This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Maui Land & Pineapple Reports 2010 1st Quarter Results

Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $2.7 million or $0.33 per share for the first quarter of 2010, compared to a net loss of $13.2 million or $1.65 per share for the first quarter of 2009. Consolidated revenues were $10.7 million for both the first quarter of 2010 and 2009. Better operating performance and overhead cost reductions, and $3.4 million of gains due to the termination of the Company’s post-retirement life insurance plan and the elimination of medical benefits for non-bargaining retirees resulted in improved financial performance in the first quarter of 2010. In addition, in December 2009, the Company ceased its Agriculture segment operations, which generated an operating loss of $2.5 million in the first quarter of 2009. The Company’s $50 million cash sale of the Plantation Golf Course in March 2009 was accounted for as a financing transaction and, accordingly, no gain was recognized in the first quarter of 2009 results.

The Community Development segment reported operating profit of $806,000 for the first quarter of 2010, compared to an operating loss of $3.2 million for the first quarter of 2009. Revenues from this operating segment were $3.9 million for the first quarter of 2010, compared to $2.0 million for the first quarter of 2009. Increased revenues reflect a land sale in the first quarter of 2010 and higher revenues from lease and license agreements that were put in place in December 2009. Included in the operating loss for the first quarter of 2009 is $1.1 million representing the Company’s equity in the losses of Kapalua Bay Holdings LLC. In 2010, the Company did not recognize any additional losses from this investment as the carrying value of its investment and loan has been written down to zero.

The Resort segment reported an operating loss of $2.5 million for the first quarter of 2010, compared to an operating loss of $4.2 million for the first quarter of 2009. The $1.7 million improvement reflects improved results from golf operations and general cost reductions throughout the Resort. Resort segment revenues decreased from $8.6 million to $6.9 million in the first quarter of 2010, or 20%, reflecting the absence of revenues from The Kapalua Villas and Kapalua Adventures in 2010, as these operations were leased to third parties in December 2009.
Report of Consolidated Operations
(in thousands except per share amounts)
Three Months
Ended March 31,
2010 2009
Operating Revenues
Community Development $ 3,853 $ 1,977
Resort 6,854 8,620
Other   2     111  
Total Operating Revenues $ 10,709   $ 10,708  
Operating Profit (Loss)
Community Development $ 806 $ (3,225 )
Resort (2,524 ) (4,157 )
Other (1)   870     (1,619 )
Total Operating Loss (848 ) (9,001 )
Interest Expense, net (3,343 ) (1,476 )
Interest Income 10 183
Income Tax Expense   (85 )   (385 )
Loss from Continuing Operations (4,266 ) (10,679 )
Income (Loss) from Discontinued Operations (1)   1,561     (2,544 )
Net Loss $ (2,705 ) $ (13,223 )
Loss Per Common Share - Basic and Diluted
Continuing Operations $ (0.53 ) $ (1.33 )
Discontinued Operations   0.20     (0.32 )
Net Loss $ (0.33 ) $ (1.65 )
Average Common Shares Outstanding
Basic and diluted 8,079,081 8,020,454


The Company’s reports for interim periods utilize numerous estimates of production, general and administrative expenses, and other costs for the full year. In addition, revenues from land sales are sporadic. Consequently, amounts in the interim reports are not necessarily indicative of results for the full year. The Company’s Agriculture segment is reported as discontinued operations and prior period amounts have been reclassified for comparability.

(1) Other operating income and income from discontinued operations for 2010 include credits of $1.1 million and $2.3 million, respectively, representing gains from the termination of the Company’s retiree life insurance plan and elimination of non-bargaining retiree medical benefits in the first quarter of 2010.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
MLP $5.13 0.00%
AAPL $110.38 0.00%
FB $92.07 0.00%
GOOG $626.91 0.00%
TSLA $247.57 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs