SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
-----------------------------------------------------------
FORM U-3A-2/A
(AMENDMENT NO. 1)
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION
UNDER RULE U-2 FROM THE PROVISIONS OF THE PUBLIC
UTILITY HOLDING COMPANY ACT OF 1935
TO BE FILED ANNUALLY PRIOR TO MARCH 1
ALEXANDER & BALDWIN, INC.
(Name of Company)
P. O. Box 3440
Honolulu, Hawaii 96801
(hereinafter called the "Claimant") and its wholly-owned subsidiary,
A&B-Hawaii, Inc., P. O. Box 3440, Honolulu, Hawaii 96801 (hereinafter called
"Co-claimant"), hereby file with the Securities and Exchange Commission,
pursuant to Rule U-2, this amendment to their joint and consolidated statement
claiming exemption as a holding company from the provisions of the Public
Utility Holding Company Act of 1935, and submits the following information:
This Form U-3A-2/A amends Form U-3A-2 filed by Alexander & Baldwin,
Inc. with the Securities and Exchange Commission on February 26, 1997, and
serves to submit a revised Exhibit A that specifically identifies certain
financial information relating to McBryde Sugar Company, Limited's ownership of
utility generating assets.
The above-named Claimant and Co-claimant have caused this amendment to
their joint and consolidated statement to be duly executed on their behalf by
their authorized officers this 12th day of May, 1997.
ALEXANDER & BALDWIN, INC. A&B-HAWAII, INC.
(Name of Claimant) (Name of Co-Claimant)
By: /s/ Glenn R. Rogers By: /s/ Glenn R. Rogers
Glenn R. Rogers Glenn R. Rogers
Vice President Senior Vice President
(Corporate Seal) (Corporate Seal)
Attest: Attest:
By: /s/ Michael J. Marks By: /s/ Michael J. Marks
Secretary Assistant Secretary
Name, title and address of Officer to whom notices and correspondence
concerning this statement should be addressed:
If to Claimant
Alexander & Baldwin Inc.: Michael J. Marks
Vice President, General Counsel and Secretary
Alexander & Baldwin, Inc.
P. O. Box 3440
Honolulu, Hawaii 96801
If to Co-claimant
A&B-Hawaii, Inc.: Michael J. Marks
Senior Vice President and General Counsel
A&B-Hawaii, Inc.
P. O. Box 3440
Honolulu, Hawaii 96801
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT A
ALEXANDER & BALDWIN, INC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 1996
($000 OMITTED)
ABIC ABI/MATSON ABHIC OTHER ABHI MCB
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUE:
Net sales 511,145 9,703 501,442 419,820 78,668 2,954
Transportation and terminal services 547,427 541,411 6,016 6,016 - -
Rentals and other services 143,392 112,834 30,558 30,558 - -
Power generation 8,186 - 8,186 - 6,730 1,456
--------- ------- ------- ------- ------ -----
Total operating revenue 1,210,150 663,948 546,202 456,394 85,398 4,410
--------- ------- ------- ------- ------ -----
OPERATING COSTS AND EXPENSES:
Cost of goods sold 422,027 1,407 420,620 339,974 74,276 6,370
Cost of services 550,745 513,754 36,991 36,991 - -
Power generation 8,349 - 8,349 - 7,815 534
--------- ------- ------- ------- ------ -----
Total operating costs and expenses 981,121 515,161 465,960 376,965 82,091 6,904
--------- ------- ------- ------- ------ -----
GROSS MARGIN 229,029 148,787 80,242 79,429 3,307 (2,494)
GENERAL, ADMIN & SELLING EXPENSES 102,462 72,109 30,353 24,915 5,438 -
--------- ------- ------- ------- ------ -----
INCOME FROM OPERATIONS 126,567 76,678 49,889 54,514 (2,131) (2,494)
OTHER INCOME 22,418 19,767 2,651 (612) 3,203 60
OTHER EXPENSE 44,952 20,669 24,283 10,629 13,639 15
--------- ------- ------- ------- ------ -----
INCOME BEFORE INCOME TAXES 104,033 75,776 28,257 43,273 (12,567) (2,449)
PROVISION FOR INCOME TAXES 38,748 28,139 10,609 16,874 (4,226) (2,039)
--------- ------- ------- ------- ------ -----
NET INCOME 65,285 47,637 17,648 26,399 (8,341) (410)
========= ======= ======= ======= ====== =====
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ALEXANDER & BALDWIN, INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 1996
($000 OMITTED)
ABIC ABI/MATSON ABHIC OTHER ABHI MCB
<S> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 23,824 15,118 8,706 8,291 652 (237)
Accounts and notes receivable 172,266 132,873 39,393 31,140 7,310 943
Inventories 120,105 17,267 102,838 88,487 10,664 3,687
Prepaid expenses and other current as 28,166 18,206 9,960 6,164 (37) 3,833
--------- --------- ------- ------- ------- ------
Total current assets 344,361 183,464 160,897 134,082 18,589 8,226
INVESTMENTS:
Subsidiaries - - - (243,789) 243,789 -
Divisions - - - (30,998) 30,998 -
Other 91,602 90,796 806 748 51 7
--------- --------- ------- ------- ------- ------
Total investments 91,602 90,796 806 (274,039) 274,838 7
REAL ESTATE DEVELOPMENTS 70,144 - 70,144 70,144 - -
PROPERTY:
Land 61,869 13,859 48,010 40,482 5,701 1,827
Buildings 204,588 56,929 147,659 141,153 5,995 511
Vessels 816,516 816,516 - - - -
Machinery and equipment 621,432 396,346 225,086 125,013 86,584 13,489
Power generation 55,398 - 55,398 - 53,053 2,345
Other 167,255 58,821 108,434 22,855 74,338 11,241
--------- --------- ------- ------- ------- ------
Total property 1,927,058 1,342,471 584,587 329,503 225,671 29,413
Less accumulated depreciation 864,002 629,876 234,126 72,424 150,331 11,371
--------- --------- ------- ------- ------- ------
Property - net 1,063,056 712,595 350,461 257,079 75,340 18,042
OTHER ASSETS 231,459 166,683 64,776 70,190 8,486 (13,900)
--------- --------- ------- ------- ------- ------
TOTAL ASSETS 1,800,622 1,153,538 647,084 257,456 377,253 12,375
========= ========= ======= ======= ======= ======
CURRENT LIABILITIES:
Current portion of long-term debt 106,082 26,910 79,172 65,202 13,970 -
Accounts payable 50,489 36,237 14,252 10,373 3,674 205
Other current liabilities 86,359 42,010 44,349 27,004 16,402 943
--------- --------- ------- ------- ------- ------
Total current liabilities 242,930 105,157 137,773 102,579 34,046 1,148
LONG-TERM LIABILITIES:
Long-term debt 357,657 207,259 150,398 31,083 119,315 -
Other long-term liabilities 515,707 357,694 158,013 109,620 35,564 12,829
--------- --------- ------- ------- ------- ------
Total long-term liabilities 873,364 564,953 308,411 140,703 154,879 12,829
SHAREHOLDERS' EQUITY:
Capital stock 37,150 37,149 1 (2,350) 1 2,350
Additional capital 43,377 (84,168) 127,545 (13,316) 127,545 13,316
Unrealized holding gains 48,205 48,205 - - - -
Retained earnings 568,969 495,615 73,354 29,757 60,782 (17,185)
Treasury stock (13,373) (13,373) - 83 - (83)
--------- --------- ------- ------- ------- ------
Total shareholders' equity 684,328 483,428 200,900 14,174 188,328 (1,602)
--------- --------- ------- ------- ------- ------
TOTAL LIABILITIES AND EQUITY 1,800,622 1,153,538 647,084 257,456 377,253 12,375
========= ========= ======= ======= ======= ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ALEXANDER & BALDWIN, INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1996
($000 OMITTED)
ABIC ABI/MATSON ABHIC OTHER ABHI MCB
<S> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1995 546,394 490,688 55,706 30,059 42,422 (16,775)
Net income 65,285 47,637 17,648 26,399 (8,341) (410)
Dividends to shareholders (39,860) (39,860) - - - -
Capital stock purchased and retired (1,213) (1,213) - - - -
Stock acquired in payment of options (1,637) (1,637) - - - -
Intercompany dividends - - - (1,384) 1,384 -
Net income of subsidiaries - - - (25,317) 25,317 -
------- ------- ------ ------- ------ -------
Balance at December 31, 1996 568,969 495,615 73,354 29,757 60,782 (17,185)
======= ======= ====== ======= ====== =======
</TABLE>
<PAGE>
LEGEND OF COMPANY REFERENCES IN CONSOLIDATING FINANCIAL SCHEDULES:
ABIC Alexander & Baldwin, Inc. Consolidated
ABI/MATSON Alexander & Baldwin, Inc. / Matson Navigation Company, Inc.
/ Consolidating Adjustments
ABHIC A&B - Hawaii, Inc. Consolidated
OTHER All other A&B - Hawaii, Inc. Subsidiaries
ABHI A&B - Hawaii, Inc.
MCB McBryde Sugar Company, Limited
<PAGE>
May 12, 1997
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N. W.
Washington, D. C. 20549
Re: Form U-3A-2/A - Alexander & Baldwin, Inc.
and A&B-Hawaii, Inc. - SEC File No. 69-166
Gentlemen:
Submitted herewith for filing is the amended joint and
consolidated Statement of Alexander & Baldwin, Inc. and its
wholly-owned subsidiary, A&B-Hawaii, Inc., on Form U-3A-2/A
claiming an exemption under Rule U-2 from the provisions of the
Public Utility Holding Company Act of 1935. This amends the
Form U-3A-2 filed with the Securities and Exchange Commission on
February 26, 1997. This filing is being made by direct
transmission to the Commission's EDGAR system, and is being filed
jointly pursuant to oral authorization to file on a joint and
consolidated basis received from the Commission on February 21,
1990.
Very truly yours,
/s/ Francis K. Mukai
Assistant General Counsel
FKM/smt
Enclosure
cc: Robert P. Wason
Chief Financial Analyst, SEC
