Hawaii
|
000-00565
|
99-0032630
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer
Identification No.)
|
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))
|
|
99.1
|
Press Release announcing 2011 fourth quarter earnings issued on February 13, 2012.
|
For media inquiries:
|
For investor relations inquiries:
|
Meredith J. Ching
|
Suzy P. Hollinger
|
808.525.6669
|
808.525.8422
|
mching@abinc.com
|
shollinger@abinc.com
|
FOR RELEASE:
|
|
4:00 P.M. EASTERN STANDARD TIME
|
|
Monday, February 13, 2012
|
·
|
Hawaii 2011 container volume up modestly, but challenging Transpacific rate environment suppresses Ocean Transportation earnings
|
·
|
Higher production, favorable pricing drive Agribusiness results higher
|
·
|
Increased Mainland occupancy and rents improve Leasing performance
|
·
|
Reduction in the carrying value of an Oahu joint venture and lower property sales lead to fourth quarter Real Estate Sales segment operating loss
|
·
|
Separation progressing as planned
|
Quarter Ended December 31,
|
||||||||||
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Revenue
|
$
|
282.6
|
$
|
268.0
|
5
|
%
|
||||
Operating profit
|
$
|
13.0
|
$
|
28.8
|
-55
|
%
|
||||
CLX2 shutdown losses included in continuing operations1
|
1.0
|
--
|
NM
|
|||||||
Adjusted operating profit1
|
$
|
14.0
|
$
|
28.8
|
-51
|
%
|
||||
Operating profit margin
|
4.6
|
%
|
10.7
|
%
|
||||||
Adjusted operating profit margin2
|
5.0
|
%
|
10.7
|
%
|
||||||
Volume (Units)3
|
||||||||||
Hawaii containers
|
35,000
|
37,100
|
-6
|
%
|
||||||
Hawaii automobiles
|
19,700
|
19,800
|
-1
|
%
|
||||||
China containers – CLX1
|
15,800
|
14,000
|
13
|
%
|
||||||
Guam containers
|
5,100
|
4,000
|
28
|
%
|
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Revenue
|
$
|
1,077.6
|
$
|
1,016.5
|
6
|
%
|
||||
Operating profit
|
$
|
74.1
|
$
|
118.7
|
-38
|
%
|
||||
CLX2 shutdown losses included in continuing operations1
|
7.1
|
--
|
NM
|
|||||||
Adjusted operating profit1
|
$
|
81.2
|
$
|
118.7
|
-32
|
%
|
||||
Operating profit margin
|
6.9
|
%
|
11.7
|
%
|
||||||
Adjusted operating profit margin2
|
7.5
|
%
|
11.7
|
%
|
||||||
Volume (Units)3
|
||||||||||
Hawaii containers
|
140,000
|
136,700
|
2
|
%
|
||||||
Hawaii automobiles
|
81,000
|
81,800
|
-1
|
%
|
||||||
China containers – CLX1
|
59,000
|
60,000
|
-2
|
%
|
||||||
Guam containers
|
15,200
|
15,200
|
--
|
%
|
Quarter Ended December 31,
|
||||||||||
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Intermodal revenue
|
$
|
56.2
|
$
|
55.1
|
2
|
%
|
||||
Highway revenue
|
36.6
|
42.4
|
-14
|
%
|
||||||
Total Revenue
|
$
|
92.8
|
$
|
97.5
|
-5
|
%
|
||||
Operating profit (loss)
|
$
|
(0.6
|
)
|
$
|
2.0
|
NM
|
||||
Operating profit margin
|
(0.6
|
)%
|
2.1
|
%
|
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Intermodal revenue
|
$
|
234.5
|
$
|
204.1
|
15
|
%
|
||||
Highway revenue
|
151.9
|
151.5
|
--
|
|||||||
Total Revenue
|
$
|
386.4
|
$
|
355.6
|
9
|
%
|
||||
Operating profit
|
$
|
5.0
|
$
|
7.2
|
-31
|
%
|
||||
Operating profit margin
|
1.3
|
%
|
2.0
|
%
|
Quarter Ended December 31,
|
||||||||||
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Revenue
|
$
|
24.4
|
$
|
23.2
|
5
|
%
|
||||
Operating profit
|
$
|
9.1
|
$
|
8.4
|
8
|
%
|
||||
Operating profit margin
|
37.3
|
%
|
36.2
|
%
|
||||||
Average Occupancy Rates:
|
||||||||||
Mainland
|
92
|
%
|
86
|
%
|
||||||
Hawaii
|
91
|
%
|
91
|
%
|
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Revenue
|
$
|
100.1
|
$
|
94.4
|
6
|
%
|
||||
Operating profit
|
$
|
39.3
|
$
|
35.3
|
11
|
%
|
||||
Operating profit margin
|
39.3
|
%
|
37.4
|
%
|
||||||
Average Occupancy Rates:
|
||||||||||
Mainland
|
92
|
%
|
85
|
%
|
||||||
Hawaii
|
91
|
%
|
92
|
%
|
||||||
Leasable Space (million sq. ft.) - Improved
|
||||||||||
Mainland
|
6.5
|
6.4
|
2
|
%
|
||||||
Hawaii
|
1.4
|
1.5
|
-7
|
%
|
||||||
Total
|
7.9
|
7.9
|
--
|
%
|
Quarter Ended December 31,
|
||||||||||
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Improved property sales
|
$
|
-
|
$
|
43.0
|
NM
|
|||||
Development sales
|
1.3
|
1.1
|
18
|
%
|
||||||
Unimproved/other property sales
|
1.5
|
5.4
|
-72
|
%
|
||||||
Total revenue
|
$
|
2.8
|
$
|
49.5
|
-94
|
%
|
||||
Operating profit (loss) before joint ventures
|
$
|
(2.1)
|
$
|
19.4
|
NM
|
|||||
Equity in loss of joint ventures
|
(8.5)
|
(1.6
|
)
|
5
|
X
|
|||||
Total operating profit (loss)
|
$
|
(10.6
|
)
|
$
|
17.8
|
NM
|
||||
Operating profit margin
|
NM
|
36.0
|
%
|
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Improved property sales
|
$
|
45.2
|
$
|
113.7
|
-60
|
%
|
||||
Development sales
|
6.7
|
5.8
|
16
|
%
|
||||||
Unimproved/other property sales
|
14.3
|
16.6
|
-14
|
%
|
||||||
Total revenue
|
$
|
66.2
|
$
|
136.1
|
-51
|
%
|
||||
Operating profit before joint ventures
|
$
|
23.4
|
$
|
48.1
|
-51
|
%
|
||||
Earnings (losses) from joint ventures/other
|
(7.9
|
)
|
2.0
|
NM
|
||||||
Total operating profit
|
$
|
15.5
|
$
|
50.1
|
-69
|
%
|
||||
Operating profit margin
|
23.4
|
%
|
36.8
|
%
|
Quarter Ended December 31,
|
||||||||||
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Revenue
|
$
|
62.4
|
$
|
59.5
|
5
|
%
|
||||
Operating profit
|
$
|
7.3
|
$
|
4.6
|
59
|
%
|
||||
Operating profit margin
|
11.7
|
%
|
7.7
|
%
|
||||||
Tons sugar produced
|
34,100
|
33,400
|
2
|
%
|
||||||
Tons sugar sold
|
75,900
|
63,400
|
20
|
%
|
(dollars in millions)
|
2011
|
2010
|
Change
|
|||||||
Revenue
|
$
|
161.7
|
$
|
163.9
|
-1
|
%
|
||||
Operating profit
|
$
|
22.2
|
$
|
6.1
|
4
|
X
|
||||
Operating profit margin
|
13.7
|
%
|
3.7
|
%
|
||||||
Tons sugar produced
|
182,800
|
171,800
|
6
|
%
|
||||||
Tons sugar sold
|
163,100
|
176,700
|
-8
|
%
|
Three Months Ended
|
Year Ended
|
||||||||||||
December 31,
|
December 31,
|
||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||
Net Income
|
$
|
1.6
|
$
|
20.2
|
$
|
34.2
|
$
|
92.1
|
|||||
Net Income Effect of CLX2 Losses:
Pre-tax CLX2 Losses in Continuing Operations1
|
1.0
|
-
|
7.1
|
-
|
|||||||||
Pre-tax CLX2 Losses in Discontinued Operations
|
3.7
|
17.2
|
56.6
|
19.3
|
|||||||||
Total Pre-tax CLX2 Losses
|
4.7
|
17.2
|
63.7
|
19.3
|
|||||||||
Tax Effect
|
(1.7
|
)
|
(6.4
|
)
|
(23.6
|
)
|
(7.2
|
)
|
|||||
Net Income Effect of CLX2 Losses
|
3.0
|
10.8
|
40.1
|
12.1
|
|||||||||
Adjusted Net Income
|
$
|
4.6
|
$
|
31.0
|
$
|
74.3
|
$
|
104.2
|
|||||
Diluted Earnings Per Share, Net Income
|
$
|
0.04
|
$
|
0.48
|
$
|
0.81
|
$
|
2.22
|
|||||
Diluted Earnings Per Share, Net Income Effect of CLX2 Losses
|
$
|
0.07
|
$
|
0.26
|
$
|
0.96
|
$
|
0.29
|
|||||
Diluted Earnings Per Share, Adjusted Net Income
|
$
|
0.11
|
$
|
0.74
|
$
|
1.77
|
$
|
2.51
|
|||||
Three Months Ended
|
Year Ended
|
||||||||||||
December 31,
|
December 31,
|
||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||
Ocean Transportation Operating Profit
|
$
|
13.0
|
$
|
28.8
|
$
|
74.1
|
$
|
118.7
|
|||||
Pre-tax CLX2 Losses in Continuing Operations1
|
1.0
|
-
|
7.1
|
-
|
|||||||||
Adjusted Ocean Transportation Operating Profit
|
$
|
14.0
|
$
|
28.8
|
$
|
81.2
|
$
|
118.7
|
|||||
Ocean Transportation Operating Profit
|
$
|
13.0
|
$
|
28.8
|
$
|
74.1
|
$
|
118.7
|
|||||
Divided by Ocean Transportation Revenue
|
$
|
282.6
|
$
|
268.0
|
$
|
1,077.6
|
$
|
1,016.5
|
|||||
Ocean Transportation Operating Profit Margin %
|
4.6
|
10.7
|
6.9
|
11.7
|
|||||||||
Adjusted Ocean Transportation Operating Profit
|
$
|
14.0
|
$
|
28.8
|
$
|
81.2
|
$
|
118.7
|
|||||
Divided by Ocean Transportation Revenue
|
$
|
282.6
|
$
|
268.0
|
$
|
1,077.6
|
$
|
1,016.5
|
|||||
Adjusted Ocean Transportation Operating Profit Margin %
|
5.0
|
10.7
|
7.5
|
11.7
|
|||||||||
Three Months Ended
|
Year Ended
|
||||||||||||
December 31,
|
December 31,
|
||||||||||||
Revenue:
|
2011
|
2010
|
2011
|
2010
|
|||||||||
Transportation
|
|||||||||||||
Ocean Transportation
|
$
|
282.6
|
$
|
268.0
|
$
|
1,077.6
|
$
|
1,016.5
|
|||||
Logistics Services
|
92.8
|
97.5
|
386.4
|
355.6
|
|||||||||
Real Estate
|
|||||||||||||
Leasing
|
24.4
|
23.2
|
100.1
|
94.4
|
|||||||||
Sales
|
2.8
|
49.5
|
66.2
|
136.1
|
|||||||||
Less Amounts Reported In Discontinued Operations
|
(0.4
|
)
|
(44.3
|
)
|
(47.5
|
)
|
(126.7
|
)
|
|||||
Agribusiness
|
62.4
|
59.5
|
161.7
|
163.9
|
|||||||||
Reconciling Items
|
(4.4
|
)
|
(15.8
|
)
|
(22.1
|
)
|
(26.3
|
)
|
|||||
Total Revenue
|
$
|
460.2
|
$
|
437.6
|
$
|
1,722.4
|
$
|
1,613.5
|
|||||
Operating Profit, Net Income:
|
|||||||||||||
Transportation
|
|||||||||||||
Ocean Transportation
|
$
|
13.0
|
$
|
28.8
|
$
|
74.1
|
$
|
118.7
|
|||||
Logistics Services
|
(0.6
|
)
|
2.0
|
5.0
|
7.2
|
||||||||
Real Estate
|
|||||||||||||
Leasing
|
9.1
|
8.4
|
39.3
|
35.3
|
|||||||||
Sales
|
(10.6
|
)
|
17.8
|
15.5
|
50.1
|
||||||||
Less Amounts Reported In Discontinued Operations
|
(0.4
|
)
|
(19.0
|
)
|
(23.8
|
)
|
(54.5
|
)
|
|||||
Agribusiness
|
7.3
|
4.6
|
22.2
|
6.1
|
|||||||||
Total Operating Profit
|
17.8
|
42.6
|
132.3
|
162.9
|
|||||||||
Interest Expense
|
(6.2
|
)
|
(6.2
|
)
|
(24.8
|
)
|
(25.5
|
)
|
|||||
General Corporate Expenses
|
(7.1
|
)
|
(4.5
|
)
|
(20.3
|
)
|
(23.3
|
)
|
|||||
Income From Continuing Operations Before Income Taxes
|
4.5
|
31.9
|
87.2
|
114.1
|
|||||||||
Income Taxes
|
0.8
|
13.1
|
32.3
|
44.7
|
|||||||||
Income From Continuing Operations
|
3.7
|
18.8
|
54.9
|
69.4
|
|||||||||
Income from Discontinued Operations
|
(2.1
|
)
|
1.4
|
(20.7
|
)
|
22.7
|
|||||||
Net Income
|
$
|
1.6
|
$
|
20.2
|
$
|
34.2
|
$
|
92.1
|
|||||
Basic Earnings Per Share, Continuing Operations
|
$
|
0.09
|
$
|
0.45
|
$
|
1.32
|
$
|
1.68
|
|||||
Basic Earnings Per Share, Net Income
|
$
|
0.04
|
$
|
0.49
|
$
|
0.82
|
$
|
2.23
|
|||||
Diluted Earnings Per Share, Continuing Operations
|
$
|
0.09
|
$
|
0.45
|
$
|
1.31
|
$
|
1.67
|
|||||
Diluted Earnings Per Share, Net Income
|
$
|
0.04
|
$
|
0.48
|
$
|
0.81
|
$
|
2.22
|
|||||
Basic Weighted Average Shares Outstanding
|
41.7
|
41.3
|
41.6
|
41.2
|
|||||||||
Diluted Weighted Average Shares Outstanding
|
42.1
|
41.7
|
42.0
|
41.5
|
December 31,
|
December 31,
|
||||||||
2011
|
2010
|
||||||||
ASSETS
|
|||||||||
Current Assets
|
$
|
275
|
$
|
264
|
|||||
Investments in Affiliates
|
347
|
329
|
|||||||
Real Estate Developments
|
143
|
122
|
|||||||
Property, Net
|
1,634
|
1,651
|
|||||||
Other Assets
|
145
|
129
|
|||||||
Total
|
$
|
2,544
|
$
|
2,495
|
|||||
LIABILITIES & EQUITY
|
|||||||||
Current Liabilities
|
$
|
278
|
$
|
353
|
|||||
Long-Term Debt, Non-Current Portion
|
507
|
386
|
|||||||
Employee Benefit Plans
|
168
|
135
|
|||||||
Other Long-Term Liabilities
|
50
|
54
|
|||||||
Deferred Income Taxes
|
418
|
431
|
|||||||
Shareholders’ Equity
|
1,123
|
1,136
|
|||||||
Total
|
$
|
2,544
|
$
|
2,495
|
Year Ended December 31,
|
||||||||||
(Dollars in millions, Unaudited)
|
2011
|
2010
|
Change
|
|||||||
Cash Flow from Operating Activities
|
$
|
86
|
$
|
150
|
-43
|
%
|
||||
Capital Expenditures (1)
|
||||||||||
Transportation
|
(47
|
)
|
(71
|
)
|
-34
|
%
|
||||
Real Estate
|
(10
|
)
|
(17
|
)
|
-41
|
%
|
||||
Agribusiness and other
|
(10
|
)
|
(7
|
)
|
43
|
%
|
||||
Total Capital Expenditures
|
(67
|
)
|
(95
|
)
|
-29
|
%
|
||||
Other Investing Activities, Net
|
(4
|
)
|
(55
|
)
|
-93
|
%
|
||||
Cash Used in Investing Activities
|
$
|
(71
|
)
|
$
|
(150
|
)
|
-53
|
%
|
||
Debt Borrowings, Net
|
36
|
43
|
-16
|
%
|
||||||
Capital Stock Transactions, Net
|
10
|
7
|
43
|
%
|
||||||
Dividends Paid
|
(53
|
)
|
(52
|
)
|
2
|
%
|
||||
Cash Used in Financing Activities
|
$
|
(7
|
)
|
$
|
(2
|
)
|
4
|
X
|
||
Net Increase (Decrease) in Cash
|
$
|
8
|
$
|
(2
|
)
|
-4
|
X
|
(1)
|
Excludes non-cash 1031 exchange transactions and real estate development activity.
|
2011
|
2010
|
|||||||
Three Months Ended December 31:
|
||||||||
Revenue
|
$
|
460.2
|
$
|
437.6
|
||||
Income From Continuing Operations
|
$
|
3.7
|
$
|
18.8
|
||||
Income (Losses) From Discontinued Operations
|
$
|
(2.1
|
)
|
$
|
1.4
|
|||
Net Income
|
$
|
1.6
|
$
|
20.2
|
||||
Basic Earnings Per Share
|
||||||||
Continuing Operations
|
$
|
0.09
|
$
|
0.45
|
||||
Net Income
|
$
|
0.04
|
$
|
0.49
|
||||
Diluted Earnings Per Share
|
||||||||
Continuing Operations
|
$
|
0.09
|
$
|
0.45
|
||||
Net Income
|
$
|
0.04
|
$
|
0.48
|
||||
Basic Weighted Average Shares Outstanding
|
41.7
|
41.3
|
||||||
Diluted Weighted Average Shares Outstanding
|
42.1
|
41.7
|
2011
|
2010
|
|||||||
Year Ended December 31:
|
||||||||
Revenue
|
$
|
1,722.4
|
$
|
1,613.5
|
||||
Income From Continuing Operations
|
$
|
54.9
|
$
|
69.4
|
||||
Income (Losses) From Discontinued Operations1
|
$
|
(20.7
|
)
|
$
|
22.7
|
|||
Net Income
|
$
|
34.2
|
$
|
92.1
|
||||
Basic Earnings Per Share
|
||||||||
Continuing Operations
|
$
|
1.32
|
$
|
1.68
|
||||
Net Income
|
$
|
0.82
|
$
|
2.23
|
||||
Diluted Earnings Per Share
|
||||||||
Continuing Operations
|
$
|
1.31
|
$
|
1.67
|
||||
Net Income
|
$
|
0.81
|
$
|
2.22
|
||||
Basic Weighted Average Shares Outstanding
|
41.6
|
41.2
|
||||||
Diluted Weighted Average Shares Outstanding
|
42.0
|
41.5
|