Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $5.1 million, or $0.27 per share, for 2011. This compares to net income of $24.8 million, or $1.99 per share, for 2010. Net income for 2011 includes a $15.1 million gain from the sale of the Kapalua Bay Golf Course. Net income for 2010 includes a $26.7 million gain from the sale of the Kapalua Plantation Golf Course and a $16.6 million gain from the termination of postretirement health and life insurance benefits.
Revenues for 2011 were $14.5 million compared to $23.1 million for 2010. Revenues for 2010 included $7.9 million of real estate sales.
For the fourth quarter of 2011, the Company reported a net loss of $3.5 million or ($0.19) per share, compared to net income of $12.0 million or $0.65 per share for the fourth quarter of 2010. Revenues for the fourth quarter of 2011 were $3.5 million compared to $9.9 million for the fourth quarter of 2010.
“MLP achieved several major accomplishments in 2011 as we continued our restructuring efforts,” stated Warren H. Haruki, Chairman and CEO. “We simplified our business model by exiting our non-core businesses, we resolved significant legacy issues, and significantly reduced our operating cash burn. Also, thanks to the Maui County Council, we secured the entitlements for our Pulelehua project near the Kapalua Airport. Although we still face significant challenges, our team remains committed to managing and caring of our Maui lands for the benefit of our various stakeholders.”Additional Information Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2011 operating results will be available on our Form 10-K 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 23,400 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
MAUI LAND & PINEAPPLE COMPANY, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
|Years Ended December 31,|
(in thousands except share amounts)
|Resort amenities and other||4,910||5,496|
|Total Operating Revenues||14,542||23,055|
|OPERATING COSTS AND EXPENSES|
|Cost of sales||-||1,480|
|Resort amenities and other||4,315||5,473|
|Selling and marketing||792||1,809|
|General and administrative||6,271||8,602|
|Impairment -- long-lived assets||921||2,547|
|Pension and other postretirement expense||1,157||(838||)|
|Gain on asset dispositions||(1,263||)||(3,159||)|
|Total Operating Costs and Expenses||21,824||27,384|
|Loss from Continuing Operations Before Income Taxes||(9,684||)||(11,676||)|
|Income Tax Benefit||(134||)||(251||)|
|Loss from Continuing Operations||(9,550||)||(11,425||)|
Income from Discontinued Operations net of income tax benefit of $211 and $0
|Pension Benefit Adjustment net of income taxes of $0||(6,675||)||(12,220||)|
|COMPREHENSIVE INCOME (LOSS)||$||(1,597||)||$||12,532|
|NET INCOME (LOSS) PER COMMON SHARE|
|--BASIC AND DILUTED|