Maui Land & Pineapple Reports 3rd Quarter 2010 Results
Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $20.0 million, or $1.35 per share, for the third quarter of 2010, compared to a net loss of $25.5 million, or ($3.17) per share, for the third quarter of 2009. Revenues for the third quarter of 2010 were $8.2 million, compared to $20.1 million for the third quarter of 2009.
For the first nine months of 2010, the Company reported net income of $12.7 million, or $1.23 per share, compared to a net loss of $92.9 million, or ($11.57) per share, for the first nine months of 2009. Revenues for the first nine months of 2010 were $27.3 million, compared to $39.5 million for the first nine months of 2009.
Net income for the third quarter and first nine months of 2010 include the recognition of $25.7 million of the gain that was deferred from the March 2009 sale of the Plantation Golf Course, as a result of required improvements to the irrigation system and the leaseback of the golf course. The remaining $2.0 million gain will be recognized from October 2010 through the expiration of the lease in March 2011.
During the third quarter of 2010, the Company sold the Kapalua Bay Golf Course and the adjacent maintenance facility for $24.1 million, and utilized $20.0 million of the proceeds to pay down its outstanding debt. Similar to the Plantation Golf Course sale, the Company is leasing back the golf course, and the sale was accounted for as a financing transaction. Accordingly, the gain is deferred and will be recognized upon completion of certain sale obligations and the expiration of the lease in March 2011.As previously reported, the Company successfully completed a $40 million shareholder rights offering in August 2010 and utilized the proceeds to retire $40 million of outstanding convertible notes.
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