Alexander & Baldwin, Inc. recently completed an 11,500 square-foot retail expansion of the Gateway at Mililani Mauka center, and expect to start construction on an additional 16,000 square feet in June. The company reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $5.0 million, or $0.12 per basic and diluted share, compared to adjusted net income for the first quarter of 2012 of $4.0 million, or $0.09 per diluted share. Adjusted net income for 2012 excludes $1.2 million, or $0.02 per diluted share, of professional service fees and other charges associated with the June 2012 separation of A&B from Matson, Inc. including these charges, net income for the first quarter of 2012 was $2.8 million, or $0.07 per diluted share. Revenues were $41.5 million compared to revenues of $41.2 million last year. Operating profit increased $0.3 million, or 9%, compared to the first quarter of 2012 principally due to the previously referenced higher power sales in the first quarter of 2013, partially offset by lower raw sugar and molasses margins. Income from continuing operations were $2.3 million or $0.05 per basic and diluted share compared to $0.3 million or $0.01 per basic and diluted share last year. Net cash used in operating activities were $25.2 million compared to $26.9 million last year. Total capital expenditures were $6.5 million compared to $4.9 million last year. The overall increase in net income and operating profit was partially offset by higher corporate expenses from increased professional service fees associated with increased investment activity. Cash flow used in operating activities, excluding capital expenditures for real estate development inventory, was $21 million in the first quarter, moderately higher than in 2012, principally due to seasonal ad working capital.

Alexander & Baldwin, Inc. announced that at its Maui business project in Kahului, first Target store will be opening at the project. This will solidify Maui Business Park's position as the primary retail destination for Maui's residents and will be a significant boost to its lot sale program over the coming years. The company also continues to gain traction at other projects and with its ongoing Hawaii investment program with various potential investments in the works. The company also announced that vertical construction activities continue to expand at Kukui'ula. This year, the company commenced construction on 8 homes and will soon commence construction on at least 4 more homes. These homes are being built in partnership with 5 different homebuilders and will range in price from $1.2 million to $7 million.

Alexander & Baldwin, Inc. announced that they will report Q1, 2013 results at 4:00 PM, US Eastern Standard Time on May 09, 2013