Maui Land & Pineapple Reports 3rd Quarter 2012 Results

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Maui Land & Pineapple Reports 3rdQuarter 2012 Results

KAPALUA, Hawaii--(BUSINESS WIRE)-- Maui Land & Pineapple Company, Inc. (NYS: MLP) reported a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2012, compared to a net loss of $1.3 million, or $(0.07) per share for the third quarter of 2011. The Company reported revenues of $3.6 million and $3.4 million during the third quarters of 2012 and 2011, respectively.

For the nine months ended September 30, 2012, the Company reported a net loss of $2.9 million, or $(0.16) per share, compared to net income of $8.6 million, or $0.47 per share, for the nine months ended September 30, 2011. Included in net income for the nine months ended September 30, 2011 was a $15.1 million gain recognized from the sale of the Kapalua Bay Golf Course. The Company reported revenues of $12.4 million and $11.0 million for the first nine months of 2012 and 2011, respectively. Revenues in 2012 were higher than 2011 primarily due to a sale in January 2012 of an 89-acre parcel for $1.5 million.


Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd quarter 2012 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 manages properties, utilities, and a nature preserve at the Kapalua Resort.

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 

(UNAUDITED)

 

  
 
Three Months Ended September 30,
20122011
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales$-$-
Commissions9075
Leasing1,4131,380
Utilities1,085935
Resort amenities and other 1,034  981 
Total Operating Revenues 3,622  3,371 
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales--
Other396129
Leasing707796
Utilities791527
Resort amenities and other996950
Selling and marketing3847
General and administrative629678
Loss on asset dispositions5-
Depreciation719766
Pension and other postretirement expense 266  281 
Total Operating Costs and Expenses 4,547  4,174 
 
Operating Loss(925)(803)
Interest expense, net (759) (624)
Loss from Continuing Operations Before Income Taxes(1,684)(1,427)
Income Tax Benefit -  (67)
Loss from Continuing Operations(1,684)(1,360)

Income from Discontinued Operations, net of income taxes of $0

 68  21 
NET LOSS$(1,616)$(1,339)
Pension, net of income taxes of $0 185  203 
COMPREHENSIVE LOSS$(1,431)$(1,136)
 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations$(0.09)$(0.07)
Discontinued Operations -  - 
Net Loss$(0.09)$(0.07)
 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

(UNAUDITED)

 

 
 
Nine Months Ended September 30,
20122011
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales$1,500$-
Commissions653695
Leasing4,3943,827
Utilities2,6282,651
Resort amenities and other 3,209  3,858 
Total Operating Revenues 12,384  11,031 
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales149-
Other1,270740
Leasing2,0222,157
Utilities1,6731,714
Resort amenities and other3,0933,386
Selling and marketing122749
General and administrative2,4035,113
Gain on asset dispositions(229)(1,376)
Depreciation2,1832,648
Pension and other postretirement expense 798  879 
Total Operating Costs and Expenses 13,484  16,010 
 
Operating Loss(1,100)(4,979)
Interest expense, net (1,859) (1,758)
Loss from Continuing Operations Before Income Taxes(2,959)(6,737)
Income Tax Benefit -  (67)
Loss from Continuing Operations(2,959)(6,670)

Income from Discontinued Operations, net of income taxes of $0

 65  15,294 
NET INCOME (LOSS)$(2,894)$8,624
Pension, net of income taxes of $0 555  626 
COMPREHENSIVE INCOME (LOSS)$(2,339)$9,250 
 
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations$(0.16)$(0.36)
Discontinued Operations -  0.83 
Net Income (Loss)$(0.16)$0.47 



Maui Land & Pineapple Company, Inc.
Tim T. Esaki, 808-665-5480
tesaki@mlpmaui.com

KEYWORDS:   United States  North America  Hawaii

INDUSTRY KEYWORDS:

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