FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
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OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 0-565
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ALEXANDER & BALDWIN, INC.
-------------------------
(Exact name of registrant as specified in its charter)
HAWAII 99-0032630
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P. O. BOX 3440, HONOLULU, HAWAII 96801
822 BISHOP STREET, HONOLULU, HAWAII 96813
----------------------------------- -----
(Address of principal executive (Zip Code)
offices)
(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)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes /X/ No / /
Number of shares of common stock outstanding as of
June 30, 2000: 40,431,360
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
-----------------------------
The condensed financial statements and notes for the second quarter and first
six months of 2000 are presented below, with comparative figures from the 1999
financial statements.
<CAPTION>
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF INCOME
(In thousands except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
2000 1999 2000 1999
---- ---- ---- ----
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Revenue:
Net sales, revenue from
services and rentals $270,657 $258,729 $485,124 $449,794
Interest, dividends and other 5,711 5,114 11,135 11,491
-------- -------- -------- --------
Total revenue 276,368 263,843 496,259 461,285
-------- -------- -------- --------
Costs and Expenses:
Costs of goods sold, services
and rentals 200,901 198,834 371,477 343,483
Selling, general and administrative 25,032 23,739 47,294 46,864
Interest 5,959 4,369 11,306 8,896
Income taxes 16,233 13,652 23,758 22,955
-------- -------- -------- --------
Total costs and expenses 248,125 240,594 453,835 422,198
-------- -------- -------- --------
Income before cumulative effect of
change in accounting method 28,243 23,249 42,424 39,087
Cumulative effect of change in
accounting method for drydocking costs
(net of income taxes of $7,668)
(note d) -- -- 12,250 --
-------- -------- -------- --------
Net Income $ 28,243 $ 23,249 $ 54,674 $ 39,087
======== ======== ======== ========
Basic and Diluted Earnings Per Share:
Before cumulative effect of
accounting change $ 0.69 $ 0.54 $ 1.03 $ 0.90
Accounting change (note d) -- -- 0.29 --
-------- -------- -------- --------
Net income $ 0.69 $ 0.54 $ 1.32 $ 0.90
======== ======== ======== ========
Dividends Per Share $ 0.225 $ 0.225 $ 0.450 $ 0.450
Average Numbers of Shares Outstanding 40,722 43,318 41,427 43,438
Outstanding
</TABLE>
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<TABLE>
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
INDUSTRY SEGMENT DATA, NET INCOME
(In thousands)
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
2000 1999 2000 1999
---- ---- ---- ----
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Revenue:
Ocean Transportation $ 204,670 $ 187,836 $ 395,183 $ 357,031
Property Development and Management:
Leasing 12,409 10,833 24,305 22,420
Sales 24,987 27,179 28,039 35,111
Food Products 33,504 37,269 47,170 45,271
Other 798 726 1,562 1,452
--------- --------- --------- ---------
Total Revenue $ 276,368 $ 263,843 $ 496,259 $ 461,285
========= ========= ========= =========
Operating Profit, Net Income:
Ocean Transportation $ 27,914 $ 25,318 $ 47,807 $ 43,583
Property Development and Management:
Leasing 7,606 6,394 14,790 14,016
Sales 18,917 9,949 19,618 15,489
Food Products (2,060) 2,019 8 3,490
Other 764 690 1,473 1,340
--------- --------- --------- ---------
Total Operating Profit 53,141 44,370 83,696 77,918
Interest Expense (5,959) (4,369) (11,306) (8,896)
Corporate Expenses (2,706) (3,100) (6,208) (6,980)
--------- --------- --------- ---------
Income Before Taxes & Accounting Change 44,476 36,901 66,182 62,042
Income Taxes (16,233) (13,652) (23,758) (22,955)
--------- --------- --------- ---------
Income Before Accounting Change 28,243 23,249 42,424 39,087
Cumulative Effect of Accounting Change -- -- 12,250 --
--------- --------- --------- ---------
Net Income $ 28,243 $ 23,249 $ 54,674 $ 39,087
========= ========= ========= =========
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<TABLE>
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED BALANCE SHEETS
(In thousands)
<CAPTION>
June 30 December 31
2000 1999
---- ----
(unaudited) (audited)
ASSETS
<S> <C> <C>
Current Assets:
Cash and cash equivalents $ 5,000 $ 3,333
Accounts and notes receivable, net 136,046 136,637
Inventories 15,743 15,927
Real estate held for sale 9,140 12,706
Deferred income taxes 12,582 16,260
Prepaid expenses and other assets 9,278 20,739
Accrued deposits to Capital Construction Fund (1,948) (3,152)
---------- ----------
Total current assets 185,841 202,450
---------- ----------
Investments 143,703 158,726
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Real Estate Developments 62,585 60,810
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Property, at cost 1,782,077 1,748,586
Less accumulated depreciation and amortization 841,808 819,959
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Property - net 940,269 928,627
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Capital Construction Fund 142,380 145,391
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Other Assets 98,595 65,456
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Total $1,573,373 $1,561,460
========== ==========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities:
Bank overdraft $ 5,970 $ --
Notes payable and current portion of
long-term debt 27,500 22,500
Accounts payable 54,837 55,655
Other 53,106 64,490
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Total current liabilities 141,413 142,645
---------- ----------
Long-term Liabilities:
Long-term debt 329,249 277,570
Post-retirement benefit obligations 47,182 60,767
Other 45,466 51,161
---------- ----------
Total long-term liabilities 421,897 389,498
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Deferred Income Taxes 364,028 358,354
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Shareholders' Equity:
Capital stock 33,307 34,933
Additional capital 54,609 53,124
Unrealized holding gains on securities 39,167 49,461
Retained earnings 531,131 545,849
Cost of treasury stock (12,179) (12,404)
---------- ----------
Total shareholders' equity 646,035 670,963
---------- ----------
Total $1,573,373 $1,561,460
========== ==========
</TABLE>
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<TABLE>
ALEXANDER & BALDWIN, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
<CAPTION>
Six Months Ended
June 30
2000 1999
---- ----
(unaudited)
<S> <C> <C>
Cash Flows from Operating Activities $ 50,265 $ 49,235
---------- ----------
Cash Flows from Investing Activities:
Capital expenditures (51,764) (27,854)
Proceeds from disposal of property,
investments and other assets 752 2,856
Deposits into Capital Construction Fund (5,909) (4,702)
Withdrawals from Capital Construction Fund 7,716 6,168
Change in investments, net 5 (808)
---------- ----------
Net cash used in investing activities (49,200) (24,340)
---------- ----------
Cash Flows from Financing Activities:
Proceeds from issuances of long-term debt 64,000 5,000
Payments of long-term debt (12,500) (67,430)
Proceeds (payments) of short-term
commercial paper borrowings, net 5,000 (5,000)
Proceeds from issuances of capital stock 51 54
Repurchases of capital stock (43,294) (15,792)
Dividends paid (18,625) (19,539)
---------- ----------
Net cash used in financing activities (5,368) (102,707)
---------- ----------
Net Decrease in Cash and Cash Equivalents $ (4,303) $ (77,812)
========== ==========
Other Cash Flow Information:
Interest paid, net of amounts capitalized $ 11,123 $ 8,824
Income taxes paid, net of refunds 17,098 14,832
Other Non-Cash Information:
Accrued deposits to (withdrawals from)
Capital Construction Fund, net (1,204) 1,811
Depreciation 34,478 38,973
Tax-deferred property sales 23,056 30,813
Tax-deferred property purchases 3,139 5,308
Change in unrealized holding gains (10,295) (13,730)
</TABLE>
<PAGE>
FINANCIAL NOTES
(Unaudited)
(a) The condensed balance sheet as of June 30, 2000, the condensed statements
of income for the three months and six months ended June 30, 2000 and
1999, and the condensed statements of cash flows for the six months ended
June 30, 2000 and 1999, 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, but in the opinion of
management, all material adjustments necessary for the fair presentation
of interim period results have been included in the interim financial
statements.
(b) Estimated effective annual income tax rates differ from statutory rates,
primarily due to the dividends-received deduction, various tax credits and
the donation of appreciated stock.
(c) The Company's total non-owner changes in shareholders' equity consist of
net income adjusted for unrealized holding gains (losses) on securities
(other comprehensive income). On this basis, comprehensive income for the
three months ended June 30, 2000 and 1999 was $17 million and $18 million,
respectively. Comprehensive income for the six months ended June 30, 2000
and 1999 was $44 million and $25 million, respectively.
(d) The cumulative effect of an accounting change in 2000 related to the
treatment of vessel drydocking costs. The Company changed its method of
accounting for these costs from the accrual method to the deferral method.
Drydocking costs had been accrued as a liability and an expense on an
estimated basis, in advance of the next scheduled drydocking. Under the
deferral method, actual drydocking costs are capitalized when incurred and
amortized over the period to the next drydocking. The new method
amortizes the costs over the period of benefit and eliminates the
uncertainty in estimating these costs. This change was made to conform
with prevailing industry accounting practices. The cumulative effect of
this accounting change, as of January 1, 2000, is shown separately in the
condensed statements of income for the six months ended June 30, 2000 and
resulted in income of $12,250,000 (net of income tax expense of
$7,668,000), or $0.29 per share.
The effect of this change in accounting method as of January 1, 2000, on
the condensed balance sheets, was to increase other assets by $4,765,000,
eliminate drydocking reserves of $15,153,000, increase deferred taxes by
$7,668,000, and increase total shareholders' equity by $12,250,000.
The pro forma net income (assuming the new accounting method was applied
retroactively) for the six months ended June 30, 2000 is $42,424,000 (or
$1.03 per share). The pro forma effect of this accounting change to 1999
net income was not material.
(e) Certain amounts have been reclassified to conform with the current year's
presentation.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
------------------------------------------------
SECOND QUARTER EVENTS:
OPERATING RESULTS: Net income for the second quarter of 2000 was $28.2
million, or $0.69 per share. This represented a 21-percent increase over net
income in the comparable period of 1999 of $23.2 million, or $0.54 per share.
Revenue in the second quarter of 2000 was $276.4 million, compared with revenue
of $263.8 million in the second quarter of 1999.
After an accounting change, net income for the first half of 2000 was $54.7
million, or $1.32 per share, versus $39.1 million, or $0.90 per share in the
first half of 1999. The accounting change resulted in a one-time, non-cash
increase to first-quarter 2000 earnings of $12.3 million. Revenue in the first
half of 2000 was $496.3 million, compared with $461.3 million in the first half
of 1999.
In the second quarter of 2000, operating profit was $53.1 million, which was
$8.8 million, or 20-percent, higher than the $44.4 million operating profit in
the second quarter of 1999. For the first half of 2000, operating profit was
$83.7 million, an increase of $5.8 million, or seven percent, versus $77.9
million in the first half of 1999. In both the second quarter and first half
of 2000, operating profit improved in ocean transportation and in property
development and management, but operating results for the food products segment
were lower.
Interest expense in both periods of 2000 was higher than in the corresponding
periods in 1999, reflecting both higher rates and increased debt balances.
Corporate expenses were lower in both periods.
FINANCIAL CONDITION AND LIQUIDITY
The Company's principal liquid resources, comprising cash and cash equivalents,
receivables, sugar and coffee inventories and unused lines of credit, less
accrued deposits to the Capital Construction Fund (CCF), totaled $211.6 million
at June 30, 2000, a decrease of $41.7 million from December 31, 1999. This net
reduction was due primarily to an increase in outstanding debt to fund share
repurchases totaling $43.3 million.
Working capital was $44.4 million at June 30, 2000, a decrease of $15.4 million
from the amount at the end of 1999. This net decrease was due primarily to a
decrease in other current assets, a decline in cash balances and an increase in
short-term debt, partially offset by a decrease in short-term liabilities. The
decrease in other current assets and in short-term liabilities was due
primarily to the elimination of vessel drydocking accruals and related deferred
income taxes (see Note d to the Company's condensed financial statements).
RESULTS OF SEGMENT OPERATIONS -
SECOND QUARTER 2000 COMPARED WITH THE SECOND QUARTER OF 1999
OCEAN TRANSPORTATION revenue of $204.7 million for the second quarter of 2000
was nine-percent higher than the 1999 second-quarter revenue. Operating profit
of $27.9 million for the second quarter of 2000 was 10-percent higher than
$25.3 million in the second quarter of 1999. The improvement was achieved in
spite of a virtual doubling of bunker fuel prices from the second quarter of
1999, and it was due primarily to higher Hawaii auto volume, an improved mix of
cargo and better results for non-Hawaii operations. Matson's second quarter
2000 Hawaii service container volume was about the same as in the 1999 second
quarter, but automobile volume was 34-percent higher. The increase in
automobile volume was due primarily to competitive gains.
PROPERTY DEVELOPMENT AND MANAGEMENT - LEASING revenue of $12.4 million for the
second quarter of 2000 was 15-percent higher than the second quarter 1999
revenue, and operating profit of $7.6 million was 19-percent higher than in the
comparable 1999 period. The increases were due primarily to additions to the
property portfolio in the latter part of 1999 and higher rates of occupancy.
PROPERTY DEVELOPMENT AND MANAGEMENT - SALES revenue for the second quarter of
2000 was $25.0 million, compared with $27.2 million in sales recorded in the
second quarter of 1999. In the second quarter of 2000, operating profit from
property sales was $18.9 million, nearly twice the second quarter 1999
operating profit of $9.9 million. Sales in the second quarter of 2000 included
the sale of a ground lease under a Costco store in Kahului, Maui. Other sales
in the second quarter of 2000 included six business parcels and six residential
properties. Sales in the second quarter of 1999 included the sale of a 109,000
square foot office and research facility, one business parcel and three
residential properties.
FOOD PRODUCTS revenue of $33.5 million for the second quarter of 2000 compared
with $37.3 million in revenue reported for the comparable period of 1999. In
the second quarter of 2000, the food products segment had an operating loss of
$2.1 million, compared with $2.0 million of operating profit in the second
quarter of 1999. The primary reasons for the unfavorable comparison were low
U.S. raw sugar prices and continuing drought conditions that have lowered sugar
production. U. S. raw sugar prices are at the lowest level in 22 years and the
outlook is uncertain.
RESULTS OF SEGMENT OPERATIONS -
FIRST SIX MONTHS 2000 COMPARED WITH THE FIRST SIX MONTHS OF 1999
OCEAN TRANSPORTATION revenue of $395.2 million for the first half of 2000 was
11-percent higher than in the first half of 1999 and operating profit of $47.8
million increased $4.2 million, or 10 percent, from $43.6 million in the first
half of 1999. The year-to-date improvement was due to the same reasons cited
for the second-quarter improvement, primarily higher Hawaii auto volume, an
improved mix of cargo and better results for non-Hawaii operations. For the
first half of 2000, Matson's Hawaii service container volume was two-percent
higher than in the 1999 first half, but automobile volume was 49-percent
higher. The increase in automobile volume was due primarily to competitive
gains.
PROPERTY DEVELOPMENT AND MANAGEMENT - LEASING revenue of $24.3 million for the
first half of 2000 was eight-percent higher than the results in the comparable
1999 period. First-half 2000 operating profit of $14.8 million was six-percent
higher than in the first half of 1999. The increases were due primarily to
additions to the property portfolio in the latter part of 1999 and higher
occupancies. Year-to-date 2000 occupancy levels for Mainland properties
averaged 96 percent, versus 93 percent in the first half of 1999. Average
occupancy levels for Hawaii properties improved to 85 percent, versus 73
percent in the comparable period of 1999. The increase in Hawaii occupancy was
experienced in retail and warehouse properties.
PROPERTY DEVELOPMENT AND MANAGEMENT - SALES revenue of $28.0 million in the
first half of 2000 compared with $35.1 million recorded in the first half of
1999. Operating profit of $19.6 million from property sales in the first half
of 2000 was $4.1 million, or 27 percent, higher than $15.5 million in the first
half of 1999. Sales in the first half of 2000 included the Costco ground
lease, eight business parcels and 17 residential properties. Among the first
half 1999 sales were the office and research facility, plus five business
parcels and 11 residential properties.
FOOD PRODUCTS revenue of $47.2 million in the first half of 2000 compared with
$45.3 million in revenue for the comparable period of 1999. However, in the
first half of 2000, food products broke even on an operating profit basis,
compared with operating profit of $3.5 million in the first half of 1999.
Again, the reduction in operating profit was primarily the result of low U.S.
raw sugar prices and continuing drought conditions that have lowered sugar
production. Furthermore, U. S. raw sugar prices are at the lowest level in 22
years and the outlook is uncertain.
OTHER MATTERS
PROPERTY SALES: The mix of property sales in any year or quarter can be
diverse. Sales can include property sold under threat of condemnation,
developed residential real estate, commercial properties, developable
subdivision lots and undeveloped land. The sale of undeveloped land and
subdivision lots generally provides a greater contribution margin than does the
sale of developed and commercial property, due to the low historical-cost basis
of the Company's Hawaii land. Consequently, property sales revenue trends and
the amount of real estate held for sale on the balance sheets do not
necessarily indicate future profitability trends for this segment.
ACCOUNTING CHANGE: The Company recorded an accounting change of $12.3 million
(after-tax) in the first half of 2000, relating to the treatment of vessel
drydocking costs. The Company changed its method of accounting for these costs
from the accrual method to the deferral method. This change was made to
conform to prevailing industry accounting practices (see Note d to the
Company's condensed financial statements).
CORPORATE ORGANIZATION: The Company merged its wholly owned subsidiary,
A&B-Hawaii, Inc., into the Company on December 31, 1999. This merger had no
adverse impact on operations or consolidated assets and obligations.
TAX-DEFERRED REAL ESTATE EXCHANGES: In the first half of 2000, the Company
sold six parcels of land for $23.1 million. The proceeds from these sales are
reflected in the Statements of Cash Flows under the caption "Other Non-Cash
Information." During the first half of 2000, the Company reinvested proceeds
of $3.1 million on a tax-deferred basis. The reinvested proceeds are also
reported under Other Non-Cash Information in the Statements of Cash Flows.
SHARE REPURCHASES: In the first half of 2000, the Company repurchased
2,173,395 shares of its common stock for an aggregate of $43.3 million (average
of $19.92 per share).
ENVIRONMENTAL MATTERS: As with most industrial and land-development companies
of its size, the Company's operations have certain risks, which could result in
expenditures for environmental remediation. The Company believes that it is in
compliance, in all material respects, with applicable environmental laws and
regulations, and works proactively to identify potential environmental
concerns. Management believes that appropriate liabilities have been accrued
for environmental matters.
ECONOMIC CONDITIONS: The economic performance for the state of Hawaii
continues to improve. The index of leading economic indicators published by
the State of Hawaii's Department of Business, Economic Development & Tourism
(DBEDT) has leveled off in recent months, however is near its high point. Some
economic measures already are improving nonetheless, such as unemployment, jobs
and personal income growth. Construction jobs grew by a rapid 8.8% in the
first quarter of 2000, the fastest rate of first-quarter growth since 1991. The
contracting tax base, a measure of actual construction activity, expanded by a
sharp 19.9% in the first quarter of 2000, relative to the year-earlier quarter.
In its June 2000 outlook, DBEDT raised its projections for growth in real gross
state product for the year 2000 to 3.5% (from 2.5% in its March 2000 outlook),
for 2001 to 3.0% (from 2.7%), and for 2002, it remained the same at 2.6%. The
external factors cited for raising the projections were the continuing strength
of the U.S. mainland economy and improvement in the Asian economies. Rising
growth in visitor arrivals is anticipated, with the projection for growth in
2000 now at 3.8% percent (up from 2.3%). This increase is the net result of
continued growth in the number of arrivals from the U. S. mainland, offset, in
part, by a diminishing rate of decrease in visitor arrivals from Japan.
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The Company, from time to time, may make or may have made certain forward-
looking statements, whether orally or in writing, such as forecasts and
projections of the Company's future performance or statements of management's
plans and objectives. Such forward-looking statements may be contained in,
among other things, Securities and Exchange Commission (SEC) filings, such as
the Forms 10-Q, press releases made by the Company and oral statements made by
the officers of the Company. Except for historical information contained in
these written or oral communications, such communications contain forward-
looking statements. These forward-looking statements involve a number of risks
and uncertainties that could cause actual results to differ materially from
those projected in the statements, including, but not limited to: (1) economic
conditions in Hawaii and elsewhere; (2) market demand; (3) competitive factors
and pricing pressures in the Company's primary markets; (4) legislative and
regulatory environments at the federal, state and local levels, such as
government rate regulations, land-use regulations, government administration of
the U.S. sugar program, and modifications to or retention of cabotage laws; (5)
dependence on third-party suppliers; (6) fuel prices; (7) raw sugar prices; (8)
labor relations; (9) risks associated with current or future litigation; and
(10) other risk factors described elsewhere in such communications and from
time to time in the Company's filings with the SEC.
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
-------------------------------------------------------------------
Information concerning market risk is incorporated herein by reference to Item
7A of the Company's Form 10-K for the fiscal year ended December 31, 1999.
There has been no material change in the quantitative and qualitative
disclosure about market risk since December 31, 1999.
<PAGE>
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
-------------------------------------------------------------
At the Annual Meeting of Shareholders of the Company held on April 27,
2000, the Company's shareholders voted in favor of: (i) the election of ten
directors to the Company's Board of Directors, and (ii) the election of
Deloitte & Touche LLP as the Company's independent auditors. The number of
votes for, against or withheld, as well as the number of abstentions and broker
non-votes, as to each matter voted upon at the Annual Meeting of Shareholders,
were as follows:
(i) Election of Directors For Withheld
Michael J. Chun 38,436,664 706,301
Leo E. Denlea, Jr. 38,415,634 727,331
W. Allen Doane 38,432,720 710,245
Walter A. Dods, Jr. 38,251,213 891,752
Charles G. King 38,423,840 719,125
Carson R. McKissick 38,432,365 710,600
C. Bradley Mulholland 38,797,371 345,594
Lynn M. Sedway 38,438,423 704,542
Maryanna G. Shaw 38,422,680 720,285
Charles M. Stockholm 38,432,617 710,348
(ii) Election of Auditors For Against Abstain
--- ------- -------
38,978,648 53,437 110,880
There were no broker non-votes at the Annual Meeting.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
-----------------------------------------
(a) Exhibits
10. Material contracts.
10.a.(xxvii) Eighth Amendment dated May 3, 2000 to the
Revolving Credit Agreement ("Agreement") between Alexander &
Baldwin, Inc. and First Hawaiian Bank, dated December 30, 1993
(A&B-Hawaii, Inc., an original party to the Agreement, was
merged into Alexander & Baldwin, Inc. effective
December 31, 1999).
11. Statement re Computation of Per Share Earnings.
27. Financial Data Schedule.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter.
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of l934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ALEXANDER & BALDWIN, INC.
-------------------------------
(Registrant)
Date: August 11, 2000 /s/ James S. Andrasick
-------------------------------
James S. Andrasick
Sr. Vice President, Chief
Financial Officer and Treasurer
Date: August 11, 2000 /s/ Thomas A. Wellman
-------------------------------
Thomas A. Wellman
Controller
<PAGE>
EXHIBIT INDEX
-------------
10. Material contracts.
10.a.(xxvii) Eighth Amendment dated May 3, 2000 to the
Revolving Credit Agreement ("Agreement") between Alexander &
Baldwin, Inc. and First Hawaiian Bank, dated December 30, 1993
(A&B-Hawaii, Inc., an original party to the Agreement, was
merged into Alexander & Baldwin, Inc. effective
December 31, 1999).
11. Statement re Computation of Per Share Earnings.
27. Financial Data Schedule.
<PAGE>
