt
|
$
|
36
|
$
|
65
|
|||
Accounts payable
|
123
|
132
|
|||||
Payroll and vacation benefits
|
19
|
18
|
|||||
Uninsured claims
|
11
|
9
|
|||||
Accrued and other liabilities
|
71
|
73
|
|||||
Total current liabilities
|
260
|
297
|
|||||
Long-term Liabilities:
|
|||||||
Long-term debt
|
468
|
406
|
|||||
Deferred income taxes
|
429
|
428
|
|||||
Employee benefit plans
|
119
|
116
|
|||||
Uninsured claims and other liabilities
|
49
|
48
|
|||||
Total long-term liabilities
|
1,065
|
998
|
|||||
Commitments and Contingencies (Note 3)
|
|||||||
Shareholders’ Equity:
|
|||||||
Capital stock
|
34
|
33
|
|||||
Additional capital
|
211
|
210
|
|||||
Accumulated other comprehensive loss
|
(77
|
)
|
(81
|
)
|
|||
Retained earnings
|
937
|
934
|
|||||
Cost of treasury stock
|
(11
|
)
|
(11
|
)
|
|||
Total shareholders’ equity
|
1,094
|
1,085
|
|||||
Total
|
$
|
2,419
|
$
|
2,380
|
Three Months Ended
|
|||||||
March 31,
|
|||||||
2010
|
2009
|
||||||
Cash Flows from Operating Activities
|
$
|
5
|
$
|
8
|
|||
Cash Flows from Investing Activities:
|
|||||||
Capital expenditures
|
(8
|
)
|
(16
|
)
|
|||
Proceeds from disposal of property and other assets
|
--
|
29
|
|||||
Deposits into Capital Construction Fund
|
(2
|
)
|
(2
|
)
|
|||
Withdrawals from Capital Construction Fund
|
2
|
2
|
|||||
Increase in investments
|
(26
|
)
|
(6
|
)
|
|||
Reduction in investments
|
12
|
1
|
|||||
Net cash provided by (used in) investing activities
|
(22
|
)
|
8
|
||||
Cash Flows from Financing Activities:
|
|||||||
Proceeds from issuances of long-term debt
|
73
|
195
|
|||||
Payments of long-term debt
|
(21
|
)
|
(197
|
)
|
|||
Payments of short-term debt, net
|
(19
|
)
|
(9
|
)
|
|||
Proceeds from issuances of capital stock, including
|
|||||||
excess tax benefit
|
1
|
(1
|
)
|
||||
Dividends paid
|
(13
|
)
|
(13
|
)
|
|||
Net cash provided by (used) in financing activities
|
21
|
(25
|
)
|
||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
$
|
4
|
$
|
(9
|
)
|
||
Other Cash Flow Information:
|
|||||||
Interest paid
|
$
|
(8
|
)
|
$
|
(6
|
)
|
|
Other Non-cash Information:
|
|||||||
Depreciation and amortization expense
|
$
|
26
|
$
|
26
|
|||
Tax-deferred property sales
|
$
|
57
|
$
|
19
|
|||
Tax-deferred property purchases
|
$
|
(31
|
)
|
$
|
(50
|
)
|
(1)
|
The Condensed Consolidated Financial Statements are unaudited. Because of the nature of the Company’s operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. Therefore, the interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2009.
|
(2)
|
In June 2009, the FASB issued guidance to revise the approach to determine when a variable interest entity (“VIE”) should be consolidated. The new consolidation model for VIEs considers whether the Company has the power to direct the activities that most significantly impact the VIE’s economic performance and shares in the significant risks and rewards of the entity. The guidance on VIEs requires companies to continually reassess VIEs to determine if consolidation is appropriate and provide additional disclosures. The guidance is effective for the Company in 2010. The adoption of the standard did not have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.
|
(3)
|
Commitments, Guarantees and Contingencies: Commitments and financial arrangements (excluding lease commitments disclosed in Note 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2009) at March 31, 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 Company’s 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 Company’s real estate projects.
|
|
(b)
|
Consists of approximately $16 million in U.S. customs bonds, approximately $1 million in bonds related to real estate construction projects in Hawaii, and approximately $2 million related to transportation and other matters.
|
|
(c)
|
Represents the withdrawal liabilities as of the most recent valuation dates for multiemployer pension plans, in which Matson is a participant. Management has no present intention of withdrawing from, and does not anticipate the termination of, any of the aforementioned plans.
|
(4)
|
Earnings Per Share (“EPS”): The number of shares used to compute basic and diluted earnings per share is as follows (in millions):
|
Quarter Ended
|
||||
March 31,
|
||||
2010
|
2009
|
|||
Denominator for basic EPS - weighted average shares
|
41.1
|
41.0
|
||
Effect of dilutive securities:
|
||||
Employee/director stock options, non-vested common stock,
and restricted stock units
|
0.2
|
--
|
||
Denominator for diluted EPS - weighted average shares
|
41.3
|
41.0
|
(5)
|
Share-Based Compensation: On January 27, 2010, the Company granted non-qualified stock options to purchase 422,156 shares of the Company’s common stock. The grant-date fair value of each stock option granted using the Black-Scholes-Merton option pricing model, was $6.60 using the following weighted average assumptions: volatility of 28.8%, risk-free interest rate of 2.7%, dividend yield of 3.8%, and expected term of 5.8 years.
|
Activity in the Company’s stock option plans for the first quarter of 2010 was as follows (in thousands, except weighted average exercise price and weighted average contractual life):
|
Predecessor Plans
|
Weighted
|
Weighted
|
|||||||||||||||
1998
|
1998
|
Average
|
Average
|
Aggregate
|
|||||||||||||
2007
|
Employee
|
Directors’
|
Total
|
Exercise
|
Contractual
|
Intrinsic
|
|||||||||||
Plan
|
Plan
|
Plan
|
Shares
|
Price
|
Life
|
Value
|
|||||||||||
Outstanding, January 1, 2010
|
958
|
1,291
|
196
|
2,445
|
$36.80
|
||||||||||||
Granted
|
422
|
--
|
--
|
422
|
$33.02
|
||||||||||||
Exercised
|
--
|
(46
|
)
|
(6
|
)
|
(52
|
)
|
$25.68
|
|||||||||
Forfeited and expired
|
(2
|
)
|
--
|
--
|
(2
|
)
|
$46.64
|
||||||||||
Outstanding, March 31, 2010
|
1,378
|
1,245
|
190
|
2,813
|
$36.43
|
6.0
|
$7,406
|
||||||||||
Exercisable, March 31, 2010
|
478
|
1,245
|
190
|
1,913
|
$38.62
|
4.8
|
$4,222
|
Predecessor
|
||||||||||||
2007
|
Plans
|
|||||||||||
Plan
|
Weighted
|
Non-Vested
|
Weighted
|
|||||||||
Restricted
|
Average
|
Common
|
Average
|
|||||||||
Stock
|
Grant-Date
|
Stock
|
Grant-Date
|
|||||||||
Units
|
Fair Value
|
Shares
|
Fair Value
|
|||||||||
Outstanding, January 1, 2010
|
427
|
$27.06
|
15
|
$48.19
|
||||||||
Granted
|
162
|
$33.02
|
--
|
--
|
||||||||
Vested
|
(75
|
)
|
$30.15
|
(15
|
)
|
$48.19
|
||||||
Canceled
|
(181
|
)
|
$23.39
|
--
|
--
|
|||||||
Outstanding, March 31, 2010
|
333
|
$31.27
|
--
|
--
|
Quarter Ended
|
|||||||||
March 31,
|
|||||||||
2010
|
2009
|
||||||||
Share-based expense (net of estimated forfeitures):
|
|||||||||
Stock options
|
$
|
0.4
|
$
|
0.9
|
|||||
Non-vested stock/Restricted stock units
|
1.2
|
1.7
|
|||||||
Total share-based expense
|
1.6
|
2.6
|
|||||||
Total recognized tax benefit
|
(0.5
|
)
|
(0.7
|
)
|
|||||
Share-based expense (net of tax)
|
$
|
1.1
|
$
|
1.9
|
(6)
|
Accounting for and Classification of Discontinued Operations: As required by FASB ASC Subtopic 205-20,
Discontinued Operations
, the sales of certain income-producing assets are classified as discontinued operations if (i) the operations and cash flows of the component have been, or will be, eliminated from the ongoing operations of the Company as a result of the disposal transaction and (ii) the Company will not have any significant continuing involvement in the operations of the component after the disposal transaction. Certain income-producing properties that are classified as “held for sale” under the requirements of FASB ASC Subtopic 205-20, are also treated as discontinued operations. Depreciation on these assets ceases upon classification as discontinued operations. Sales of land, residential units, and office condominium units are generally considered inventory and are not included in discontinued operations.
|
Quarter Ended
|
|||||||||
March 31,
|
|||||||||
2010
|
2009
|
||||||||
Discontinued Operations
|
|||||||||
Sales of Assets
|
$
|
13.1
|
$
|
5.2
|
|||||
Leasing Operations
|
0.1
|
1.9
|
|||||||
Income from discontinued operations (net of tax)
|
$
|
13.2
|
$
|
7.1
|
(7)
|
Comprehensive income for the three months ended March 31, 2010 and 2009 consisted of (in millions):
|
Quarter Ended
|
|||||||||
March 31,
|
|||||||||
2010
|
2009
|
||||||||
Net income
|
$
|
17.3
|
$
|
3.0
|
|||||
Amortization of unrealized pension asset loss
|
1.8
|
0.3
|
|||||||
Comprehensive income
|
$
|
19.1
|
$
|
3.3
|
(8)
|
Pension and Post-retirement Plans: The Company has defined benefit pension plans that cover substantially all non-bargaining unit and certain bargaining unit employees. The Company also has unfunded non-qualified plans that provide benefits in excess of the amounts permitted to be paid under the provisions of the tax law to participants in qualified plans. The assumptions related to discount rates, expected long-term rates of return on invested plan assets, salary increases, age, mortality and health care cost trend rates, along with other factors, are used in determining the assets, liabilities and expenses associated with pension benefits. Management reviews the assumptions annually with its independent actuaries, taking into consideration existing and future economic conditions and the Company’s intentions with respect to these plans. Management believes that its assumptions and estimates for 2010 are reasonable. Different assumptions, however, could result in material changes to the assets, obligations and costs associated with benefit plans.
|
Pension Benefits
|
Post-retirement Benefits
|
||||||||||||||||
2010
|
2009
|
2010
|
2009
|
||||||||||||||
Service cost
|
$
|
2.1
|
$
|
2.0
|
$
|
0.2
|
$
|
0.2
|
|||||||||
Interest cost
|
4.9
|
4.8
|
0.8
|
0.8
|
|||||||||||||
Expected return on plan assets
|
(5.0
|
)
|
(5.0
|
)
|
--
|
--
|
|||||||||||
Amortization of prior service cost
|
0.2
|
0.2
|
0.1
|
0.1
|
|||||||||||||
Amortization of net (gain) loss
|
2.7
|
2.9
|
0.1
|
(0.1
|
)
|
||||||||||||
Net periodic benefit cost
|
$
|
4.9
|
$
|
4.9
|
$
|
1.2
|
$
|
1.0
|
(9)
|
Segment results for the three months ended March 31, 2010 and 2009 were as follows (in millions):
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2010
|
2009
|
|||||||
Revenue:
|
||||||||
Transportation:
|
||||||||
Ocean transportation
|
$
|
229.5
|
$
|
201.1
|
||||
Logistics services
|
77.1
|
76.2
|
||||||
Real Estate:
|
||||||||
Leasing
|
23.6
|
27.2
|
||||||
Sales
|
60.3
|
25.2
|
||||||
Less amounts reported in discontinued operations
|
(55.5
|
)
|
(29.8
|
)
|
||||
Agribusiness
|
14.2
|
17.7
|
||||||
Reconciling Items
|
(4.2
|
)
|
(2.3
|
)
|
||||
Total revenue
|
$
|
345.0
|
$
|
315.3
|
||||
Operating Profit (Loss), Net Income:
|
||||||||
Transportation:
|
||||||||
Ocean transportation
|
$
|
10.4
|
$
|
(0.5
|
)
|
|||
Logistics services
|
1.9
|
1.5
|
||||||
Real Estate:
|
||||||||
Leasing
|
9.1
|
12.0
|
||||||
Sales
|
21.4
|
5.6
|
||||||
Less amounts reported in discontinued operations
|
(21.0
|
)
|
(11.5
|
)
|
||||
Agribusiness
|
(1.1
|
)
|
(1.9
|
)
|
||||
Total operating profit
|
20.7
|
5.2
|
||||||
Interest Expense
|
(6.5
|
)
|
(5.6
|
)
|
||||
General Corporate Expenses
|
(6.6
|
)
|
(6.1
|
)
|
||||
Income (Loss) From Continuing Operations Before Income Taxes
|
7.6
|
(6.5
|
)
|
|||||
Income Tax Expense (Benefit)
|
3.5
|
(2.4
|
)
|
|||||
Income (Loss) From Continuing Operations
|
4.1
|
(4.1
|
)
|
|||||
Income From Discontinued Operations (net of income taxes)
|
13.2
|
7.1
|
||||||
Net Income
|
$
|
17.3
|
$
|
3.0
|
Quarter Ended March 31,
|
||||||||||
(dollars in millions)
|
2010
|
2009
|
Change
|
|||||||
Operating revenue
|
$
|
345.0
|
$
|
315.3
|
9
|
%
|
||||
Operating costs and expenses
|
332.7
|
316.3
|
5
|
%
|
||||||
Operating income (loss)
|
12.3
|
(1.0
|
)
|
NM
|
||||||
Other income and (expense)
|
(4.7
|
)
|
(5.5
|
)
|
15
|
%
|
||||
Income (loss) before taxes
|
7.6
|
(6.5
|
)
|
NM
|
||||||
Income tax expense (benefit)
|
3.5
|
(2.4
|
)
|
NM
|
||||||
Discontinued operations (net of income taxes)
|
13.2
|
7.1
|
86
|
%
|
||||||
Net income
|
$
|
17.3
|
$
|
3.0
|
6
|
X
|
||||
Basic earnings per share
|
$
|
0.42
|
$
|
0.07
|
6
|
X
|
||||
Diluted earnings per share
|
$
|
0.42
|
$
|
0.07
|
6
|
X
|
Quarter Ended March 31,
|
||||||||||
(dollars in millions)
|
2010
|
2009
|
Change
|
|||||||
Revenue
|
$
|
229.5
|
$
|
201.1
|
14
|
%
|
||||
Operating profit (loss)
|
$
|
10.4
|
$
|
(0.5
|
)
|
NM
|
||||
Operating profit margin
|
4.5
|
%
|
-0.2
|
%
|
||||||
Volume (Units)*
|
||||||||||
Hawaii containers
|
31,400
|
32,500
|
-3
|
%
|
||||||
Hawaii automobiles
|
21,800
|
14,400
|
51
|
%
|
||||||
China containers
|
13,200
|
9,600
|
38
|
%
|
||||||
Guam containers
|
3,500
|
3,400
|
3
|
%
|
Quarter Ended March 31,
|
||||||||||
(dollars in millions)
|
2010
|
2009
|
Change
|
|||||||
Intermodal revenue
|
$
|
44.6
|
$
|
44.5
|
--
|
%
|
||||
Highway revenue
|
32.5
|
31.7
|
3
|
%
|
||||||
Total Revenue
|
$
|
77.1
|
$
|
76.2
|
1
|
%
|
||||
Operating profit
|
$
|
1.9
|
$
|
1.5
|
27
|
%
|
||||
Operating profit margin
|
2.5
|
%
|
2.0
|
%
|
Quarter Ended March 31,
|
||||||||||
(dollars in millions)
|
2010
|
2009
|
Change
|
|||||||
Revenue
|
$
|
23.6
|
$
|
27.2
|
-13
|
%
|
||||
Operating profit
|
$
|
9.1
|
$
|
12.0
|
-24
|
%
|
||||
Operating profit margin
|
38.6
|
%
|
44.1
|
%
|
||||||
Occupancy Rates:
|
||||||||||
Mainland
|
85
|
%
|
90
|
%
|
-5
|
%
|
||||
Hawaii
|
94
|
%
|
95
|
%
|
-1
|
%
|
||||
Leasable Space (million sq. ft.):
|
||||||||||
Mainland
|
7.2
|
7.1
|
1
|
%
|
||||||
Hawaii
|
1.1
|
1.4
|
-21
|
%
|
Dispositions
|
Acquisitions
|
|||||
Date
|
Property
|
Leasable sq. ft
|
Date
|
Property
|
Leasable sq. ft
|
|
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
|
||||
6-09
|
Hawaii Business Park (HI)
|
85,200
|
|
|||
Total Dispositions
|
641,500
|
Total Acquisitions
|
477,700
|
Quarter Ended March 31,
|
||||||||||
(dollars in millions)
|
2010
|
2009
|
Change
|
|||||||
Improved property sales
|
$
|
55.2
|
$
|
20.1
|
3
|
X
|
||||
Development sales
|
0.7
|
0.4
|
75
|
%
|
||||||
Unimproved/other property sales
|
4.4
|
4.7
|
-6
|
%
|
||||||
Total revenue
|
$
|
60.3
|
$
|
25.2
|
2
|
X
|
||||
Operating profit before joint ventures
|
$
|
22.1
|
$
|
5.6
|
4
|
X
|
||||
Equity in losses from joint ventures
|
(0.7
|
)
|
--
|
NM
|
||||||
Total operating profit
|
$
|
21.4
|
$
|
5.6
|
4
|
X
|
Quarter Ended March 31,
|
|||||||
(dollars in millions, before tax)
|
2010
|
2009
|
|||||
Sales revenue
|
$
|
55.2
|
$
|
24.6
|
|||
Leasing revenue
|
$
|
0.3
|
$
|
5.2
|
|||
Sales operating profit
|
$
|
20.7
|
$
|
8.4
|
|||
Leasing operating profit
|
$
|
0.3
|
$
|
3.1
|
Quarter Ended March 31,
|
||||||||||
(dollars in millions)
|
2010
|
2009
|
Change
|
|||||||
Revenue
|
$
|
14.2
|
$
|
17.7
|
-20
|
%
|
||||
Operating loss
|
$
|
(1.1
|
)
|
$
|
(1.9
|
)
|
42
|
%
|
||
Tons sugar produced
|
--
|
12,200
|
-100
|
%
|
|
(a)
|
Disclosure Controls and Procedures. The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective.
|
|
(b)
|
Internal Control Over Financial Reporting. There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
|
Period
|
Total Number of
Shares Purchased
|
Average Price
Paid per Share
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
|
Maximum Number
of Shares that
May Yet Be Purchased
Under the Plans
or Programs
|
Jan 1 - 31, 2010
|
58,793 (1)
|
$32.70
|
--
|
--
|
Feb 1 - 28, 2010
|
--
|
--
|
--
|
--
|
Mar 1 - 31, 2010
|
2,753 (1)
|
$32.35
|
--
|
--
|
|
(1)
|
Represents shares accepted in satisfaction of tax withholding obligations upon vesting of non-vested common stock and restricted stock units.
|
(i) Election of Directors
|
For
|
Withheld
|
Broker Non-Votes
|
W. Blake Baird
|
33,306,848
|
439,744
|
3,358,539
|
Michael J. Chun
|
32,518,007
|
1,228,585
|
3,358,539
|
W. Allen Doane
|
33,268,996
|
477,596
|
3,358,539
|
Walter A. Dods, Jr.
|
33,085,185
|
661,407
|
3,358,539
|
Charles G. King
|
30,819,093
|
2,927,499
|
3,358,539
|
Stanley M. Kuriyama
|
33,187,183
|
559,409
|
3,358,539
|
Constance H. Lau
|
29,688,302
|
4,058,290
|
3,358,539
|
Douglas M. Pasquale
|
33,174,108
|
572,484
|
3,358,539
|
Maryanna G. Shaw
|
32,970,838
|
775,754
|
3,358,539
|
Jeffrey N. Watanabe
|
32,754,660
|
991,932
|
3,358,539
|
(ii) Ratification of Appointment of Independent Registered Public Accounting Firm
|
For
|
Against
|
Abstain
|
Broker Non-Votes
|
36,734,583
|
174,358
|
196,190
|
--
|
(iii) Proposal to Approve Amended and Restated 2007 Incentive Compensation Plan
|
For
|
Against
|
Abstain
|
Broker Non-Votes
|
28,108,858
|
4,739,188
|
898,546
|
3,358,539
|
|
SIGNATURES
|
ALEXANDER & BALDWIN, INC.
|
||
(Registrant)
|
||
Date: May 5, 2010
|
/s/ Christopher J. Benjamin
|
|
Christopher J. Benjamin
|
||
Senior Vice President,
|
||
Chief Financial Officer and Treasurer
|
||
Date: May 5, 2010
|
/s/ Paul K. Ito
|
|
Paul K. Ito
|
||
Vice President, Controller and
|
||
Assistant Treasurer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Levi Strauss & Co. | LEVI |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|