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Alexander & Baldwin, Inc. Reports 2011 Results

Real Estate Sales posted an operating loss of $10.6 million for the quarter, which included a $6.4 million non-cash reduction in the carrying value of the Company’s Waiawa joint venture, based on the venture’s planned dissolution and decision not to proceed with development. As anticipated, real estate development sales were minimal in the quarter, and did not cover normal operating expenses. In the fourth quarter of 2010, significant earnings were generated from the sale of a large property in the commercial portfolio. In 2011, a strategic decision was made to refocus the Company’s commercial portfolio back to Hawaii over time. Accordingly, the pace of sales from the Company’s commercial portfolio will increasingly be dictated by the availability of opportunities in Hawaii. As mentioned above, the Company continues to build its development pipeline to ensure that it is well positioned to meet future demand from a recovery in the real estate markets.

Real Estate Leasing operating profit in the quarter was up eight percent compared to 2010, primarily due to the impact of a six percentage point improvement in Mainland occupancy. Hawaii occupancy and market rents were relatively stable.


Ocean Transportation – Fourth quarter of 2011 compared with 2010
    Quarter Ended December 31,
(dollars in millions)   2011   2010   Change  
Revenue   $ 282.6     $ 268.0     5 %
Operating profit   $ 13.0   $ 28.8   -55 %

CLX2 shutdown losses included in continuing operations a
  1.0   -- NM

Adjusted operating profit a
$ 14.0 $ 28.8 -51 %
Operating profit margin 4.6 % 10.7 %

Adjusted operating profit margin b
    5.0 %     10.7 %      

Volume (Units) c
Hawaii containers 35,000 37,100 -6 %
Hawaii automobiles 19,700 19,800 -1 %
China containers – CLX1 15,800 14,000 13 %
Guam containers     5,100       4,000     28 %

a Refer to the accompanying disclosures, “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Measures,” for a discussion of the Company’s use of non-GAAP financial measures and a reconciliation of Ocean Transportation operating profit to adjusted Ocean Transportation operating profit.

b Refer to the accompanying disclosures, “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Measures,” for a discussion of the Company’s use of non-GAAP financial measures and a reconciliation of Ocean Transportation operating profit margin and adjusted Ocean Transportation operating profit margin.

c Container volume included for the period is based on the voyage departure date, but revenue and operating profit are adjusted to reflect the percentage of revenue and operating profit earned during the reporting period for voyages that straddle the beginning and/or end of each reporting period.

For the fourth quarter of 2011, Ocean Transportation revenue increased five percent, or $14.6 million, compared to the fourth quarter of 2010. Revenue increases, principally from higher fuel surcharges resulting from high fuel prices, and volume increases in the Guam and China trades, were partially offset by lower yields and cargo mix, principally in the China trade, and reduced Hawaii volume and yield for the reason described below.

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