<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 that 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 material operating assets other than the common stock of
Mauna Loa Macadamia Nut
<PAGE>
Corporation ("MLMNC"), Hawaii Coffee Company, Inc. ("HCC"), 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 three visitor
centers. MLMNC also owns the common stock of Mauna Loa International ("MLI") and
ML Resources, Inc. ("MLR"). 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 located at the
same address. Ka'u Sugar, Inc. formerly produced sugar but now only has
administrative functions.
2
<PAGE>
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 Hawaiian grown tropical juices to
retail outlets, and cultivates 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 grew and harvested macadamia nuts on its own land until farming
operations were discontinued in December 1999. WACI's remaining business
activities center around the management of its real estate holdings located on
the island of Maui. 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, formerly inactive,
recently established a new division, Hawaiian Pacific Kava Company, which is
actively involved in the growing and marketing of 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 of Mauna Kea Macadamia Orchards, Inc.
("MKMO") and Brewer Environmental Industries
3
<PAGE>
Holdings, Inc., formerly known as Brewer Environmental Industries, Inc.
("BEIH"), both MKMO and BEIH were incorporated under the laws of the State of
Hawaii and have their principal office at 26-238 Hawaii Belt Road, Hilo, Hawaii
96720. MKMO is responsible for farming operations for macadamia orchards owned
by affiliated companies and by third parties.
On July 2, 1997, MKACI transferred the assets and liabilities
of its subsidiary, Hilo Coast Processing Company ("HCPC"), including assets
involved in the production of electrical energy, to BEIH. HCPC was subsequently
dissolved and no longer exists as a legal entity.
HCPC formerly harvested and processed raw sugar and molasses
on the Island of Hawaii. In order to dispose of the sugar cane leaves, stalk and
other unused plant parts, and to produce electricity for the sugar processing
mill, HCPC began producing electrical energy around 1973 under an order issued
by the Securities and Exchange Commission (the "SEC"), dated June 25, 1971,
Holding Company Act Release No. 17174, Administrative Proceeding File No.
3-2999. Although HCPC had planned to sell surplus electric energy to Hilo
Electric Light Company, Limited (now named Hawaii Electric Light Company)
("HELCO"), the electric utility for the Island of Hawaii, the SEC declared HCPC
not to be an electric utility pursuant to Section 2 (a) (3) of the Public
Utility Holding Company Act of 1935 ("PUHCA") because net operating proceeds
from the sale of excess electricity to HELCO were minimal and expected to be
only 4.6% of HCPC's net operating proceeds. At the time, C. Brewer and HCPC
could not qualify for the intrastate exemption under Section 3 (a) (1) of PUHCA
because HCPC was a cooperative association organized under California laws.
Sugar operations at HCPC ceased on September 2, 1994 and HCPC
entered into negotiations to sell the electricity generating facility to HELCO.
However, HELCO declined to purchase the facility and instead held HCPC to its
contract to provide electrical energy.
BEIH serves as manager of Brewer Environmental Industries, LLC
("BEI LLC"), a manager-managed limited liability company, organized under the
laws of the State of Hawaii on June 13, 1997, having its principal office at
26-238 Hawaii Belt Road, Hilo, Hawaii 96720. In June and July, 1997, BEIH
transferred to BEI LLC substantially all of the assets and liabilities of BEIH,
including the assets involved in the production of electrical energy originally
belonging to HCPC, in exchange for preferred membership interests in BEI LLC.
BEIH owns all Class A preferred membership units in BEI LLC, and the remaining
Class B units in BEI LLC are owned by the Buyco shareholders. Under the
operating agreement for BEI LLC, Class A units have voting rights and Class B
units do not have voting rights. BEIH currently transacts no business, other
than as manager of BEI LLC, and owns no material operating assets.
Under the requirements of the contract between HELCO and HCPC,
which was assumed first by BEIH from HCPC and then by BEI LLC from BEIH, BEI LLC
currently generates and sells electricity to HELCO and is an electric utility,
doing business under the name "Hilo Coast Power Company".
4
<PAGE>
In addition to generating and selling electricity, BEI LLC
distributes, at both the retail and wholesale levels in the State of Hawaii,
industrial and chemical products such as liquid chlorine, pebble lime, hydrogen
peroxide, sulfuric acid, and muriatic acid; agricultural products such as
fertilizers, herbicides and insecticides; garden supplies; and specialized
construction materials such as wall, roof and deck coatings and roofing
materials. BEI LLC provides environmental consulting services through its
division called Brewer Environmental Services ("BES"). BES has offices in
Hawaii, Seattle and Japan and provides services such as air monitoring for
asbestos, benzene or lead, aquifer testing and characterization, environmental
site assessment, environmental training, ground water monitoring, and
geological, hydrogeological and RCRA investigations. Another division, Food
Quality Labs, operates an analytical laboratory in Oregon, and through its HT&T
division, BEI LLC provides stevedoring, terminal and ship agency services;
harbor tug services; and storage services in the State of Hawaii. HT&T also
offers common carrier and bulk freight services as well as heavy equipment
sales, parts and repairs and is the statewide distributor in Hawaii of
Peterbilt, GMC and Volvo trucks.
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH
OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE GENERATION,
TRANSMISSION, AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE
PRODUCTION, TRANSMISSION, AND DISTRIBUTION OF NATURAL OR MANUFACTURED GAS,
INDICATING THE LOCATION OF PRINCIPAL GENERATING PLANTS, TRANSMISSION LINES,
PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND ELECTRIC AND GAS DISTRIBUTION
FACILITIES, INCLUDING ALL SUCH PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH
CLAIMANT AND ITS SUBSIDIARIES ARE ORGANIZED AND ALL TRANSMISSION OR PIPELINES
WHICH DELIVER OR RECEIVE ELECTRIC ENERGY OR GAS AT THE BORDERS OF SUCH STATE.
None of the above listed companies, except BEI LLC, own or
lease any properties used for the generation, transmission, and distribution of
electric energy for sale, or for the production, transmission, and distribution
of natural or manufactured gas.
All properties of BEI LLC used to generate, transmit and
distribute electricity, are located within the State of Hawaii. BEI LLC owns an
electric energy generating facility at Pepeekeo, north of the city of Hilo on
the Island of Hawaii in the State of Hawaii. The facility is situated on 30
acres at a latitude of 19 50'15" N and a longitude of 155 6'25" W, bounded by
Hilo Coast Power Plant Mill Road on the north and by the Pacific Ocean on the
east. No transmission lines of BEI LLC deliver or receive electric energy beyond
the borders of the State of Hawaii.
BEI LLC's Pepeekeo facility consists of one Babcock & Wilcox
steam tube boiler and turbine generator with a total steam output of 365,000
lb./hr. and a total electric output of 22 MW, as well as fuel storage tanks, a
coal storage area, one 200 HP emergency diesel generator, and an emergency well
pump. The boiler operates 24 hours a day to provide steam and electricity for
sale to HELCO.
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH
RESPECT TO CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
5
<PAGE>
(a) Number of kwh. of electric energy sold (at retail or
wholesale), and Mcf. of natural or manufactured gas distributed at retail.
For the 1999 calendar year, BEI LLC sold an aggregate of
115,806,093 kwh, at wholesale to HELCO. BEI LLC sold no gas.
(b) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas distributed at retail outside the State in which each such
company is organized.
None.
(c) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas sold at wholesale outside the State which each such company
is organized, or at the State line.
None.
(d) Number of kwh. of electric energy and Mcf. of natural
or manufactured gas purchased outside the State in which each such company is
organized or at the State line.
None.
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH
RESPECT TO CLAIMANT AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY IN AN EWG
OR A FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES DOLLARS:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the generation,
transmission and distribution of electric energy for sale or for the
distribution at retail of natural or manufactured gas.
Not applicable.
(b) Name of each system company that holds an interest in
such EWG or foreign utility company; and description of the interest held.
Not applicable.
(c) Type and amount of capital invested, directly or
indirectly, by the holding company claiming exemption; any direct or indirect
guarantee of the security of the EWG or foreign utility company by the holding
company claiming exemption; and any debt or other financial obligation for which
there is recourse, directly or indirectly, to the holding company claiming
exemption or another system company, other than the EWG or foreign utility
company.
Not applicable.
6
<PAGE>
(d) Capitalization and earnings of the EWG or foreign
utility company during the reporting period.
Not applicable.
(e) Identify any service, sales or construction
contract(s) between the EWG or foreign utility company and a system company, and
describe the services to be rendered or goods sold and fees or revenues under
such agreement(s).
Not applicable.
EXHIBIT A
An annual combining statement of income for Buyco, C.
Brewer and its subsidiary companies for the fiscal year ended June 30, 1999,
together with an annual combining balance sheet, are attached as Exhibit 99.A
("Exhibit A").
EXHIBIT B
FINANCIAL DATA SCHEDULE
The Financial Data Schedule is furnished in the attached
Exhibit 99.B ("Exhibit B") to Buyco Inc.'s 1999 Form U-3A-2 filed
electronically via EDGAR.
7
<PAGE>
EXHIBIT C
An organizational chart showing the relationship of each EWG
or foreign utility company to associate companies in the holding-company system.
--------------
BUYCO, INC.
--------------
100%
-------------------------------------
C. BREWER AND COMPANY, LIMITED
-------------------------------------
100%
---------------------------------------
MAUNA KEA AGRIBUSINESS CO., INC.
---------------------------------------
100%
---------------------------------------------------
BREWER ENVIRONMENTAL INDUSTRIES HOLDINGS, INC.
---------------------------------------------------
Manager
100% Voting Interest
---------------------------------------------------
BREWER ENVIRONMENTAL INDUSTRIES, LLC (EWG)
---------------------------------------------------
8
<PAGE>
The above-named claimants have caused this statement to be duly executed on
their behalf by their authorized officers on this 24th day of February, 2000.
BUYCO, INC.
By /s/ W. K. Tallett
-----------------------------------------
CORPORATE SEAL Its Vice President
Attest:
/s/ Jon T. Iwatani By /s/ J. Alan Kugle
- --------------------------- -----------------------------------------
Its Secretary
C. BREWER AND COMPANY, LIMITED
By /s/ Kenneth T. Uemura
-----------------------------------------
CORPORATE SEAL Its Senior Vice President and Controller
Attest:
/s/ Jon T. Iwatani By /s/ J. Alan Kugle
- --------------------------- -----------------------------------------
Its Executive Vice President, General
Counsel and Secretary
MAUNA KEA AGRIBUSINESS CO., INC.
By /s/ W. K. Tallett
-----------------------------------------
CORPORATE SEAL Its President
Attest:
/s/ Jon T. Iwatani By /s/ J. Alan Kugle
- --------------------------- -----------------------------------------
Its Vice President and Secretary
9
<PAGE>
BREWER ENVIRONMENTAL
INDUSTRIES HOLDINGS, INC.
By /s/ J. S. Andrasick
-----------------------------------------
CORPORATE SEAL Its Chairman of the Board
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
Senior Vice President and Controller
C. Brewer and Company, Limited
P.O. Box 1826
Papaikou, Hawaii 96781-1826
10
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
REAL ESTATE
BUYCO, INC. C. BREWER - DISCONTINUED ACCEPTCE MAUNA KEA MAC KA'U AGR. - MAC
BEI HEAD OFFICE OPERATIONS CORP ORCHARDS DIV
<S> <C> <C> <C> <C> <C> <C>
STATEMENT OF INCOME
- -------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SALES & REVENUES 95,866 1,537 2,433 133 111 882
- -----------------------------------------------------------------------------------------------------------------------------------
COST OF SALES & OP EXP
COST OF PRODUCTS SOLD 50,402 (104) (186)
COST OF PRODUCTS SOLD-I/C 719 194 167 549
WATER OP COSTS AND EXPS
WATER OP COSTS & EXP I/C
OTHER OP COSTS AND EXPS 13,786 5 4 69
OTHER OP COSTS & EXP I/C (1,089) 70
TAXES OTHER THAN INC TAX 3,196 3 3
SELLING AND MARKETING EXP 3,285
GENERAL AND ADMIN EXP 18,937 5,680
SELLING GEN & ADM EXP I/C (2,115) 800
DEPRN & AMORT. - PP&E (116) 168 (54) (167)
DEPRN & AMORT. - OTHER 61 45
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 89,181 3,781 1,064 8 13 265
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATING PROFIT 6,685 (2,244) 1,369 125 98 617
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
MANAGEMENT COMP PROVISION 143 1,077 36
MANAGEMENT COMP NSO'S
FOREIGN EXCHGE LOSS(GAIN)
INT ON DEBT INC CML PAPER 517 1,233
INTEREST ALLOC PRU CAP
OTHER INTEREST 169 20
INT BANK CREDIT FACILITY 255
INTEREST - INTERCOMPANY 162 12,608 169
LESS: INT CAPITALIZED 75
WARRANT ACCRETION
TOTAL OTHER DEDUCTIONS 822 15,342 169 (19)
- ------------------------------------------------------------------------------------------------------------------------------------
INC BEF MIN INT & INC TAX 5,863 (17,586) 1,200 125 98 636
- ------------------------------------------------------------------------------------------------------------------------------------
PROVISION FOR INCOME TAX
CURRENT:
FEDERAL (U.S.) (5,477) 420 (374) (39) 186
STATE/LOCAL (1,126) 71 (40) (7) 33
FOREIGN
ITC & ENERGY CREDIT
TOTAL CURRENT (6,603) 491 (414) (46) 219
DEFERRED:
FEDERAL (U.S.) (129) 255 414 70 18
STATE/LOCAL (7) 56 47 13 3
FOREIGN
ITC & ENERGY CREDIT
TOTAL DEFERRED (136) 311 461 83 21
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL PROVISION INC TAX (6,739) 802 47 37 240
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MIN INT-NET INC FM CONT.
INCOME FR CONTINUING OP 5,863 (10,847) 398 78 61 396
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
INC(L) FM OPER. OF DIS 920
LESS: INC TX PROV(REC
<CAPTION>
HAWAIIAN
BUYCO, INC. WAILUKU AGR. - MAUNA LOA KA'U AGR. - MAUNA LOA PACIFIC KAVA HAWAII COFF
MAC ORCHARDS KEAAU MAC RESOURCES MLMNC COMPANY CO.
<S> <C> <C> <C> <C> <C> <C> <C>
STATEMENT OF INCOME
- -------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SALES & REVENUES 2,566 5,324 311 180 91,419 3 12,456
- -----------------------------------------------------------------------------------------------------------------------------------
COST OF SALES & OP EXP
COST OF PRODUCTS SOLD 1,181 339 (439) 50,018 101 7,931
COST OF PRODUCTS SOLD-I/C 112 439
WATER OP COSTS AND EXPS
WATER OP COSTS & EXP I/C
OTHER OP COSTS AND EXPS 331 835 1
OTHER OP COSTS & EXP I/C
TAXES OTHER THAN INC TAX 138 3 1,527 241
SELLING AND MARKETING EXP 53 36,461 3,116
GENERAL AND ADMIN EXP
SELLING GEN & ADM EXP I/C 40 550 175
DEPRN & AMORT. - PP&E 181 73 459 234
DEPRN & AMORT. - OTHER 113
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 1,996 412 43 89,850 102 11,810
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING PROFIT 570 4,912 311 137 1,569 (99) 646
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
MANAGEMENT COMP PROVISION 5 124 66
MANAGEMENT COMP NSO'S
FOREIGN EXCHGE LOSS(GAIN)
INT ON DEBT INC CML PAPER 54 36
INTEREST ALLOC PRU CAP
OTHER INTEREST 6 66
INT BANK CREDIT FACILITY
INTEREST - INTERCOMPANY (66) 6 (33)
LESS: INT CAPITALIZED
WARRANT ACCRETION
TOTAL OTHER DEDUCTIONS 5 6 178 6 69
- ------------------------------------------------------------------------------------------------------------------------------------
INC BEF MIN INT & INC TAX 565 4,912 305 137 1,391 (105) 577
- ------------------------------------------------------------------------------------------------------------------------------------
PROVISION FOR INCOME TAX
CURRENT:
FEDERAL (U.S.) 272 107 48 304 (33) 227
STATE/LOCAL 51 20 9 33 (7) 35
FOREIGN
ITC & ENERGY CREDIT
TOTAL CURRENT 323 127 57 337 (40) 262
DEFERRED:
FEDERAL (U.S.) (92) (9) (4) 113 3
STATE/LOCAL (17) (2) (1) 21 1
FOREIGN
ITC & ENERGY CREDIT
TOTAL DEFERRED (109) (11) (5) 134 4
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL PROVISION INC TAX 214 116 52 471 (40) 266
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MIN INT-NET INC FM CONT. 183
INCOME FR CONTINUING OP 351 4,912 189 85 737 (65) 311
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
INC(L) FM OPER. OF DIS
LESS: INC TX PROV(REC
</TABLE>
1 OF 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
WAILUKU AGR. WAILUKU KA'U AGR. - KILAUEA HAWN FRUIT
BUYCO, INC. OTHER PLANTATIONS SMTN. RANCH AGRONOMICS SPECIALTIES HAWAII'S OWN
<S> <C> <C> <C> <C> <C> <C>
STATEMENT OF INCOME
- -------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SALES & REVENUES 8,814 15 2,663 3,411 806 13,045
- -----------------------------------------------------------------------------------------------------------------------------------
COST OF SALES & OP EXP
COST OF PRODUCTS SOLD (12) 2,378 547 7,693
COST OF PRODUCTS SOLD-I/C 12 61
WATER OP COSTS AND EXPS
WATER OP COSTS & EXP I/C
OTHER OP COSTS AND EXPS 287 468
OTHER OP COSTS & EXP I/C
TAXES OTHER THAN INC TAX 83 169 15
SELLING AND MARKETING EXP 662 66 3,981
GENERAL AND ADMIN EXP 374 63 1,118
SELLING GEN & ADM EXP I/C 138 12 100
DEPRN & AMORT. - PP&E 48 (46) 38 23
DEPRN & AMORT. - OTHER 185
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 287 599 3,675 802 13,100
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATING PROFIT 8,527 15 2,064 (264) 4 (55)
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
MANAGEMENT COMP PROVISION 19 1 20
MANAGEMENT COMP NSO'S
FOREIGN EXCHGE LOSS(GAIN)
INT ON DEBT INC CML PAPER 77
INTEREST ALLOC PRU CAP
OTHER INTEREST
INT BANK CREDIT FACILITY
INTEREST - INTERCOMPANY 7 (3) 30
LESS: INT CAPITALIZED
WARRANT ACCRETION
TOTAL OTHER DEDUCTIONS 19 10 (3) 127
- ------------------------------------------------------------------------------------------------------------------------------------
INC BEF MIN INT & INC TAX 8,527 15 2,045 (274) 7 (182)
- ------------------------------------------------------------------------------------------------------------------------------------
PROVISION FOR INCOME TAX
CURRENT:
FEDERAL (U.S.) 2,689 31 698 (140) 3 (35)
STATE/LOCAL 506 6 79 (29) 1 (9)
FOREIGN
ITC & ENERGY CREDIT
TOTAL CURRENT 3,195 37 777 (169) 4 (44)
DEFERRED:
FEDERAL (U.S.) 36 (26) (28) 54 (1) (18)
STATE/LOCAL 6 (5) (5) 10 (4)
FOREIGN
ITC & ENERGY CREDIT
TOTAL DEFERRED
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL PROVISION INC TAX 42 (31) (33) 64 (1) (22)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MIN INT-NET INC FM CONT. 3,237 6 744 (105) 3 (66)
INCOME FR CONTINUING OP
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS: 5,290 9 1,301 (169) 4 (116)
INC(L) FM OPER. OF DIS
LESS: INC TX PROV(REC
<CAPTION>
WAILUKU AGR. MAUNA KEA AGR - BUYCO BREWER BUYCO MAUNA KEA AGR -
BUYCO, INC. LAND LAND BUYCO, INC ELIM JE COMBINED DIV AGR.
<S> <C> <C> <C> <C> <C> <C>
STATEMENT OF INCOME
- -------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SALES & REVENUES 1,636 2,427 823
- -----------------------------------------------------------------------------------------------------------------------------------
COST OF SALES & OP EXP
COST OF PRODUCTS SOLD (4) 445
COST OF PRODUCTS SOLD-I/C
WATER OP COSTS AND EXPS
WATER OP COSTS & EXP I/C
OTHER OP COSTS AND EXPS 412 116 46
OTHER OP COSTS & EXP I/C 75 (115)
TAXES OTHER THAN INC TAX 53 296
SELLING AND MARKETING EXP
GENERAL AND ADMIN EXP 328 328
SELLING GEN & ADM EXP I/C 300
DEPRN & AMORT. - PP&E 70 4 60
DEPRN & AMORT. - OTHER
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 553 173 328 328 1,032
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATING PROFIT 1,083 2,254 (328) (328) (209)
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
MANAGEMENT COMP PROVISION 38
MANAGEMENT COMP NSO'S
FOREIGN EXCHGE LOSS(GAIN)
INT ON DEBT INC CML PAPER 61 61
INTEREST ALLOC PRU CAP
OTHER INTEREST 6
INT BANK CREDIT FACILITY
INTEREST - INTERCOMPANY
LESS: INT CAPITALIZED
WARRANT ACCRETION
TOTAL OTHER DEDUCTIONS 6 61 61 38
- -----------------------------------------------------------------------------------------------------------------------------------
INC BEF MIN INT & INC TAX 1,083 2,248 (389) (389) (247)
- -----------------------------------------------------------------------------------------------------------------------------------
PROVISION FOR INCOME TAX
CURRENT:
FEDERAL (U.S.) 357 737 (27) 11 (16) (55)
STATE/LOCAL 36 84 (5) 1 (4) (11)
FOREIGN
ITC & ENERGY CREDIT
TOTAL CURRENT 393 821 (32) 12 (20) (66)
DEFERRED:
FEDERAL (U.S.) (1) (1) (97) (15) (112) (24)
STATE/LOCAL
FOREIGN (18) (1) (19) (5)
ITC & ENERGY CREDIT
TOTAL DEFERRED (1) (1) (115) (16) (131) (29)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PROVISION INC TAX 392 820 (147) (4) (151) (95)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
MIN INT-NET INC FM CONT.
INCOME FR CONTINUING OP 691 1,428 (242) 4 (238) (152)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
INC(L) FM OPER. OF DIS
LESS: INC TX PROV(REC
</TABLE>
2 OF 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
KILAUEA CBCL REAL REVALUATION BUYCO
BUYCO, INC. IRRIGATION INC. ESTATE ADMIN JES CJE CONSOLIDATED
<S> <C> <C> <C> <C> <C>
STATEMENT OF INCOME
- -------------------
- ----------------------------------------------------------------------------------------------------------------------------
SALES & REVENUES 27 (303) (21,979) 224,606
- ----------------------------------------------------------------------------------------------------------------------------
COST OF SALES & OP EXP
COST OF PRODUCTS SOLD (4,588) 115,702
COST OF PRODUCTS SOLD-I/C (2,253)
WATER OP COSTS AND EXPS
WATER OP COSTS & EXP I/C
OTHER OP COSTS AND EXPS 30 (49) 16,341
OTHER OP COSTS & EXP I/C 1,059
TAXES OTHER THAN INC TAX 5,727
SELLING AND MARKETING EXP 47,624
GENERAL AND ADMIN EXP (11) 26,489
SELLING GEN & ADM EXP I/C
DEPRN & AMORT. - PP&E 71 1,046
DEPRN & AMORT. - OTHER 404
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL COST OF SALES 101 (5,842) 213,333
- ----------------------------------------------------------------------------------------------------------------------------
OPERATING PROFIT (74) (303) (16,137) 11,273
- ----------------------------------------------------------------------------------------------------------------------------
OTHER DEDUCTIONS:
MANAGEMENT COMP PROVISION 58 1,587
MANAGEMENT COMP NSO'S
FOREIGN EXCHGE LOSS(GAIN)
INT ON DEBT INC CML PAPER 1,978
INTEREST ALLOC PRU CAP
OTHER INTEREST 269
INT BANK CREDIT FACILITY 255
INTEREST - INTERCOMPANY (12,880)
LESS: INT CAPITALIZED 75
WARRANT ACCRETION
TOTAL OTHER DEDUCTIONS (12,822) 4,014
- ----------------------------------------------------------------------------------------------------------------------------
INC BEF MIN INT & INC TAX (74) (303) (3,315) 7,259
- ----------------------------------------------------------------------------------------------------------------------------
PROVISION FOR INCOME TAX
CURRENT:
FEDERAL (U.S.) 12 5 (73)
STATE/LOCAL 2 267
FOREIGN
ITC & ENERGY CREDIT
TOTAL CURRENT 14 272 (73)
DEFERRED:
FEDERAL (U.S.) (36) 841 1,323
STATE/LOCAL (7) 99 184
FOREIGN
ITC & ENERGY CREDIT
TOTAL DEFERRED (43) 940 1,507
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL PROVISION INC TAX (29) 1,212 1,434
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
MIN INT-NET INC FM CONT. 757 940
INCOME FR CONTINUING OP (45) (303) (5,284) 4,885
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
DISCONTINUED OPERATIONS:
INC(L) FM OPER. OF DIS (920)
LESS: INC TX PROV(REC
<CAPTION>
DEDUCT: BUYCO C. BREWER
BUYCO, INC. COMBINED CONSOLIDATED
<S> <C> <C>
STATEMENT OF INCOME
- -------------------
- --------------------------------------------------------------------
SALES & REVENUES 224,606
- --------------------------------------------------------------------
COST OF SALES & OP EXP
COST OF PRODUCTS SOLD 115,702
COST OF PRODUCTS SOLD-I/C
WATER OP COSTS AND EXPS
WATER OP COSTS & EXP I/C
OTHER OP COSTS AND EXPS 16,341
OTHER OP COSTS & EXP I/C
TAXES OTHER THAN INC TAX 5,727
SELLING AND MARKETING EXP 47,624
GENERAL AND ADMIN EXP (328) 26,161
SELLING GEN & ADM EXP I/C
DEPRN & AMORT. - PP&E 1,046
DEPRN & AMORT. - OTHER 404
- --------------------------------------------------------------------
TOTAL COST OF SALES (328) 213,005
- --------------------------------------------------------------------
OPERATING PROFIT 328 11,601
- --------------------------------------------------------------------
OTHER DEDUCTIONS:
MANAGEMENT COMP PROVISION 1,587
MANAGEMENT COMP NSO'S
FOREIGN EXCHGE LOSS(GAIN)
INT ON DEBT INC CML PAPER (61) 1,917
INTEREST ALLOC PRU CAP
OTHER INTEREST 269
INT BANK CREDIT FACILITY 255
INTEREST - INTERCOMPANY
LESS: INT CAPITALIZED 75
WARRANT ACCRETION
TOTAL OTHER DEDUCTIONS (61) 3,953
- --------------------------------------------------------------------
INC BEF MIN INT & INC TAX 389 7,648
- --------------------------------------------------------------------
PROVISION FOR INCOME TAX
CURRENT:
FEDERAL (U.S.) 16 (57)
STATE/LOCAL 4 4
FOREIGN
ITC & ENERGY CREDIT
TOTAL CURRENT 20 (53)
DEFERRED:
FEDERAL (U.S.) 112 1,435
STATE/LOCAL 19 203
FOREIGN
ITC & ENERGY CREDIT
TOTAL DEFERRED 131 1,638
- --------------------------------------------------------------------
TOTAL PROVISION INC TAX 151 1,585
- --------------------------------------------------------------------
- --------------------------------------------------------------------
MIN INT-NET INC FM CONT. 940
INCOME FR CONTINUING OP 238 5,123
- --------------------------------------------------------------------
- --------------------------------------------------------------------
DISCONTINUED OPERATIONS:
INC(L) FM OPER. OF DIS
LESS: INC TX PROV(REC
</TABLE>
3 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
REAL ESTATE
BUYCO, INC. C. BREWER - DISCONTINUED ACCEPTCE MAUNA KEA MAC KA'U AGR. - MAC
BEI HEAD OFFICE OPERATIONS CORP ORCHARDS DIV
<S> <C> <C> <C> <C> <C> <C>
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 920
- -----------------------------------------------------------------------------------------------------------------------------------
INC BEFORE EXTRA & ACCT 5,863 (10,847) 1,318 78 61 396
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
GAIN(LOSS) ON EXTRAORD
LESS: INC TX PROV. (R
INC TX PROV. (R
MIN INT IN GAIN
EQTY IN NET EXTRAORD.
SUBSIDIARIES & AFFI
NET EXTRAORDINA
CUMUL EFFECT CHG IN ACCTG
INC(L) FM CUMUL. EFFEC
LESS: INC TX PROV. (R
INC TAX PROV. (
MINORITY INTERE
EQ CHNGS IN ACCTG. PR
SUBSIDIARIES & AFFI
TOTAL EFFECT CHANGES
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME 5,863 (10,847) 1,318 78 61 396
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
HAWAIIAN
BUYCO, INC. WAILUKU AGR. - MAUNA LOA KA'U AGR. - MAUNA LOA PACIFIC KAVA HAWAII
MAC ORCHARDS KEAAU MAC RESOURCES MLMNC COMPANY COFFEE CO.
<S> <C> <C> <C> <C> <C> <C> <C>
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 351 4,912 189 85 737 (65) 311
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
GAIN(LOSS) ON EXTRAORD
LESS: INC TX PROV. (R
INC TX PROV. (R
MIN INT IN GAIN
EQTY IN NET EXTRAORD.
SUBSIDIARIES & AFFI
NET EXTRAORDINA
CUMUL EFFECT CHG IN ACCTG
INC(L) FM CUMUL. EFFEC
LESS: INC TX PROV. (R
INC TAX PROV. (
MINORITY INTERE
EQ CHNGS IN ACCTG. PR
SUBSIDIARIES & AFFI
TOTAL EFFECT CHANGES
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME 351 4,912 189 85 737 (65) 311
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
4 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
WAILUKU AGR. WAILUKU KA'U AGR. - KILAUEA HAWN FRUIT
BUYCO, INC. OTHER PLANTATIONS SMTN. RANCH AGRONOMICS SPECIALTIES HAWAII'S OWN
<S> <C> <C> <C> <C> <C> <C>
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 5,290 9 1,301 (169) 4 (116)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
GAIN(LOSS) ON EXTRAORD
LESS: INC TX PROV. (R
INC TX PROV. (R
MIN INT IN GAIN
EQTY IN NET EXTRAORD.
SUBSIDIARIES & AFFI
NET EXTRAORDINA
CUMUL EFFECT CHG IN ACCTG
INC(L) FM CUMUL. EFFEC
LESS: INC TX PROV. (R
INC TAX PROV. (
MINORITY INTERE
EQ CHNGS IN ACCTG. PR
SUBSIDIARIES & AFFI
TOTAL EFFECT CHANGES
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME 5,290 9 1,301 (169) 4 (116)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
WAILUKU AGR. MAUNA KEA AGR - BUYCO BREWER BUYCO MAUNA KEA AGR -
BUYCO, INC. LAND LAND BUYCO, INC ELIM JE COMBINED DIV AGR.
<S> <C> <C> <C> <C> <C> <C>
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 691 1,428 (242) 4 (238) (152)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
GAIN(LOSS) ON EXTRAORD
LESS: INC TX PROV. (R
INC TX PROV. (R
MIN INT IN GAIN
EQTY IN NET EXTRAORD.
SUBSIDIARIES & AFFI
NET EXTRAORDINA
CUMUL EFFECT CHG IN ACCTG
INC(L) FM CUMUL. EFFEC
LESS: INC TX PROV. (R
INC TAX PROV. (
MINORITY INTERE
EQ CHNGS IN ACCTG. PR
SUBSIDIARIES & AFFI
TOTAL EFFECT CHANGES
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME 691 1,428 (242) 4 (238) (152)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
KILAUEA CBCL REAL REVALUATION BUYCO DEDUCT: BUYCO C. BREWER
BUYCO, INC. IRRIGATION INC. ESTATE ADMIN JES CJE CONSOLIDATED COMBINED CONSOLIDATED
<S> <C> <C> <C> <C> <C> <C> <C>
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 (920)
- -----------------------------------------------------------------------------------------------------------------------------------
INC BEFORE EXTRA & ACCT (45) (303) (6,204) 4,885 238 5,123
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
EXTRAORDINARY ITEMS:
GAIN(LOSS) ON EXTRAORD
LESS: INC TX PROV. (R
INC TX PROV. (R
MIN INT IN GAIN
EQTY IN NET EXTRAORD.
SUBSIDIARIES & AFFI
NET EXTRAORDINA
CUMUL EFFECT CHG IN ACCTG
INC(L) FM CUMUL. EFFEC
LESS: INC TX PROV. (R
INC TAX PROV. (
MINORITY INTERE
EQ CHNGS IN ACCTG. PR
SUBSIDIARIES & AFFI
TOTAL EFFECT CHANGES
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCOME (45) (303) (6,204) 4,885 238 5,123
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
REAL ESTATE
BUYCO, INC. C. BREWER - DISCONTINUED ACCEPTCE MAUNA KEA MAC KA'U AGR. - MAC
BEI HEAD OFFICE OPERATIONS CORP ORCHARDS DIV
<S> <C> <C> <C> <C> <C> <C>
BALANCE SHEET
- -------------
CURRENT ASSETS:
CASH 113 2,149 2
TEMPORARY CASH INVEST 550
MARKETABLE SECURITIES
ACCTS/NOTES REC-TRADE 10,840
ALLOW DBTFUL ACCTS 215
- -------------------------------------------------------------------------------------------------------------------------------
NET REC-TRADE 10,625
- -------------------------------------------------------------------------------------------------------------------------------
SUN REC & DEPOSITS, NET 448 22 571 496 58 668
INTERCO NOTES AND ACCTS 3,767 1,560 24,700 (1,213) 270 2,143
DUE FROM BUYCO, INC. 9,937
INTERCO. ACCTS & ACCRD I 269 17,524 2,153 9 73
INCOME TAXES RECOVERABLE
FUTURE INCME TAX BENEFIT
INVENTORIES:
RAW MATERIALS 176
WORK-IN-PROGRESS 39
FINISHED GOODS
MERCHDISE & COMMODITIES 10,615
SUPPLIES 1,287 11 13 44
OTHER INVENTORIES
GROWING CROPS - SUGAR
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INVENTORIES 12,117 11 13 44
- -------------------------------------------------------------------------------------------------------------------------------
LESS:RESERVE-RAW MAT
RESERVE - WIP
RESERVE - FIN GDS
RESERVE - MDSE&CO
RESERVE - SUPPLIE
RESERVE - OTH INV 64
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RESRVS INV 64
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
NET INVENTORIES 12,053 11 13 44
- -------------------------------------------------------------------------------------------------------------------------------
PPD EXP & OTH CUR ASSETS 906 6 19 79 154
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 28,181 31,748 27,456 (717) 429 3,082
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
RESTRICTED CASH DEPOSITS
COM & PFD STK OF CONSOL
SUBSIDIARIES AND AFFIL 114,220
COM & PFD STK OF UNCONS
SUBSIDIARIES AND AFFIL
EQUITY IN DIVISION 24,500
INTERCO NOTES AND ACCTS 25,185
<CAPTION>
HAWAIIAN
BUYCO, INC. WAILUKU AGR. - MAUNA LOA KA'U AGR. - MAUNA LOA PACIFIC KAVA HAWAII
MAC ORCHARDS KEAAU MAC RESOURCES MLMNC COMPANY COFFEE CO.
<S> <C> <C> <C> <C> <C> <C> <C>
BALANCE SHEET
- -------------
CURRENT ASSETS:
CASH 1 (5) 4 (7) 8
TEMPORARY CASH INVEST
MARKETABLE SECURITIES
ACCTS/NOTES REC-TRADE 157 5,795 1,158
ALLOW DBTFUL ACCTS 369 32
- -----------------------------------------------------------------------------------------------------------------------------------
NET REC-TRADE 157 5,426 1,126
- -----------------------------------------------------------------------------------------------------------------------------------
SUN REC & DEPOSITS, NET 5 22 550 7 647 527
INTERCO NOTES AND ACCTS 835 39,913 3,323 389 1,829 (267) 688
DUE FROM BUYCO, INC. 108
INTERCO. ACCTS & ACCRD I 4,167 97 66
INCOME TAXES RECOVERABLE
FUTURE INCME TAX BENEFIT
INVENTORIES:
RAW MATERIALS 48
WORK-IN-PROGRESS 13,454
FINISHED GOODS 10,133 980
MERCHDISE & COMMODITIES 441
SUPPLIES 11 33 2,590 2,306
OTHER INVENTORIES
GROWING CROPS - SUGAR
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVENTORIES 11 33 26,666 3,286
- -----------------------------------------------------------------------------------------------------------------------------------
LESS:RESERVE-RAW MAT
RESERVE - WIP
RESERVE - FIN GDS 808
RESERVE - MDSE&CO
RESERVE - SUPPLIE
RESERVE - OTH INV
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RESRVS INV 808
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NET INVENTORIES 11 33 25,858 3,286
- -----------------------------------------------------------------------------------------------------------------------------------
PPD EXP & OTH CUR ASSETS 3 (83) 15 625 1 629
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 854 44,211 3,920 563 34,455 (273) 6,264
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
RESTRICTED CASH DEPOSITS
COM & PFD STK OF CONSOL
SUBSIDIARIES AND AFFIL 459
COM & PFD STK OF UNCONS
SUBSIDIARIES AND AFFIL
EQUITY IN DIVISION
INTERCO NOTES AND ACCTS (7,805) 18,199 611
</TABLE>
7 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
BUYCO, INC. WAILUKU AGR. WAILUKU KA'U AGR. - KILAUEA HAWN FRUIT
OTHER PLANTATIONS SMTN. RANCH AGRONOMICS SPECIALTIES HAWAII'S OWN
<S> <C> <C> <C> <C> <C> <C>
BALANCE SHEET
- -------------
CURRENT ASSETS:
CASH 1 1
TEMPORARY CASH INVEST
MARKETABLE SECURITIES
ACCTS/NOTES REC-TRADE 37 639 64 742
ALLOW DBTFUL ACCTS
- ----------------------------------------------------------------------------------------------------------------------------------
NET REC-TRADE 37 639 64 742
- ----------------------------------------------------------------------------------------------------------------------------------
SUN REC & DEPOSITS, NET 67 4 39 1
INTERCO NOTES AND ACCTS (5,978) 11 1,595 (288) 86
DUE FROM BUYCO, INC.
INTERCO. ACCTS & ACCRD I 6,017
INCOME TAXES RECOVERABLE
FUTURE INCME TAX BENEFIT
INVENTORIES:
RAW MATERIALS 172
WORK-IN-PROGRESS
FINISHED GOODS 575 76
MERCHDISE & COMMODITIES 61 55
SUPPLIES 52
OTHER INVENTORIES
GROWING CROPS - SUGAR
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVENTORIES 688 248 55
- ----------------------------------------------------------------------------------------------------------------------------------
LESS:RESERVE-RAW MAT
RESERVE - WIP
RESERVE - FIN GDS
RESERVE - MDSE&CO
RESERVE - SUPPLIE
RESERVE - OTH INV
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RESRVS INV
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NET INVENTORIES 688 248 55
- ----------------------------------------------------------------------------------------------------------------------------------
PPD EXP & OTH CUR ASSETS 4 3 3
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 106 11 1,640 1,082 400 800
- ----------------------------------------------------------------------------------------------------------------------------------
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 44,209 (648)
<CAPTION>
BUYCO, INC. WAILUKU AGR. MAUNA KEA BUYCO BREWER BUYCO MAUNA KEA AGR -
LAND AGR-LAND BUYCO, INC ELIM JE COMBINED DIV AGR.
<S> <C> <C> <C> <C> <C> <C>
BALANCE SHEET
- -------------
CURRENT ASSETS:
CASH 6 6 (13)
TEMPORARY CASH INVEST
MARKETABLE SECURITIES
ACCTS/NOTES REC-TRADE 67 332
ALLOW DBTFUL ACCTS 124
- ---------------------------------------------------------------------------------------------------------------------------------
NET REC-TRADE 67 208
- ---------------------------------------------------------------------------------------------------------------------------------
SUN REC & DEPOSITS, NET 30 1
INTERCO NOTES AND ACCTS 803 258 (50)
DUE FROM BUYCO, INC. 379 415 (10,839) (10,424)
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 16
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 833 704 421 (10,839) (10,418) 171
- ---------------------------------------------------------------------------------------------------------------------------------
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 31,488
</TABLE>
8 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
BUYCO, INC. KILAUEA CBCL REAL REVALUATION BUYCO DEDUCT: BUYCO C. BREWER
IRRIGATION INC. ESTATE ADMIN JES CJE CONSOLIDATED COMBINED CONSOLIDATED
<S> <C> <C> <C> <C> <C> <C> <C>
BALANCE SHEET
- -------------
CURRENT ASSETS:
CASH 2,260 (6) 2,254
TEMPORARY CASH INVEST 550 550
MARKETABLE SECURITIES
ACCTS/NOTES REC-TRADE 8 19,839 19,839
ALLOW DBTFUL ACCTS 2 742 742
- ----------------------------------------------------------------------------------------------------------------------------------
NET REC-TRADE 6 19,097 19,097
- ----------------------------------------------------------------------------------------------------------------------------------
SUN REC & DEPOSITS, NET 4,163 4,163
INTERCO NOTES AND ACCTS (16) (74,358)
DUE FROM BUYCO, INC. 10,424 10,424
INTERCO. ACCTS & ACCRD I (30,375)
INCOME TAXES RECOVERABLE
FUTURE INCME TAX BENEFIT
INVENTORIES:
RAW MATERIALS 396 396
WORK-IN-PROGRESS 13,493 13,493
FINISHED GOODS 11,764 11,764
MERCHDISE & COMMODITIES 11,172 11,172
SUPPLIES 6,356 6,356
OTHER INVENTORIES 253 253 253
GROWING CROPS - SUGAR
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVENTORIES 253 43,434 43,434
- ----------------------------------------------------------------------------------------------------------------------------------
LESS:RESERVE-RAW MAT
RESERVE - WIP
RESERVE - FIN GDS 808 808
RESERVE - MDSE&CO
RESERVE - SUPPLIE
RESERVE - OTH INV 64 64
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RESRVS INV 872 872
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NET INVENTORIES 253 42,562 42,562
- ----------------------------------------------------------------------------------------------------------------------------------
PPD EXP & OTH CUR ASSETS 1 2,381 2,381
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS (9) (104,480) 71,013 10,418 81,431
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS:
RESTRICTED CASH DEPOSITS
COM & PFD STK OF CONSOL
SUBSIDIARIES AND AFFIL (114,679)
COM & PFD STK OF UNCONS
SUBSIDIARIES AND AFFIL
EQUITY IN DIVISION (24,500)
INTERCO NOTES AND ACCTS (111,239)
</TABLE>
9 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
C. BREWER - DISCONTINUED REAL ESTATE MAUNA KEA MAC KA'U AGR. - MAC
BUYCO, INC. BEI HEAD OFFICE OPERATIONS ACCEPTCE CORP ORCHARDS DIV
<S> <C> <C> <C> <C> <C> <C>
OTHER INVESTMENTS:
COOPERATIVES AND JOINT 11
N/C ACCOUNTS AND NOTES 1,141 2,641
MISCELLANEOUS INVESTMT 38 9 34,330
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INV 38 9 35,482 2,641
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTME 38 114,229 60,667 2,641 24,500
- ----------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
LAND 1,776 1,880 1,452 143 198
BUILDING AND IMPROVEMENTS 10,945 3,292 1,619 26 703
MACHINERY AND EQUIPMENT 23,084 1,127 334 2,082 5,630
REAL ESTATE IMPROVEMENTS 1,824 1,423 547 3,187
RANCH & DAIRY LIVESTOCK
CONSTR'N WORK-IN-PROGRESS 2,882 50 1,578 1,279
MISCELLANEOUS 28 (107) 47 (54) (167)
PROPERTY, PLANT & EQUIP
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL PP&E 40,539 6,242 4,875 4,322 10,830
- -----------------------------------------------------------------------------------------------------------------------------------
ACCUM DEPR & AMORT 27,545 586 2,112 2,047 6,195
- ----------------------------------------------------------------------------------------------------------------------------------
NET PP&E 12,994 5,656 2,763 2,275 4,635
- ----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
DEBT EXPENSE
CAPITAL STOCK EXPENSE
DEFERRED INC TAX BENEFIT (670)
OTHER DEFERRED CHARGES 21 180
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DEFERRED CHARGES 21 (490)
- ----------------------------------------------------------------------------------------------------------------------------------
EXCESS CST OVER NET ASSET 6,119
OTHER ASSETS:
LICENSES
FRANCHISES
PATENTS
OTHER 735
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS 735
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 48,088 151,143 90,886 1,924 27,204 7,717
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
HAWAIIAN
BUYCO, INC. WAILUKU AGR. - MAUNA LOA KA'U AGR. - MAUNA LOA PACIFIC KAVA HAWAII COFFEE
MAC ORCHARDS KEAAU MAC RESOURCES MLMNC COMPANY CO.
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OTHER INVESTMENTS:
COOPERATIVES AND JOINT
N/C ACCOUNTS AND NOTES
MISCELLANEOUS INVESTMT 280 587
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INV 280 587
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTME (7,085) 18,479 1,198 459
- -------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
LAND 100 259 257 1,029
BUILDING AND IMPROVEMENTS 248 58 3,285 2,071
MACHINERY AND EQUIPMENT 2,151 2,994 29 15,966 2,639
REAL ESTATE IMPROVEMENTS 2,632 2,794 5 372
RANCH & DAIRY LIVESTOCK
CONSTR'N WORK-IN-PROGRESS 10 278 266
MISCELLANEOUS 7,460 (453)
PROPERTY, PLANT & EQUIP
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL PP&E 12,491 2,894 3,326 29 19,705 266 5,739
- -------------------------------------------------------------------------------------------------------------------------------
ACCUM DEPR & AMORT 6,398 212 2,750 22 12,641 2,696
- -------------------------------------------------------------------------------------------------------------------------------
NET PP&E 6,093 2,682 576 7 7,064 266 3,043
- -------------------------------------------------------------------------------------------------------------------------------
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
2,639
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS 2,639
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS (858) 65,372 4,496 1,768 41,978 (7) 11,946
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
BUYCO, INC. WAILUKU AGR. WAILUKU KA'U AGR. - KILAUEA HAWN FRUIT WAILUKU AGR.
OTHER PLANTATIONS SMTN. RANCH AGRONOMICS SPECIALTIES HAWAII'S OWN LAND
<S> <C> <C> <C> <C> <C> <C> <C>
OTHER INVESTMENTS:
COOPERATIVES AND JOINT 427
N/C ACCOUNTS AND NOTES
MISCELLANEOUS INVESTMT
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INV 427
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTME 44,209 (221) 31,488
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
LAND 259 376 19
BUILDING AND IMPROVEMENTS 410 838 962 3 69
MACHINERY AND EQUIPMENT 755 4,359 328 193
REAL ESTATE IMPROVEMENTS 4,948 564 77
RANCH & DAIRY LIVESTOCK
CONSTR'N WORK-IN-PROGRESS 583 418 1,903
MISCELLANEOUS 1 (200) 82
PROPERTY, PLANT & EQUIP
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PP&E 6,956 6,355 1,290 278 2,068
- -----------------------------------------------------------------------------------------------------------------------------------
ACCUM DEPR & AMORT 5,664 4,349 598 219 70
- -----------------------------------------------------------------------------------------------------------------------------------
NET PP&E 1,292 2,006 692 59 1,998
- -----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
DEBT EXPENSE
CAPITAL STOCK EXPENSE
DEFERRED INC TAX BENEFIT 670
OTHER DEFERRED CHARGES 278
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL DEFERRED CHARGES 670 278
- -----------------------------------------------------------------------------------------------------------------------------------
EXCESS CST OVER NET ASSET 932
OTHER ASSETS:
LICENSES
FRANCHISES
PATENTS
OTHER 438 32
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS 438 32
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 44,985 (210) 2,932 3,088 1,092 2,229 34,629
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
BUYCO, INC. MAUNA KEA BUYCO BREWER BUYCO MAUNA KEA AGR -
AGR - LAND BUYCO, INC ELIM JE COMBINED DIV AGR.
<S> <C> <C> <C> <C> <C>
OTHER INVESTMENTS:
COOPERATIVES AND JOINT
N/C ACCOUNTS AND NOTES 600 600
MISCELLANEOUS INVESTMT
- ------------------------------------------------------------------------------------------------------
TOTAL OTHER INV 600 600
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTME 5,801 (5,201) 600
- ------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
LAND 35,699 149 149 1,370
BUILDING AND IMPROVEMENTS 580 551
MACHINERY AND EQUIPMENT 996
REAL ESTATE IMPROVEMENTS 339
RANCH & DAIRY LIVESTOCK
CONSTR'N WORK-IN-PROGRESS 2,203 2 2
MISCELLANEOUS 94
PROPERTY, PLANT & EQUIP
- ------------------------------------------------------------------------------------------------------
TOTAL PP&E 38,482 151 151 3,350
- ------------------------------------------------------------------------------------------------------
ACCUM DEPR & AMORT 262 1,609
- ------------------------------------------------------------------------------------------------------
NET PP&E 38,220 151 151 1,741
- ------------------------------------------------------------------------------------------------------
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 38,924 6,222 (15,889) (9,667) 1,912
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
</TABLE>
11 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
BUYCO, INC. KILAUEA CBCL REAL REVALUATION BUYCO DEDUCT: BUYCO C. BREWER
IRRIGATION INC. ESTATE ADMIN JES CJE CONSOLIDATED COMBINED CONSOLIDATED
<S> <C> <C> <C> <C> <C> <C> <C>
OTHER INVESTMENTS:
COOPERATIVES AND JOINT 438 438
N/C ACCOUNTS AND NOTES 4,382 (600) 3,782
MISCELLANEOUS INVESTMT (34,330) 914 914
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INV (34,330) 5,734 (600) 5,134
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LONG-TERM INVESTME (284,748) 5,734 (600) 5,134
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY, PLANT EQUIPMENT
LAND 27,711 (31,510) 41,167 (149) 41,018
BUILDING AND IMPROVEMENTS 210 25,870 25,870
MACHINERY AND EQUIPMENT 20 62,687 62,687
REAL ESTATE IMPROVEMENTS 1,683 (442) 19,953 19,953
RANCH & DAIRY LIVESTOCK
CONSTR'N WORK-IN-PROGRESS 52 (82) 11,422 (2) 11,420
MISCELLANEOUS (42) (4,782) 1,907 1,907
PROPERTY, PLANT & EQUIP
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PP&E 1,713 22,929 (31,824) 163,006 (151) 162,855
- -----------------------------------------------------------------------------------------------------------------------------------
ACCUM DEPR & AMORT 1,170 210 77,355 77,355
- -----------------------------------------------------------------------------------------------------------------------------------
NET PP&E 543 22,929 (32,034) 85,651 (151) 85,500
- -----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CHARGES:
DEBT EXPENSE
CAPITAL STOCK EXPENSE
DEFERRED INC TAX BENEFIT
OTHER DEFERRED CHARGES (101) 378 378
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL DEFERRED CHARGES (101) 378 378
- -----------------------------------------------------------------------------------------------------------------------------------
EXCESS CST OVER NET ASSET (2,900) 4,151 4,151
OTHER ASSETS:
LICENSES
FRANCHISES
PATENTS
OTHER (32) 3,812 3,812
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS (32) 3,812 3,812
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 534 22,929 (424,295) 170,739 9,667 180,406
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
12 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
REAL ESTATE
C. BREWER - DISCONTINUED ACCEPTCE MAUNA KEA MAC KA'U AGR. -
BUYCO, INC. BEI HEAD OFFICE OPERATIONS CORP ORCHARDS MAC DIV
<S> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
LOANS PAYABLE TO BANKS
LOANS PAYABLE TO OTHERS
LT DEBT - CURRENT MATURI 2,898 5,499 86
ACCOUNTS PAYABLE - TRADE 11,294 81 83 2 39
BANK OVERDRAFT 4,467 50
INTERCOMPANY NOTES AND A 1,460 18,199
DUE TO BUYCO, INC.
I/C ACCTS & ACCRD INTERE (34) 21,914 (7,412) 2 193 2,501
ACCRUED INTEREST 10 182
ACCRUED INTEREST ALLOCAT
DIVIDENDS PAYABLE 18
DIVIDENDS PAYABLE - I/C 1,068 134
INCOME TAXES
FEDERAL (3,316)
STATE AND OTHER (177) (245)
- ---------------------------------------------------------------------------------------------------------------------------------
INCOME TAXES (177) (3,561)
- ---------------------------------------------------------------------------------------------------------------------------------
DEF INC TXS - CURRENT PO (5,828)
OTHER TAXES ACCRUED OR W 404 6 26 8 34
CUSTOMERS' AND OTHER DEP 32 30
UNEARNED REV - CUR PORTI 25 15
RES FOR CONTG - CUR PORT
OTH CUR & ACCRD LIABILIT 4,244 2,732 2,614 33 307
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT L 24,623 40,292 (4,487) 2 266 2,982
- ---------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
INTERCOMPANY NOTES AND A 1,560 174,321
BANK CREDIT FACILITIES
L/T DEBT ALLOCATED
OTHER 2,749 7,463 234
- ---------------------------------------------------------------------------------------------------------------------------------
L/T DEBT - EXCL 4,309 181,784 234
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
DEFERRED PENSION EXPENSE
DEFERRED INCOME TAXES
FEDERAL 81 16,526 (848) 322 (1,082) 806
STATE AND OTHER (68) 4,332 (364) 37 (170) 112
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL DEF INC T 13 20,858 (1,212) 359 (1,252) 918
- ---------------------------------------------------------------------------------------------------------------------------------
UNEARNED REVENUES 495
RESERVES FOR CONTINGENCI 231 372 (8)
WARRANTS
MISCELLANEOUS N/C LIABIL 866 642 4,220 210
<PAGE>
<CAPTION>
HAWAIIAN
WAILUKU AGR. - MAUNA LOA KA'U AGR. - MAUNA LOA PACIFIC KAVA HAWAII COFFEE
BUYCO, INC. MAC ORCHARDS KEAAU MAC RESOURCES MLMNC COMPANY CO.
<S> <C> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
LOANS PAYABLE TO BANKS
LOANS PAYABLE TO OTHERS
LT DEBT - CURRENT MATURI 6 27 253 15
ACCOUNTS PAYABLE - TRADE 9 6,378 11 291
BANK OVERDRAFT 7 1,427 327
INTERCOMPANY NOTES AND A 1
DUE TO BUYCO, INC.
I/C ACCTS & ACCRD INTERE 396 229 3,029 105 47 (63)
ACCRUED INTEREST
ACCRUED INTEREST ALLOCAT
DIVIDENDS PAYABLE
DIVIDENDS PAYABLE - I/C
INCOME TAXES
FEDERAL (7)
STATE AND OTHER
- --------------------------------------------------------------------------------------------------------------------------------
INCOME TAXES (7)
- --------------------------------------------------------------------------------------------------------------------------------
DEF INC TXS - CURRENT PO
OTHER TAXES ACCRUED OR W 15 32 3 306 17
CUSTOMERS' AND OTHER DEP
UNEARNED REV - CUR PORTI
RES FOR CONTG - CUR PORT
OTH CUR & ACCRD LIABILIT 79 8 104 30 2,558 258
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT L 503 237 3,201 34 11,020 58 845
- --------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
INTERCOMPANY NOTES AND A
BANK CREDIT FACILITIES
L/T DEBT ALLOCATED
OTHER 33 39 437 213
- --------------------------------------------------------------------------------------------------------------------------------
L/T DEBT - EXCL 33 39 437 213
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
DEFERRED PENSION EXPENSE
DEFERRED INCOME TAXES
FEDERAL 1,970 (25) 17 1,894 11
STATE AND OTHER 257 (4) 3 258 (201)
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL DEF INC T 2,227 (29) 20 2,152 (190)
- ----------------------------------------------------------------------------------------------------------------------------------
UNEARNED REVENUES 14
RESERVES FOR CONTINGENCI
WARRANTS
MISCELLANEOUS N/C LIABIL 165 3
</TABLE>
13 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
BUYCO, INC. WAILUKU AGR. - WAILUKU KA'U AGR. - KILAUEA HAWN FRUIT WAILUKU AGR.
OTHER PLANTATIONS SMTN. RANCH AGRONOMICS SPECIALTIES HAWAII'S OWN LAND
<S> <C> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
LOANS PAYABLE TO BANKS
LOANS PAYABLE TO OTHERS
LT DEBT - CURRENT MATURI 18 160
ACCOUNTS PAYABLE - TRADE 58 4 153 29 1,290 9
BANK OVERDRAFT 71 26 396
INTERCOMPANY NOTES AND A 1
DUE TO BUYCO, INC. 902
I/C ACCTS & ACCRD INTERE 348 236 339 447
ACCRUED INTEREST 59
ACCRUED INTEREST ALLOCAT
DIVIDENDS PAYABLE
DIVIDENDS PAYABLE - I/C (1,202)
INCOME TAXES
FEDERAL
STATE AND OTHER
- ------------------------------------------------------------------------------------------------------------------------------------
INCOME TAXES
- ------------------------------------------------------------------------------------------------------------------------------------
DEF INC TXS - CURRENT PO
OTHER TAXES ACCRUED OR W 1 4 37 3 2 3
CUSTOMERS' AND OTHER DEP 25
UNEARNED REV - CUR PORTI
RES FOR CONTG - CUR PORT
OTH CUR & ACCRD LIABILIT 146 477 33 56
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT L (795) 390 757 91 3,204 484
- ------------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
INTERCOMPANY NOTES AND A 3,581
BANK CREDIT FACILITIES
L/T DEBT ALLOCATED
OTHER 13 980
- ------------------------------------------------------------------------------------------------------------------------------------
L/T DEBT - EXCL 3,581 13 980
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
DEFERRED PENSION EXPENSE
DEFERRED INCOME TAXES
FEDERAL (610) (23) (8) 250 (8) (85) 683
STATE AND OTHER (112) (4) (4) 48 (2) (9) 69
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL DEF INC T (722) (27) (12) 298 (10) (94) 752
- ------------------------------------------------------------------------------------------------------------------------------------
UNEARNED REVENUES
RESERVES FOR CONTINGENCI
WARRANTS
MISCELLANEOUS N/C LIABIL 1,687 3 35
<CAPTION>
BUYCO, INC. MAUNA KEA BUYCO BREWER BUYCO MAUNA KEA AGR
AGR - LAND BUYCO, INC ELIM JE COMBINED - DIV AGR.
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
LOANS PAYABLE TO BANKS
LOANS PAYABLE TO OTHERS
LT DEBT - CURRENT MATURI 759 759
ACCOUNTS PAYABLE - TRADE 121 4
BANK OVERDRAFT
INTERCOMPANY NOTES AND A (1,461)
DUE TO BUYCO, INC. 9,764 (10,666) (902)
I/C ACCTS & ACCRD INTERE (77)
ACCRUED INTEREST 143 143
ACCRUED INTEREST ALLOCAT
DIVIDENDS PAYABLE
DIVIDENDS PAYABLE - I/C
INCOME TAXES
FEDERAL 1,151 1,151
STATE AND OTHER 229 229
- -------------------------------------------------------------------------------------------------------------------------
INCOME TAXES 1,380 1,380
- -------------------------------------------------------------------------------------------------------------------------
DEF INC TXS - CURRENT PO (359) (359)
OTHER TAXES ACCRUED OR W 7
CUSTOMERS' AND OTHER DEP 240 276
UNEARNED REV - CUR PORTI
RES FOR CONTG - CUR PORT
OTH CUR & ACCRD LIABILIT 5 5 92
- -------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT L (1,100) 10,666 (9,640) 1,026 302
- -------------------------------------------------------------------------------------------------------------------------
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 4,864 4,864
DEFERRED INCOME TAXES
FEDERAL 253 (495) (2,275) (2,770) (43)
STATE AND OTHER 14 (90) 858 768 (8)
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DEF INC T 267 (585) (1,417) (2,002) (51)
- -------------------------------------------------------------------------------------------------------------------------
UNEARNED REVENUES
RESERVES FOR CONTINGENCI
WARRANTS
MISCELLANEOUS N/C LIABIL 600 11 611
</TABLE>
14 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
BUYCO, INC. KILAUEA CBCL REAL REVALUATION BUYCO DEDUCT: BUYCO C. BREWER
IRRIGATION INC. ESTATE ADMIN JES CJE CONSOLIDATED COMBINED CONSOLIDATED
<S> <C> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
LOANS PAYABLE TO BANKS
LOANS PAYABLE TO OTHERS
LT DEBT - CURRENT MATURI 9,721 (759) 8,962
ACCOUNTS PAYABLE - TRADE 1 19,857 19,857
BANK OVERDRAFT 6,771 6,771
INTERCOMPANY NOTES AND A (18,200)
DUE TO BUYCO, INC. 902 902
I/C ACCTS & ACCRD INTERE (22,200)
ACCRUED INTEREST 394 (143) 251
ACCRUED INTEREST ALLOCAT
DIVIDENDS PAYABLE 18 18
DIVIDENDS PAYABLE - I/C
INCOME TAXES
FEDERAL 5 (2,167) (1,151) (3,318)
STATE AND OTHER 267 74 (229) (155)
- ------------------------------------------------------------------------------------------------------------------------------------
INCOME TAXES 272 (2,093) (1,380) (3,473)
- ------------------------------------------------------------------------------------------------------------------------------------
DEF INC TXS - CURRENT PO 3,288 (2,899) 359 (2,540)
OTHER TAXES ACCRUED OR W 908 908
CUSTOMERS' AND OTHER DEP 603 603
UNEARNED REV - CUR PORTI 40 40
RES FOR CONTG - CUR PORT
OTH CUR & ACCRD LIABILIT (4,782) 129 9,123 (5) 9,118
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT L 1 (4,782) (36,711) 42,443 (1,026) 41,417
- ------------------------------------------------------------------------------------------------------------------------------------
LT DEBT - EXCLUDING CUR M
INTERCOMPANY NOTES AND A (179,462)
BANK CREDIT FACILITIES
L/T DEBT ALLOCATED
OTHER 12,161 12,161
- ------------------------------------------------------------------------------------------------------------------------------------
L/T DEBT - EXCL (179,462) 12,161 12,161
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES:
DEFERRED PENSION EXPENSE 4,864 (4,864)
DEFERRED INCOME TAXES
FEDERAL 4 (4,914) 12,401 2,770 15,171
STATE AND OTHER (2) (390) 4,560 (768) 3,792
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL DEF INC T 2 (5,304) 16,961 2,002 18,963
- ------------------------------------------------------------------------------------------------------------------------------------
UNEARNED REVENUES 509 509
RESERVES FOR CONTINGENCI 595 595
WARRANTS
MISCELLANEOUS N/C LIABIL (71) 8,371 (611) 7,760
</TABLE>
15 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
REAL ESTATE
BUYCO, INC. C. BREWER - DISCONTINUED ACCEPTCE MAUNA KEA MAC KA'U AGR. - MAC
BEI HEAD OFFICE OPERATIONS CORP ORCHARDS DIV
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL OTHER LIA 1,605 21,872 3,000 359 (1,042) 918
- ------------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
PREFERRED/PREFERENCE STO
COMMON STOCK
ADDT'L PIC,R/E & CUM TRA
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL MINORITY
- ------------------------------------------------------------------------------------------------------------------------------------
EXCESS NET ASSETS OVER C (5,829) 3,800
STOCKHOLDERS' EQUITY:
HEAD OFFICE ACCOUNT (68,489) (73) 53,483
PREFERRED STOCK 34,330
PREFERENCE STOCK
COMMON STOCK 1,001 5,201 6,035 1
ADDITIONAL PAID-IN CAPIT (31,868) (22,286) 71,198 1,094 11,998 (49,924)
CUMULATIVE TRANSLATION A
RETAINED EARNINGS 48,418 (104,221) 79,829 468 16,055 24
- ------------------------------------------------------------------------------------------------------------------------------------
SUB-TOTAL (LINES 79 17,551 (86,976) 88,573 1,563 27,980 3,583
- ------------------------------------------------------------------------------------------------------------------------------------
LESS TREASURY STOC
- ------------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' E 17,551 (86,976) 88,573 1,563 27,980 3,583
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 48,088 151,143 90,886 1,924 27,204 7,717
<CAPTION>
HAWAIIAN
BUYCO, INC. WAILUKU AGR. - MAUNA LOA KA'U AGR. - MAUNA LOA PACIFIC KAVA HAWAII COFFEE
MAC ORCHARDS KEAAU MAC RESOURCES MLMNC COMPANY CO.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TOTAL OTHER LIA 2,227 14 (29) 20 2,317 (187)
- -----------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
PREFERRED/PREFERENCE STO
COMMON STOCK
ADDT'L PIC,R/E & CUM TRA 105
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL MINORITY 105
- -----------------------------------------------------------------------------------------------------------------------------------
EXCESS NET ASSETS OVER C
STOCKHOLDERS' EQUITY:
HEAD OFFICE ACCOUNT 2,215 12,470
PREFERRED STOCK
PREFERENCE STOCK
COMMON STOCK 1 1
ADDITIONAL PAID-IN CAPIT 33,542 (11,813) 458 3,844 13,119
CUMULATIVE TRANSLATION A
RETAINED EARNINGS (3,621) 29,364 628 1,255 24,254 (65) (2,044)
- -----------------------------------------------------------------------------------------------------------------------------------
SUB-TOTAL (LINES 79 (3,621) 65,121 1,285 1,714 28,099 (65) 11,075
- -----------------------------------------------------------------------------------------------------------------------------------
LESS TREASURY STOC
- -----------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' E (3,621) 65,121 1,285 1,714 28,099 (65) 11,075
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD (858) 65,372 4,496 1,768 41,978 (7) 11,946
</TABLE>
16 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
BUYCO, INC. WAILUKU AGR. WAILUKU KA'U AGR. - KILAUEA HAWN FRUIT
OTHER PLANTATIONS SMTN. RANCH AGRONOMICS SPECIALTIES HAWAII'S OWN
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL OTHER LIA 965 (27) (12) 301 (10) (94)
- -----------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
PREFERRED/PREFERENCE STO
COMMON STOCK
ADDT'L PIC,R/E & CUM TRA
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL MINORITY
- -----------------------------------------------------------------------------------------------------------------------------
EXCESS NET ASSETS OVER C
STOCKHOLDERS' EQUITY:
HEAD OFFICE ACCOUNT 394
PREFERRED STOCK
PREFERENCE STOCK
COMMON STOCK 1 1 2 1
ADDITIONAL PAID-IN CAPIT (28,055) (996) 982 (1,250)
CUMULATIVE TRANSLATION A
RETAINED EARNINGS 44,815 (184) 26,633 3,011 28 (611)
- -----------------------------------------------------------------------------------------------------------------------------
SUB-TOTAL (LINES 79 44,815 (183) (1,027) 2,017 1,011 (1,861)
- -----------------------------------------------------------------------------------------------------------------------------
LESS TREASURY STOC
- -----------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' E 44,815 (183) (1,027) 2,017 1,011 (1,861)
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 44,985 (210) 2,932 3,088 1,092 2,229
<CAPTION>
BUYCO, INC. WAILUKU AGR. MAUNA KEA BUYCO BREWER BUYCO MAUNA KEA AGR -
LAND AGR - LAND BUYCO, INC ELIM JE COMBINED DIV AGR.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TOTAL OTHER LIA 787 267 4,879 (1,406) 3,473 (51)
- -----------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
PREFERRED/PREFERENCE STO
COMMON STOCK
ADDT'L PIC,R/E & CUM TRA
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL MINORITY
- -----------------------------------------------------------------------------------------------------------------------------------
EXCESS NET ASSETS OVER C
STOCKHOLDERS' EQUITY:
HEAD OFFICE ACCOUNT
PREFERRED STOCK
PREFERENCE STOCK
COMMON STOCK 6,059 (5,201) 858
ADDITIONAL PAID-IN CAPIT 1,693 34,201 (416) (1) (417) 3,777
CUMULATIVE TRANSLATION A
RETAINED EARNINGS 31,665 5,556 (14,966) 359 (14,607) (2,116)
- -----------------------------------------------------------------------------------------------------------------------------------
SUB-TOTAL (LINES 79 33,358 39,757 (9,323) (4,843) (14,166) 1,661
- -----------------------------------------------------------------------------------------------------------------------------------
LESS TREASURY STOC
- -----------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' E 33,358 39,757 (9,323) (4,843) (14,166) 1,661
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 34,629 38,924 6,222 (15,889) (9,667) 1,912
</TABLE>
17 of 18
<PAGE>
EXHIBIT A: ANNUAL
COMBINING STATEMENT OF
INCOME & BALANCE SHEET
PERIOD: FYE 6/30/99
(IN THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
KILAUEA CBCL REAL REVALUATION BUYCO DEDUCT: BUYCO C. BREWER
BUYCO, INC. IRRIGATION INC. ESTATE ADMIN JES CJE CONSOLIDATED COMBINED CONSOLIDATED
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TOTAL OTHER LIA 2 (5,375) 31,300 (3,473) 27,827
- ------------------------------------------------------------------------------------------------------------------------------------
MIN INT IN NET ASSETS OF
PREFERRED/PREFERENCE STO
COMMON STOCK 644 644 644
ADDT'L PIC,R/E & CUM TRA 14,771 14,876 14,876
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL MINORITY 15,415 15,520 15,520
- ------------------------------------------------------------------------------------------------------------------------------------
EXCESS NET ASSETS OVER C 2,076 47 47
STOCKHOLDERS' EQUITY:
HEAD OFFICE ACCOUNT
PREFERRED STOCK (34,330)
PREFERENCE STOCK
COMMON STOCK 1 (7,045) 6,059 (858) 5,201
ADDITIONAL PAID-IN CAPIT 1,683 (13,333) 17,647 417 18,064
CUMULATIVE TRANSLATION A
RETAINED EARNINGS (1,153) 27,711 (165,530) 45,562 14,607 60,169
- ------------------------------------------------------------------------------------------------------------------------------------
SUB-TOTAL (LINES 79 531 27,711 (220,238) 69,268 14,166 83,434
- ------------------------------------------------------------------------------------------------------------------------------------
LESS TREASURY STOC
- ------------------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' E 531 27,711 (220,238) 69,268 14,166 83,434
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLD 534 22,929 (424,295) 170,739 9,667 180,406
</TABLE>
18 of 18
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT B: FINANCIAL DATA SCHEDULE
(in thousands of dollars)
Item No. Caption Heading Value
<S> <C> <C>
1 Total Assets 170,739
2 Total Operating Revenues 224,606
3 Net Income 4,885
</TABLE>
