Management will be referring to non-GAAP financial measures when discussing results for the first quarter. In particular, we will be referring to non-GAAP net income and diluted earnings per share that exclude the impact of losses from the discontinuation CLX2 and separation expenses. We will also be referring to cash net operating income. Included in the appendix of today's slide presentation are reconciliation of the GAAP to non-GAAP financial measures, a statement regarding our use of these measures and additional SEC required information. Slides from this presentation are available for your download at our website www.alexanderbaldwin.com.

This slide provides you an agenda for our presentation, after which we will take your questions. We'll start with Stan, who will comment on the quarter.

Stan Kuriyama

Thank you everyone for joining our call today. The company results were a mix for the quarter. Both our Leasing and Agribusiness segment continued their strong performance and we experienced an improvement in Ocean Transportation operating profit, due to the continued carriage of the entire Guam trade. And improvements in Transpacific volumes and yields, which will offset, however, by lower continued volumes in Hawaii.

The overall year-over-year decline and consolidated earnings was attributable to the timing of real estate sales and to a lesser degree separation cost that we began incurring in the quarter. Excluding results from our discontinued CLX2 operations and separation expenses, adjusted net income for the quarter was $7.2 million or $0.17 a share.

We remain on track to complete our separation into two publicly traded companies early in the third quarter. As indicated on this slide, we have completed our S-4 registration and have submitted our Form 10 to the SEC and our tax-free ruling request to the IRS. The final separation date will be determined by the timing of our receipt of these SEC and IRS approval.

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