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Maui Land & Pineapple Reports 3rd Quarter 2011 Results

Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $1.3 million, or $(0.07) per share, for the third quarter of 2011, compared to net income of $20.0 million, or $1.35 per share for the third quarter of 2010. The Company reported revenues of $3.4 million and $3.9 million during the third quarters of 2011 and 2010, respectively.

For the nine months ended September 30, 2011, the Company reported net income of $8.6 million, or $0.47 per share, compared to net income of $12.7 million, or $1.23 per share, for the nine months ended September 30, 2010. The Company reported revenues of $11.0 million and $13.1 million for the nine months ended September 30, 2011 and 2010, respectively.

Net income for the nine months ended September 30, 2011 included a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Golf Course. Net income for the nine months ended September 30, 2010 included a $25.7 million gain recognized from the 2009 sale of the Plantation Golf Course.

“As demonstrated by our year-to-date results for 2011 compared to last year, we are pleased with the improvements in our ongoing operations. This shows that our new simplified operating model is showing the desired benefits that we hoped to achieve,” said Tim Esaki, Chief Financial Officer.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3 rd 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 manages properties, utilities, and a nature preserve at the Kapalua Resort.
 
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and
Comprehensive Income (Loss)
(Unaudited)
   
Three Months Ended September 30,
2011 2010
(in thousands except
share amounts)
 
OPERATING REVENUES
Real estate - commissions $ 75 $ 210
Leasing 1,380 1,385
Utilities 935 959
Resort amenities and other   981     1,296  
 
Total Operating Revenues   3,371     3,850  
 
OPERATING COSTS AND EXPENSES
Real estate 129 273
Leasing 796 981
Utilities 527 517
Resort amenities and other 950 1,323
Selling and marketing 47 461
General and administrative 959 2,856
Depreciation   766     1,100  
 
Total Operating Costs and Expenses   4,174     7,511  
 
Operating Loss (803 ) (3,661 )
 
Interest expense, net   (624 )   (1,791 )
 

Loss from Continuing Operations before income taxes
(1,427 ) (5,452 )
 
Income tax benefit   (67 )   (261 )
 
Loss from Continuing Operations (1,360 ) (5,191 )
 

Income from Discontinued Operations net of income taxes of $0
  21     25,218  
 
NET INCOME (LOSS) $ (1,339 ) $ 20,027  
 
COMPREHENSIVE INCOME (LOSS) $ (1,339 ) $ 20,027

 
 
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.07 ) $ (0.35 )
Discontinued Operations   -     1.70  
Net (Income) Loss $ (0.07 ) $ 1.35

 
 
 
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and
Comprehensive Income
(Unaudited)
     
 
Nine Months Ended September 30,
2011 2010
(in thousands except
share amounts)
 
OPERATING REVENUES
Real estate
Sales $ - $ 1,650
Other 695 987
Leasing 3,827 3,791
Utilities 2,651 2,442
Resort amenities and other   3,858     4,262  
 
Total Operating Revenues   11,031     13,132  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales - 154
Other 740 955
Leasing 2,157 2,621
Utilities 1,714 1,454
Resort amenities and other 3,386 4,044
Selling and marketing 749 2,004
General and administrative 4,445 6,080
Depreciation 2,648 3,692
(Gain) loss on asset dispositions   171     (958 )
 
Total Operating Costs and Expenses   16,010     20,046  
 
Operating Loss (4,979 ) (6,914 )
 
Interest expense, net   (1,758 )   (6,502 )
 
Loss from Continuing Operations Before Income Taxes (6,737 ) (13,416 )
 
Income Tax Benefit   (67 )   (176 )
 
Loss from Continuing Operations (6,670 ) (13,240 )
 

Income from Discontinued Operations net of income taxes of $0
  15,294     25,975  
 
NET INCOME 8,624 12,735

 
 
Pension Benefit Adjustment net of income taxes of $0   -     615  
 
COMPREHENSIVE INCOME $ 8,624   $ 13,350

 
 
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.36 ) $ (1.28 )
Discontinued Operations   0.83     2.51  
Net Income $ 0.47   $ 1.23

 

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