CHANGES AT PARKER RANCH DESIGNED TO REDUCE COSTS AND IMPROVE THE COMPANY’S FINANCIAL PERFORMANCE
Parker Ranch, Inc to re-focus on its core businesses Responding to difficult economic conditions which have produced continuing operating losses, Parker Ranch, Inc’s (PRI) Board of Directors has decided on a change in strategy and announced several resulting operational changes. According to PRI Board Chair, Pete Moynahan, “the Company will refocus its efforts on its two core business lines—livestock production and land resource management. This new direction will require that the Ranch transition out of its non-core businesses including general real estate brokerage, tours of the Ranch and its historic properties and retailing.”
Coupled with refocusing business activities and exiting certain existing operations, the Ranch will also be reducing certain administrative expenses, including eliminating the positions of two Vice Presidents who have long been an integral part of the Parker Ranch ‘Ohana and the Ranch looks forward to their assistance as consultants during the transition of operations. The Board of Directors expresses its great appreciation for the long and very capable service of Vice Presidents Michael “Corky” Bryan and Diane S. Quitiquit.
The changes in PRI’s operational strategy will be led by Bill Maris, Chief Operating Officer (COO), and are designed to both reduce general operating costs and eliminate unprofitable businesses in order to improve the Company’s performance and long-term sustainability.
Along with continuing livestock operations that market approximately 10,000 head of cattle annually, Parker Ranch, Inc.’s revised strategy also includes long-term land management uses to preserve and enhance core land assets, coupled with appropriately planned dispositions or exchanges of real estate to reduce debt, fund necessary infrastructure improvements for Waimea’s growth, and prudently diversify both PRI’s and Parker Ranch Foundation Trust’s (PRFT) asset base.
Moynahan noted that “PRI’s revised strategy is designed to stabilize PRI and thereby better position PRFT to fulfill its long-term mission of carrying out Richard Smart’s vision of perpetuating a healthy, vibrant Waimea community through the Trust’s support of its four beneficiaries—North Hawai’i Community Hospital, Hawai’i Preparatory Academy, Hawai’i Community Foundation, and Parker School Trust Corporation.”