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Maui Land & Pineapple Reports 1st Quarter 2011 Results

Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $12.4 million, or $0.67 per share, for the first quarter of 2011, compared to a net loss of $2.7 million, or $(0.33) per share for the first quarter of 2010. Revenues for the first quarter of 2011 were $6.4 million, compared to $7.6 million for the first quarter of 2010.

Included in net income for the first quarter of 2011 was a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Golf Course. Net income for the first quarter of 2010 included a $1.5 million gain from the sale of real estate and a $3.3 million gain from settlement of post-retirement insurance plans.

“MLP’s first quarter results reflect continued progress as we work through the transition of our operations and focus our efforts on managing and developing our land holdings here on Maui,” stated Tim Esaki, Chief Financial Officer.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1 st quarter 2011 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 operates retail, utility operations, and a nature preserve at the Kapalua Resort.

Maui Land & Pineapple Company, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(unaudited)
   

Three Months Ended March 31

2011 2010

(in thousands except share amounts)

 
OPERATING REVENUES
Real estate sales $ - $ 1,650
Retail sales 2,840 2,684
Lease income 1,367 1,183
Resort services 992 994
Utility revenues and other 1,217 1,076
   
Total Operating Revenues   6,416     7,587  
 
OPERATING COSTS AND EXPENSES
Real estate - 153
Retail 1,993 2,128
Leasing 685 930
Resort services 1,214 1,103
Utility operations and other 910 770
Selling and marketing 335 1,167
General and administrative 1,895 1,307
Depreciation 1,045 1,327
   
Total Operating Costs and Expenses   8,077     8,885  
 
Operating Loss (1,661 ) (1,298 )
 
Interest expense, net (671 ) (2,755 )
   
Loss from Continuing Operations Before Income Taxes (2,332 ) (4,053 )
Income Tax Expense   -     85  
 
Loss from Continuing Operations (2,332 ) (4,138 )
 

Income from Discontinued Operations net of income taxes of $0

  14,757     1,433  
 
NET INCOME (LOSS) 12,425 (2,705 )
Pension Benefit Adjustment net of income taxes of $0   -     1,422  
 
COMPREHENSIVE INCOME (LOSS) $ 12,425   $ (1,283 )
 
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.13 ) $ (0.51 )
Discontinued Operations   0.80     0.18  
Net Income (Loss) $ 0.67   $ (0.33 )




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