Maui Land & Pineapple Reports 1st Quarter 2013 Results

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,

2013

2012

(in thousands except

share amounts)

OPERATING REVENUES

Real estate

Sales

$

-

$

1,500

Commissions

96

319

Leasing

1,326

1,502

Utilities

827

829

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

Other

397

443

Leasing

780

679

Utilities

555

624

Resort amenities and other

1,084

1,097

Selling and marketing

37

62

General and administrative

704

1,052

Gain on asset dispositions

-

(203

)

Depreciation

687

734

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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