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<PAGE>
File No.______________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
STATEMENT BY HOLDING COMPANY CLAIMING EXEMPTION UNDER
RULE U-3A-2 FROM THE PROVISIONS OF THE
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
To be Filed Annually Prior to March 1
BUYCO, INC.,
C. BREWER AND COMPANY, LIMITED,
MAUNA KEA AGRIBUSINESS CO., INC., and
BREWER ENVIRONMENTAL INDUSTRIES HOLDINGS, INC.
each hereby files with the Securities and Exchange Commission, pursuant to Rule
2, its statement claiming exemption as a holding company from the provisions of
the Public Utility Holding Company Act of 1935, and submits the following
information:
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF
CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER THAN ANY EXEMPT WHOLESALE GENERATOR
(EWG) OR FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY HOLDS
AN INTEREST.
BUYCO, INC. ("Buyco") was incorporated under the laws of the State of
Hawaii in 1985 for the purpose of becoming the holding company of C. Brewer and
Company, Limited ("C. Brewer") and its subsidiaries. Buyco's principal office
is located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720. Buyco holds all the
common stock of C. Brewer as a result of the management buyout of C. Brewer in
1986. Buyco is a holding company which currently conducts no business and owns
no material operating assets other than the common stock of C. Brewer.
C. BREWER was founded in 1826 and incorporated under the laws of the
then Kingdom of Hawaii in 1883. Its principal office is located at 26-238
Hawaii Belt Road, Hilo, Hawaii 96720. C. Brewer began as a trading and shipping
company and gradually acquired Hawaiian sugar lands and operated sugar
plantations. In the late 1970's and early 1980's, C. Brewer diversified into
other businesses including the growing, packaging and marketing of macadamia
nuts, guava, and coffee products, as well as the distribution of industrial
products and services. C. Brewer is a holding company which currently conducts
no business and owns no
<PAGE>
material operating assets other than the common stock of Mauna Loa Macadamia Nut
Corporation ("MLMNC"), Hawaiian Fruit Specialties, Ltd. ("HFS"), Ka'u
Agribusiness Co., Inc. ("KACI"), Kilauea Agronomics, Inc. ("KAI"), Kilauea
Irrigation Co., Inc. ("KIC"), Wailuku Agribusiness Co., Inc. ("WACI"), Real
Estate Acceptance Corporation ("REAC"), BioEnergy Development Corporation
("BioEnergy"), C. Brewer Silviculture and Agriforestry, Inc. ("CBSA"), Olokele
Sugar Company, Limited ("Olokele"), Hawaii's Own Corporation ("HOC") and Mauna
Kea Agribusiness Co., Inc.
MLMNC was incorporated under the laws of the State of Hawaii with the
principal office located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720. MLMNC
produces, processes and markets macadamia nuts from orchards owned by various C.
Brewer companies as well as third party owned orchards and is the world's
largest producer of macadamia nuts. MLMNC operates four visitor centers and a
bakery. MLMNC is also involved in a joint venture with a large catalog company
named Foster & Gallagher that produces catalogs featuring Mauna Loa brand
products. MLMNC also owns the common stock of Mauna Loa International ("MLI"),
Mauna Loa Resources Inc. ("MLR"), and Hawaii Coffee Company, Inc. ("HCC").
MLMNC also owns all of Mauna Loa Orchards, L.P., a limited partnership formed
under the laws of the State of Hawaii for the purpose of owning and developing
macadamia orchards with a principal office at 26-238 Hawaii Belt Road, Hilo,
Hawaii 96720.
MLI was incorporated under the laws of the Territory of Guam and has a
principal office located in Dededo, Territory of Guam with a mailing address of
P.O. Box 20730, GMF, Guam. MLI engages in international trade with an emphasis
on MLMNC products sold outside the U.S. MLR was incorporated under the laws of
the State of Hawaii, has a principal office located at 26-238 Hawaii Belt Road,
Hilo, Hawaii 96720, and is the managing general partner for ML Macadamia
Orchards, L.P. ("MLMO"), a publicly-traded limited partnership formed under the
laws of the State of Delaware with a principal office located at 828 Fort
Street, Honolulu, Hawaii 96813. MLMO is one of the largest growers of macadamia
nuts in the world.
HCC was incorporated under the laws of the State of Delaware and has
its principal office located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720.
HCC operates under the name Superior Coffee and Foods/Hawaii and manufactures
and distributes coffee products. The company also distributes coffee-related
products, such as sugar, creamer and filters, and other beverage products, such
as tea, hot chocolate and guava juice.
HFS was incorporated under the laws of the State of Hawaii with the
principal office located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720. HFS is
a manufacturer, wholesaler and retailer of jams, jellies and syrups under the
"Kukui" brand name and is also a private label packager for companies in the
State of Hawaii.
KACI was incorporated under the laws of the State of Hawaii. Its
principal office is located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720.
KACI's operations are centered on its macadamia orchard operations, which grow
and harvest macadamia nuts in the State of Hawaii. KACI also owns some of the
land on which the macadamia nuts are grown. KACI also owns Ka'u Sugar, Inc., a
company incorporated under the laws of the State of Hawaii and
2
<PAGE>
located at the same address. Ka'u Sugar, Inc. formerly produced sugar but now
only has administrative functions.
KAI was incorporated under the laws of the State of Hawaii with its
principal office located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720. KAI
grows, harvests, processes and distributes guava and guava products in the State
of Hawaii. The company also sells guava puree to Ocean Spray, sells Hawaiian
grown tropical juices to retail outlets, and owns the largest guava orchard in
the world on the island of Kauai.
KIC was incorporated under the laws of the State of Hawaii. Its
principal office is located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720. KIC
supplies irrigation water to affiliated companies and to privately owned
properties on the island of Kauai.
WACI was incorporated under the laws of the State of Hawaii with its
principal office located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720. WACI
grows and harvests macadamia nuts on its own land. WACI also owns all the
common stock of Wailuku Plantations, Inc. ("WPI"), a company incorporated under
the laws of the State of Hawaii with its principal office located at 26-238
Hawaii Belt Road, Hilo, Hawaii 96720. WPI is a limited partner holding an
interest in an agricultural theme park on the island of Maui.
REAC was incorporated under the laws of the State of Hawaii. Its
principal office is located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720. The
company finances notes receivable generated by real estate sales by various C.
Brewer subsidiaries.
BioEnergy and CBSA were both incorporated under the laws of the State
of Hawaii with their principal offices located at 26-238 Hawaii Belt Road, Hilo,
Hawaii 96720. BioEnergy and CBSA were initially established to cultivate trees
on the island of Hawaii to produce a renewable source of energy and paper and
pulp products. BioEnergy is currently inactive, conducts no business and owns
no material operating assets. CBSA recently established a new division,
Hawaiian Pacific Kava Company, to grow and market products based on the root of
the Kava plant.
Olokele was incorporated under the laws of the State of Hawaii with
its principal office located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720.
Olokele formerly farmed sugar cane and produced raw sugar and molasses on the
island of Kauai. Olokele sold substantially all of its assets to Gay and
Robinson, Inc. in 1994. It currently conducts no business and owns no material
operating assets.
HOC was incorporated under the laws of the State of Hawaii with its
principal office located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720. HOC
markets frozen tropical blend juices in Hawaii and parts of the mainland United
States.
MAUNA KEA AGRIBUSINESS CO., INC. ("MKACI"), a wholly owned subsidiary
of C. Brewer, was incorporated under the laws of the State of Hawaii. Its
principal office is located at 26-238 Hawaii Belt Road, Hilo, Hawaii 96720.
MKACI formerly grew sugar cane on the island of Hawaii. Sugar operations ceased
on September 2, 1994. MKACI owns all
3
<PAGE>
of Mauna Kea Macadamia Orchards, Inc. ("MKMO") and Brewer Environmental
Industries Holdings, Inc., formerly known as Brewer Environmental Industries,
Inc. ("BEIH"), both MKMO and BEIH were incorporated under the laws of the State
of Hawaii and have their principal office at 26-238 Hawaii Belt Road, Hilo,
Hawaii 96720. MKMO is responsible for farming operations for macadamia orchards
owned by affiliated companies and by third parties.
On July 2, 1997, MKACI transferred the assets and liabilities of its subsidiary,
Hilo Coast Processing Company ("HCPC"), including assets involved in the
production of electrical energy, to BEIH. HCPC was subsequently dissolved and
no longer exists as a legal entity.
HCPC formerly harvested and processed raw sugar and molasses on the
Island of Hawaii. In order to dispose of the sugar cane leaves, stalk and other
unused plant parts, and to produce electricity for the sugar processing mill,
HCPC began producing electrical energy around 1973 under an order issued by the
Securities and Exchange Commission (the "SEC"), dated June 25, 1971, Holding
Company Act Release No. 17174, Administrative Proceeding File No. 3-2999.
Although HCPC had planned to sell surplus electric energy to Hilo Electric Light
Company, Limited (now named Hawaii Electric Light Company) ("HELCO"), the
electric utility for the Island of Hawaii, the SEC declared HCPC not to be an
electric utility pursuant to Section 2 (a) (3) of the Public Utility Holding
Company Act of 1935 ("PUHCA") because net operating proceeds from the sale of
excess electricity to HELCO were minimal and expected to be only 4.6% of HCPC's
net operating proceeds. At the time, C. Brewer and HCPC could not qualify for
the intrastate exemption under Section 3 (a) (1) of PUHCA because HCPC was a
cooperative association organized under California laws.
Sugar operations at HCPC ceased on September 2, 1994 and HCPC entered
into negotiations to sell the electricity generating facility to HELCO.
However, HELCO declined to purchase the facility and instead held HCPC to its
contract to provide electrical energy.
BEIH serves as manager of Brewer Environmental Industries, LLC ("BEI
LLC"), a manager-managed limited liability company, organized under the laws of
the State of Hawaii on June 13, 1997, having its principal office at 26-238
Hawaii Belt Road, Hilo, Hawaii 96720. In June and July, 1997, BEIH transferred
to BEI LLC substantially all of the assets and liabilities of BEIH, including
the assets involved in the production of electrical energy originally belonging
to HCPC, in exchange for preferred membership interests in BEI LLC. BEIH owns
all Class A preferred membership units in BEI LLC, and the remaining Class B
units in BEI LLC are owned by the Buyco shareholders. Under the operating
agreement for BEI LLC, Class A units have voting rights and Class B units do not
have voting rights. BEIH currently transacts no business, other than as manager
of BEI LLC, and owns no material operating assets.
Under the requirements of the contract between HELCO and HCPC, which was
assumed first by BEIH from HCPC and then by BEI LLC from BEIH, BEI LLC currently
generates and sells electricity to HELCO and is an electric utility, doing
business under the name "Hilo Coast Power Company".
4
<PAGE>
In addition to generating and selling electricity, BEI LLC
distributes, at both the retail and wholesale levels in the State of Hawaii,
industrial and chemical products such as liquid chlorine, pebble lime, hydrogen
peroxide, sulfuric acid, and muriatic acid; agricultural products such as
fertilizers, herbicides and insecticides; garden supplies; and specialized
construction materials such as wall, roof and deck coatings and roofing
materials. BEI LLC provides environmental consulting services through its
division called Brewer Environmental Services ("BES"). BES has offices in
Hawaii, Seattle and Japan and provides services such as air monitoring for
asbestos, benzene or lead, aquifer testing and characterization, environmental
site assessment, environmental training, ground water monitoring, and
geological, hydrogeological and RCRA investigations. Another division, Food
Quality Labs, operates an analytical laboratory in Oregon, and through its HT&T
division, BEI LLC provides stevedoring, terminal and ship agency services;
harbor tug services; and storage services in the State of Hawaii. HT&T also
offers common carrier and bulk freight services as well as heavy equipment
sales, parts and repairs and is the statewide distributor in Hawaii of
Peterbilt, GMC and Volvo trucks.
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS
SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE GENERATION, TRANSMISSION, AND
DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE PRODUCTION, TRANSMISSION,
AND DISTRIBUTION OF NATURAL OR MANUFACTURED GAS, INDICATING THE LOCATION OF
PRINCIPAL GENERATING PLANTS, TRANSMISSION LINES, PRODUCING FIELDS, GAS
MANUFACTURING PLANTS, AND ELECTRIC AND GAS DISTRIBUTION FACILITIES, INCLUDING
ALL SUCH PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS
SUBSIDIARIES ARE ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH DELIVER OR
RECEIVE ELECTRIC ENERGY OR GAS AT THE BORDERS OF SUCH STATE.
None of the above listed companies, except BEI LLC, own or lease any
properties used for the generation, transmission, and distribution of electric
energy for sale, or for the production, transmission, and distribution of
natural or manufactured gas.
All properties of BEI LLC used to generate, transmit and distribute
electricity, are located within the State of Hawaii. BEI LLC owns an electric
energy generating facility at Pepeekeo, north of the city of Hilo on the Island
of Hawaii in the State of Hawaii. The facility is situated on 30 acres at a
latitude of 19 50'15" N and a longitude of 155 6'25" W, bounded by Hilo Coast
Power Plant Mill Road on the north and by the Pacific Ocean on the east. No
transmission lines of BEI LLC deliver or receive electric energy beyond the
borders of the State of Hawaii.
BEI LLC's Pepeekeo facility consists of one Babcock & Wilcox steam
tube boiler and turbine generator with a total steam output of 365,000
lb./hr. and a total electric output of 22 MW, as well as fuel storage tanks,
a coal storage area, one 200 HP emergency diesel generator, and an emergency
well pump. The boiler operates 24 hours a day to provide steam and
electricity for sale to HELCO.
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT
TO CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
5
<PAGE>
(a) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas distributed at retail.
For the 1998 calendar year, BEI LLC sold an aggregate of 108,222,940
kwh, at wholesale to HELCO. BEI LLC sold no gas.
(b) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in which each such
company is organized.
None.
(c) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas sold at wholesale outside the State in which each such company
is organized, or at the State line.
None.
(d) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas purchased outside the State in which each such company is
organized or at the State line.
None.
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO
CLAIMANT AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY IN AN EWG OR A
FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES DOLLARS:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the generation,
transmission and distribution of electric energy for sale or for the
distribution at retail of natural or manufactured gas.
Not applicable.
(b) Name of each system company that holds an interest in such
EWG or foreign utility company; and description of the interest held.
Not applicable.
(c) Type and amount of capital invested, directly or indirectly,
by the holding company claiming exemption; any direct or indirect guarantee of
the security of the EWG or foreign utility company by the holding company
claiming exemption; and any debt or other financial obligation for which there
is recourse, directly or indirectly, to the holding company claiming exemption
or another system company, other than the EWG or foreign utility company.
Not applicable.
6
<PAGE>
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Not applicable.
(e) Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system company, and describe
the services to be rendered or goods sold and fees or revenues under such
agreement(s).
Not applicable.
EXHIBIT 99.A
An annual combining statement of income for Buyco, C. Brewer and its
subsidiary companies for the fiscal year ended June 30, 1998, together with an
annual combining balance sheet, are attached as Exhibit 99.A.
EXHIBIT B
FINANCIAL DATA SCHEDULE
Not applicable.
EXHIBIT C
Not applicable.
7
<PAGE>
The above-named claimants have caused this statement to be duly
executed on their behalf by their authorized officers on this 24th day of
----
February, 1999.
- -------
BUYCO, INC.
By /s/ Kent T. Lucien
------------------------------------
CORPORATE SEAL Its Executive Vice President
------------------------------
Attest:
/s/ Jon T. Iwatani By /s/ W. K. Tallett
- ---------------------------------- ------------------------------------
Its Vice President
------------------------------
C. BREWER AND COMPANY, LIMITED
By /s/ Kent T. Lucien
------------------------------------
CORPORATE SEAL Its Executive Vice President
------------------------------
Attest:
/s/ Jon T. Iwatani By /s/ Kenneth T. Uemura
- ---------------------------------- ------------------------------------
Its Vice President
------------------------------
MAUNA KEA AGRIBUSINESS CO., INC
By /s/ W. K. Tallett
------------------------------------
CORPORATE SEAL Its President
------------------------------
Attest:
/s/ Jon T. Iwatani By /s/ Kent T. Lucien
- ---------------------------------- ------------------------------------
Its Vice President
------------------------------
8
<PAGE>
BREWER ENVIRONMENTAL INDUSTRIES
HOLDINGS, INC.
By /s/ Kent T. Lucien
------------------------------------
CORPORATE SEAL Its Vice President
------------------------------
Attest:
/s/ Kenneth T. Uemura By /s/ Jon T. Iwatani
- ---------------------------------- ------------------------------------
Its Assistant Secretary
------------------------------
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Kenneth T. Uemura
Vice President and Controller
C. Brewer and Company, Limited
P.O. Box 1826
Papaikou, Hawaii 96781-1826
9
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<TABLE>
<CAPTION>
Brewer Mauna Kea Olokele Discontinued
BUYCO FINAL - Agro/ C. Brewer - Admin/ Ka'u Agr Agr Sugar Sugar - Operations
8/8/98 @ 9:00 AM BEI LLC Industrial Honolulu Other Sugar Div Div Old Eliminations
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Sales and Revenues:
Net Product Sales 57,089 57,089 (760)
Net Product Sales - I/C 1,661 1,661
Water Revenues
Water Revenues - I/C
Transportation Revenues 1,825 1,825
Transportation Revs.-I/C (11) (11)
Service Revenues 24,563 24,563 54 54
Service Revenues - I/C 68 68 22 22
Interest 61 61 196 196 140
Interest - I/C 80 80 3,107
Dividends
Dividends - I/C 1,893 1,893
Gross Gain(Loss) on R/E 456 456
Gross Gain(Loss)-All Oth 21 21
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest (126) (126)
Net Income of Divisions
Other Revenues 144 144 1,861 1,861 422 3 (432)
Other Revenues - I/C 77 77
- -----------------------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 86,034 86,034 3,900 3,900 422 3 3,247 (1,192)
- -----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 141 141 196 196 3,247
Deduct: All Dividends 1,893 1,893
Deduct: I/C Gains Disp
Add: CJE's Assigned 82 82
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 85,975 85,975 1,811 1,811 422 3 (1,192)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 44,954 44,954 134 287
Cost of Products Sold-I/C 1,095 1,095
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 14,983 14,983 (227) 6 236
Other Op Costs & Exp I/C (755) (755) 70
Taxes Other than Inc Tax 1,755 1,755 22 22 74 6 (145)
Selling and Marketing Exp 2,826 2,826
General and Admin Exp 13,888 13,888 6,348 6,348 113 (113)
Selling Gen & Adm Exp I/C 575 575 (2,765) (2,765) 250 300
Deprn & Amort. - PP&E 1,504 1,504 236 236 39 (112)
Deprn & Amort. - Other 61 61 44 44
- -----------------------------------------------------------------------------------------------------------------------------------
Total Cost of Sales 80,886 80,886 3,885 3,885 136 210 419 153
- ----------------------------------------------------------------------------------------------------------------------------------
Operating Profit 5,148 5,148 15 15 286 (207) 2,828 (1,345)
- -----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 141 141 196 196 3,247
Deduct: All Dividends 1,893 1,893
Deduct: I/C Gains Disp
Add: CJE's Assigned 41 41 167 167 (17) 17 29
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 5,048 5,048 (1,907) (1,907) 269 (190) (390) (1,345)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 120 120 895 895 24 (49)
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 602 602 1,771 1,771
<CAPTION>
BUYCO FINAL - Wailuku Discontinued Real Estate Mauna Kea
8/8/98 @ 9:00 AM Agr. Pine Operations Acceptce Corp Equity Mac Orchards
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales 760
Net Product Sales - I/C 39
Water Revenues
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 271 271 4
Service Revenues - I/C
Interest 140
Interest - I/C 3,107
Dividends
Dividends - I/C
Gross Gain(Loss) on R/E
Gross Gain(Loss)-All Oth
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest
Net Income of Divisions
Other Revenues 7 9
Other Revenues - I/C
- ----------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 767 3,247 271 271 52
- ----------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 3,247
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 767 271 271 52
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold (421) 147
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps (15) 21 21 (13)
Other Op Costs & Exp I/C 12 82
Taxes Other than Inc Tax 65 11 11
Selling and Marketing Exp
General and Admin Exp
Selling Gen & Adm Exp I/C 250 800
Deprn & Amort. - PP&E 73
Deprn & Amort. - Other
- ----------------------------------------------------------------------------------------------------------------
Total Cost of Sales (36) 882 32 32 134
- ----------------------------------------------------------------------------------------------------------------
Operating Profit 803 2,365 239 239 (82)
- ----------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 3,247
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned (2) 27 6
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 801 (855) 239 239 (76)
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 25
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper
1 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Brewer Mauna Kea Olokele Discontinued
BUYCO FINAL - Agro/ C. Brewer - Admin/ Ka'u Agr Agr Sugar Sugar - Operations
8/8/98 @ 9:00 AM BEI LLC Industrial Honolulu Other Sugar Div Div Old Eliminations
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Interest Alloc Pru Cap
Other Interest 147 147 33 (33)
Int Bank Credit Facility 155 155
Interest - Intercompany 283 283 15,385 15,385 288
Less: Int Capitalized
Warrant Accretion
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Deductions 1,005 1,005 18,353 18,353 312 33 (82)
- -----------------------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 4,143 4,143 (18,338) (18,338) (26) (240) 2,828 (1,263)
- -----------------------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) (17) (17) 1,406 1,406 (297) (109) 957
State/Local 2 2 320 320 (56) (20) 173
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current (15) (15) 1,726 1,726 (353) (129) 1,130
- -----------------------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) (10) (10) (1,406) (1,406) 289 32 (53)
State/Local (2) (2) (320) (320) 54 6 (3)
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------------
Total Deferred (12) (12) (1,726) (1,726) 343 38 (56)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax (27) (27) (10) (91) 1,074
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- -----------------------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 4,170 4,170 (18,338) (18,338) (16) (149) 1,754 (1,263)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis 1,263
Less: Inc Tx Prov(Rec
Min Int in Inc(
Gain(Loss) on Disp of
Less: Inc Tx Prov(Rec
Min Int in Gain
Eq in Discont Ops of S
Total Inc(L) fm Discont O 1,263
- -----------------------------------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct 4,170 4,170 (18,338) (18,338) (16) (149) 1,754
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
Gain(Loss) on Extraord
Less: Inc Tx Prov. (R
Inc Tx Prov. (R
Min Int in Gain
Eqty in Net Extraord
Subsidiaries & Affi
Net Extraordina
CUMUL EFFECT CHG IN ACCTG
Inc(L) fm Cumul. Effec
Less: Inc Tx Prov. (R
Inc Tax Prov. (
Minority Intere
Eq Chngs in Acctg. Pr
Subsidiaries & Affi
Total Effect Changes
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME 4,170 4,170 (18,338) (18,338) (16) (149) 1,754
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
BUYCO FINAL - Wailuku Discontinued Real Estate Mauna Kea
8/8/98 @ 9:00 AM Agr. Pine Operations Acceptce Corp Equity Mac Orchards
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest
Int Bank Credit Facility
Interest - Intercompany 288 (4)
Less: Int Capitalized
Warrant Accretion
- ----------------------------------------------------------------------------------------------------------------
Total Other Deductions 25 288 (4)
- ----------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 778 2,077 239 239 (78)
- ----------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) 235 786 233 233 (28)
State/Local 44 141 32 32 (6)
Foreign
ITC & Energy Credit
- ----------------------------------------------------------------------------------------------------------------
Total Current 279 927 265 265 (34)
- ----------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) (6) 262 (156) (156) 3
State/Local (1) 56 (18) (18) 1
Foreign
ITC & Energy Credit
- ----------------------------------------------------------------------------------------------------------------
Total Deferred (7) 318 (174) (174) 4
- ----------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 272 1,245 91 91 (30)
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- ----------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 506 832 148 148 (48)
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis 1,263
Less: Inc Tx Prov(Rec
Min Int in Inc(
Gain(Loss) on Disp of
Less: Inc Tx Prov(Rec
Min Int in Gain
Eq in Discont Ops of S
Total Inc(L) fm Discont O 1,263
- ----------------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct 506 2,095 148 148 (48)
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
Gain(Loss) on Extraord
Less: Inc Tx Prov. (R
Inc Tx Prov. (R
Min Int in Gain
Eqty in Net Extraord
Subsidiaries & Affi
Net Extraordina
CUMUL EFFECT CHG IN ACCTG
Inc(L) fm Cumul. Effec
Less: Inc Tx Prov. (R
Inc Tax Prov. (
Minority Intere
Eq Chngs in Acctg. Pr
Subsidiaries & Affi
Total Effect Changes
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
NET INCOME 506 2,095 148 148 (48)
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
2 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
BUYCO FINAL - Ka'u Agr. Wailuku Mauna Loa Ka'u Agr Macadamia Mauna Loa
8/8/98 @ 9:00 AM Mac Div Agr Mac Orchards Keaau Mac Farming Resources MLMNC Mauna Loa
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Sales and Revenues:
Net Product Sales 93,123 93,123
Net Product Sales - I/C 708 2,195 415 3,357
Water Revenues
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 547 551 115 115
Service Revenues - I/C
Interest 8 8 17 17
Interest - I/C 149 4,730 146 5,025 87 87
Dividends
Dividends - I/C
Gross Gain(Loss) on R/E 112 455 567
Gross Gain(Loss)-All Oth 2 2 7 7
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest 63 63 104 3 107
Net Income of Divisions
Other Revenues 400 30 151 590 29 29
Other Revenues - I/C 12 12 7 7
- -----------------------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 1,924 2,209 5,693 297 10,175 306 93,186 93,492
- -----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 157 4,730 146 5,033 87 17 104
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 1,767 2,209 963 151 5,142 219 93,169 93,388
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 449 1,445 561 2,602 52,281 52,281
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 46 457 78 568 447 447
Other Op Costs & Exp I/C
Taxes Other than Inc Tax 138 138 3 1,523 1,526
Selling and Marketing Exp 49 49 34,207 34,207
General and Admin Exp
Selling Gen & Adm Exp I/C 40 575 615
Deprn & Amort. - PP&E 360 360 1,085 1,085
Deprn & Amort. - Other
- -----------------------------------------------------------------------------------------------------------------------------------
Total Cost of Sales 495 2,449 639 3,717 43 90,118 90,161
- -----------------------------------------------------------------------------------------------------------------------------------
Operating Profit 1,429 (240) 5,054 297 6,458 263 3,068 3,331
- -----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 157 4,730 146 5,033 87 17 104
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned 7 3 16 (11) (11)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 1,272 (233) 324 154 1,441 176 3,040 3,216
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 29 6 35 100 100
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 63 63
<CAPTION>
BUYCO FINAL - Superior Wailuku Agr. Wailuku Kilauea
8/8/98 @ 9:00 AM Coffee Other Plantations Smtn. Ranch Agronomics
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales 10,616 3,180
Net Product Sales - I/C
Water Revenues 4,863
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 24
Service Revenues - I/C
Interest 8 14 1
Interest - I/C 7,638
Dividends
Dividends - I/C 2,403
Gross Gain(Loss) on R/E 525
Gross Gain(Loss)-All Oth
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest (126)
Net Income of Divisions
Other Revenues 21 61 355 50
Other Revenues - I/C
- ----------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 10,645 15,003 (126) 881 3,230
- ----------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 8 7,652 1
Deduct: All Dividends 2,403
Deduct: I/C Gains Disp
Add: CJE's Assigned
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 10,637 4,948 (126) 880 3,230
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 7,493 1,269
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 331 571
Other Op Costs & Exp I/C
Taxes Other than Inc Tax 182 150 189
Selling and Marketing Exp 2,788 530
General and Admin Exp 355
Selling Gen & Adm Exp I/C 175 163
Deprn & Amort. - PP&E 260 49 270
Deprn & Amort. - Other 113
- ----------------------------------------------------------------------------------------------------------------
Total Cost of Sales 11,011 331 770 2,776
- ----------------------------------------------------------------------------------------------------------------
Operating Profit (366) 14,672 (126) 111 454
- ----------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 8 7,652 1
Deduct: All Dividends 2,403
Deduct: I/C Gains Disp
Add: CJE's Assigned (45) (3)
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit (419) 4,617 (126) 110 451
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 25 21
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 46
3 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
BUYCO FINAL - Ka'u Agr. Wailuku Mauna Loa Ka'u Agr Macadamia Mauna Loa
8/8/98 @ 9:00 AM Mac Div Agr Mac Orchards Keaau Mac Farming Resources MLMNC Mauna Loa
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Interest Alloc Pru Cap
Other Interest 21 9 30 64 64
Int Bank Credit Facility
Interest - Intercompany (4) 38 38
Less: Int Capitalized 71 71
Warrant Accretion
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Deductions (21) 6 9 (10) 265 265
- -----------------------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 1,450 (246) 5,054 288 6,468 263 2,803 3,066
- -----------------------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) 469 14 66 521 82 786 868
State/Local 84 5 83 15 113 128
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current 553 14 71 604 97 899 996
- -----------------------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) (4) (92) 29 (64) 2 82 84
State/Local (1) (17) 5 (12) 1 16 17
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------------
Total Deferred (5) (109) 34 (76) 3 98 101
- -----------------------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 548 (95) 105 528 100 997 1,097
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont 201 201
- -----------------------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 902 (151) 5,054 183 5,940 163 1,605 1,768
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis
Less: Inc Tx Prov(Rec
Min Int in Inc(
Gain(Loss) on Disp of
Less: Inc Tx Prov(Rec
Min Int in Gain
Eq in Discont Ops of S
Total Inc(L) fm Discont O
- -----------------------------------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct 902 (151) 5,054 183 5,940 163 1,605 1,768
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
Gain(Loss) on Extraord
Less: Inc Tx Prov. (R
Inc Tx Prov. (R
Min Int in Gain
Eqty in Net Extraord
Subsidiaries & Affi
Net Extraordina
CUMUL EFFECT CHG IN ACCTG
Inc(L) fm Cumul. Effec
Less: Inc Tx Prov. (R
Inc Tax Prov. (
Minority Intere
Eq Chngs in Acctg. Pr
Subsidiaries & Affi
Total Effect Changes
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME 902 (151) 5,054 183 5,940 163 1,605 1,768
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
BUYCO FINAL - Superior Wailuku Agr. Wailuku Kilauea
8/8/98 @ 9:00 AM Coffee Other Plantations Smtn. Ranch Agronomics
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest 1
Int Bank Credit Facility
Interest - Intercompany 20 26
Less: Int Capitalized
Warrant Accretion
- ----------------------------------------------------------------------------------------------------------------
Total Other Deductions 91 48
- ----------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx (457) 14,672 (126) 111 406
- ----------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) (55) 4,656 (40) 62 176
State/Local (10) 876 (8) (1) 30
Foreign
ITC & Energy Credit
- ----------------------------------------------------------------------------------------------------------------
Total Current (65) 5,532 (48) 61 206
- ----------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) (50) 32 (23) (44)
State/Local (9) 6 (4) (8)
Foreign
ITC & Energy Credit
- ----------------------------------------------------------------------------------------------------------------
Total Deferred (59) 38 (27) (52)
- ----------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax (124) 5,570 (48) 34 154
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- ----------------------------------------------------------------------------------------------------------------
Inc from Continuing Op (333) 9,102 (78) 77 252
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis
Less: Inc Tx Prov(Rec
Min Int in Inc(
Gain(Loss) on Disp of
Less: Inc Tx Prov(Rec
Min Int in Gain
Eq in Discont Ops of S
Total Inc(L) fm Discont O
- ----------------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct (333) 9,102 (78) 77 252
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
Gain(Loss) on Extraord
Less: Inc Tx Prov. (R
Inc Tx Prov. (R
Min Int in Gain
Eqty in Net Extraord
Subsidiaries & Affi
Net Extraordina
CUMUL EFFECT CHG IN ACCTG
Inc(L) fm Cumul. Effec
Less: Inc Tx Prov. (R
Inc Tax Prov. (
Minority Intere
Eq Chngs in Acctg. Pr
Subsidiaries & Affi
Total Effect Changes
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
NET INCOME (333) 9,102 (78) 77 252
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
4 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Buyco
BUYCO FINAL - Hawn Fruit Hawaii's Wailuku Mauna Kea Other Real Buyco, Brewer Elim
8/8/98 @ 9:00 AM Specialties Own Other Agr. Land Agr - Land Estate Costs Inc JE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Sales and Revenues:
Net Product Sales 781 16,784 31,361
Net Product Sales - I/C 18 18
Water Revenues 4,863
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 24
Service Revenues - I/C
Interest 23 92
Interest - I/C 3 13 7,654 120 120
Dividends
Dividends - I/C 2,403
Gross Gain(Loss) on R/E 525 (17) 729 712
Gross Gain(Loss)-All Oth
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest (126)
Net Income of Divisions
Other Revenues 1 61 549 496 496
Other Revenues - I/C 156 156
- -----------------------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 803 16,858 47,294 635 849 1,484 92
- -----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 3 13 7,677 120 120 92
Deduct: All Dividends 2,403
Deduct: I/C Gains Disp
Add: CJE's Assigned 745 745
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 800 16,845 37,214 635 1,474 2,109
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 544 10,472 19,778
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 1,126 2,028 290 60 350
Other Op Costs & Exp I/C 31 31 81 81
Taxes Other than Inc Tax 19 540 82 82
Selling and Marketing Exp 77 4,552 7,947
General and Admin Exp 61 416 798
Selling Gen & Adm Exp I/C 12 100 450
Deprn & Amort. - PP&E 35 144 758 4 4
Deprn & Amort. - Other 41 154
- -----------------------------------------------------------------------------------------------------------------------------------
Total Cost of Sales 748 16,466 32,102 371 146 517 798
- -----------------------------------------------------------------------------------------------------------------------------------
Operating Profit 55 392 15,192 264 703 967 (706)
- -----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 3 13 7,677 120 120 92
Deduct: All Dividends 2,403
Deduct: I/C Gains Disp
Add: CJE's Assigned (1) (49) 745 745
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 51 379 5,063 264 1,328 1,592 (798)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 46
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 46 65
<CAPTION>
BUYCO FINAL - Buyco Mauna Kea Agr - Kilauea Real CBCL Real
8/8/98 @ 9:00 AM Combined Div Agr. Irrigation Inc. Estate Estate Admin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales
Net Product Sales - I/C
Water Revenues 20 20
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues
Service Revenues - I/C
Interest 92
Interest - I/C (1) (1)
Dividends
Dividends - I/C
Gross Gain(Loss) on R/E
Gross Gain(Loss)-All Oth
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest
Net Income of Divisions
Other Revenues 892 892
Other Revenues - I/C 194 194
- ----------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 92 1,086 19 1,105
- ----------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 92 (1) (1)
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 1,086 20 1,106
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 490 490
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 21 36 57
Other Op Costs & Exp I/C (122) (122)
Taxes Other than Inc Tax 384 384
Selling and Marketing Exp
General and Admin Exp 798
Selling Gen & Adm Exp I/C 325 325
Deprn & Amort. - PP&E 59 112 171
Deprn & Amort. - Other
- ----------------------------------------------------------------------------------------------------------------
Total Cost of Sales 798 1,157 148 1,305
- ----------------------------------------------------------------------------------------------------------------
Operating Profit (706) (71) (129) (200)
- ----------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 92 (1) (1)
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned (348)
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit (798) (71) (128) (199) (348)
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 65
5 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Buyco
BUYCO FINAL - Hawn Fruit Hawaii's Wailuku Mauna Kea Other Real Buyco, Brewer Elim
8/8/98 @ 9:00 AM Specialties Own Other Agr. Land Agr - Land Estate Costs Inc JE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Interest Alloc Pru Cap
Other Interest 47 48 8 8
Int Bank Credit Facility
Interest - Intercompany 46
Less: Int Capitalized
Warrant Accretion
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Deductions 47 186 8 8 65
- -----------------------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 55 345 15,006 264 695 959 (771)
- -----------------------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) 14 145 4,958 86 229 315 (26) 12
State/Local 1 27 915 12 25 37 (5) 1
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current 15 172 5,873 98 254 352 (31) 13
- -----------------------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) 4 (31) (112) (1) (1) (220) (20)
State/Local 1 (6) (20) (42)
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------------
Total Deferred 5 (37) (132) (1) (1) (262) (20)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 20 135 5,741 98 253 351 (293) (7)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- -----------------------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 35 210 9,265 166 442 608 (478) 7
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis
Less: Inc Tx Prov(Rec
Min Int in Inc(
Gain(Loss) on Disp of
Less: Inc Tx Prov(Rec
Min Int in Gain
Eq in Discont Ops of S
Total Inc(L) fm Discont O
- -----------------------------------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct 35 210 9,265 166 442 608 (478) 7
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
Gain(Loss) on Extraord
Less: Inc Tx Prov. (R
Inc Tx Prov. (R
Min Int in Gain
Eqty in Net Extraord
Subsidiaries & Affi
Net Extraordina
CUMUL EFFECT CHG IN ACCTG
Inc(L) fm Cumul. Effec
Less: Inc Tx Prov. (R
Inc Tax Prov. (
Minority Intere
Eq Chngs in Acctg. Pr
Subsidiaries & Affi
Total Effect Changes
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME 35 210 9,265 166 442 608 (478) 7
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
BUYCO FINAL - Buyco Mauna Kea Agr - Kilauea Real CBCL Real
8/8/98 @ 9:00 AM Combined Div Agr. Irrigation Inc. Estate Estate Admin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest
Int Bank Credit Facility
Interest - Intercompany
Less: Int Capitalized
Warrant Accretion
- -----------------------------------------------------------------------------------------------------------------
Total Other Deductions 65
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx (771) (71) (129) (200)
- -----------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) (14) (27) (5) (32)
State/Local (4) (7) (1) (8)
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------
Total Current (18) (34) (6) (40)
- -----------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) (240) 4 (36) (32)
State/Local (42) 1 (7) (6)
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------
Total Deferred (282) 5 (43) (38)
- -----------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax (300) (29) (49) (78)
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- -----------------------------------------------------------------------------------------------------------------
Inc from Continuing Op (471) (42) (80) (122)
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis
Less: Inc Tx Prov(Rec
Min Int in Inc(
Gain(Loss) on Disp of
Less: Inc Tx Prov(Rec
Min Int in Gain
Eq in Discont Ops of S
Total Inc(L) fm Discont O
- -----------------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct (471) (42) (80) (122)
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
Gain(Loss) on Extraord
Less: Inc Tx Prov. (R
Inc Tx Prov. (R
Min Int in Gain
Eqty in Net Extraord
Subsidiaries & Affi
Net Extraordina
CUMUL EFFECT CHG IN ACCTG
Inc(L) fm Cumul. Effec
Less: Inc Tx Prov. (R
Inc Tax Prov. (
Minority Intere
Eq Chngs in Acctg. Pr
Subsidiaries & Affi
Total Effect Changes
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
NET INCOME (471) (42) (80) (122)
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
6 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Revaluation Additional Deduct:
BUYCO FINAL - Additional Revaluation CJE BUYCO Buyco C. BREWER
8/8/98 @ 9:00 AM Adjustments Adjustment CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales 181,573 181,573
Net Product Sales - I/C (5,036)
Water Revenues 4,883 4,883
Water Revenues - I/C
Transportation Revenues 1,825 1,825
Transportation Revs.-I/C 11
Service Revenues 6 25,584 25,584
Service Revenues - I/C (90)
Interest 537 (92) 445
Interest - I/C (16,072)
Dividends
Dividends - I/C (4,296)
Gross Gain(Loss) on R/E (424) 944 2,780 2,780
Gross Gain(Loss)-All Oth 30 30
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest 8 (74) (74)
Net Income of Divisions
Other Revenues (8) 1,293 5,846 5,846
Other Revenues - I/C (446)
- ---------------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues (418) (23,692) 222,984 (92) 222,892
- ---------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc (16,072) 537 (92) 445
Deduct: All Dividends (4,296)
Deduct: I/C Gains Disp
Add: CJE's Assigned 117 (944)
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues (301) (4,268) 222,447 222,447
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold (5,149) 114,956 114,956
Cost of Products Sold-I/C (1,095)
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps (6) (49) 18,399 18,399
Other Op Costs & Exp I/C 683
Taxes Other than Inc Tax 4,458 4,458
Selling and Marketing Exp 45,029 45,029
General and Admin Exp 568 22,018 (798) 21,220
Selling Gen & Adm Exp I/C
Deprn & Amort. - PP&E (229) 3,889 3,889
Deprn & Amort. - Other 259 259
- ---------------------------------------------------------------------------------------------------------------------------
Total Cost of Sales (235) (5,042) 209,008 (798) 208,210
- ---------------------------------------------------------------------------------------------------------------------------
Operating Profit (183) (18,650) 13,976 706 14,682
- ---------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc (16,072) 537 (92) 445
Deduct: All Dividends (4,296)
Deduct: I/C Gains Disp
Add: CJE's Assigned 117 (705)
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit (66) 1,013 13,439 798 14,237
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 250 1,446 1,446
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 2,547 (65) 2,482
7 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Revaluation Additional Deduct:
BUYCO FINAL - Additional Revaluation CJE BUYCO Buyco C. BREWER
8/8/98 @ 9:00 AM Adjustments Adjustment CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest 297 297
Int Bank Credit Facility 155 155
Interest - Intercompany (16,036)
Less: Int Capitalized 71 71
Warrant Accretion
- ---------------------------------------------------------------------------------------------------------------------------
Total Other Deductions (15,786) 4,374 (65) 4,309
- ---------------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx (183) (2,864) 9,602 771 10,373
- ---------------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) (8,457) 567 14 581
State/Local (1,108) 538 4 542
Foreign
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------------------------
Total Current (9,565) 1,105 18 1,123
- ---------------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) 1,652 (23) 240 217
State/Local 11 (336) 42 (294)
Foreign
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------------------------
Total Deferred 1,663 (359) 282 (77)
- ---------------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax (7,902) 746 300 1,046
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont 1,090 1,291 1,291
- ---------------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op (183) 3,948 7,565 471 8,036
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis (1,263)
Less: Inc Tx Prov(Rec
Min Int in Inc(
Gain(Loss) on Disp of
Less: Inc Tx Prov(Rec
Min Int in Gain
Eq in Discont Ops of S
Total Inc(L) fm Discont O (1,263)
- ---------------------------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct (183) 2,685 7,565 471 8,036
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
Gain(Loss) on Extraord
Less: Inc Tx Prov. (R
Inc Tx Prov. (R
Min Int in Gain
Eqty in Net Extraord
Subsidiaries & Affi
Net Extraordina
CUMUL EFFECT CHG IN ACCTG
Inc(L) fm Cumul. Effec
Less: Inc Tx Prov. (R
Inc Tax Prov. (
Minority Intere
Eq Chngs in Acctg. Pr
Subsidiaries & Affi
Total Effect Changes
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
NET INCOME (183) 2,685 7,565 471 8,036
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
8 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Brewer Mauna Kea Olokele Discontinued
BUYCO FINAL - Agro/ C. Brewer - Admin/ Ka'u Agr Agr Sugar Sugar - Operations
8/8/98 @ 9:00 AM BEI LLC Industrial Honolulu Other Sugar Div Div Old Eliminations
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash 108 108 1,735 1,735 1
Temporary Cash Invest 2,146 2,146
Marketable Securities
Accts/Notes Rec-Trade 7,960 7,960
Allow Dbtful Accts 171 171
- -----------------------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 7,789 7,789
- -----------------------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 434 434 546 546 (1) 523
Interco Notes and Accts (534) (534) (5,250) (224) 33,622
Due from BUYCO, INC 8,492 8,492
Interco. Accts & Accrd I 47 47 26,405 26,405 (288) 3,107
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials 276 276
Work-in-Progress (11) (11)
Finished Goods
Merchdise & Commodities 10,691 10,691
Supplies 621 621
Other Inventories
Growing Crops - Sugar
- -----------------------------------------------------------------------------------------------------------------------------------
Total Inventories 11,577 11,577
- -----------------------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv 9 9
- -----------------------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv 9 9
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net Inventories 11,568 11,568
- -----------------------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 598 598 3 3 21
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current Assets 20,010 20,010 39,327 39,327 (5,516) (225) 37,252
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil 112,155 112,155 75
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division
Interco Notes and Accts
Other Investments:
Cooperatives and Joint 166 166 11
N/C Accounts and Notes 1,662
Miscellaneous Investmt 64 64 9 9
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Inv 64 64 175 175 11 1,662
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
BUYCO FINAL - Wailuku Discontinued Real Estate Mauna Kea
8/8/98 @ 9:00 AM Agr. Pine Operations Acceptce Corp Equity Mac Orchards
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 1 2
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade
Allow Dbtful Accts
- --------------------------------------------------------------------------------------------------------------
Net Rec-Trade
- --------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 7 529 1,336 1,336 122
Interco Notes and Accts 39 28,187 1,526 1,526 224
Due from BUYCO, INC
Interco. Accts & Accrd I 2,819
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials
Work-in-Progress
Finished Goods
Merchdise & Commodities
Supplies 11 11 8
Other Inventories
Growing Crops - Sugar
- --------------------------------------------------------------------------------------------------------------
Total Inventories 11 11 8
- --------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- --------------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
Net Inventories 11 11 8
- --------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 1 22 35
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
Total Current Assets 59 31,570 2,862 2,862 389
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil 75
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division 24,500
Interco Notes and Accts 23,671 23,671
Other Investments:
Cooperatives and Joint 11
N/C Accounts and Notes 1,662 314 314
Miscellaneous Investmt 34,330 34,330
- --------------------------------------------------------------------------------------------------------------
Total Other Inv 34,330 36,003 314 314
- --------------------------------------------------------------------------------------------------------------
9 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Brewer Mauna Kea Olokele Discontinued
BUYCO FINAL - Agro/ C. Brewer - Admin/ Ka'u Agr Agr Sugar Sugar - Operations
8/8/98 @ 9:00 AM BEI LLC Industrial Honolulu Other Sugar Div Div Old Eliminations
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 64 64 112,330 112,330 86 1,662
- -----------------------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- -----------------------------------------------------------------------------------------------------------------------------------
Total Investmen
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net Long-Term I 64 64 112,330 112,330 86 1,662
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 2,042 2,042 1,168 1,168
Building and Improvements 10,916 10,916 4,159 4,159
Machinery and Equipment 22,232 22,232 2,877 2,877 199
Real Estate Improvements 1,708 1,708
Ranch & Dairy Livestock
Constr'n Work-in-Progress 3,411 3,411
Miscellaneous 1,807 1,807
Property, Plant & Equip
- -----------------------------------------------------------------------------------------------------------------------------------
Total PP&E 42,116 42,116 8,204 8,204 199
- -----------------------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 28,176 28,176 2,239 2,239 47
- -----------------------------------------------------------------------------------------------------------------------------------
Net PP&E 13,940 13,940 5,965 5,965 152
- -----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit
Other Deferred Charges 17 17 5,505 5,505
- -----------------------------------------------------------------------------------------------------------------------------------
Total Deferred Charges 17 17 5,505 5,505
- -----------------------------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset 6,105 6,105 192,607 192,607
OTHER ASSETS:
Licenses
Franchises
Patents
Other 743 743
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Assets 743 743
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 40,879 40,879 355,734 355,734 (5,364) (139) 38,914
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
<CAPTION>
BUYCO FINAL - Wailuku Discontinued Real Estate Mauna Kea
8/8/98 @ 9:00 AM Agr. Pine Operations Acceptce Corp Equity Mac Orchards
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 58,001 59,749 314 314 24,500
- ----------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- ----------------------------------------------------------------------------------------------------------------
Total Investmen
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Net Long-Term I 58,001 59,749 314 314 24,500
- ----------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 1,453 1,453 143
Building and Improvements 1,619 1,619 25
Machinery and Equipment 101 300 2,125
Real Estate Improvements 1,422 1,422 547
Ranch & Dairy Livestock
Constr'n Work-in-Progress 1,571
Miscellaneous 47 47
Property, Plant & Equip
- ----------------------------------------------------------------------------------------------------------------
Total PP&E 4,642 4,841 4,411
- ----------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 2,013 2,060 2,071
- ----------------------------------------------------------------------------------------------------------------
Net PP&E 2,629 2,781 2,340
- ----------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit
Other Deferred Charges
- ----------------------------------------------------------------------------------------------------------------
Total Deferred Charges
- ----------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset
OTHER ASSETS:
Licenses
Franchises
Patents
Other
- ----------------------------------------------------------------------------------------------------------------
Total Other Assets
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 60,689 94,100 3,176 3,176 27,229
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
10 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Brewer Mauna Kea Olokele Discontinued
BUYCO FINAL - Agro/ C. Brewer - Admin/ Ka'u Agr Agr Sugar Sugar - Operations
8/8/98 @ 9:00 AM BEI LLC Industrial Honolulu Other Sugar Div Div Old Eliminations
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Loans Payable to Others
LT Debt - Current Maturi 2,304 2,304 5,394 5,394
Accounts Payable - Trade 9,399 9,399 36 36 79
Bank Overdraft 1,395 1,395 45
Intercompany Notes and A 1,340 1,340 18,199 18,199
Due to BUYCO, INC
I/C Accts & Accrd Intere (92) (92) 22,583 22,583 (6,199)
Accrued Interest 19 19 3,599 3,599
Accrued Interest Allocat
Dividends Payable 18
Dividends Payable - I/C 1,068 1,068 134
Income Taxes
Federal (49,111) (49,111) (297) (109) 957
State and Other (77) (77) (4,371) (4,371) (56) (20) 173
- -----------------------------------------------------------------------------------------------------------------------------------
Income Taxes (77) (77) (53,482) (53,482) (353) (129) 1,130
- -----------------------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 351 351 6 6 17
Customers' and Other Dep 41 41
Unearned Rev - Cur Porti 13 13
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 4,201 4,201 3,211 3,211 1,679 399 558
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current L 18,894 18,894 614 614 (4,811) 349 1,840
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A 170,547 170,547
Bank Credit Facilities
L/T Debt Allocated
Other 5,667 5,667 12,954 12,954
- -----------------------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 5,667 5,667 183,501 183,501
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense
Deferred Income Taxes
Federal 94 94 31,001 31,001 217 (2,090) 463
State and Other (66) (66) 2,658 2,658 (254) (179) 3
- -----------------------------------------------------------------------------------------------------------------------------------
Total Def Inc T 28 28 33,659 33,659 (37) (2,269) 466
- -----------------------------------------------------------------------------------------------------------------------------------
Unearned Revenues 508 508
Reserves for Contingenci 189 189 381 381 (8)
Warrants
Miscellaneous N/C Liabil 1,275 1,275 581 581 577 1,345 3,339
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Lia 2,000 2,000 34,621 34,621 540 (932) 3,805
- -----------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
<CAPTION>
BUYCO FINAL - Wailuku Discontinued Real Estate Mauna Kea
8/8/98 @ 9:00 AM Agr. Pine Operations Acceptce Corp Equity Mac Orchards
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Loans Payable to Others
LT Debt - Current Maturi
Accounts Payable - Trade 5 84 1
Bank Overdraft 29 74
Intercompany Notes and A
Due to BUYCO, INC
I/C Accts & Accrd Intere (1,471) (7,670) 406
Accrued Interest
Accrued Interest Allocat
Dividends Payable 18
Dividends Payable - I/C 134
Income Taxes
Federal 256 807 233 233 (28)
State and Other 48 145 32 32 (6)
- ----------------------------------------------------------------------------------------------------------------
Income Taxes 304 952 265 265 (34)
- ----------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 7 24 2 2 16
Customers' and Other Dep 26
Unearned Rev - Cur Porti
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 522 3,158 144
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Total Current L (604) (3,226) 267 267 559
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A
Bank Credit Facilities
L/T Debt Allocated
Other
- ----------------------------------------------------------------------------------------------------------------
L/T Debt - Excl
- ----------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense
Deferred Income Taxes
Federal 279 (1,131) (92) (92) (1,153)
State and Other 6 (424) (10) (10) (184)
- ----------------------------------------------------------------------------------------------------------------
Total Def Inc T 285 (1,555) (102) (102) (1,337)
- ----------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci (8)
Warrants
Miscellaneous N/C Liabil 5,261 207
- ----------------------------------------------------------------------------------------------------------------
Total Other Lia 285 3,698 (102) (102) (1,130)
- ----------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
11 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Brewer Mauna Kea Olokele Discontinued
BUYCO FINAL - Agro/ C. Brewer - Admin/ Ka'u Agr Agr Sugar Sugar - Operations
8/8/98 @ 9:00 AM BEI LLC Industrial Honolulu Other Sugar Div Div Old Eliminations
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Common Stock
Addt'l PIC,R/E & Cum Tra
- -----------------------------------------------------------------------------------------------------------------------------------
Total Minority
- -----------------------------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C (12) (12) 2,129 1,671
STOCKHOLDERS' EQUITY:
Head Office Account (57,026) (5,259)
Preferred Stock 34,330 34,330
Preference Stock
Common Stock 1,001 1,001 62,398 62,398 1 1 3,034
Additional Paid-In Capit (31,868) (31,868) 42,122 42,122 41,243 (10,066)
Cumulative Translation A
Retained Earnings 45,185 45,185 (1,840) (1,840) 12,560 14,097 30,235
- -----------------------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 14,318 14,318 137,010 137,010 (3,222) (1,227) 33,269
- -----------------------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- -----------------------------------------------------------------------------------------------------------------------------------
Shareholders' E 14,318 14,318 137,010 137,010 (3,222) (1,227) 33,269
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 40,879 40,879 355,734 355,734 (5,364) (139) 38,914
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS MINUS LIAB/EQTY
<CAPTION>
BUYCO FINAL - Wailuku Discontinued Real Estate Mauna Kea
8/8/98 @ 9:00 AM Agr. Pine Operations Acceptce Corp Equity Mac Orchards
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Common Stock
Addt'l PIC,R/E & Cum Tra
- ----------------------------------------------------------------------------------------------------------------
Total Minority
- ----------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C 3,800
STOCKHOLDERS' EQUITY:
Head Office Account (62,285) (467)
Preferred Stock
Preference Stock
Common Stock 2,999 6,035 1 1
Additional Paid-In Capit 34,259 65,436 2,620 2,620 12,222
Cumulative Translation A
Retained Earnings 23,750 80,642 390 390 16,045
- ----------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 61,008 89,828 3,011 3,011 27,800
- ----------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- ----------------------------------------------------------------------------------------------------------------
Shareholders' E 61,008 89,828 3,011 3,011 27,800
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 60,689 94,100 3,176 3,176 27,229
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
ASSETS MINUS LIAB/EQTY
12 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
BUYCO FINAL - Ka'u Agr. Wailuku Mauna Loa Ka'u Agr Macadamia Mauna Loa
8/8/98 @ 9:00 AM Mac Div Agr Mac Orchards Keaau Mac Farming Resources MLMNC Mauna Loa
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash 1 1 (15) 8 (7)
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 150 5,313 5,463
Allow Dbtful Accts 315 315
- -----------------------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 150 4,998 5,148
- -----------------------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 598 12 3 437 1,172 6 817 823
Interco Notes and Accts 3,570 (106) 34,007 3,144 40,839 401 (4,858) (4,457)
Due from BUYCO, INC
Interco. Accts & Accrd I 149 4,730 146 5,025 (38) (38)
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials 272 272
Work-in-Progress 10,679 10,679
Finished Goods 9,612 9,612
Merchdise & Commodities 669 669
Supplies 26 17 45 96 2,131 2,131
Other Inventories
Growing Crops - Sugar
- -----------------------------------------------------------------------------------------------------------------------------------
Total Inventories 26 17 45 96 23,363 23,363
- -----------------------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds 291 291
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- -----------------------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv 291 291
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net Inventories 26 17 45 96 23,072 23,072
- -----------------------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 126 2 226 389 16 1,322 1,338
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current Assets 4,469 (75) 38,741 3,998 47,522 558 25,321 25,879
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil 459 459
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division 24,500
Interco Notes and Accts (6,976) 18,199 11,223 611 611
Other Investments:
Cooperatives and Joint
N/C Accounts and Notes
Miscellaneous Investmt 286 286 605 605
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Inv 286 286 605 605
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
BUYCO FINAL - Superior Wailuku Agr. Wailuku Kilauea
8/8/98 @ 9:00 AM Coffee Other Plantations Smtn. Ranch Agronomics
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 2 1
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 1,055 40 470
Allow Dbtful Accts 40 26
- ----------------------------------------------------------------------------------------------------------------
Net Rec-Trade 1,015 14 470
- ----------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 25 63 6 16
Interco Notes and Accts (364) 4,038 43 773 (934)
Due from BUYCO, INC
Interco. Accts & Accrd I 7,638
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials
Work-in-Progress
Finished Goods 885 1,025
Merchdise & Commodities 56
Supplies 2,327 47
Other Inventories 317
Growing Crops - Sugar
- ----------------------------------------------------------------------------------------------------------------
Total Inventories 3,529 1,128
- ----------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- ----------------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Net Inventories 3,529 1,128
- ----------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 291 13 3
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Total Current Assets 4,498 11,739 43 806 684
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division
Interco Notes and Accts 32,977 (691)
Other Investments:
Cooperatives and Joint 412
N/C Accounts and Notes
Miscellaneous Investmt
- ----------------------------------------------------------------------------------------------------------------
Total Other Inv 412
- ----------------------------------------------------------------------------------------------------------------
13 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
BUYCO FINAL - Ka'u Agr. Wailuku Mauna Loa Ka'u Agr Macadamia Mauna Loa
8/8/98 @ 9:00 AM Mac Div Agr Mac Orchards Keaau Mac Farming Resources MLMNC Mauna Loa
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investme (6,976) 18,485 36,009 1,216 459 1,675
- -----------------------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- -----------------------------------------------------------------------------------------------------------------------------------
Total Investmen
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net Long-Term I (6,976) 18,485 36,009 1,216 459 1,675
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 198 112 259 712 1,286 1,286
Building and Improvements 703 248 58 1,034 4,562 4,562
Machinery and Equipment 5,450 2,274 2,999 12,848 30 17,404 17,434
Real Estate Improvements 3,180 2,632 3,061 5 9,425 333 333
Ranch & Dairy Livestock
Constr'n Work-in-Progress 1,130 2,701 299 299
Miscellaneous 7,656 7,656 219 219
Property, Plant & Equip
- -----------------------------------------------------------------------------------------------------------------------------------
Total PP&E 10,661 12,810 3,173 3,321 34,376 30 24,103 24,133
- -----------------------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 5,987 6,379 188 2,580 17,205 18 14,799 14,817
- -----------------------------------------------------------------------------------------------------------------------------------
Net PP&E 4,674 6,431 2,985 741 17,171 12 9,304 9,316
- -----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit
Other Deferred Charges
- -----------------------------------------------------------------------------------------------------------------------------------
Total Deferred Charges
- -----------------------------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset
OTHER ASSETS:
Licenses
Franchises
Patents
Other 4 4
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Assets 4 4
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 9,143 (620) 60,211 4,739 100,702 1,786 35,088 36,874
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
<CAPTION>
BUYCO FINAL - Superior Wailuku Agr. Wailuku Kilauea
8/8/98 @ 9:00 AM Coffee Other Plantations Smtn. Ranch Agronomics
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 32,977 (279)
- ----------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- ----------------------------------------------------------------------------------------------------------------
Total Investmen
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Net Long-Term I 32,977 (279)
- ----------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 476 376
Building and Improvements 906 418 825
Machinery and Equipment 2,801 755 4,303
Real Estate Improvements 5,006 564
Ranch & Dairy Livestock
Constr'n Work-in-Progress 477 107
Miscellaneous 835 1
Property, Plant & Equip
- ----------------------------------------------------------------------------------------------------------------
Total PP&E 4,542 7,133 6,175
- ----------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 2,371 5,674 4,395
- ----------------------------------------------------------------------------------------------------------------
Net PP&E 2,171 1,459 1,780
- ----------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit 670
Other Deferred Charges
- ----------------------------------------------------------------------------------------------------------------
Total Deferred Charges 670
- ----------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset
OTHER ASSETS:
Licenses
Franchises
Patents
Other 1,918
- ----------------------------------------------------------------------------------------------------------------
Total Other Assets 1,918
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 8,587 45,386 (236) 2,265 2,464
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
14 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
BUYCO FINAL - Ka'u Agr. Wailuku Mauna Loa Ka'u Agr Macadamia Mauna Loa
8/8/98 @ 9:00 AM Mac Div Agr Mac Orchards Keaau Mac Farming Resources MLMNC Mauna Loa
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Loans Payable to Others
LT Debt - Current Maturi 65 27 92 197 197
Accounts Payable - Trade 31 9 41 1,180 1,180
Bank Overdraft 7 7 1,768 1,768
Intercompany Notes and A 1 1
Due to BUYCO, INC
I/C Accts & Accrd Intere 1,579 723 536 2,882 6,126 317 317
Accrued Interest
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C
Income Taxes
Federal 469 14 66 521 82 835 917
State and Other 84 5 83 16 123 139
- -----------------------------------------------------------------------------------------------------------------------------------
Income Taxes 553 14 71 604 98 958 1,056
- -----------------------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 60 28 32 136 2 281 283
Customers' and Other Dep 26
Unearned Rev - Cur Porti 19 19
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 283 103 3 144 677 29 2,082 2,111
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current L 2,590 875 539 3,165 7,728 130 6,783 6,913
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A
Bank Credit Facilities
L/T Debt Allocated
Other 174 66 240 438 438
- -----------------------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 174 66 240 438 438
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense
Deferred Income Taxes
Federal 805 2,061 (16) 1,697 21 1,784 1,805
State and Other 112 274 (3) 199 4 237 241
- -----------------------------------------------------------------------------------------------------------------------------------
Total Def Inc T 917 2,335 (19) 1,896 25 2,021 2,046
- -----------------------------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci
Warrants
Miscellaneous N/C Liabil 207 159 159
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Lia 917 2,335 (19) 2,103 25 2,180 2,205
- -----------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
<CAPTION>
BUYCO FINAL - Superior Wailuku Agr. Wailuku Kilauea
8/8/98 @ 9:00 AM Coffee Other Plantations Smtn. Ranch Agronomics
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Loans Payable to Others
LT Debt - Current Maturi 136 9
Accounts Payable - Trade 235 56 217
Bank Overdraft 88 105
Intercompany Notes and A 5
Due to BUYCO, INC
I/C Accts & Accrd Intere (262) 444 772
Accrued Interest
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C (1,202)
Income Taxes
Federal (179) 4,656 (40) 62 176
State and Other (34) 876 (8) (1) 30
- ----------------------------------------------------------------------------------------------------------------
Income Taxes (213) 5,532 (48) 61 206
- ----------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 7 3 1 34
Customers' and Other Dep
Unearned Rev - Cur Porti 5
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 201 151 188
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Total Current L 192 4,833 (48) 990 764
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A 3,581
Bank Credit Facilities
L/T Debt Allocated
Other 377 8
- ----------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 377 3,581 8
- ----------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense
Deferred Income Taxes
Federal 22 (645) 3 20 197
State and Other (199) (122) 1 1 38
- ----------------------------------------------------------------------------------------------------------------
Total Def Inc T (177) (767) 4 21 235
- ----------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci
Warrants
Miscellaneous N/C Liabil 7 1,799 3
- ----------------------------------------------------------------------------------------------------------------
Total Other Lia (170) 1,032 4 21 238
- ----------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
15 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
BUYCO FINAL - Ka'u Agr. Wailuku Mauna Loa Ka'u Agr Macadamia Mauna Loa
8/8/98 @ 9:00 AM Mac Div Agr Mac Orchards Keaau Mac Farming Resources MLMNC Mauna Loa
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Common Stock
Addt'l PIC,R/E & Cum Tra 302 302
- -----------------------------------------------------------------------------------------------------------------------------------
Total Minority 302 302
- -----------------------------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C
STOCKHOLDERS' EQUITY:
Head Office Account 51,839 1,678 9,613 62,663
Preferred Stock
Preference Stock
Common Stock 1 1 2
Additional Paid-In Capit (46,205) 33,542 (8,523) (8,964) 458 1,188 1,646
Cumulative Translation A
Retained Earnings (172) (3,830) 24,452 437 36,932 1,172 24,196 25,368
- -----------------------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 5,462 (3,830) 59,672 1,527 90,631 1,631 25,385 27,016
- -----------------------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- -----------------------------------------------------------------------------------------------------------------------------------
Shareholders' E 5,462 (3,830) 59,672 1,527 90,631 1,631 25,385 27,016
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 9,143 (620) 60,211 4,739 100,702 1,786 35,088 36,874
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS MINUS LIAB/EQTY
<CAPTION>
BUYCO FINAL - Superior Wailuku Agr. Wailuku Kilauea
8/8/98 @ 9:00 AM Coffee Other Plantations Smtn. Ranch Agronomics
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Common Stock
Addt'l PIC,R/E & Cum Tra
- ----------------------------------------------------------------------------------------------------------------
Total Minority
- ----------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C
STOCKHOLDERS' EQUITY:
Head Office Account (378)
Preferred Stock
Preference Stock
Common Stock 1 1 2
Additional Paid-In Capit 10,515 (27,282) (1,930)
Cumulative Translation A
Retained Earnings (2,327) 39,521 (193) 25,332 3,382
- ----------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 8,188 39,521 (192) (2,327) 1,454
- ----------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- ----------------------------------------------------------------------------------------------------------------
Shareholders' E 8,188 39,521 (192) (2,327) 1,454
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 8,587 45,386 (236) 2,265 2,464
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
ASSETS MINUS LIAB/EQTY
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Buyco
BUYCO FINAL - Hawn Fruit Hawaii's Wailuku Mauna Kea Other Real Buyco, Brewer Elim
8/8/98 @ 9:00 AM Specialties Own Other Agr. Land Agr - Land Estate Costs Inc JE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash 1 4 6
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 78 1,911 3,554 70 70
Allow Dbtful Accts 28 94
- ----------------------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 78 1,883 3,460 70 70
- ----------------------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 5 17 132 36 36
Interco Notes and Accts 74 3,630 (2,490) (246) (2,736)
Due from BUYCO, INC 902 (10,510)
Interco. Accts & Accrd I 700 8,338
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials 209 209
Work-in-Progress
Finished Goods 85 1,995
Merchdise & Commodities 68 124
Supplies 2,374
Other Inventories 317
Growing Crops - Sugar
- ----------------------------------------------------------------------------------------------------------------------------------
Total Inventories 294 68 5,019
- ----------------------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- ----------------------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Net Inventories 294 68 5,019
- ----------------------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 3 62 372
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Total Current Assets 455 2,730 20,955 (2,454) (176) (2,630) 908 (10,510)
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil 5,201 (5,201)
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division
Interco Notes and Accts 32,286 34,295 34,295
Other Investments:
Cooperatives and Joint 412
N/C Accounts and Notes 500
Miscellaneous Investmt
- ----------------------------------------------------------------------------------------------------------------------------------
Total Other Inv 412 500
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
BUYCO FINAL - Buyco Mauna Kea Agr - Kilauea Real CBCL Real
8/8/98 @ 9:00 AM Combined Div Agr. Irrigation Inc. Estate Estate Admin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 6 (3) (1) (4)
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 355 4 359
Allow Dbtful Accts 93 1 94
- -------------------------------------------------------------------------------------------------------------
Net Rec-Trade 262 3 265
- -------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 1 1
Interco Notes and Accts (178) 9 (169)
Due from BUYCO, INC (9,608)
Interco. Accts & Accrd I
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials
Work-in-Progress
Finished Goods
Merchdise & Commodities
Supplies 9 9
Other Inventories
Growing Crops - Sugar
- -------------------------------------------------------------------------------------------------------------
Total Inventories 9 9
- -------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- -------------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Net Inventories 9 9
- -------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 2 2
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Total Current Assets (9,602) 93 11 104
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division
Interco Notes and Accts
Other Investments:
Cooperatives and Joint
N/C Accounts and Notes 500
Miscellaneous Investmt
- -------------------------------------------------------------------------------------------------------------
Total Other Inv 500
- -------------------------------------------------------------------------------------------------------------
17 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Buyco
BUYCO FINAL - Hawn Fruit Hawaii's Wailuku Mauna Kea Other Real Buyco, Brewer Elim
8/8/98 @ 9:00 AM Specialties Own Other Agr. Land Agr - Land Estate Costs Inc JE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 32,698 34,295 34,295 5,701 (5,201)
- ----------------------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- ----------------------------------------------------------------------------------------------------------------------------------
Total Investmen
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Net Long-Term I 32,698 34,295 34,295 5,701 (5,201)
- ----------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 852 21 35,693 35,714 149
Building and Improvements 962 3 3,114 580 580
Machinery and Equipment 328 176 8,363
Real Estate Improvements 5,570
Ranch & Dairy Livestock
Constr'n Work-in-Progress 584 1,886 2,279 4,165 2
Miscellaneous 47 883
Property, Plant & Equip
- ----------------------------------------------------------------------------------------------------------------------------------
Total PP&E 1,290 226 19,366 1,907 38,552 40,459 151
- ----------------------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 560 205 13,205 258 258
- ----------------------------------------------------------------------------------------------------------------------------------
Net PP&E 730 21 6,161 1,907 38,294 40,201 151
- ----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit 670
Other Deferred Charges 44 44 278 278
- ----------------------------------------------------------------------------------------------------------------------------------
Total Deferred Charges 44 714 278 278
- ----------------------------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset 973 973
OTHER ASSETS:
Licenses
Franchises
Patents
Other 537 2,455 32 32
- ----------------------------------------------------------------------------------------------------------------------------------
Total Other Assets 537 2,455 32 32
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 1,185 4,305 63,956 34,058 38,118 72,176 6,609 (15,560)
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
<CAPTION>
BUYCO FINAL - Buyco Mauna Kea Agr - Kilauea Real CBCL Real
8/8/98 @ 9:00 AM Combined Div Agr. Irrigation Inc. Estate Estate Admin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 500
- -------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- -------------------------------------------------------------------------------------------------------------
Total Investmen
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Net Long-Term I 500
- -------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 149 1,369 1,369
Building and Improvements 367 367
Machinery and Equipment 1,144 20 1,164
Real Estate Improvements 344 1,683 2,027
Ranch & Dairy Livestock
Constr'n Work-in-Progress 2 52 52
Miscellaneous 95 95
Property, Plant & Equip
- -------------------------------------------------------------------------------------------------------------
Total PP&E 151 3,319 1,755 5,074
- -------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 1,720 1,099 2,819
- -------------------------------------------------------------------------------------------------------------
Net PP&E 151 1,599 656 2,255
- -------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit
Other Deferred Charges
- -------------------------------------------------------------------------------------------------------------
Total Deferred Charges
- -------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset
OTHER ASSETS:
Licenses
Franchises
Patents
Other
- -------------------------------------------------------------------------------------------------------------
Total Other Assets
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
TOTAL ASSETS (8,951) 1,692 667 2,359
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
18 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Buyco
BUYCO FINAL - Hawn Fruit Hawaii's Wailuku Mauna Kea Other Real Buyco, Brewer Elim
8/8/98 @ 9:00 AM Specialties Own Other Agr. Land Agr - Land Estate Costs Inc JE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Loans Payable to Others
LT Debt - Current Maturi 145
Accounts Payable - Trade 57 2,674 3,239 154 729 883
Bank Overdraft 5 313 511
Intercompany Notes and A 5 (1,341) (1,341)
Due to BUYCO, INC 902 902 9,436 (10,338)
I/C Accts & Accrd Intere 954 317 317
Accrued Interest 74 74 83
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C (1,202)
Income Taxes
Federal 14 129 4,818 86 229 315 (26) 1,140
State and Other 1 24 888 12 25 37 (5) 228
- ----------------------------------------------------------------------------------------------------------------------------------
Income Taxes 15 153 5,706 98 254 352 (31) 1,368
- ----------------------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po (356)
Other Taxes Accrued or W 3 2 50 8 8
Customers' and Other Dep 25 31 56
Unearned Rev - Cur Porti 5
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 30 8 578 3
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Total Current L 110 4,126 10,967 602 (327) 275 9,488 (9,323)
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A 3,581
Bank Credit Facilities
L/T Debt Allocated
Other 1,300 1,685 94 94 759
- ----------------------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 1,300 5,266 94 94 759
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense 4,659
Deferred Income Taxes
Federal (7) (67) (477) 684 254 938 (397) (2,262)
State and Other (1) (6) (288) 70 14 84 (72) 858
- ----------------------------------------------------------------------------------------------------------------------------------
Total Def Inc T (8) (73) (765) 754 268 1,022 (469) (1,404)
- ----------------------------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci
Warrants
Miscellaneous N/C Liabil 1 1,810 35 35 500 11
- ----------------------------------------------------------------------------------------------------------------------------------
Total Other Lia (7) (73) 1,045 789 268 1,057 4,690 (1,393)
- ----------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
<CAPTION>
BUYCO FINAL - Buyco Mauna Kea Agr - Kilauea Real CBCL Real
8/8/98 @ 9:00 AM Combined Div Agr. Irrigation Inc. Estate Estate Admin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Loans Payable to Others
LT Debt - Current Maturi
Accounts Payable - Trade 1 1
Bank Overdraft
Intercompany Notes and A
Due to BUYCO, INC (902)
I/C Accts & Accrd Intere 29 29
Accrued Interest 83
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C
Income Taxes
Federal 1,114 (27) (5) (32)
State and Other 223 (7) (1) (8)
- -------------------------------------------------------------------------------------------------------------
Income Taxes 1,337 (34) (6) (40)
- -------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po (356)
Other Taxes Accrued or W 13 13
Customers' and Other Dep 2 2
Unearned Rev - Cur Porti
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 4 68 68
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Total Current L 165 78 (5) 73
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A
Bank Credit Facilities
L/T Debt Allocated
Other 759
- -------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 759
- -------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense 4,659
Deferred Income Taxes
Federal (2,659) (18) 40 22
State and Other 786 (3) 5 2
- -------------------------------------------------------------------------------------------------------------
Total Def Inc T (1,873) (21) 45 24
- -------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci
Warrants
Miscellaneous N/C Liabil 511
- -------------------------------------------------------------------------------------------------------------
Total Other Lia 3,297 (21) 45 24
- -------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
19 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Buyco
BUYCO FINAL - Hawn Fruit Hawaii's Wailuku Mauna Kea Other Real Buyco, Brewer Elim
8/8/98 @ 9:00 AM Specialties Own Other Agr. Land Agr - Land Estate Costs Inc JE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Common Stock
Addt'l PIC,R/E & Cum Tra
- -----------------------------------------------------------------------------------------------------------------------------------
Total Minority
- -----------------------------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C
STOCKHOLDERS' EQUITY:
Head Office Account (378)
Preferred Stock
Preference Stock
Common Stock 1 5 6,118 (5,201)
Additional Paid-In Capit 1,056 (553) (18,194) 1,693 33,955 35,648 (416)
Cumulative Translation A
Retained Earnings 25 (495) 65,245 30,974 4,128 35,102 (14,030) 357
- -----------------------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 1,082 (1,048) 46,678 32,667 38,083 70,750 (8,328) (4,844)
- -----------------------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- -----------------------------------------------------------------------------------------------------------------------------------
Shareholders' E 1,082 (1,048) 46,678 32,667 38,083 70,750 (8,328) (4,844)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 1,185 4,305 63,956 34,058 38,118 72,176 6,609 (15,560)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS MINUS LIAB/EQTY
<CAPTION>
BUYCO FINAL - Buyco Mauna Kea Agr - Kilauea Real CBCL Real
8/8/98 @ 9:00 AM Combined Div Agr. Irrigation Inc. Estate Estate Admin
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Common Stock
Addt'l PIC,R/E & Cum Tra
- -------------------------------------------------------------------------------------------------------------
Total Minority
- -------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C
STOCKHOLDERS' EQUITY:
Head Office Account
Preferred Stock
Preference Stock
Common Stock 917 1 1
Additional Paid-In Capit (417) 3,599 1,692 5,291
Cumulative Translation A
Retained Earnings (13,673) (1,964) (1,066) (3,030)
- -------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 (13,172) 1,635 627 2,262
- -------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- -------------------------------------------------------------------------------------------------------------
Shareholders' E (13,172) 1,635 627 2,262
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD (8,951) 1,692 667 2,359
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
ASSETS MINUS LIAB/EQTY
20 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Revaluation Additional Deduct:
BUYCO FINAL - Additional Revaluation CJE BUYCO Buyco C. BREWER
8/8/98 @ 9:00 AM Adjustments Adjustment CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 1,845 (6) 1,839
Temporary Cash Invest 2,146 2,146
Marketable Securities
Accts/Notes Rec-Trade 17,406 17,406
Allow Dbtful Accts 674 674
- ---------------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 16,732 16,732
- ---------------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 5,009 5,009
Interco Notes and Accts (66,286)
Due from BUYCO, INC 1,116 9,608 9,608
Interco. Accts & Accrd I (42,596)
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials 757 757
Work-in-Progress 10,668 10,668
Finished Goods 245 11,852 11,852
Merchdise & Commodities 354 11,838 11,838
Supplies 5,242 5,242
Other Inventories (55) 16 278 278
Growing Crops - Sugar
- ---------------------------------------------------------------------------------------------------------------------------
Total Inventories 544 16 40,635 40,635
- ---------------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds 291 291
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv 9 9
- ---------------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv 300 300
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Net Inventories 544 16 40,335 40,335
- ---------------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 364 3,088 3,088
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Total Current Assets 1,660 (108,502) 69,155 9,602 78,757
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil (112,689)
Com & Pfd Stk of Uncons
Subsidiaries and Affil 12 12 12
Equity in Division (24,500)
Interco Notes and Accts (102,086)
Other Investments:
Cooperatives and Joint (178) (166) 245 245
N/C Accounts and Notes 2,476 (500) 1,976
Miscellaneous Investmt (212) (34,330) 752 752
- ---------------------------------------------------------------------------------------------------------------------------
Total Other Inv (390) (34,496) 3,473 (500) 2,973
- ---------------------------------------------------------------------------------------------------------------------------
21 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Revaluation Additional Deduct:
BUYCO FINAL - Additional Revaluation CJE BUYCO Buyco C. BREWER
8/8/98 @ 9:00 AM Adjustments Adjustment CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investme (378) (273,771) 3,485 (500) 2,985
- ---------------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- ---------------------------------------------------------------------------------------------------------------------------
Total Investmen
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Net Long-Term I (378) (273,771) 3,485 (500) 2,985
- ---------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 28,113 (31,907) 40,951 (149) 40,802
Building and Improvements (9,498) 210 17,063 17,063
Machinery and Equipment (51,750) (75) 13,393 13,393
Real Estate Improvements (10,728) (442) 9,315 9,315
Ranch & Dairy Livestock
Constr'n Work-in-Progress (9,482) 3,346 5,078 (2) 5,076
Miscellaneous (1,679) 9,028 9,028
Property, Plant & Equip
- ---------------------------------------------------------------------------------------------------------------------------
Total PP&E (55,024) (28,868) 94,828 (151) 94,677
- ---------------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort (69,947) 322 11,154 11,154
- ---------------------------------------------------------------------------------------------------------------------------
Net PP&E 14,923 (29,190) 83,674 (151) 83,523
- ---------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense 1 1 1
Capital Stock Expense
Deferred Inc Tax Benefit (670)
Other Deferred Charges (5,608) (101) 135 135
- ---------------------------------------------------------------------------------------------------------------------------
Total Deferred Charges (5,607) (771) 136 136
- ---------------------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset (192,607) (2,825) 4,253 4,253
OTHER ASSETS:
Licenses
Franchises
Patents
Other (12) (32) 3,190 3,190
- ---------------------------------------------------------------------------------------------------------------------------
Total Other Assets (12) (32) 3,190 3,190
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS (182,021) (415,091) 163,893 8,951 172,844
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
22 of 24
<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Revaluation Additional Deduct:
BUYCO FINAL - Additional Revaluation CJE BUYCO Buyco C. BREWER
8/8/98 @ 9:00 AM Adjustments Adjustment CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Loans Payable to Others
LT Debt - Current Maturi 8,132 8,132
Accounts Payable - Trade 14,863 14,863
Bank Overdraft 3,755 3,755
Intercompany Notes and A (18,204)
Due to BUYCO, INC 902 902
I/C Accts & Accrd Intere (22,564)
Accrued Interest (3,275) 500 (83) 417
Accrued Interest Allocat
Dividends Payable 18 18
Dividends Payable - I/C
Income Taxes
Federal 52,140 (13,901) (2,179) (1,114) (3,293)
State and Other 4,304 (1,532) (137) (223) (360)
- ---------------------------------------------------------------------------------------------------------------------------
Income Taxes 56,444 (15,433) (2,316) (1,337) (3,653)
- ---------------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po (13,659) 7,831 (6,184) 356 (5,828)
Other Taxes Accrued or W 873 873
Customers' and Other Dep 125 125
Unearned Rev - Cur Porti (10) 27 27
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit (8,463) 798 6,342 (4) 6,338
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Total Current L 31,037 (47,572) 26,135 (165) 25,970
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A (174,128)
Bank Credit Facilities
L/T Debt Allocated
Other (75) 21,762 (759) 21,003
- ---------------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl (174,203) 21,762 (759) 21,003
- ---------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense (76) 4,583 (4,659) (76)
Deferred Income Taxes
Federal (21,813) 4,494 13,879 2,659 16,538
State and Other (2,851) 4,529 4,860 (786) 4,074
- ---------------------------------------------------------------------------------------------------------------------------
Total Def Inc T (24,664) 9,023 18,739 1,873 20,612
- ---------------------------------------------------------------------------------------------------------------------------
Unearned Revenues (323) 185 185
Reserves for Contingenci 1,611 1 2,174 2,174
Warrants
Miscellaneous N/C Liabil (1,182) (8) 8,649 (511) 8,138
- ---------------------------------------------------------------------------------------------------------------------------
Total Other Lia (24,634) 9,016 34,330 (3,297) 31,033
- ---------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
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<PAGE>
Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/98
<CAPTION>
Revaluation Additional Deduct:
BUYCO FINAL - Additional Revaluation CJE BUYCO Buyco C. BREWER
8/8/98 @ 9:00 AM Adjustments Adjustment CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Common Stock 644 644 644
Addt'l PIC,R/E & Cum Tra (2) 14,228 14,528 14,528
- ---------------------------------------------------------------------------------------------------------------------------
Total Minority (2) 14,872 15,172 15,172
- ---------------------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C (5,817) 2,124 95 95
STOCKHOLDERS' EQUITY:
Head Office Account
Preferred Stock (34,330)
Preference Stock
Common Stock (57,198) (7,044) 6,118 (917) 5,201
Additional Paid-In Capit (44,102) (31,871) 17,348 417 17,765
Cumulative Translation A
Retained Earnings (81,305) (146,083) 42,933 13,673 56,606
- ---------------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 (182,605) (219,328) 66,399 13,172 79,571
- ---------------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- ---------------------------------------------------------------------------------------------------------------------------
Shareholders' E (182,605) (219,328) 66,399 13,172 79,571
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD (182,021) (415,091) 163,893 8,951 172,844
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS MINUS LIAB/EQTY
</TABLE>
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