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
TheStreet Open House

Maui Land & Pineapple Reports 2010 Net Income Of $24.8 Million

Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $24.8 million, or $1.99 per share, for 2010. This compares to a net loss of $123.3 million, or ($15.33) per share, for 2009. Revenues for 2010 were $42.0 million versus $50.4 million for 2009. Net income for 2010 was higher than the net loss for 2009 primarily due to the recognition of a $26.7 million gain that was previously deferred from the March 2009 sale of the Kapalua Plantation Golf Course, $16.6 million of gains resulting from the termination of postretirement plans in 2010, a $47.2 million loss from the Bay Holdings investment in 2009 and $14.2 million in impairment charges in 2009.

For the fourth quarter of 2010, the Company reported net income of $12.0 million, or $0.65 per share, compared to a net loss of $30.4 million, or ($3.76) per share, for the fourth quarter of 2009. Revenues for the fourth quarter of 2010 were $14.7 million, compared to $10.8 million for the fourth quarter of 2009. The increase in fourth quarter net income in 2010 compared to the net loss in 2009 was primarily due to certain of the same factors described above.

During 2010, the Company reduced its outstanding long-term debt from $94.2 million to $45.2 million and extended the maturity date on the Company’s remaining credit facilities from March 2011 to May 2012. In February 2011, the maturity date of the Company’s credit facilities was further extended to May 2013.

“MLP’s financial results showed continued improvement during 2010 as we strengthened our balance sheet, reduced our overhead costs and resolved several significant legacy obligations,” stated Warren H. Haruki, chairman and interim CEO. “While significant challenges remain, we are grateful for the support of our shareholders, creditors, and the community, as we move ahead with our new business model.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,131.97 +100.83 0.59%
S&P 500 1,998.98 +14.85 0.75%
NASDAQ 4,552.7590 +33.8570 0.75%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs