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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV