MLP » Topics » Future Cash Outflows

This excerpt taken from the MLP 10-Q filed Nov 7, 2008.

Future Cash Outflows

        The Resort segment capital expenditures for 2008 are expected to be approximately $4.6 million, which includes $700,000 for renovation to the Bay Course that began in 2007 and additional improvements at the Kapalua Resort. We expect the Agriculture segment to have capital expenditures

28


of approximately $1.2 million in 2008. Capital expenditures for 2008 are expected to include approximately $0.5 million for upgrades and additions to information systems.

        Expenditures in 2008 for the Community Development segment capital projects and deferred development costs are expected to be up to approximately $12.4 million. Additional project spending will depend on market conditions. In connection with the planning for the various projects, we will analyze the feasibility of proceeding with each project and may seek project specific non-recourse financing for some of the capital projects.

        We are also obligated to purchase the spa, beach club improvements and the sundry store from Kapalua Bay Holdings at actual construction cost, which is estimated to be approximately $35 million. We are negotiating the terms of the purchase between the members of Kapalua Bay Holdings and timing of the payment is currently uncertain.

        In the event Lehman continues to refuse to fund its obligations under Kapalua Bay Holdings' Loan Agreement, Kapalua Bay Holdings will be required to seek alternative funding sources in order to continue to make progress payments to PCL under the construction agreement. Alternative funding sources could include refinancing the Lehman loan with new lenders, obtaining member loans, or seeking additional capital from members of Kapalua Bay Holdings. At this time, we are unsure of what the estimated future cash flows will be related to our investment in Kapalua Bay Holdings in order for Kapalua Bay Holdings to complete The Residences at Kapalua Bay project.

        Our $90 million revolving credit facility under which we have $52.1 million outstanding at September 30, 2008 becomes due and payable in November 2009. We expect to extend this facility.

        While it is difficult to estimate what our cash requirements will be to fund operations and our various capital projects, we believe that our available borrowings and cash on hand will be sufficient to fund operations for at least the next 12 months.

This excerpt taken from the MLP 10-Q filed Aug 8, 2008.

Future Cash Outflows

        The Resort segment capital expenditures for 2008 are expected to be approximately $4.6 million, which includes $700,000 for renovation to the Bay Course that began in 2007 and additional improvements at the Kapalua Resort. We expect the Agriculture segment to have capital expenditures of approximately $1.2 million in 2008. Capital expenditures for 2008 are expected to include approximately $0.5 million for upgrades and additions to information systems.

        Expenditures in 2008 for the Community Development segment capital projects and deferred development costs are expected to be up to approximately $12.4 million. Additional project spending will depend on market conditions. In connection with the planning for the various projects, we will analyze the feasibility of proceeding with each project and may seek project specific non-recourse financing for some of the capital projects.

This excerpt taken from the MLP 10-Q filed May 7, 2008.

Future Cash Outflows

        The Resort segment capital expenditures for 2008 are expected to be approximately $4.6 million, which includes $700,000 for renovation to the Bay Course that began in 2007 and additional improvements at the Kapalua Resort. We expect the Agriculture segment to have capital expenditures of approximately $1.8 million in 2008, of which approximately $300,000 is for replacement of equipment. Capital expenditures for 2008 are expected to include approximately $0.5 million for upgrades and additions to information systems.

        Expenditures in 2008 for Community Development segment capital projects and deferred development costs are expected to be up to approximately $14 million. Additional project spending would depend on market conditions. In connection with the planning for the various projects, we will analyze the feasibility of proceeding with each project and may seek project specific non-recourse financing for some of the capital projects.

This excerpt taken from the MLP 10-Q filed May 9, 2007.

Future Cash Outflows

Contributions to pension plans and to other post-retirement plans are expected to be in the range of $1.9 million to $2.7 million in 2007.

Capital expenditures for 2007 are expected to include $5 million for completion of construction of a new office area for our corporate headquarters and support services—accounting, information technology and human resources; $1.6 million for upgrades to information systems. We expect the Agriculture segment to have capital expenditures of approximately $5.2 million in 2007 of which approximately $1.8 million is for the replacement of existing equipment and facilities. The Resort segment capital expenditures for 2007 are expected to be approximately $1.7 million for replacement of existing equipment.

Expenditures in 2007 for Community Development segment capital projects, deferred development costs and investments are expected to be approximately $32.5 million. In addition, we expect that we may contribute additional cash to Kapalua Bay Holdings, LLC if cash required for construction exceeds the funds to be released by the construction lender (see Note 14 to the Condensed Consolidated Financial Statements). In connection with the planning for the various projects, we will analyze the feasibility of proceeding with each project and may seek project specific non-recourse financing for some of the capital projects.

This excerpt taken from the MLP 10-K filed Mar 8, 2007.

Future Cash Outflows

Contributions to our defined benefit pension plans are expected to be approximately $1 million to $1.8 million in 2007.

Capital expenditures for 2007 are expected to include $4 million for completion of construction of a new office area for our corporate headquarters and support services—accounting, information technology and human resources. This office area is being constructed within an existing warehouse at the Kahului cannery and will utilize recycled materials from the Kapalua Bay Hotel, which was demolished in 2006. The new office area is expected to be completed by April 2007.

We expect the Agriculture segment to have capital expenditures of approximately $5.6 million in 2007 of which about $1.8 million is for the replacement of existing equipment and facilities.

The Resort segment capital expenditures for 2007 are expected to be approximately $3.1 million of which approximately $2.3 million is for the renovation, refurbishment, or replacement of existing facilities and equipment.

Expenditures in 2007 for Community Development segment capital projects, deferred development costs and investments are expected to be approximately $40 million. In addition, we expect that we may contribute additional cash to Kapalua Bay Holdings, LLC if cash needs for construction exceed the funds to be released by the construction lender (see Note 3 to the Consolidated Financial Statements). In connection with the planning for the various projects, we will analyze the feasibility of proceeding with each project and will seek project specific non-recourse financing for some of the capital projects.

At December 31, 2006, the Company had unused long-term credit lines of $21.6 million. The Company believes that cash flows from operations will be sufficient to meet future debt service for existing long-term debt. The Company believes that additional financing will be necessary to fund capital expenditures and other construction projects in 2007 and is in the process of seeking specific financing for some of its investments and construction projects. The Company also believes that (although no assurances can be given) because of the significant debt reduction that it achieved in 2004 and 2005, it will be able to obtain the necessary financing for any new capital projects.

30




This excerpt taken from the MLP 10-Q filed Nov 9, 2006.

Future Cash Outflows

Contributions to pension plans and to other post-retirement plans are expected to be $2.9 million in 2006.

Cash obligations in connection with the construction of the Residences at Kapalua Bay project are expected to total approximately $16 million in 2006. See Note 14 to Condensed Consolidated Financial Statements. We expect to be able to fund this cash requirement with cash flows provided by operating and investing activities and with debt proceeds.

Consolidated capital expenditures (property, plant and equipment) for 2006 are expected to be approximately $48 million of which approximately $13 million relates to the fresh fruit processing facility that will replace our existing fresh fruit packing facility, and $7 million is for the replacement of other existing equipment and facilities. We expect to incur approximately $6 million for deferred development costs, which will be reclassified to inventory or to fixed assets if and when the projects receive the necessary governmental entitlements and management approvals to proceed. In connection with the planning for the various projects, we will analyze the feasibility of proceeding with each project and will seek project specific non-recourse financing for some of the capital projects.

Expenditures for Honolua Ridge Phase II, which we began selling in 2005, are expected to be approximately $13.0 million in 2006. Expenditures for subdivision infrastructure improvements to date have been funded by proceeds from pre-sales of the lots. Ten lots in Phase II remain to be sold at September 30, 2006.

This excerpt taken from the MLP 10-Q filed Aug 8, 2006.

Future Cash Outflows

Contributions to pension plans and to other post-retirement plans are expected to be $2.6 million in 2006. We anticipate that if we are not successful in reinvesting the sales proceeds from the land sales that closed in December 2005 and March 2006 on a tax-deferred basis, then we would be required to make income tax payments with regard to those gains.

Cash obligations in connection with the construction of the Residences at Kapalua Bay project are expected to total approximately $25.4 million in 2006. See Notes 14 and 15 to Condensed Consolidated

26




Financial Statements. We expect to be able to fund this cash requirement with cash flows provided by operating and investing activities and with debt proceeds.

Consolidated capital expenditures (property, plant and equipment) for 2006 are expected to be approximately $50 million of which approximately $13 million relates to the fresh fruit processing facility that will replace our existing fresh fruit packing facility, and $7 million are for the replacement of other existing equipment and facilities. We expect to incur approximately $9 million for deferred development costs, which will be reclassified to inventory or to fixed assets if and when the projects receive the necessary governmental entitlements and management approvals to proceed. In connection with the planning for the various projects, we will analyze the feasibility of proceeding with each project and will seek project specific non-recourse financing for some of the capital projects.

Expenditures for Honolua Ridge Phase II, which we began selling in 2005, are expected to be approximately $13.5 million in 2006. Expenditures for subdivision infrastructure improvements to date have been funded by proceeds from pre-sales of the lots. Fifteen lots in Phase II remain to be sold at June 30, 2006, with four of those in escrow and expected to close in September.

This excerpt taken from the MLP 10-Q filed May 9, 2006.

Future Cash Outflows

Contributions to pension plans and to other post-retirement plans are expected to be $2.6 million in 2006. We anticipate that if we are not successful in reinvesting the sales proceeds from the land sales that closed in December 2005 and March 2006 on a tax-deferred basis, then we would be required to make income tax payments of approximately $12 million with regard to those gains.

Consolidated capital expenditures (property, plant and equipment) for 2006 are expected to be approximately $66 million of which approximately $13 million is for the fresh fruit processing facility that will replace the existing fresh fruit packing facility at our Upcountry Maui plantation and $10 million are for the replacement of other existing equipment and facilities. We expect to incur approximately $6 million for deferred development costs, which will be reclassified to inventories or to fixed assets if and when the projects receive the necessary governmental entitlements and management approvals to proceed. In connection with the planning for the various projects, we will analyze the feasibility of proceeding with each project and will seek project specific non-recourse financing for some of the capital projects.

Expenditures for Honolua Ridge Phase II, which we began selling in 2005, are expected to be approximately $13.5 million in 2006. These expenditures for subdivision infrastructure improvements to date have been funded by proceeds from pre-sale of the lots. Sixteen lots in Phase II remain to be sold at March 31, 2006, with one of those in escrow and to close in May.

This excerpt taken from the MLP 10-K filed Mar 14, 2006.

Future Cash Outflows

The Company expects to make income tax payments in March 2006 of approximately $2.4 million related to 2005 income. Contributions to the Company’s defined benefit pension plans are expected to be approximately $1.9 million in 2006.

Capital expenditures for 2006 include $6.9 million for the construction of a new office area for the Company’s corporate headquarters and support services—accounting, information technology and human resources. This office area will be constructed within an existing warehouse at the Kahului cannery and will utilize recycled materials from the Kapalua Bay Hotel, which is scheduled for demolition in April 2006. The new office area is expected to be completed by year-end 2006. The Company also expects to spend approximately $4 million on implementation of new systems to replace the Company’s existing accounting and information systems. The new systems are expected to be fully implemented around mid-year 2006.

Capital expenditures in 2006 for the new fresh pineapple packaging facility is expected to be approximately $12 million. The fresh fruit packaging facility is expected to be in service by July 2006. In addition, the Agriculture segment expects to have capital expenditures of approximately $7.3 million of which about $3.2 million is for the replacement of existing equipment and facilities.

The Resort segment capital expenditures for 2006 are expected to be approximately $11.6 million of which approximately 50% is for the renovation, refurbishment, or replacement of existing facilities and equipment. Most of the remaining 2006 capital expenditures relate to facilities for new initiatives.

In 2006, expenditures for the completion of Honolua Ridge Phase II are expected to be approximately $13.7 million. The Company anticipates that much of these expenditures will be funded by sales of the remaining 18 lots. Expenditures in 2006 for other Community Development segment capital projects, deferred development costs and investments are expected to be approximately $43 million. In connection with the planning for the various projects, the Company will analyze the feasibility of proceeding with each project and will seek project specific non-recourse financing for some of the capital projects.

30




At December 31, 2005, the Company had unused long-term credit lines of $33.5 million. The Company believes that cash flows from operations will be sufficient to meet future debt service for existing long-term debt. The Company believes that additional financing will be necessary to fund capital expenditures and other construction projects in 2006 and is in the process of seeking specific financing for some of its investments and construction projects. The Company also believes that (although no assurances can be given), because of the significant debt reduction that it achieved in 2004 and 2005, it will be able to obtain the necessary financing for any new capital projects.

This excerpt taken from the MLP 10-Q filed Nov 14, 2005.

Future Cash Outflows

The Company expects that, in 2005, it will have total expenditures or commitments for capital assets and deferred development costs of approximately $25.6 million. The anticipated expenditures for 2005 does not include approximately $4 million of capital expenditures that have been postponed to better coincide with Resort development plans and approximately $39 million of projects which will be carried over to 2006 and 2007. The Company expects to secure project specific long-term financing for some of the capital expenditures. Cash from operating activities in 2005 and available lines of credit are anticipated to fund most of these expenditures through the planning and design phases before project specific financing is secured. Based on preliminary discussions with lenders, the Company believes that it will be able to secure the additional financing needed to fund these projects.

At September 30, 2005, the Pineapple segment had $21.3 million of planned capital expenditures, including $17.2 million for the new multi-client processing facility that will replace the present pineapple cannery, can plant and fresh fruit packing facility, of which $18.1 million will be expended in the fourth quarter of 2005 and in 2006. The planned capital expenditures for 2005 also include $1.1 million for replacement of existing equipment.

Capital expenditures for the Resort segment are expected to be $3.5 million in 2005. These expenditures include renovation of the Plantation Course greens and fairway bunkers, the Bay Course Clubhouse restaurant, and other miscellaneous renovation or replacement projects.

At September 30, 2005, the Community Development segment had planned capital expenditures and expenditures for deferred development cost pending entitlements of $37.0 million of which $9.0 million was committed or incurred, and the remainder would be expended in the fourth quarter of 2005, and in 2006 and 2007.

Expenditures for Honolua Ridge Phase II, which the Company began selling in September 2005, are expected to be approximately $9 million in 2005; and expenditures for Honolua Ridge Phase I are expected to be $7 million in 2005. These expenditures for subdivision infrastructure improvements to date have been funded by proceeds from pre-sale of the lots. Twenty-two lots in Phase II remain to be sold and one lot in Phase I remained in inventory at September 30, 2005.

This excerpt taken from the MLP 10-Q filed Aug 10, 2005.
Future Cash Outflows

Capital expenditures for the Pineapple segment are expected to be $10.8 million in 2005, including $7.6 million (of a total of $17.2 million) for the planning, design and construction of the new multi-client processing facility that will replace the present pineapple cannery, can plant and fresh fruit packing facility. The planned capital expenditures for 2005 also include $1.1 million for replacement of existing equipment.

Capital expenditures for the Resort segment are expected to be $5.8 million in 2005. These expenditures include renovation of the Plantation Course greens and fairway bunkers, the Bay Course Clubhouse restaurant, and renovation or replacement of other existing facilities and equipment.

Capital expenditures for the Community Development segment in 2005 for the renovation of existing facilities and for new facilities are expected to be approximately $13 million. Expenditures in 2005 that will be accounted for as deferred development costs pending entitlements and final project feasibility analyses are expected to be about $5.8 million. Expenditures for Honolua Ridge Phase II, which the Company expects to begin selling in September 2005, are expected to be approximately $12 million in 2005. Aggregate expenditures for the Community Development segment in 2005 are estimated to be $31 million.

21




In total, expenditures for capital, real estate inventory, planning, and new projects are expected to be about $50 million in 2005. In the first half of 2005, sales proceeds from Honolua Ridge Phase I totaled $8.9 million; and the Company anticipates that sales proceeds from the remaining three lots of approximately $5 million will be available in 2005 to fund other projects. The Company anticipates that some of the subdivision construction cost for Honolua Ridge Phase II will be funded by pre-sale proceeds and project specific financing will be secured for certain capital projects. In addition, some of the projects will be funded by proceeds from the sale of properties that the Company has identified as “non-core” to its primary businesses and its vision for the future. Based on preliminary discussions with lenders, the Company believes that it will be able to secure the additional funds needed to accomplish these projects.

This excerpt taken from the MLP 10-Q filed May 16, 2005.

Future Cash Outflows

Capital expenditures for the Pineapple segment are expected to be $14.3 million in 2005, including $9.7 million (of a total of $17.2 million) for the planning, design and construction of the new multi-client processing facility that will replace the present pineapple cannery, can plant and fresh fruit packing facility. The planned capital expenditures for 2005 also include $1.1 million for replacement of existing equipment.

Capital expenditures for the Resort segment are expected to be $7.1 million in 2005. These expenditures include renovation of the Plantation Course greens and fairway bunkers, the Bay Course Clubhouse restaurant, and renovation or replacement of existing facilities and equipment.

Capital expenditures for the Community Development segment in 2005 for the renovation of existing facilities and for new facilities are expected to be approximately $14 million. Expenditures in 2005 that will be accounted for as deferred development costs pending entitlements and final project feasibility analyses are expected to be about $9 million; and expenditures to complete Honolua Ridge Phase I and for Honolua Ridge Phase II are expected to be approximately $20 million in 2005.

In total, expenditures for capital, real estate inventory, planning, and new projects are expected to be over $50 million in 2005. In the first quarter of 2005, sales proceeds from Honolua Ridge Phase I totaled $2.9 million; and the Company anticipates that sales proceeds from the remaining six lots will be available in 2005 to fund other projects. The Company anticipates that some of Honolua Ridge Phase II will be funded by pre-sale proceeds and project specific financing will be secured for certain capital projects. In addition, some of the projects will be funded by proceeds from the sale of properties that the Company has identified as “non-core” to its primary businesses and its vision for the future. Based on preliminary

18




discussions with lenders, the Company believes that it will be able to secure adequate funds to accomplish these projects.

Future Cash Outflows

        Capital expenditures in 2005 for the Pineapple segment are expected to be approximately $14.8 million, of which approximately $1.1 million are for replacements of existing equipment. The estimated capital expenditures for the Pineapple segment includes $9.7 million (of a total cost of $17.2 million) for planning, design and construction of a new multi-client processing facility that was

23



approved by the Company's Board of Directors in February 2005. The processing facility will replace the Company's present pineapple cannery, can plant and fresh fruit packing facility. Construction of the new facility is expected to begin in July 2005 and be completed in July of 2006.

        For the Resort segment, 2005 capital expenditures are expected to be $6.9 million. This amount includes $1.8 million for renovation of the Plantation Course greens and fairway bunkers, the Bay Course clubhouse restaurant, and renovation or replacement of existing equipment and facilities.

        The Development segment expects to incur $6.5 million in 2005 to renovate the Bay Club restaurant and other resort facilities. Development expenditures expected for 2005 also includes $18.6 million of planning and development costs for projects that will be sold as inventory or retained for use by the Company.

        The Company expects to incur capital expenditures in 2005 of approximately $3.2 million to renovate and upgrade its existing information systems. In total, the capital expenditures and planning costs described above total $50 million. The projects constructed for sale to the public might be funded by pre-sale proceeds. The Company is in the process of securing an increase to its existing credit facilities to fund some of these projects. In connection with the planning for the various projects, the Company will analyze the feasibility of proceeding with each project and may seek project specific financing for some of the capital projects.

        At December 31, 2004, the Company had unused short- and long-term credit lines of $16.4 million. The Company is currently in the process of obtaining an increase in its existing credit lines to fund some of the expected expenditures in 2005. The Company believes that cash flows from operations will be sufficient to meet future debt service for existing long-term debt. The Company also believes that (although no assurances can be given), because of the significant debt reduction that it achieved in 2003 and 2004, it will be able to obtain the necessary financing for any new capital projects.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki