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Maui Land & Pineapple Reports 1st Quarter 2012 Results

Stocks in this article: MLP

Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $244,000, or $(0.01) per share, for the first quarter of 2012, compared to net income of $12.4 million, or $0.67 per share for the first quarter of 2011. The Company reported revenues of $5.3 million and $3.8 million during the first quarters of 2012 and 2011, respectively.

Included in the first quarter of 2012 was a $1.4 million gain recognized from the sale of a real estate parcel in Upcountry Maui. Included in the first quarter of 2011 was a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Course.

“Our first quarter results reflect our continuing efforts to streamline our operations and reduce our ongoing cash burn. Our team remains focused on building shareholder value by resolving our legacy issues and developing and managing our Maui lands,” said Tim Esaki, Chief Financial Officer.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1 st quarter 2012 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 March 31,

2012 2011

(in thousands except

share amounts)
OPERATING REVENUES
Real estate
Sales $ 1,500 $ -
Commissions 319 293
Leasing 1,502 1,347
Utilities 829 786
Resort amenities and other   1,160   1,419  

Total Operating Revenues

  5,310     3,845  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 149 -
Other 443 266
Leasing 679 695
Utilities 624 613
Resort amenities and other 1,097 1,479
Selling and marketing 62 254
General and administrative 1,052 2,945
Gain on asset dispositions (203 ) (1,363 )
Depreciation 734 986
Pension and other postretirement expense  

266

    313  
Total Operating Costs and Expenses   4,903     6,188  
 
Operating Income (Loss) 407 (2,343 )
Interest expense, net   (634 )   (671 )
Loss from Continuing Operations, net of income taxes of $0 (227 ) (3,014 )

Income (Loss) from Discontinued Operations, net of income taxes of $0

  (17 )   15,439  
NET INCOME (LOSS) $ (244 ) $ 12,425
Pension, net of income taxes of $0   185     216  
COMPREHENSIVE INCOME (LOSS) $ (59 ) $ 12,641  
 
NET INCOME (LOSS) PER COMMON SHARE

--BASIC AND DILUTED

Continuing Operations $ (0.01 ) $ (0.16 )
Discontinued Operations   -     0.83  
Net Income (Loss) $ (0.01 ) $ 0.67  




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