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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