This Day On The Street
Continue to site
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

Maui Land & Pineapple Reports 3rd Quarter 2012 Results

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2012, compared to a net loss of $1.3 million, or $(0.07) per share for the third quarter of 2011. The Company reported revenues of $3.6 million and $3.4 million during the third quarters of 2012 and 2011, respectively.

For the nine months ended September 30, 2012, the Company reported a net loss of $2.9 million, or $(0.16) per share, compared to net income of $8.6 million, or $0.47 per share, for the nine months ended September 30, 2011. Included in net income for the nine months ended September 30, 2011 was a $15.1 million gain recognized from the sale of the Kapalua Bay Golf Course. The Company reported revenues of $12.4 million and $11.0 million for the first nine months of 2012 and 2011, respectively. Revenues in 2012 were higher than 2011 primarily due to a sale in January 2012 of an 89-acre parcel for $1.5 million.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3 rd 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 September 30,
2012 2011
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales $ - $ -
Commissions 90 75
Leasing 1,413 1,380
Utilities 1,085 935
Resort amenities and other   1,034     981  
Total Operating Revenues   3,622     3,371  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales - -
Other 396 129
Leasing 707 796
Utilities 791 527
Resort amenities and other 996 950
Selling and marketing 38 47
General and administrative 629 678
Loss on asset dispositions 5 -
Depreciation 719 766
Pension and other postretirement expense   266     281  
Total Operating Costs and Expenses   4,547     4,174  
 
Operating Loss (925 ) (803 )
Interest expense, net   (759 )   (624 )
Loss from Continuing Operations Before Income Taxes (1,684 ) (1,427 )
Income Tax Benefit   -     (67 )
Loss from Continuing Operations (1,684 ) (1,360 )

Income from Discontinued Operations, net of income taxes of $0

  68     21  
NET LOSS $ (1,616 ) $ (1,339 )
Pension, net of income taxes of $0   185     203  
COMPREHENSIVE LOSS $ (1,431 ) $ (1,136 )
 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.09 ) $ (0.07 )
Discontinued Operations   -     -  
Net Loss $ (0.09 ) $ (0.07 )
 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

(UNAUDITED)

 

 
 
Nine Months Ended September 30,
2012 2011
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales $ 1,500 $ -
Commissions 653 695
Leasing 4,394 3,827
Utilities 2,628 2,651
Resort amenities and other   3,209     3,858  
Total Operating Revenues   12,384     11,031  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 149 -
Other 1,270 740
Leasing 2,022 2,157
Utilities 1,673 1,714
Resort amenities and other 3,093 3,386
Selling and marketing 122 749
General and administrative 2,403 5,113
Gain on asset dispositions (229 ) (1,376 )
Depreciation 2,183 2,648
Pension and other postretirement expense   798     879  
Total Operating Costs and Expenses   13,484     16,010  
 
Operating Loss (1,100 ) (4,979 )
Interest expense, net   (1,859 )   (1,758 )
Loss from Continuing Operations Before Income Taxes (2,959 ) (6,737 )
Income Tax Benefit   -     (67 )
Loss from Continuing Operations (2,959 ) (6,670 )

Income from Discontinued Operations, net of income taxes of $0

  65     15,294  
NET INCOME (LOSS) $ (2,894 ) $ 8,624
Pension, net of income taxes of $0   555     626  
COMPREHENSIVE INCOME (LOSS) $ (2,339 ) $ 9,250  
 
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.16 ) $ (0.36 )
Discontinued Operations   -     0.83  
Net Income (Loss) $ (0.16 ) $ 0.47  




1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs