Maui Land & Pineapple Reports 3rd Quarter 2012 Results
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, | ||||||||
2012 | 2011 | |||||||
(in thousands except | ||||||||
share amounts) | ||||||||
OPERATING REVENUES | ||||||||
Real estate | ||||||||
Sales | $ | - | $ | - | ||||
Commissions | 90 | 75 | ||||||
Leasing | 1,413 | 1,380 | ||||||
Utilities | 1,085 | 935 | ||||||
Resort amenities and other | 1,034 | 981 | ||||||
Total Operating Revenues | 3,622 | 3,371 | ||||||
OPERATING COSTS AND EXPENSES | ||||||||
Real estate | ||||||||
Cost of sales | - | - | ||||||
Other | 396 | 129 | ||||||
Leasing | 707 | 796 | ||||||
Utilities | 791 | 527 | ||||||
Resort amenities and other | 996 | 950 | ||||||
Selling and marketing | 38 | 47 | ||||||
General and administrative | 629 | 678 | ||||||
Loss on asset dispositions | 5 | - | ||||||
Depreciation | 719 | 766 | ||||||
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, | |||||||
2012 | 2011 | ||||||
(in thousands except | |||||||
share amounts) | |||||||
OPERATING REVENUES | |||||||
Real estate | |||||||
Sales | $ | 1,500 | $ | - | |||
Commissions | 653 | 695 | |||||
Leasing | 4,394 | 3,827 | |||||
Utilities | 2,628 | 2,651 | |||||
Resort amenities and other | 3,209 | 3,858 | |||||
Total Operating Revenues | 12,384 | 11,031 | |||||
OPERATING COSTS AND EXPENSES | |||||||
Real estate | |||||||
Cost of sales | 149 | - | |||||
Other | 1,270 | 740 | |||||
Leasing | 2,022 | 2,157 | |||||
Utilities | 1,673 | 1,714 | |||||
Resort amenities and other | 3,093 | 3,386 | |||||
Selling and marketing | 122 | 749 | |||||
General and administrative | 2,403 | 5,113 | |||||
Gain on asset dispositions | (229 | ) | (1,376 | ) | |||
Depreciation | 2,183 | 2,648 | |||||
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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