Maui Land & Pineapple Reports 1st Quarter 2013 Results

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Maui Land & Pineapple Reports 1stQuarter 2013 Results

KAPALUA, Hawaii--(BUSINESS WIRE)-- Maui Land & Pineapple Company, Inc. (NYS: MLP) reported a net loss of $1.8 million, or $(0.10) per share, for the first quarter of 2013, compared to a net loss of $0.2 million, or $(0.01) per share for the first quarter of 2012. The Company reported revenues of $3.4 million and $5.3 million during the first quarters of 2013 and 2012, respectively.

In January 2012, the Company sold an 89-acre parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million. The Company had no sales of real estate during the first quarter of 2013.


Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2013 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 March 31,
20132012
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales$-$1,500
Commissions96319
Leasing1,3261,502
Utilities827829
Resort amenities and other 1,104  1,160 
Total Operating Revenues 3,353  5,310 
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales-149
Other397443
Leasing780679
Utilities555624
Resort amenities and other1,0841,097
Selling and marketing3762
General and administrative7041,052
Gain on asset dispositions-(203)
Depreciation687734
Pension and other postretirement expense 222 266 
Total Operating Costs and Expenses 4,466  4,903 
 
Operating Income (Loss)(1,113)407
Interest expense, net (694) (634)
Loss from Continuing Operations, net of income taxes of $0(1,807)(227)

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

 (8) (17)
 
NET LOSS$(1,815)$(244)

 

Pension, net of income taxes of $0 228  185 
 
COMPREHENSIVE LOSS$(1,587)$(59)

 

 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations$(0.10)$(0.01)
Discontinued Operations -  - 
Net Loss$(0.10)$(0.01)

 

 



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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