Published: August 03, 2011
Maui Land & Pineapple Reports 2nd Quarter 2011 Results
KAPALUA, Hawaii - (BUSINESS WIRE) - Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of
$2.5 million, or $(0.13) per share, for the second quarter of 2011,
compared to a net loss of $4.6 million, or $(0.57) per share for the
second quarter of 2010. The Company reported revenues of $5.2 million
and $6.3 million during the second quarters of 2011 and 2010,
respectively.
For the first six months of 2011, the Company reported net income of
$10.0 million, or $0.54 per share, compared to a net loss of $7.3
million, or $(0.90) per share, for the first six months of 2010.
Included in net income for the first six months of 2011 was a $15.1
million gain recognized from the 2010 sale of the Kapalua Bay Golf
Course. The Company reported revenues of $11.6 million and $13.9 million
for the first six months of 2011 and 2010, respectively.
During the second quarter of 2011, the Company sold a portion of its
former pineapple cannery site in Kahului for approximately $9.8 million.
Part of the proceeds was used for working capital and to pay down debt.
In addition, the Company set aside approximately $4.1 million from the
sale proceeds for use in settling obligations related to former
operations.
"While the Company still faces many challenges, we continue to make
steady progress towards resolving our legacy issues, and restructuring
and streamlining our operations," said Tim Esaki, Chief Financial
Officer.
Additional Information
Additional information with respect to Maui Land & Pineapple Company,
Inc. and our 2nd quarter 2011 operating results will be
available on our Form 10-Q filed with the Securities and Exchange
Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages
residential, resort, commercial, and industrial real estate. The Company
owns approximately 23,000 acres of land on Maui and operates retail,
utility operations, and a nature preserve at the Kapalua Resort.
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
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Condensed Consolidated Statements of Operations and
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Comprehensive Loss
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(Unaudited)
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|
|
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Three Months Ended June 30,
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2011
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2010
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(in thousands except
share amounts)
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|
|
|
|
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OPERATING REVENUES
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|
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Retail sales
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$
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1,277
|
|
|
$
|
2,034
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Lease income
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1,104
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1,213
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Resort services
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1,155
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1,262
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Utility revenues and other
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1,696
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1,774
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Total Operating Revenues
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5,232
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6,283
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OPERATING COSTS AND EXPENSES
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Retail
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1,315
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1,842
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Leasing
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663
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721
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Resort services
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748
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1,115
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Utility operations and other
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874
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877
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Selling and marketing
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473
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462
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General and administrative
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1,867
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1,975
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Depreciation
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955
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1,395
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Gain on asset dispositions
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-
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(999
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)
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Total Operating Costs and Expenses
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6,895
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7,388
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Operating Loss
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(1,663
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)
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(1,105
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)
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Interest expense, net
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(463
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)
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(1,956
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)
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Loss from Continuing Operations net of income taxes of $0
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(2,126
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)
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(3,061
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)
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Loss from Discontinued Operations net of income taxes of $0
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(336
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)
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(1,526
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)
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NET LOSS
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(2,462
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)
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(4,587
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)
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Pension Benefit Adjustment net of income taxes of $0
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-
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(807
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)
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COMPREHENSIVE LOSS
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$
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(2,462
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)
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$
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(5,394
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)
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NET LOSS PER COMMON SHARE
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-- BASIC AND DILUTED
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Continuing Operations
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$
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(0.11
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)
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$
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(0.38
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)
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Discontinued Operations
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(0.02
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)
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(0.19
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)
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Net Loss
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$
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(0.13
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)
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$
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(0.57
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)
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
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Condensed Consolidated Statements of Operations and
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Comprehensive Income (Loss)
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(Unaudited)
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Six Months Ended June 30,
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2011
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2010
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(in thousands except
share amounts)
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OPERATING REVENUES
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Real estate sales
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$
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-
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$
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1,650
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Retail sales
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4,075
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4,678
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Lease income
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2,471
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2,396
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Resort services
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2,188
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2,296
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Utility revenues and other
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2,914
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2,851
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Total Operating Revenues
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11,648
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13,871
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OPERATING COSTS AND EXPENSES
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Real estate
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-
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154
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Retail
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3,308
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|
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3,971
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Leasing
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1,348
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|
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1,651
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Resort services
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1,961
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2,218
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Utility operations and other
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|
1,785
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1,646
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Selling and marketing
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809
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1,629
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General and administrative
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3,568
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3,260
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Depreciation
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2,000
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2,723
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(Gain) loss on asset dispositions
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193
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(978
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)
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Total Operating Costs and Expenses
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|
14,972
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16,274
|
|
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|
|
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Operating Loss
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(3,324
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)
|
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(2,403
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)
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Interest expense, net
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(1,134
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)
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|
(4,711
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)
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Loss from Continuing Operations Before Income Taxes
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(4,458
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)
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(7,114
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)
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Income Tax Expense
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-
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|
85
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Loss from Continuing Operations
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(4,458
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)
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(7,199
|
)
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|
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Income from Discontinued Operations net of income taxes of $0
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14,421
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(93
|
)
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NET INCOME (LOSS)
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9,963
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(7,292
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)
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Pension Benefit Adjustment net of income taxes of $0
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-
|
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615
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COMPREHENSIVE INCOME (LOSS)
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$
|
9,963
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|
$
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(6,677
|
)
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NET INCOME (LOSS) PER COMMON SHARE
|
|
|
|
|
|
-- BASIC AND DILUTED
|
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Continuing Operations
|
|
$
|
(0.24
|
)
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$
|
(0.89
|
)
|
|
Discontinued Operations
|
|
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0.78
|
|
|
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(0.01
|
)
|
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Net Income (Loss)
|
|
$
|
0.54
|
|
|
$
|
(0.90
|
)
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Maui Land & Pineapple Company, Inc.
Tim T. Esaki, 808-665-5480
tesaki@mlpmaui.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
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