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A&B's net income sinks 76.9%

By Dave Segal

POSTED: 06:55 a.m. HST, Oct 29, 2009

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Alexander & Baldwin Inc.’s net income plunged 76.9 percent in the third quarter as the company posted lower operating profits in its ocean transportation and real estate units and suffered a loss in its sugar operations.

Net income was $8.5 million, or 21 cents a share, compared with $36.8 million, or 89 cents a share, a year ago.

Revenue fell 17.6 percent to $375.9 million from $456.2 million.

Allen Doane, who last week announced he was retiring as chairman and chief executive officer of  the company at the end of the year, said in response to the difficult economic environment that A&B has taken necessary measures across all of its business units to better align its cost structure with the realities of today’s conditions.

“These efforts are producing tangible results,” he said. “The company remains on solid financial ground and our core operating units continue to generate significant cash flow augmented by a multitude of cost-reduction programs and reduced capital spending.

“As a result, we have trimmed outstanding debt by $33 million through the first nine months of the year, leaving ample capacity to make what may be significant investments over the course of the next 18 months in distressed real estate development opportunities and in an expansion of our transportation services.”

Alexander & Baldwin Inc.’s net income plunged 76.9 percent in the third quarter as the company posted lower operating profits in its ocean transportation and real estate units and suffered a loss in its sugar operations.

Net income was $8.5 million, or 21 cents a share, compared with $36.8 million, or 89 cents a share, a year ago.

Revenue fell 17.6 percent to $375.9 million from $456.2 million.

Allen Doane, who last week announced he was retiring as chairman and chief executive officer of  the company at the end of the year, said in response to the difficult economic environment that A&B has taken necessary measures across all of its business units to better align its cost structure with the realities of today’s conditions.

“These efforts are producing tangible results,” he said. “The company remains on solid financial ground and our core operating units continue to generate significant cash flow augmented by a multitude of cost-reduction programs and reduced capital spending.

“As a result, we have trimmed outstanding debt by $33 million through the first nine months of the year, leaving ample capacity to make what may be significant investments over the course of the next 18 months in distressed real estate development opportunities and in an expansion of our transportation services.”

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