<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
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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
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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
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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
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(a) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas distributed at retail.
For the 1997 calendar year, HCPC (from January 1, 1997 through June
30, 1997) and BEI LLC (from July 1, 1997 through December 31, 1997) sold an
aggregate of 107,975,205 kwh, at wholesale to HELCO. HCPC and 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.
6
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Not applicable.
(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, 1997, together with an
annual combining balance sheet, are attached as Exhibit 99.A.
Please note that figures captioned "Hilo Coast Power Company" (HCPC)
are shown separately from "BEI" and "HT&T Company, Inc." (together comprising
BEI LLC), as the power generating assets were not conveyed to BEI LLC until July
2, 1997. Combining financial statements for the fiscal year ended June 30, 1998
and for subsequent fiscal years ending June 30 (which will be included as
exhibits to future annual filings by Buyco, C. Brewer, MKACI and BEIH) will not
contain any separate references to HCPC or HT&T Company, Inc. The results of
these operations will be included within the single entity, BEI LLC.
EXHIBIT B
FINANCIAL DATA SCHEDULE
Not applicable.
EXHIBIT C
Not applicable.
7
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The above-named claimants have caused this statement to be duly
executed on their behalf by their authorized officers on this 16th day of
December, 1998.
BUYCO, INC.
By /s/ Kent T. Lucien
------------------------------------
CORPORATE SEAL Its Executive Vice President
---------------------------------
Attest:
/s/ Jon T. Iwatani By /s/ J. Alan Kugle
- ------------------------------------- ------------------------------------
Its Secretary
---------------------------------
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
------------------------------------
Its President
---------------------------------
CORPORATE SEAL
Attest:
/s/ Jon T. Iwatani By /s/ J. Alan Kugle
- ------------------------------------- ------------------------------------
Its Vice President
---------------------------------
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BREWER ENVIRONMENTAL
INDUSTRIES HOLDINGS, INC.
By /s/ Kent T. Lucien
------------------------------------
CORPORATE SEAL Its Vice President
---------------------------------
Attest:
/s/ Jon T. Iwatani By /s/ J. Alan Kugle
- ------------------------------------- ------------------------------------
Its 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
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Exhibit A: Annual Combining Statement of Income and Balance Sheet
(in thousands of dollars)
Period: FYE 6/30/97
<TABLE>
<CAPTION>
FINAL AUDITED NUMBERS - HT&T Mauna Kea
9/11/97 @3:30 PM Company, Agro/ C.Brewer - Brewer Ka'u Agr Agr Sugar Olokele
Inc. BEI Industrial Honolulu Admin/Other Sugar Div Div Sugar-Old
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales 9,394 57,817 67,211 238 130
Net Product Sales - I/C 79 1,657 1,736
Water Revenues
Water Revenues - I/C
Transportation Revenues 1,588 1,588
Transportation Revs.-I/C 497 497
Service Revenues 6,900 4,923 11,823 -6 -6
Service Revenues - I/C 1,018 172 1,190
Interest 60 31 91 554 554 167
Interest - I/C 2,942
Dividends
Dividends - I/C 1,757 1,757
Gross Gain(Loss) on R/E 13 13
Gross Gain(Loss)-All Oth 33 -31 2
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 86 86 233 233 223 3
Other Revenues - I/C 67 67
- -----------------------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 19,735 64,569 84,304 2,538 2,538 461 3 3,239
- -----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 60 31 91 554 554 3,109
Deduct: All Dividends 1,757 1,757
Deduct: I/C Gains Disp
Add: CJE's Assigned -461
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 19,675 64,538 84,213 227 227 3 130
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 8,970 45,487 54,457 106 99
Cost of Products Sold-I/C 1,182 1,182
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 6,930 6,930 639 639 938 -78
Other Op Costs & Exp I/C 40
Taxes Other than Inc Tax 647 846 1,493 18 18 75
Selling and Marketing Exp 201 2,774 2,975
General and Admin Exp 1,591 11,851 13,442 8,505 8,505 228
Selling Gen & Adm Exp I/C 182 218 400 -2,648 -2,648 250 125 300
Deprn & Amort. - PP&E 149 691 840 159 159 67
Deprn & Amort. - Other 10 10
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Total Cost of Sales 18,670 63,049 81,719 6,683 6,683 1,330 193 627
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Operating Profit 1,065 1,520 2,585 -4,145 -4,145 -869 -190 2,612
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Deductns Mgt Op Profit
Deduct: All Int Inc 60 31 91 554 554 3,109
Deduct: All Dividends 1,757 1,757
Deduct: I/C Gains Disp
Add: CJE's Assigned 6 13 19 703 703 619 28 30
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 1,011 1,502 2,513 -5,753 -5,753 -250 -162 -467
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 4 140 144 811 811 -1
Management Comp NSO's 12
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 105 74 179 2,300 2,300
<CAPTION>
Discontinued Real Estate
Operations Wailuku Agr. Discontinued Closter Acceptce
Eliminations Pine Operations Farms Corp
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales -1,580 1,450 238
Net Product Sales - I/C
Water Revenues
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 136
Service Revenues - I/C
Interest 167
Interest - I/C 2,942
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 -6 3 223 4
Other Revenues - I/C
- -------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues -1,586 1,453 3,570 140
- -------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 3,109
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned -461
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues -1,586 1,453 140
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 293 -498
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 70 8 938 9
Other Op Costs & Exp I/C 40
Taxes Other than Inc Tax -75 75 75 5
Selling and Marketing Exp
General and Admin Exp -228
Selling Gen & Adm Exp I/C 300 975
Deprn & Amort. - PP&E -92 92 67
Deprn & Amort. - Other
- -------------------------------------------------------------------------------------------------------------------
Total Cost of Sales -32 -23 2,095 14
- -------------------------------------------------------------------------------------------------------------------
Operating Profit -1,554 1,476 1,475 126
- -------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 3,109
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned 17 694
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit -1,554 1,493 -940 126
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision -31 31 -1
Management Comp NSO's 12
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper
1 of 24
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<CAPTION>
HT&T Mauna Kea
Company, Agro/ C.Brewer - Brewer Ka'u Agr Agr Sugar Olokele
Inc. BEI Industrial Honolulu Admin/Other Sugar Div Div Sugar-Old
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest 166 166 3
Int Bank Credit Facility
Interest - Intercompany -52 -16 -68 13,822 13,822 265
Less: Int Capitalized
Warrant Accretion
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Deductions 57 198 255 17,099 17,099 276 3
- -----------------------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 1,008 1,322 2,330 -21,244 -21,244 -1,145 -193 2,612
- -----------------------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) 251 423 674 223 223 -584 -115 864
State/Local 44 36 80 38 38 -121 -22 159
Foreign 171 171
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current 295 630 925 261 261 -705 -137 1,023
- -----------------------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) 74 -142 -68 550 550 244 54 -29
State/Local 12 -27 -15 -37 -37 46 10 -2
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------------
Total Deferred 86 -169 -83 513 513 290 64 -31
- -----------------------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 381 461 842 774 774 -415 -73 992
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- -----------------------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 627 861 1,488 -22,018 -22,018 -730 -120 1,620
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
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 627 861 1,488 -22,018 -22,018 -730 -120 1,620
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
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 627 861 1,488 -22,018 -22,018 -730 -120 1,620
<CAPTION>
Discontinued Real Estate
Operations Wailuku Agr. Discontinued Closter Acceptce
Eliminations Pine Operations Farms Corp
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest -3
Int Bank Credit Facility
Interest - Intercompany 265
Less: Int Capitalized
Warrant Accretion
- -------------------------------------------------------------------------------------------------------------------
Total Other Deductions -34 31 276
- -------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx -1,520 1,445 1,199 126
- -------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) -186 -21 -23
State/Local -35 -19
Foreign
ITC & Energy Credit
- -------------------------------------------------------------------------------------------------------------------
Total Current -221 -40 -23
- -------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) 648 917 64
State/Local 122 176 7
Foreign
ITC & Energy Credit
- -------------------------------------------------------------------------------------------------------------------
Total Deferred 770 1,093 71
- -------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 549 1,053 48
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont.
- -------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op -1,520 896 146 78
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis 1,520 1,520
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 1,520 1,520
- -------------------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct 896 1,666 78
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
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 896 1,666 78
2 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - HT&T Mauna Kea
9/11/97 @3:30 PM Company, Agro/ C.Brewer - Brewer Ka'u Agr Agr Sugar Olokele
Inc. BEI Industrial Honolulu Admin/Other Sugar Div Div Sugar-Old
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 4 9 13 1,457 1,457 1
Temporary Cash Invest 12,699 12,699
Marketable Securities
Accts/Notes Rec-Trade 1,467 7,158 8,625
Allow Dbtful Accts 144 101 245
- -----------------------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 1,323 7,057 8,380
- -----------------------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 274 42 316 368 368 986 2 502
Interco Notes and Accts 1,213 1,213 -5,976 -530 35,273
Due from BUYCO, INC 9,392 9,392
Interco. Accts & Accrd I 52 90 142 33,078 33,078 -265
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials 368 368
Work-in-Progress 101 101
Finished Goods
Merchdise & Commodities 1,396 7,049 8,445
Supplies
Other Inventories
Growing Crops - Sugar
- -----------------------------------------------------------------------------------------------------------------------------------
Total Inventories 1,497 7,417 8,914
- -----------------------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP 9 9
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv 9 9
- -----------------------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv 18 18
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net Inventories 1,479 7,417 8,896
- -----------------------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 94 254 348 5 5 34
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current Assets 4,439 14,869 19,308 56,999 56,999 -5,220 -528 35,775
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil 115,108 115,108 75
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division
Interco Notes and Accts
Other Investments:
Cooperatives and Joint 11
N/C Accounts and Notes 2,153
Miscellaneous Investmt 25 25 9 9
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Inv 25 25 9 9 11 2,153
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Discontinued Real Estate
Operations Wailuku Agr. Discontinued Closter Acceptce
Eliminations Pine Operations Farms Corp
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 1 2
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 138 138
Allow Dbtful Accts
- -------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 138 138
- -------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 20 1,510 196
Interco Notes and Accts 336 29,103
Due from BUYCO, INC
Interco. Accts & Accrd I -265
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials
Work-in-Progress
Finished Goods
Merchdise & Commodities
Supplies 11 11
Other Inventories
Growing Crops - Sugar
- -------------------------------------------------------------------------------------------------------------------
Total Inventories 11 11
- -------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- -------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Net Inventories 11 11
- -------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets -14 20 2
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Total Current Assets 492 30,519 198
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil 1 76
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division
Interco Notes and Accts 23,335 23,335
Other Investments:
Cooperatives and Joint 11
N/C Accounts and Notes 2,153 2,713
Miscellaneous Investmt 34,330 34,330
- -------------------------------------------------------------------------------------------------------------------
Total Other Inv 34,330 36,494 2,713
- -------------------------------------------------------------------------------------------------------------------
3 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - HT&T Mauna Kea
9/11/97 @3:30 PM Company, Agro/ C.Brewer - Brewer Ka'u Agr Agr Sugar Olokele
Inc. BEI Industrial Honolulu Admin/Other Sugar Div Div Sugar-Old
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 25 25 115,117 115,117 86 2,153
- -----------------------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- -----------------------------------------------------------------------------------------------------------------------------------
Total Investmen
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net Long-Term I 25 25 115,117 115,117 86 2,153
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 30 30 43 43 141
Building and Improvements 5,610 4,179 9,789 751
Machinery and Equipment 3,495 9,502 12,997 2,334 2,334 860
Real Estate Improvements 74 307 381 326 326 4,168
Ranch & Dairy Livestock
Constr'n Work-in-Progress 18 2,351 2,369 1,234 1,234 -2
Miscellaneous 885 885 77
- -----------------------------------------------------------------------------------------------------------------------------------
Total PP&E 9,227 17,224 26,451 3,937 3,937 5,995
- -----------------------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 8,259 11,483 19,742 2,426 2,426 4,853
- -----------------------------------------------------------------------------------------------------------------------------------
Net PP&E 968 5,741 6,709 1,511 1,511 1,142
- -----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit
Other Deferred Charges 5,300 5,300
- -----------------------------------------------------------------------------------------------------------------------------------
Total Deferred Charges 5,300 5,300
- -----------------------------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset 192,607 192,607
OTHER ASSETS:
Licenses
Franchises
Patents
Other 521 521
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Assets 521 521
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 5,928 20,635 26,563 371,534 371,534 -4,078 -442 37,928
CURRENT LIABILITIES:
Loans Payable to Banks
Loans Payable to Others
<CAPTION>
Discontinued Real Estate
Operations Wailuku Agr. Discontinued Closter Acceptce
Eliminations Pine Operations Farms Corp
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
Total Long-Term Investm 57,666 59,905 2,713
- -------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- -------------------------------------------------------------------------------------------------------------------
Total Investmen
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Net Long-Term I 57,666 59,905 2,713
- -------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 1,453 1,594
Building and Improvements 1,619 2,370
Machinery and Equipment 139 999
Real Estate Improvements 2,310 6,478
Ranch & Dairy Livestock
Constr'n Work-in-Progress -2
Miscellaneous 47 124
- -------------------------------------------------------------------------------------------------------------------
Total PP&E 5,568 11,563
- -------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 2,759 7,612
- -------------------------------------------------------------------------------------------------------------------
Net PP&E 2,809 3,951
- -------------------------------------------------------------------------------------------------------------------
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 60,967 94,375 2,911
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
Loans Payable to Others
4 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - HT&T Mauna Kea
9/11/97 @3:30 PM Company, Agro/ C.Brewer - Brewer Ka'u Agr Agr Sugar Olokele
Inc. BEI Industrial Honolulu Admin/Other Sugar Div Div Sugar-Old
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LT Debt - Current Maturi 10 458 468 5,214 5,214
Accounts Payable - Trade 1,122 5,381 6,503 400 400 4 79
Bank Overdraft 112 3,229 3,341 59
Intercompany Notes and A 18,199 18,199
Due to BUYCO, INC
I/C Accts & Accrd Intere -30 44 14 34,247 34,247 -56,122 -5,239
Accrued Interest 3,670 3,670
Accrued Interest Allocat
Dividends Payable 18
Dividends Payable - I/C 1,068 1,068 134
Income Taxes
Federal 313 413 726 -49,478 -49,478 -581 -115 906
State and Other 55 34 89 -3,765 -3,765 -120 -22 164
- -----------------------------------------------------------------------------------------------------------------------------------
Income Taxes 368 447 815 -53,243 -53,243 -701 -137 1,070
- -----------------------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 173 319 492 6 6 23
Customers' and Other Dep 45 45
Unearned Rev - Cur Porti 13 13
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 1,812 2,396 4,208 5,018 5,018 6,114 1,111 653
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current L 3,625 12,274 15,899 14,579 14,579 -50,623 -4,186 1,875
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A 154,017 154,017
Bank Credit Facilities
L/T Debt Allocated
Other 912 912 18,111 18,111
- -----------------------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 912 912 172,128 172,128
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense
Deferred Income Taxes
Federal -194 -619 -813 36,313 36,313 -61 -2,132 507
State and Other -14 -134 -148 3,383 3,383 -307 -186 4
- -----------------------------------------------------------------------------------------------------------------------------------
Total Def Inc T -208 -753 -961 39,696 39,696 -368 -2,318 511
- -----------------------------------------------------------------------------------------------------------------------------------
Unearned Revenues 522 522
Reserves for Contingenci 395 395 -40
Warrants
Miscellaneous N/C Liabil 1,122 214 1,336 520 520 737 765 3,438
Total Other Lia 1,436 -539 897 40,611 40,611 369 -1,593 3,949
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
Common Stock
<CAPTION>
Discontinued Real Estate
Operations Wailuku Agr. Discontinued Closter Acceptce
Eliminations Pine Operations Farms Corp
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LT Debt - Current Maturi
Accounts Payable - Trade 3 86
Bank Overdraft 7 66
Intercompany Notes and A 851
Due to BUYCO, INC
I/C Accts & Accrd Intere -2,325 -63,686
Accrued Interest
Accrued Interest Allocat
Dividends Payable 18
Dividends Payable - I/C 134
Income Taxes
Federal 356 566 -23
State and Other 66 88
- -------------------------------------------------------------------------------------------------------------------
Income Taxes 422 654 -23
- -------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 7 30
Customers' and Other Dep
Unearned Rev - Cur Porti
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 586 8,464
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Total Current L -1,300 -54,234 828
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
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 276 -1,410 64
State and Other 5 -484 7
- -------------------------------------------------------------------------------------------------------------------
Total Def Inc T 281 -1,894 71
- -------------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci -40
Warrants
Miscellaneous N/C Liabil 4,940
- -------------------------------------------------------------------------------------------------------------------
Total Other Lia 281 3,006 71
- -------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
Common Stock
5 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - HT&T Mauna Kea
9/11/97 @3:30 PM Company, Agro/ C.Brewer - Brewer Ka'u Agr Agr Sugar Olokele
Inc. BEI Industrial Honolulu Admin/Other Sugar Div Div Sugar-Old
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Total Minority
- -----------------------------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C -12 -12 2,129 1,671
STOCKHOLDERS' EQUITY:
Head Office Account
Preferred Stock 34,330 34,330
Preference Stock
Common Stock 1,000 1 1,001 62,398 62,398 1 1 3,034
Additional Paid-In Capit -9,965 -21,698 -31,663 40,912 40,912 35,001 -10,596
Cumulative Translation A
Retained Earnings 9,832 29,685 39,517 6,588 6,588 9,045 14,261 29,070
- -----------------------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 867 7,988 8,855 144,228 144,228 44,047 3,666 32,104
- -----------------------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- -----------------------------------------------------------------------------------------------------------------------------------
Shareholders' E 867 7,988 8,855 144,228 144,228 44,047 3,666 32,104
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 5,928 20,635 26,563 371,534 371,534 -4,078 -442 37,928
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Discontinued Real Estate
Operations Wailuku Agr. Discontinued Closter Acceptce
Eliminations Pine Operations Farms Corp
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
Total Minority
- -------------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C 3,800
STOCKHOLDERS' EQUITY:
Head Office Account
Preferred Stock
Preference Stock
Common Stock 3,000 6,036 1
Additional Paid-In Capit 34,259 58,664 1,769
Cumulative Translation A
Retained Earnings 24,727 77,103 242
- -------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 61,986 141,803 2,012
- -------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- -------------------------------------------------------------------------------------------------------------------
Shareholders' E 61,986 141,803 2,012
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 60,967 94,375 2,911
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
6 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - Mauna Kea Ka'u Agr. Wailuku Agr Mauna Loa Ka'u Agr Macadamia Mauna Loa
9/11/97 @3:30 PM Equity Mac Orchards Mac Div Mac Orchards Keaau Mac Farming Resources
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales 2,261 2,261
Net Product Sales - I/C 21 763 926 1,710
Water Revenues
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 136 10 435 445 138
Service Revenues - I/C
Interest 2 2
Interest - I/C 4,162 4,162 69
Dividends
Dividends - I/C
Gross Gain(Loss) on R/E -517 -517
Gross Gain(Loss)-All Oth -22 -22
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest 15 15 33
Net Income of Divisions
Other Revenues 4 33 159 31 223
Other Revenues - I/C 90 90
- ---------------------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 140 66 1,357 2,270 4,586 90 8,369 240
- ---------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 2 4,162 4,164 69
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 140 64 1,357 2,270 424 90 4,205 171
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 92 491 1,390 911 2,884
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 9 10 17 496 523
Other Op Costs & Exp I/C
Taxes Other than Inc Tax 5 129 129
Selling and Marketing Exp 10 10
General and Admin Exp
Selling Gen & Adm Exp I/C 36
Deprn & Amort. - PP&E 381 358 739
Deprn & Amort. - Other
- ---------------------------------------------------------------------------------------------------------------------------------
Total Cost of Sales 14 102 508 2,406 1,269 4,285 36
- ---------------------------------------------------------------------------------------------------------------------------------
Operating Profit 126 -36 849 -136 3,317 90 4,084 204
- ---------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 2 4,162 4,164 69
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned -3 -30 -4 -10 -47
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 126 -41 819 -140 -845 80 -127 135
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 14 -2 12
Management Comp NSO's 15 15 30
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 1 1
<CAPTION>
Superior Wailuku Agr. Wailuku
MLMNC Mauna Loa Coffee Other Plantations
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales 90,846 90,846 9,505
Net Product Sales - I/C
Water Revenues 629
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 138 28
Service Revenues - I/C
Interest 23 23 6 1
Interest - I/C 69 6,380
Dividends
Dividends - I/C 2,403
Gross Gain(Loss) on R/E
Gross Gain(Loss)-All Oth 17 17
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest 33 -102
Net Income of Divisions
Other Revenues 112 112 100 54
Other Revenues - I/C 7 7
- ---------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 91,005 91,245 9,611 9,495 -102
- ---------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 23 92 6 6,381
Deduct: All Dividends 2,403
Deduct: I/C Gains Disp
Add: CJE's Assigned
- ---------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 90,982 91,153 9,605 711 -102
- ---------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 52,854 52,854 6,845
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 528 528 431
Other Op Costs & Exp I/C
Taxes Other than Inc Tax 1,249 1,249 185
Selling and Marketing Exp 30,713 30,713 3,061
General and Admin Exp
Selling Gen & Adm Exp I/C 550 586 175
Deprn & Amort. - PP&E 958 958 290
Deprn & Amort. - Other 113
- ---------------------------------------------------------------------------------------------------------------------
Total Cost of Sales 86,852 86,888 10,669 431
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
Operating Profit 4,153 4,357 -1,058 9,064 -102
- ---------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 23 92 6 6,381
Deduct: All Dividends 2,403
Deduct: I/C Gains Disp
Add: CJE's Assigned -273 -273 -390 6
- ---------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 3,857 3,992 -1,454 286 -102
- ---------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 203 203 36
Management Comp NSO's 156 156
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 79 79 10
7 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - Mauna Kea Ka'u Agr. Wailuku Agr Mauna Loa Ka'u Agr Macadamia Mauna Loa
9/11/97 @3:30 PM Equity Mac Orchards Mac Div Mac Orchards Keaau Mac Farming Resources
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest 21 9 30
Int Bank Credit Facility
Interest - Intercompany 15 -133 -105 -223
Less: Int Capitalized 59 59
Warrant Accretion
- ---------------------------------------------------------------------------------------------------------------------------------
Total Other Deductions 15 -142 14 -96 -209
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 126 -51 991 -150 3,317 186 4,293 204
- ---------------------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) -23 46 277 69 79 471 62
State/Local 6 49 11 15 81 11
Foreign
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------------------------------
Total Current -23 52 326 80 94 552 73
- ---------------------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) 64 -62 41 -116 -19 -156 3
State/Local 7 -9 8 -22 -4 -27 1
Foreign
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------------------------------
Total Deferred 71 -71 49 -138 -23 -183 4
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 48 -19 375 -58 71 369 77
- ---------------------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- ---------------------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 78 -32 616 -92 3,317 115 3,924 127
- ---------------------------------------------------------------------------------------------------------------------------------
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 78 -32 616 -92 3,317 115 3,924 127
- ---------------------------------------------------------------------------------------------------------------------------------
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 78 -32 616 -92 3,317 115 3,924 127
<CAPTION>
Superior Wailuku Agr. Wailuku
MLMNC Mauna Loa Coffee Other Plantations
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest 9 9
Int Bank Credit Facility
Interest - Intercompany -297 -297 105
Less: Int Capitalized
Warrant Accretion
- ----------------------------------------------------------------------------------------------------------------------
Total Other Deductions 150 150 151
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 4,003 4,207 -1,209 9,064 -102
- ----------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) 956 1,018 2,833 -33
State/Local 116 127 533 -6
Foreign
ITC & Energy Credit
- ----------------------------------------------------------------------------------------------------------------------
Total Current 1,072 1,145 3,366 -39
- ----------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) 227 230 63
State/Local 43 44 12
Foreign
ITC & Energy Credit
- ----------------------------------------------------------------------------------------------------------------------
Total Deferred 270 274 75
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 1,342 1,419 3,441 -39
- ----------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont. 235 235
- ----------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 2,426 2,553 -1,209 5,623 -63
- ----------------------------------------------------------------------------------------------------------------------
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 2,426 2,553 -1,209 5,623 -63
- ----------------------------------------------------------------------------------------------------------------------
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 2,426 2,553 -1,209 5,623 -63
8 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - Mauna Kea Ka'u Agr. Wailuku Agr Mauna Loa Ka'u Agr Macadamia Mauna Loa
9/11/97 @3:30 PM Equity Mac Orchards Mac Div Mac Orchards Keaau Mac Farming Resources
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 1 1 -5
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 118
Allow Dbtful Accts
- ---------------------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 118
- ---------------------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 196 21 741 12 108 673 1,555 6
Interco Notes and Accts -170 2,934 -142 28,324 2,142 33,088 319
Due from BUYCO, INC
Interco. Accts & Accrd I -15 133 4,162 105 4,385
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials
Work-in-Progress
Finished Goods
Merchdise & Commodities
Supplies 25 34 7 60 126
Other Inventories
Growing Crops - Sugar
- ---------------------------------------------------------------------------------------------------------------------------------
Total Inventories 25 34 7 60 126
- ---------------------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- ---------------------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Net Inventories 25 34 7 60 126
- ---------------------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 2 113 480 3 307 903 18
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total Current Assets 198 -26 4,322 -120 32,595 3,287 40,058 456
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil
Com & Pfd Stk of Uncons
Subsidiaries and Affil
Equity in Division 24,500 24,500
Interco Notes and Accts -6,834 18,620 11,786 611
Other Investments:
Cooperatives and Joint
N/C Accounts and Notes 2,713
Miscellaneous Investmt 239 239 517
- ---------------------------------------------------------------------------------------------------------------------------------
Total Other Inv 2,713 239 239 517
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Superior Wailuku Agr. Wailuku
MLMNC Mauna Loa Coffee Other Plantations
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 8 3 2
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 5,757 5,875 1,272
Allow Dbtful Accts 311 311 55
- -------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 5,446 5,564 1,217
- -------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 589 595 11 189
Interco Notes and Accts 5,007 5,326 -1,515 2,550 -188
Due from BUYCO, INC
Interco. Accts & Accrd I 6,380
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials 818 818
Work-in-Progress 5,809 5,809
Finished Goods 7,940 7,940 1,342
Merchdise & Commodities 372 372
Supplies 2,441 2,441 2,591
Other Inventories
Growing Crops - Sugar
- -------------------------------------------------------------------------------------------------------------------
Total Inventories 17,380 17,380 3,933
- -------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds 50 50
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- -------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv 50 50
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Net Inventories 17,330 17,330 3,933
- -------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 518 536 155
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Total Current Assets 28,898 29,354 3,803 9,119 -188
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
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
Interco Notes and Accts 611 24,047 -503
Other Investments:
Cooperatives and Joint 538
N/C Accounts and Notes
Miscellaneous Investmt 3 520
- -------------------------------------------------------------------------------------------------------------------
Total Other Inv 3 520 538
- -------------------------------------------------------------------------------------------------------------------
9 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - Mauna Kea Ka'u Agr. Wailuku Agr Mauna Loa Ka'u Agr Macadamia Mauna Loa
9/11/97 @3:30 PM Equity Mac Orchards Mac Div Mac Orchards Keaau Mac Farming Resources
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 2,713 24,500 -6,834 18,859 36,525 1,128
- ---------------------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- ---------------------------------------------------------------------------------------------------------------------------------
Total Investmen
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Net Long-Term I 2,713 24,500 -6,834 18,859 36,525 1,128
- ---------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 143 218 3,004 259 3,624
Building and Improvements 25 247 248 58 578
Machinery and Equipment 2,332 5,461 2,212 2,814 12,819 24
Real Estate Improvements 3,540 1,743 13,293 5 18,581
Ranch & Dairy Livestock
Constr'n Work-in-Progress 1,920 23 16 58 2,017
Miscellaneous 921 7,656 8,577
- ---------------------------------------------------------------------------------------------------------------------------------
Total PP&E 4,420 10,410 11,875 16,297 3,194 46,196 24
- ---------------------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 2,223 5,522 5,312 1,411 2,470 16,938 14
- ---------------------------------------------------------------------------------------------------------------------------------
Net PP&E 2,197 4,888 6,563 14,886 724 29,258 10
- ---------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit
Other Deferred Charges 64 64
- ---------------------------------------------------------------------------------------------------------------------------------
Total Deferred Charges 64 64
- ---------------------------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset
OTHER ASSETS:
Licenses
Franchises
Patents
Other
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total Other Assets
TOTAL ASSETS 2,911 26,671 9,210 -327 66,340 4,011 105,905 1,594
CURRENT LIABILITIES:
Loans Payable to Banks
Loans Payable to Others
<CAPTION>
Superior Wailuku Agr. Wailuku
MLMNC Mauna Loa Coffee Other Plantations
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
Total Long-Term Investm 462 1,590 24,047 35
- -------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- -------------------------------------------------------------------------------------------------------------------
Total Investmen
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Net Long-Term I 462 1,590 24,047 35
- -------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 1,286 1,286
Building and Improvements 4,339 4,339 891
Machinery and Equipment 15,794 15,818 2,455
Real Estate Improvements 238 238
Ranch & Dairy Livestock
Constr'n Work-in-Progress 1,113 1,113
Miscellaneous 219 219 835
- -------------------------------------------------------------------------------------------------------------------
Total PP&E 22,989 23,013 4,181
- -------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 13,749 13,763 2,034
- -------------------------------------------------------------------------------------------------------------------
Net PP&E 9,240 9,250 2,147
- -------------------------------------------------------------------------------------------------------------------
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 12 12 2,030
- -------------------------------------------------------------------------------------------------------------------
Total Other Assets 12 12 2,030
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 38,612 40,206 7,980 33,836 -153
CURRENT LIABILITIES:
Loans Payable to Banks
Loans Payable to Others
10 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - Mauna Kea Ka'u Agr. Wailuku Agr Mauna Loa Ka'u Agr Macadamia Mauna Loa
9/11/97 @3:30 PM Equity Mac Orchards Mac Div Mac Orchards Keaau Mac Farming Resources
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LT Debt - Current Maturi 83 6 47 136
Accounts Payable - Trade 16 28 18 62
Bank Overdraft 24 24
Intercompany Notes and A 851 1
Due to BUYCO, INC
I/C Accts & Accrd Intere -548 51,579 663 1,683 9,636 63,013
Accrued Interest
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C
Income Taxes
Federal -23 -6 276 69 79 418 62
State and Other -1 49 11 15 74 12
- ---------------------------------------------------------------------------------------------------------------------------------
Income Taxes -23 -7 325 80 94 492 74
- ---------------------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 12 49 32 10 103 7
Customers' and Other Dep 102 102
Unearned Rev - Cur Porti 20 20
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 103 329 116 23 238 809 21
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total Current L 828 -322 52,413 921 1,706 10,043 64,761 103
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A
Bank Credit Facilities
L/T Debt Allocated
Other 116 33 149
- ---------------------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 116 33 149
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense
Deferred Income Taxes
Federal 64 -1,156 800 2,148 -41 1,751 19
State and Other 7 -184 111 291 -8 210 4
- ---------------------------------------------------------------------------------------------------------------------------------
Total Def Inc T 71 -1,340 911 2,439 -49 1,961 23
- ---------------------------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci
Warrants
Miscellaneous N/C Liabil 202 202
- ---------------------------------------------------------------------------------------------------------------------------------
Total Other Lia 71 -1,138 911 2,439 -49 2,163 23
- ---------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
Common Stock
<CAPTION>
Superior Wailuku Agr. Wailuku
MLMNC Mauna Loa Coffee Other Plantations
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LT Debt - Current Maturi 212 212 136
Accounts Payable - Trade 1,165 1,165 307 54
Bank Overdraft 1,328 1,328 101
Intercompany Notes and A 1
Due to BUYCO, INC
I/C Accts & Accrd Intere 189 189 -90 102
Accrued Interest
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C -1,202
Income Taxes
Federal 1,136 1,198 2,833 -33
State and Other 157 169 533 -6
- -------------------------------------------------------------------------------------------------------------------
Income Taxes 1,293 1,367 3,366 -39
- -------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 408 415 15 8
Customers' and Other Dep
Unearned Rev - Cur Porti
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 2,378 2,399 216
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Total Current L 6,973 7,076 685 2,328 -39
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A
Bank Credit Facilities
L/T Debt Allocated
Other 606 606 202
- -------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 606 606 202
- -------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense
Deferred Income Taxes
Federal 1,758 1,777 61 -679
State and Other 232 236 11 -128
- -------------------------------------------------------------------------------------------------------------------
Total Def Inc T 1,990 2,013 72 -807
- -------------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci
Warrants
Miscellaneous N/C Liabil 154 154 1,900
- -------------------------------------------------------------------------------------------------------------------
Total Other Lia 2,144 2,167 72 1,093
- -------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
Common Stock
11 of 24
<PAGE>
<CAPTION>
FINAL AUDITED NUMBERS - Mauna Kea Ka'u Agr. Wailuku Agr Mauna Loa Ka'u Agr Macadamia Mauna Loa
9/11/97 @3:30 PM Equity Mac Orchards Mac Div Mac Orchards Keaau Mac Farming Resources
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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 1 1
Additional Paid-In Capit 1,769 12,036 -43,138 46,500 -6,276 9,122 458
Cumulative Translation A
Retained Earnings 242 16,095 -1,092 -3,687 18,134 260 29,710 1,009
- ---------------------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 2,012 28,131 -44,230 -3,687 64,634 -6,016 38,832 1,468
- ---------------------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- ---------------------------------------------------------------------------------------------------------------------------------
Shareholders' E 2,012 28,131 -44,230 -3,687 64,634 -6,016 38,832 1,468
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 2,911 26,671 9,210 -327 66,340 4,011 105,905 1,594
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Superior Wailuku Agr. Wailuku
MLMNC Mauna Loa Coffee Other Plantations
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Addt'l PIC,R/E & Cum Tra -7 -7
- -------------------------------------------------------------------------------------------------------------------
Total Minority -7 -7
- -------------------------------------------------------------------------------------------------------------------
Excess Net Assets Over C
STOCKHOLDERS' EQUITY:
Head Office Account
Preferred Stock
Preference Stock
Common Stock 1 2 1
Additional Paid-In Capit 6,195 6,653 8,998
Cumulative Translation A
Retained Earnings 22,700 23,709 -1,977 30,415 -115
- -------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 28,896 30,364 7,021 30,415 -114
- -------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- -------------------------------------------------------------------------------------------------------------------
Shareholders' E 28,896 30,364 7,021 30,415 -114
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 38,612 40,206 7,980 33,836 -153
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
12 of 24
<PAGE>
<CAPTION>
Hilo Coast
FINAL AUDITED NUMBERS - Kilauea Hawn Fruit Power Hawaii's Wailuku Agr. Mauna Kea
9/11/97 @3:30 PM Smtn. Ranch Agronomics Specialties Company Own Other Land Agr - Land
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales 4,821 783 11,361 26,470
Net Product Sales - I/C 8 104 112
Water Revenues 629
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 12,499 12,527
Service Revenues - I/C
Interest 39 2 48
Interest - I/C 34 27 14 6,455 120
Dividends
Dividends - I/C 2,403
Gross Gain(Loss) on R/E 896 -105 299 1,090 4,168 1,126
Gross Gain(Loss)-All Oth 50 -11 39
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest -102
Net Income of Divisions
Other Revenues 324 120 1 140 42 781 309
Other Revenues - I/C 2 26 28 12
- ----------------------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 1,220 4,930 915 12,992 11,419 50,480 4,477 1,258
- ----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 34 27 39 16 6,503 120
Deduct: All Dividends 2,403
Deduct: I/C Gains Disp
Add: CJE's Assigned 1,087
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 1,220 4,896 888 12,953 11,403 41,574 4,477 2,225
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 2,326 595 7,215 16,981
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 444 8,334 804 10,013 353 70
Other Op Costs & Exp I/C 723 723
Taxes Other than Inc Tax 161 166 29 196 737 39
Selling and Marketing Exp 708 90 2,955 6,814
General and Admin Exp 473 82 555
Selling Gen & Adm Exp I/C 138 12 62 387
Deprn & Amort. - PP&E 1 337 36 676 111 1,451 4
Deprn & Amort. - Other 25 138
- ----------------------------------------------------------------------------------------------------------------------------------
Total Cost of Sales 606 4,148 844 9,929 11,172 37,799 353 113
- ----------------------------------------------------------------------------------------------------------------------------------
Operating Profit 614 782 71 3,063 247 12,681 4,124 1,145
- ----------------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 34 27 39 16 6,503 120
Deduct: All Dividends 2,403
Deduct: I/C Gains Disp
Add: CJE's Assigned -20 -4 -96 -504 1,069
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 614 728 40 2,928 231 3,271 4,124 2,094
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 62 98
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 610 620
<CAPTION>
Other Real Buyco Brewer Buyco Mauna Kea
Estate Costs Buyco, Inc Elim JE Combined Agr - Div Agr.
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales
Net Product Sales - I/C
Water Revenues
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues
Service Revenues - I/C
Interest 232 232
Interest - I/C 120
Dividends
Dividends - I/C 915 -915
Gross Gain(Loss) on R/E 5,294
Gross Gain(Loss)-All Oth 1
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 309 4,228 -4,175 53 725
Other Revenues - I/C 12 149
- -----------------------------------------------------------------------------------------------------------------------------
Total Sales & Revenues 5,735 5,375 -5,090 285 875
- -----------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc 120 232 232
Deduct: All Dividends 915 -915
Deduct: I/C Gains Disp
Add: CJE's Assigned 1,087
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 6,702 4,228 -4,175 53 875
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold 689
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 423 73
Other Op Costs & Exp I/C 35
Taxes Other than Inc Tax 39 340
Selling and Marketing Exp
General and Admin Exp 5,142 -4,228 914
Selling Gen & Adm Exp I/C 300
Deprn & Amort. - PP&E 4 54
Deprn & Amort. - Other
- -----------------------------------------------------------------------------------------------------------------------------
Total Cost of Sales 466 5,142 -4,228 914 1,491
- -----------------------------------------------------------------------------------------------------------------------------
Operating Profit 5,269 233 -862 -629 -616
- -----------------------------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc 120 232 232
Deduct: All Dividends 915 -915
Deduct: I/C Gains Disp
Add: CJE's Assigned 1,069 -12
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 6,218 -914 53 -861 -628
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 104
Management Comp NSO's 12
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper 18 18
13 of 24
<PAGE>
<CAPTION>
Hilo Coast
FINAL AUDITED NUMBERS - Kilauea Hawn Fruit Power Hawaii's Wailuku Agr. Mauna Kea
9/11/97 @3:30 PM Smtn. Ranch Agronomics Specialties Company Own Other Land Agr - Land
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest 2 5 28 35 8
Int Bank Credit Facility
Interest - Intercompany 148 253
Less: Int Capitalized
Warrant Accretion
- ---------------------------------------------------------------------------------------------------------------------------------
Total Other Deductions 64 763 28 1,006 8
- ---------------------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 614 718 71 2,300 219 11,675 4,124 1,137
- ---------------------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) 203 335 25 7 3,370 1,366 373
State/Local 16 61 4 72 680 153 43
Foreign 1 1
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------------------------------
Total Current 220 396 29 79 4,051 1,519 416
- ---------------------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) -104 -2 762 719 -15 -1
State/Local -20 58 9 59 -3
Foreign
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------------------------------
Total Deferred -124 -2 820 9 778 -18 -1
- ---------------------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 220 272 27 899 9 4,829 1,501 415
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- ---------------------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 394 446 44 1,401 210 6,846 2,623 722
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
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 394 446 44 1,401 210 6,846 2,623 722
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
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 394 446 44 1,401 210 6,846 2,623 722
<CAPTION>
Other Real Buyco Brewer Buyco Mauna Kea
Estate Costs Buyco, Inc Elim JE Combined Agr - Div Agr.
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest 8
Int Bank Credit Facility
Interest - Intercompany
Less: Int Capitalized
Warrant Accretion
- -----------------------------------------------------------------------------------------------------------------------------
Total Other Deductions 8 18 18 116
- -----------------------------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx 5,261 215 -862 -647 -732
- -----------------------------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) 1,739 -1,004 1,122 118 -214
State/Local 196 -189 227 38 -40
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------
Total Current 1,935 -1,193 1,349 156 -254
- -----------------------------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) -16 1,073 -1,406 -333 -21
State/Local -3 202 -279 -77 -4
Foreign
ITC & Energy Credit
- -----------------------------------------------------------------------------------------------------------------------------
Total Deferred -19 1,275 -1,685 -410 -25
- -----------------------------------------------------------------------------------------------------------------------------
Total Provision Inc Tax 1,916 82 -336 -254 -279
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont.
- -----------------------------------------------------------------------------------------------------------------------------
Inc from Continuing Op 3,345 133 -526 -393 -453
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
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 3,345 133 -526 -393 -453
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
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 3,345 133 -526 -393 -453
14 of 24
<PAGE>
<CAPTION>
Hilo Coast
FINAL AUDITED NUMBERS - Kilauea Hawn Fruit Power Hawaii's Wailuku Agr. Mauna Kea
9/11/97 @3:30 PM Smtn. Ranch Agronomics Specialties Company Own Other Land Agr - Land
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 1 1 -1 3
Temporary Cash Invest 190 190
Marketable Securities
Accts/Notes Rec-Trade 9 427 87 1,013 948 3,756 67
Allow Dbtful Accts 4 11 11 53 134
- ------------------------------------------------------------------------------------------------------------------------------
Net Rec-Trade 5 416 76 1,013 895 3,622 67
- ------------------------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 8 30 29 24 291 33
Interco Notes and Accts 586 793 20 -1,003 1,243 4,329 -659
Due from BUYCO, INC
Interco. Accts & Accrd I 2,140 2 -11 804 9,315
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials 233 233
Work-in-Progress
Finished Goods 31 84 1,457
Merchdise & Commodities 50 137 187
Supplies 43 1,765 4,399
Other Inventories
Growing Crops - Sugar
- ------------------------------------------------------------------------------------------------------------------------------
Total Inventories 124 317 1,765 137 6,276
- ------------------------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- ------------------------------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Net Inventories 124 317 1,765 137 6,276
- ------------------------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 6 1 30 4 196
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Total Current Assets 2,739 1,370 417 2,012 1,864 21,136 4,362 -592
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
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 23,544 29,966
Other Investments:
Cooperatives and Joint 538
N/C Accounts and Notes
Miscellaneous Investmt 80 80
- ------------------------------------------------------------------------------------------------------------------------------
Total Other Inv 80 618
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Other Real Buyco Brewer Buyco Mauna Kea
Estate Costs Buyco, Inc Elim JE Combined Agr - Div Agr.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 6 6
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 67 155
Allow Dbtful Accts 65
- ----------------------------------------------------------------------------------------------------------------
Net Rec-Trade 67 90
- ----------------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 33 1
Interco Notes and Accts 3,670 -339
Due from BUYCO, INC 902 -11,411 -10,509
Interco. Accts & Accrd I
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials
Work-in-Progress
Finished Goods
Merchdise & Commodities
Supplies 9
Other Inventories
Growing Crops - Sugar
- ----------------------------------------------------------------------------------------------------------------
Total Inventories 9
- ----------------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- ----------------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Net Inventories 9
- ----------------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 4
- ----------------------------------------------------------------------------------------------------------------
Total Current Assets 3,770 908 -11,411 -10,503 -235
- ----------------------------------------------------------------------------------------------------------------
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 29,966
Other Investments:
Cooperatives and Joint
N/C Accounts and Notes 400 400
Miscellaneous Investmt
- ----------------------------------------------------------------------------------------------------------------
Total Other Inv 400 400
- ----------------------------------------------------------------------------------------------------------------
15 of 24
<PAGE>
<CAPTION>
Hilo Coast
FINAL AUDITED NUMBERS - Kilauea Hawn Fruit Power Hawaii's Wailuku Agr. Mauna Kea
9/11/97 @3:30 PM Smtn. Ranch Agronomics Specialties Company Own Other Land Agr - Land
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 80 24,162 29,966
- ---------------------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- ---------------------------------------------------------------------------------------------------------------------------------
Total Investmen
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Net Long-Term I 80 24,162 29,966
- ---------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 259 376 1,807 2,442 21 36,818
Building and Improvements 122 825 962 1,042 3 3,845 580
Machinery and Equipment 150 4,290 384 8,592 176 16,047
Real Estate Improvements 838 564 1,402
Ranch & Dairy Livestock
Constr'n Work-in-Progress 416 88 21 89 614 1,784 1,722
Miscellaneous 1 1,096 47 1,979
- ---------------------------------------------------------------------------------------------------------------------------------
Total PP&E 1,786 6,143 1,367 12,626 226 26,329 1,805 39,120
- ---------------------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 1,105 4,189 608 7,276 190 15,402 254
- ---------------------------------------------------------------------------------------------------------------------------------
Net PP&E 681 1,954 759 5,350 36 10,927 1,805 38,866
- ---------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit 670
Other Deferred Charges 4 67 71 278
- ---------------------------------------------------------------------------------------------------------------------------------
Total Deferred Charges 4 67 741 278
- ---------------------------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset 6,298 1,013 7,311
OTHER ASSETS:
Licenses
Franchises
Patents
Other 940 637 3,607 32
- ---------------------------------------------------------------------------------------------------------------------------------
Total Other Assets 940 637 3,607 32
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 3,420 3,324 1,176 14,684 3,617 67,884 36,443 38,274
- ---------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
Loans Payable to Others
<CAPTION>
Other Real Buyco Brewer Buyco Mauna Kea
Estate Costs Buyco, Inc Elim JE Combined Agr - Div Agr.
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Total Long-Term Investme 29,966 5,601 -5,201 400
- -------------------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- -------------------------------------------------------------------------------------------------------------------
Total Investmen
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Net Long-Term I 29,966 5,601 -5,201 400
- -------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land 36,839 149 149 1,375
Building and Improvements 580 360
Machinery and Equipment 1,070
Real Estate Improvements 344
Ranch & Dairy Livestock
Constr'n Work-in-Progress 3,506 2 2
Miscellaneous 95
- -------------------------------------------------------------------------------------------------------------------
Total PP&E 40,925 151 151 3,244
- -------------------------------------------------------------------------------------------------------------------
Accum Depr & Amort 254 1,647
- -------------------------------------------------------------------------------------------------------------------
Net PP&E 40,671 151 151 1,597
- -------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit
Other Deferred Charges 278
- -------------------------------------------------------------------------------------------------------------------
Total Deferred Charges 278
- -------------------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset
OTHER ASSETS:
Licenses
Franchises
Patents
Other 32
- -------------------------------------------------------------------------------------------------------------------
Total Other Assets 32
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 74,717 6,509 -16,461 -9,952 1,362
- -------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
Loans Payable to Others
16 of 24
<PAGE>
<CAPTION>
Hilo Coast
FINAL AUDITED NUMBERS - Kilauea Hawn Fruit Power Hawaii's Wailuku Agr. Mauna Kea
9/11/97 @3:30 PM Smtn. Ranch Agronomics Specialties Company Own Other Land Agr - Land
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LT Debt - Current Maturi 8 1,494 1,638
Accounts Payable - Trade 163 62 1,042 1,625 3,253 92
Bank Overdraft 41 4 167 313
Intercompany Notes and A -7 8 1,220 1,221
Due to BUYCO, INC 902 902
I/C Accts & Accrd Intere 995 13 1,020 1,534 -1,232
Accrued Interest 28 29 57
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C -1,202
Income Taxes
Federal 203 335 25 -24 3,339 1,351 373
State and Other 16 61 4 72 5 685 150 43
- ---------------------------------------------------------------------------------------------------------------------------------
Income Taxes 219 396 29 48 5 4,024 1,501 416
- ---------------------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po
Other Taxes Accrued or W 1 42 4 21 2 93 2
Customers' and Other Dep 27 27 24 18
Unearned Rev - Cur Porti 11 11
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 3 338 14 1,003 76 1,650
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total Current L 1,229 981 121 4,896 2,806 13,007 3,153 -798
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A 3,581 3,581
Bank Credit Facilities
L/T Debt Allocated
Other 17 7,139 1,300 8,658 94
- ---------------------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 3,581 17 7,139 1,300 12,239 94
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense
Deferred Income Taxes
Federal 42 254 -11 780 -36 411 684 256
State and Other 6 49 -2 58 -6 70 14
- ---------------------------------------------------------------------------------------------------------------------------------
Total Def Inc T 48 303 -13 838 -36 405 754 270
- ---------------------------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci 291 291
Warrants
Miscellaneous N/C Liabil 2 1 86 1,989 35
- ---------------------------------------------------------------------------------------------------------------------------------
Total Other Lia 48 305 -12 1,215 -36 2,685 789 270
- ---------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
Common Stock
<CAPTION>
Other Real Buyco Brewer Buyco Mauna Kea
Estate Costs Buyco, Inc Elim JE Combined Agr - Div Agr.
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LT Debt - Current Maturi
Accounts Payable - Trade 92
Bank Overdraft
Intercompany Notes and A
Due to BUYCO, INC 10,335 -11,237 -902
I/C Accts & Accrd Intere 302 105
Accrued Interest
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C
Income Taxes
Federal 1,724 -1,004 1,128 124 -214
State and Other 193 -189 227 38 -40
- -------------------------------------------------------------------------------------------------------------------
Income Taxes 1,917 -1,193 1,355 162 -254
- -------------------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po -1,435 -1,435
Other Taxes Accrued or W 2 11
Customers' and Other Dep 42 2
Unearned Rev - Cur Porti
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit 2 2 117
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Total Current L 2,355 9,142 -11,315 -2,173 -19
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A
Bank Credit Facilities
L/T Debt Allocated
Other 94 759 759
- -------------------------------------------------------------------------------------------------------------------
L/T Debt - Excl 94 759 759
- -------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense 4,069 4,069
Deferred Income Taxes
Federal 940 -177 -1,299 -1,476
State and Other 84 -30 994 964
- -------------------------------------------------------------------------------------------------------------------
Total Def Inc T 1,024 -207 -305 -512
- -------------------------------------------------------------------------------------------------------------------
Unearned Revenues
Reserves for Contingenci
Warrants
Miscellaneous N/C Liabil 35 418 11 429
- -------------------------------------------------------------------------------------------------------------------
Total Other Lia 1,059 4,280 -294 3,986
- -------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
Common Stock
17 of 24
<PAGE>
<CAPTION>
Hilo Coast
FINAL AUDITED NUMBERS - Kilauea Hawn Fruit Power Hawaii's Wailuku Agr. Mauna Kea
9/11/97 @3:30 PM Smtn. Ranch Agronomics Specialties Company Own Other Land Agr - Land
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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 1 2 1 5
Additional Paid-In Capit -26,695 -1,137 1,076 252 -17,506 1,693 35,022
Cumulative Translation A
Retained Earnings 25,256 3,156 -10 1,434 -705 57,454 30,808 3,686
- ---------------------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 -1,438 2,021 1,067 1,434 -453 39,953 32,501 38,708
- ---------------------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- ---------------------------------------------------------------------------------------------------------------------------------
Shareholders' E -1,438 2,021 1,067 1,434 -453 39,953 32,501 38,708
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 3,420 3,324 1,176 14,684 3,617 67,884 36,443 38,274
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Other Real Buyco Brewer Buyco Mauna Kea
Estate Costs Buyco, Inc Elim JE Combined Agr - Div Agr.
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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 6,128 -5,201 927
Additional Paid-In Capit 36,715 -610 -1 -611 3,260
Cumulative Translation A
Retained Earnings 34,494 -13,190 350 -12,840 -1,879
- -------------------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 71,209 -7,672 -4,852 -12,524 1,381
- -------------------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- -------------------------------------------------------------------------------------------------------------------
Shareholders' E 71,209 -7,672 -4,852 -12,524 1,381
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 74,717 6,509 -16,461 -9,952 1,362
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
18 of 24
<PAGE>
<CAPTION>
Ka'u Kilauea Revaluation
FINAL AUDITED NUMBERS - Diversified Irrigation CBCL Real Additional Revaluation
9/11/97 @3:30 PM Agr. Inc. Estate Admin Adjustment Adjustment
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales
Net Product Sales - I/C
Water Revenues 15
Water Revenues - I/C
Transportation Revenues
Transportation Revs.-I/C
Service Revenues 6
Service Revenues - I/C
Interest
Interest - I/C
Dividends
Dividends - I/C
Gross Gain(Loss) on R/E -697
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 8
Net Income of Divisions
Other Revenues
Other Revenues - I/C
- ---------------------------------------------------------------------------------------------------------
Total Sales & Revenues 15 -683
- ---------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned 2
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues 15 -681
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold
Cost of Products Sold-I/C
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps 22 -6
Other Op Costs & Exp I/C
Taxes Other than Inc Tax
Selling and Marketing Exp
General and Admin Exp
Selling Gen & Adm Exp I/C
Deprn & Amort. - PP&E 112 -343
Deprn & Amort. - Other
- ---------------------------------------------------------------------------------------------------------
Total Cost of Sales 134 -349
- ---------------------------------------------------------------------------------------------------------
Operating Profit -119 -334
- ---------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc
Deduct: All Dividends
Deduct: I/C Gains Disp
Add: CJE's Assigned -418 2
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit -119 -418 -332
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision
Management Comp NSO's
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper
<CAPTION>
Additional CJE BUYCO Deduct: Buyco C. BREWER
CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Sales and Revenues:
Net Product Sales -238 186,788 186,788
Net Product Sales - I/C -3,558
Water Revenues 644 644
Water Revenues - I/C
Transportation Revenues 1,588 1,588
Transportation Revs.-I/C -497
Service Revenues 25,069 25,069
Service Revenues - I/C -1,190
Interest 1,117 -232 885
Interest - I/C -13,748
Dividends
Dividends - I/C -4,160
Gross Gain(Loss) on R/E 1,089 6,272 6,272
Gross Gain(Loss)-All Oth 37 37
Gross G(L) on R/E I/C
Equity in NI-Consol Subs
Equity in NI-Uncons Subs
Equity in NI-Other Invest -46 -46
Net Income of Divisions
Other Revenues 1,372 4,121 -53 4,068
Other Revenues - I/C -353
- ---------------------------------------------------------------------------------------------------------
Total Sales & Revenues -21,283 225,590 -285 225,305
- ---------------------------------------------------------------------------------------------------------
Deductns Mgt Revs
Deduct: All Int Inc -13,748 1,117 -232 885
Deduct: All Dividends -4,160
Deduct: I/C Gains Disp
Add: CJE's Assigned -628
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Mgmt Reporting Revenues -4,003 224,473 -53 224,420
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Cost of Sales & Op Exp
Cost of Products Sold -3,231 124,634 124,634
Cost of Products Sold-I/C -1,182
Water Op Costs and Exps
Water Op Costs & Exp I/C
Other Op Costs and Exps -1,012 19,080 19,080
Other Op Costs & Exp I/C -798
Taxes Other than Inc Tax -75 4,010 4,010
Selling and Marketing Exp 40,512 40,512
General and Admin Exp 100 23,516 -914 22,602
Selling Gen & Adm Exp I/C
Deprn & Amort. - PP&E -67 3,974 3,974
Deprn & Amort. - Other 148 148
- ---------------------------------------------------------------------------------------------------------
Total Cost of Sales -6,265 215,874 -914 214,960
- ---------------------------------------------------------------------------------------------------------
Operating Profit -15,018 9,716 629 10,345
- ---------------------------------------------------------------------------------------------------------
Deductns Mgt Op Profit
Deduct: All Int Inc -13,748 1,117 -232 885
Deduct: All Dividends -4,160
Deduct: I/C Gains Disp
Add: CJE's Assigned -1,233
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Mgt Reporting Op Profit 1,657 8,599 861 9,460
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
Management Comp Provision 410 1,781 1,781
Management Comp NSO's -210
Foreign Exchge Loss(Gain)
Int on Debt Inc Cml Paper -37 3,160 -18 3,142
19 of 24
<PAGE>
<CAPTION>
Ka'u Kilauea Revaluation
FINAL AUDITED NUMBERS - Diversified Irrigation CBCL Real Additional Revaluation
9/11/97 @3:30 PM Agr. Inc. Estate Admin Adjustment Adjustment
- ---------------------------------------------------------------------------------------------------------
<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
- ---------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx -119 -334
- ---------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) -23
State/Local -4
Foreign
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------
Total Current -27
- ---------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) -15
State/Local -3
Foreign
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------
Total Deferred -18
- ---------------------------------------------------------------------------------------------------------
Total Provision Inc Tax -45
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont
- ---------------------------------------------------------------------------------------------------------
Inc from Continuing Op -74 -334
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
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 -74 -334
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
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 -74 -334
<CAPTION>
Additional CJE BUYCO Deduct: Buyco C. BREWER
CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest Alloc Pru Cap
Other Interest 248 248
Int Bank Credit Facility
Interest - Intercompany -13,752
Less: Int Capitalized 59 59
Warrant Accretion
- ---------------------------------------------------------------------------------------------------------
Total Other Deductions -13,589 5,130 -18 5,112
- ---------------------------------------------------------------------------------------------------------
Inc Before M Int & Inc Tx -1,429 4,586 647 5,233
- ---------------------------------------------------------------------------------------------------------
Provision for Income Tax
Current:
Federal (U.S.) -6,480 852 -118 734
State/Local -967 210 -38 172
Foreign -172
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------
Total Current -7,619 1,062 -156 906
- ---------------------------------------------------------------------------------------------------------
Deferred:
Federal (U.S.) -4,527 -2,656 333 -2,323
State/Local -419 -299 77 -222
Foreign
ITC & Energy Credit
- ---------------------------------------------------------------------------------------------------------
Total Deferred -4,946 -2,955 410 -2,545
- ---------------------------------------------------------------------------------------------------------
Total Provision Inc Tax -12,565 -1,893 254 -1,639
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Min Int-Net Inc fm Cont 1,023 1,258 1,258
- ---------------------------------------------------------------------------------------------------------
Inc from Continuing Op 10,113 5,221 393 5,614
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
Inc(L) fm Oper. of Dis -1,520
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 -1,520
- ---------------------------------------------------------------------------------------------------------
Inc Before Extra & Acct 8,593 5,221 393 5,614
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
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 8,593 5,221 393 5,614
20 of 24
<PAGE>
<CAPTION>
Ka'u Kilauea Revaluation
FINAL AUDITED NUMBERS - Diversified Irrigation CBCL Real Additional Revaluation
9/11/97 @3:30 PM Agr. Inc. Estate Admin Adjustment Adjustment
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash
Temporary Cash Invest
Marketable Securities
Accts/Notes Rec-Trade 1 1
Allow Dbtful Accts
- ---------------------------------------------------------------------------------------------------------
Net Rec-Trade 1 1
- ---------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net
Interco Notes and Accts 30
Due from BUYCO, INC 1,117
Interco. Accts & Accrd I
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials
Work-in-Progress
Finished Goods 244
Merchdise & Commodities 355
Supplies
Other Inventories -58 4
Growing Crops - Sugar
- ---------------------------------------------------------------------------------------------------------
Total Inventories -58 603
- ---------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP
Reserve - Fin Gds
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv
- ---------------------------------------------------------------------------------------------------------
Total Resrvs Inv
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Net Inventories -58 603
- ---------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Total Current Assets 31 -58 1,721
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil
Com & Pfd Stk of Uncons
Subsidiaries and Affil 13
Equity in Division
Interco Notes and Accts
Other Investments:
Cooperatives and Joint 61 -246
N/C Accounts and Notes
Miscellaneous Investmt -221
- ---------------------------------------------------------------------------------------------------------
Total Other Inv 61 -467
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
Additional CJE BUYCO Deduct: Buyco C. BREWER
CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 1,485 -6 1,479
Temporary Cash Invest 12,889 12,889
Marketable Securities
Accts/Notes Rec-Trade 18,618 18,618
Allow Dbtful Accts -633 122 122
- ---------------------------------------------------------------------------------------------------------
Net Rec-Trade 633 18,496 18,496
- ---------------------------------------------------------------------------------------------------------
Sun Rec & Deposits, Net 90 488 5,443 5,443
Interco Notes and Accts -73,334
Due from BUYCO, INC 10,509 10,509
Interco. Accts & Accrd I -46,655
Income Taxes Recoverable
Future Incme Tax Benefit
Inventories:
Raw Materials 1,419 1,419
Work-in-Progress 5,910 5,910
Finished Goods -133 9,508 9,508
Merchdise & Commodities 9,359 9,359
Supplies -254 6,732 6,732
Other Inventories 16 -38 -38
Growing Crops - Sugar
- ---------------------------------------------------------------------------------------------------------
Total Inventories -371 32,890 32,890
- ---------------------------------------------------------------------------------------------------------
Less:Reserve-Raw Mat
Reserve - WIP 9 9
Reserve - Fin Gds 50 50
Reserve - Mdse&Co
Reserve - Supplie
Reserve - Oth Inv 9 9
- ---------------------------------------------------------------------------------------------------------
Total Resrvs Inv 68 68
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Net Inventories -371 32,822 32,822
- ---------------------------------------------------------------------------------------------------------
Ppd Exp & Oth Cur Assets 2,014 2,014
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Total Current Assets -119,637 488 73,149 10,503 83,652
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
INVESTMENTS:
Restricted Cash Deposits
Com & Pfd Stk of Consol
Subsidiaries and Affil -115,643
Com & Pfd Stk of Uncons
Subsidiaries and Affil 13 13
Equity in Division -24,500
Interco Notes and Accts -89,242
Other Investments:
Cooperatives and Joint 364 364
N/C Accounts and Notes 5,266 -400 4,866
Miscellaneous Investmt -34,330 652 652
- ---------------------------------------------------------------------------------------------------------
Total Other Inv -34,330 6,282 -400 5,882
- ---------------------------------------------------------------------------------------------------------
21 of 24
<PAGE>
<CAPTION>
Ka'u Kilauea Revaluation
FINAL AUDITED NUMBERS - Diversified Irrigation CBCL Real Additional Revaluation
9/11/97 @3:30 PM Agr. Inc. Estate Admin Adjustment Adjustment
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Total Long-Term Investme 61 -454
- ---------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- ---------------------------------------------------------------------------------------------------------
Total Investmen
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Net Long-Term I 61 -454
- ---------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land -3,511 31,919
Building and Improvements 74 -9,572
Machinery and Equipment 20 17 -51,766
Real Estate Improvements 1,683 295 -11,023
Ranch & Dairy Livestock
Constr'n Work-in-Progress 52 1,687 -11,155
Miscellaneous -1,681
- ---------------------------------------------------------------------------------------------------------
Total PP&E 1,755 -1,438 -53,278
- ---------------------------------------------------------------------------------------------------------
Accum Depr & Amort 987 181 -69,887
- ---------------------------------------------------------------------------------------------------------
Net PP&E 768 -1,619 16,609
- ---------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit
Other Deferred Charges -165 -5,441
- ---------------------------------------------------------------------------------------------------------
Total Deferred Charges -165 -5,441
- ---------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset -192,607
OTHER ASSETS:
Licenses
Franchises
Patents
Other -1 -13
- ---------------------------------------------------------------------------------------------------------
Total Other Assets -1 -13
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
TOTAL ASSETS 799 -1,782 -180,185
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
Loans Payable to Others
<CAPTION>
Additional CJE BUYCO Deduct: Buyco C. BREWER
CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Total Long-Term Investme -263,715 6,295 -400 5,895
- ---------------------------------------------------------------------------------------------------------
Less:Resv Uncons Subs
Res - Coops & JVs
Res - NC Accts &
Res - Misc Invest
- ---------------------------------------------------------------------------------------------------------
Total Investmen
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Net Long-Term I -263,715 6,295 -400 5,895
- ---------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
Land -34,867 40,923 -149 40,774
Building and Improvements 210 12,573 12,573
Machinery and Equipment 10,355 10,355
Real Estate Improvements -442 18,263 18,263
Ranch & Dairy Livestock
Constr'n Work-in-Progress -6,733 -5,296 -2 -5,298
Miscellaneous 10,198 10,198
- ---------------------------------------------------------------------------------------------------------
Total PP&E -41,832 87,016 -151 86,865
- ---------------------------------------------------------------------------------------------------------
Accum Depr & Amort 210 9,275 9,275
- ---------------------------------------------------------------------------------------------------------
Net PP&E -42,042 77,741 -151 77,590
- ---------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
Debt Expense
Capital Stock Expense
Deferred Inc Tax Benefit -670
Other Deferred Charges -3,746 3,645 6 6
- ---------------------------------------------------------------------------------------------------------
Total Deferred Charges -4,416 3,645 6 6
- ---------------------------------------------------------------------------------------------------------
Excess Cst Over Net Asset -2,958 4,353 4,353
OTHER ASSETS:
Licenses
Franchises
Patents
Other -241 3,917 3,917
- ---------------------------------------------------------------------------------------------------------
Total Other Assets -241 3,917 3,917
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
TOTAL ASSETS -433,009 4,133 165,461 9,952 175,413
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Loans Payable to Banks
Loans Payable to Others
22 of 24
<PAGE>
<CAPTION>
Ka'u Kilauea Revaluation
FINAL AUDITED NUMBERS - Diversified Irrigation CBCL Real Additional Revaluation
9/11/97 @3:30 PM Agr. Inc. Estate Admin Adjustment Adjustment
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LT Debt - Current Maturi
Accounts Payable - Trade 1
Bank Overdraft
Intercompany Notes and A
Due to BUYCO, INC
I/C Accts & Accrd Intere
Accrued Interest -3,275
Accrued Interest Allocat
Dividends Payable
Dividends Payable - I/C
Income Taxes
Federal -23 1,396 50,742
State and Other -4 -551 4,856
- ---------------------------------------------------------------------------------------------------------
Income Taxes -27 845 55,598
- ---------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po -2,751 -10,909
Other Taxes Accrued or W
Customers' and Other Dep
Unearned Rev - Cur Porti -12
Res for Contg - Cur Port
Oth Cur & Accrd Liabilit -243 -8,221
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Total Current L -26 -2,149 33,181
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
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 -76
Deferred Income Taxes
Federal 76 859 -22,673
State and Other 12 -433 -2,417
- ---------------------------------------------------------------------------------------------------------
Total Def Inc T 88 426 -25,090
- ---------------------------------------------------------------------------------------------------------
Unearned Revenues -447
Reserves for Contingenci -162
Warrants
Miscellaneous N/C Liabil -73 -1,109
- ---------------------------------------------------------------------------------------------------------
Total Other Lia 88 353 -26,884
- ---------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
Common Stock
<CAPTION>
Additional CJE BUYCO Deduct: Buyco C. BREWER
CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LT Debt - Current Maturi 7,668 7,668
Accounts Payable - Trade 11,562 11,562
Bank Overdraft 5,072 5,072
Intercompany Notes and A -20,272
Due to BUYCO, INC 902 902
I/C Accts & Accrd Intere -35,204
Accrued Interest -37 415 415
Accrued Interest Allocat
Dividends Payable 18 18
Dividends Payable - I/C
Income Taxes
Federal -6,480 -4,901 -886 -124 -1,010
State and Other -1,139 693 -38 655
- ---------------------------------------------------------------------------------------------------------
Income Taxes -7,619 -4,901 -193 -162 -355
- ---------------------------------------------------------------------------------------------------------
Def Inc Txs - Current Po 3,954 2,863 -8,278 1,435 -6,843
Other Taxes Accrued or W 1,152 1,152
Customers' and Other Dep 218 218
Unearned Rev - Cur Porti 32 32
Res for Contg - Cur Port -1,360 -1,360 -1,360
Oth Cur & Accrd Liabilit -1,628 -1,719 10,856 -2 10,854
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Total Current L -62,166 -3,757 27,162 2,173 29,335
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
Intercompany Notes and A -157,598
Bank Credit Facilities
L/T Debt Allocated
Other 29,289 -759 28,530
- ---------------------------------------------------------------------------------------------------------
L/T Debt - Excl -157,598 29,289 -759 28,530
- ---------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
Deferred Pension Expense 3,993 -4,069 -76
Deferred Income Taxes
Federal -11,178 13,443 18,084 1,476 19,560
State and Other -1,085 4,699 5,022 -964 4,058
- ---------------------------------------------------------------------------------------------------------
Total Def Inc T -12,263 18,142 23,106 512 23,618
- ---------------------------------------------------------------------------------------------------------
Unearned Revenues 863 938 938
Reserves for Contingenci 484 484
Warrants
Miscellaneous N/C Liabil -1,076 7,347 -429 6,918
- ---------------------------------------------------------------------------------------------------------
Total Other Lia -12,476 18,142 35,868 -3,986 31,882
- ---------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
Preferred/Preference Sto
Common Stock 644 644 644
23 of 24
<PAGE>
<CAPTION>
Ka'u Kilauea Revaluation
FINAL AUDITED NUMBERS - Diversified Irrigation CBCL Real Additional Revaluation
9/11/97 @3:30 PM Agr. Inc. Estate Admin Adjustment Adjustment
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Addt'l PIC,R/E & Cum Tra -2
- ---------------------------------------------------------------------------------------------------------
Total Minority -2
- ---------------------------------------------------------------------------------------------------------
Excess Net Assets Over C -5,818
STOCKHOLDERS' EQUITY:
Head Office Account
Preferred Stock
Preference Stock
Common Stock 1 -57,197
Additional Paid-In Capit 1,722 -6,035 -38,067
Cumulative Translation A
Retained Earnings -986 6,049 -85,398
- ---------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 737 14 -180,662
- ---------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- ---------------------------------------------------------------------------------------------------------
Shareholders' E 737 14 -180,662
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 799 -1,782 -180,185
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
Additional CJE BUYCO Deduct: Buyco C. BREWER
CJE Adjustments Consolidated Combined Consolidated
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Addt'l PIC,R/E & Cum Tra 13,352 13,343 13,343
- ---------------------------------------------------------------------------------------------------------
Total Minority 13,996 13,987 13,987
- ---------------------------------------------------------------------------------------------------------
Excess Net Assets Over C 2,173 143 143
STOCKHOLDERS' EQUITY:
Head Office Account
Preferred Stock -34,330
Preference Stock
Common Stock -7,046 6,128 -927 5,201
Additional Paid-In Capit -30,888 -16,893 17,154 611 17,765
Cumulative Translation A
Retained Earnings -144,674 6,641 35,730 12,840 48,570
- ---------------------------------------------------------------------------------------------------------
Sub-Total (Lines 79 -216,938 -10,252 59,012 12,524 71,536
- ---------------------------------------------------------------------------------------------------------
Less Treasury Stoc
- ---------------------------------------------------------------------------------------------------------
Shareholders' E -216,938 -10,252 59,012 12,524 71,536
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD -433,009 4,133 165,461 9,952 175,413
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
</TABLE>
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