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 $3.3 million gain from settlement of post-retirement insurance plans.
“MLP’s first quarter results reflect continued progress as we work through the transition of our operations and focus our efforts on managing and developing our land holdings here on Maui,” stated Tim Esaki, Chief Financial Officer.
Additional InformationAdditional information with respect to Maui Land & Pineapple Company, Inc. and our 1 st quarter 2011 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com. About Maui Land & Pineapple Company, Inc. Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and operates retail, utility operations, and a nature preserve at the Kapalua Resort.
|Maui Land & Pineapple Company, Inc.|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31
(in thousands except share amounts)
|Real estate sales||$||-||$||1,650|
|Utility revenues and other||1,217||1,076|
|Total Operating Revenues||6,416||7,587|
|OPERATING COSTS AND EXPENSES|
|Utility operations and other||910||770|
|Selling and marketing||335||1,167|
|General and administrative||1,895||1,307|
|Total Operating Costs and Expenses||8,077||8,885|
|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
|NET INCOME (LOSS)||12,425||(2,705||)|
|Pension Benefit Adjustment net of income taxes of $0||-||1,422|
|COMPREHENSIVE INCOME (LOSS)||$||12,425||$||(1,283||)|
|NET INCOME (LOSS) PER COMMON SHARE|
|--BASIC AND DILUTED|
|Net Income (Loss)||$||0.67||$||(0.33||)|