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Maui Land & Pineapple Reports 2nd Quarter 2012 Results

Stocks in this article: MLP

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.0 million, or $(0.06) per share, for the second quarter of 2012, compared to a net loss of $2.5 million, or $(0.13) per share for the second quarter of 2011. The Company reported revenues of $3.5 million and $3.8 million during the second quarters of 2012 and 2011, respectively.

For the six months ended June 30, 2012, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to net income of $10.0 million, or $0.54 per share, for the six months ended June 30, 2011. Included in net income for the six months ended June 30, 2011 was a $15.1 million gain recognized from the sale of the Kapalua Bay Golf Course. The Company reported revenues of $8.8 million and $7.7 million for the first six months of 2012 and 2011, respectively.

“We continue to recognize improvements in our ongoing cash flow from operations through increased leasing revenues from our primary land holdings, sales of non-core real estate assets, and by cost reduction efforts,” said Tim Esaki, Chief Financial Officer.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2 nd 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 COMPREHENSIVE LOSS
(UNAUDITED)
 
Three Months Ended June 30,
2012   2011
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales $ - $ -
Commissions 244 327
Leasing 1,479 1,100
Utilities 714 931
Resort amenities and other   1,015     1,457  
Total Operating Revenues   3,452     3,815  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales - -
Other 431 345
Leasing 636 667
Utilities 258 574
Resort amenities and other 1,000 957
Selling and marketing 22 448
General and administrative 722 1,489
Gain on asset dispositions (31 ) (13 )
Depreciation 730 896
Pension and other postretirement expense   266     285  
Total Operating Costs and Expenses   4,034     5,648  
 
Operating Loss (582 ) (1,833 )
Interest expense, net   (466 )   (463 )
Loss from Continuing Operations, net of income taxes of $0 (1,048 ) (2,296 )

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

  14     (166 )
NET LOSS $ (1,034 ) $ (2,462 )
Pension, net of income taxes of $0   185     207  
COMPREHENSIVE LOSS $ (849 ) $ (2,255 )
 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.06 ) $ (0.12 )
Discontinued Operations   -     (0.01 )
Net Loss $ (0.06 ) $ (0.13 )
 
 
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 
Six Months Ended June 30,
2012   2011
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales $ 1,500 $ -
Commissions 563 620
Leasing 2,981 2,447
Utilities 1,543 1,717
Resort amenities and other   2,175     2,876  
Total Operating Revenues   8,762     7,660  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 149 -
Other 874 611
Leasing 1,315 1,362
Utilities 882 1,187
Resort amenities and other 2,097 2,436
Selling and marketing 84 702
General and administrative 1,774 4,434
Gain on asset dispositions (234 ) (1,376 )
Depreciation 1,464 1,882
Pension and other postretirement expense   532     598  
Total Operating Costs and Expenses   8,937     11,836  
 
Operating Loss (175 ) (4,176 )
Interest expense, net   (1,100 )   (1,134 )
Loss from Continuing Operations, net of income taxes of $0 (1,275 ) (5,310 )

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

  (3 )   15,273  
NET INCOME (LOSS) $ (1,278 ) $ 9,963
Pension, net of income taxes of $0   370     423  
COMPREHENSIVE INCOME (LOSS) $ (908 ) $ 10,386  
 
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.07 ) $ (0.29 )
Discontinued Operations   -     0.83  
Net Income (Loss) $ (0.07 ) $ 0.54  




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