Maui Land & Pineapple Reports 2nd Quarter 2013 Results

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Maui Land & Pineapple Reports 2ndQuarter 2013 Results

KAPALUA RESORT, Hawaii--(BUSINESS WIRE)-- Maui Land & Pineapple Company, Inc. (NYS: MLP) reported net income of $831,000, or $0.04 per share, for the second quarter of 2013, compared to a net loss of $1.0 million, or $(0.06) per share for the second quarter of 2012. The Company reported revenues of $3.1 million and $3.5 million during the second quarters of 2013 and 2012, respectively.

In June 2013, the Company sold a 7-acre parcel that was the last of its former agricultural processing facilities in central Maui for $4.0 million. The sale resulted in a gain of $1.9 million.


For the six months ended June 30, 2013, the Company reported a net loss of $1.0 million, or $(0.05) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the six months ended June 30, 2012. The Company reported revenues of $6.5 million and $8.8 million during the six months ended June 30, 2013 and 2012, respectively.

In January 2012, the Company sold an 89-acre former agricultural parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd 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 INCOME (LOSS)
 
(UNAUDITED)
 
 
Three Months Ended June 30,
20132012
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Commissions$95$244
Leasing1,1971,479
Utilities956714
Resort amenities and other 859  1,015 
Total Operating Revenues 3,107  3,452 
 
OPERATING COSTS AND EXPENSES
Real estate
Other442431
Leasing609636
Utilities539258
Resort amenities and other8301,000
General and administrative730744
Gain on asset dispositions-(31)
Depreciation688730
Pension and other postretirement expense 222  266 
Total Operating Costs and Expenses 4,060  4,034 
 
Operating Loss(953)(582)
Interest expense, net (506) (466)
Loss from Continuing Operations, net of income taxes of $0(1,459)(1,048)

Income from Discontinued Operations, net of income taxes of $116

 2,290  14 
NET INCOME (LOSS)831(1,034)
Pension, net of income taxes of $0 228  185 
COMPREHENSIVE INCOME (LOSS)$1,059 $(849)
 
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations$(0.08)$(0.06)
Discontinued Operations 0.12  - 
Net Income (Loss)$0.04 $(0.06)
 

 

  

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
 
(UNAUDITED)
 
 
Six Months Ended June 30,
20132012
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales$-$1,500
Commissions191563
Leasing2,5232,981
Utilities1,7831,543
Resort amenities and other 1,963  2,175 
Total Operating Revenues 6,460  8,762 
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales-149
Other839874
Leasing1,3891,315
Utilities1,094882
Resort amenities and other1,9142,097
General and administrative1,4711,858
Gain on asset dispositions-(234)
Depreciation1,3751,464
Pension and other postretirement expense 444  532 
Total Operating Costs and Expenses 8,526  8,937 
 
Operating Loss(2,066)(175)
Interest expense, net (1,200) (1,100)
Loss from Continuing Operations, net of income taxes of $0(3,266)(1,275)

Income (Loss) from Discontinued Operations, net of income taxes of $116

 2,282  (3)
NET LOSS(984)(1,278)
Pension, net of income taxes of $0 390  370 
COMPREHENSIVE LOSS$(594)$(908)
 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations$(0.17)$(0.07)
Discontinued Operations 0.12  - 
Net Loss$(0.05)$(0.07)
 



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

KEYWORDS:   United States  North America  Hawaii

INDUSTRY KEYWORDS:

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