This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 1st Quarter 2011 Results

Stocks in this article: MLP

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 )




1 of 2

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 16,774.89 +96.99 0.58%
S&P 500 1,959.94 +9.12 0.47%
NASDAQ 4,472.3670 +19.5750 0.44%

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