This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Maui Land & Pineapple Reports 2012 Net Loss Of $4.6 Million

Stocks in this article: MLP

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $4.6 million, or $(0.25) per share, for 2012. This compares to net income of $5.1 million, or $0.27 per share, for 2011. Net income for 2011 includes a $15.1 million gain from the sale of the Kapalua Bay Golf Course.

Revenues for 2012 were $16.2 million compared to $14.5 million for 2011.

For the fourth quarter of 2012, the Company recognized a net loss of $1.7 million or $(0.09) per share. For the fourth quarter of 2011, the Company recognized a net loss of $3.5 million or $(0.19) per share. Revenues for the fourth quarter of 2012 were $3.8 million, compared to $3.5 million for the fourth quarter of 2011.

“MLP made significant progress towards completing our restructuring efforts during 2012,” stated Warren H. Haruki, Chairman and CEO. “We now have a simplified business model focused on our core land holdings, we are moving forward with the resolution of our remaining legacy issues, and have significantly reduced our operating cash burn. While we still face several challenges, we remain steadfast in our commitment to manage and care for our Maui lands for the benefit of our stakeholders and the community. We are also pleased with the Maui County Council’s General Plan approvals and their designation of Haliimaile as small town in the Maui Island Plan.”

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2012 operating results will be available on our Form 10-K filed with the Securities and Exchange Commission and our website

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.

Consolidated Statements of Operations and Comprehensive Loss
Years Ended December 31,
2012 2011
(in thousands except
share amounts)
Real estate
Sales $ 1,500 $ -
Commissions 1,045 1,070
Leasing 5,806 5,144
Utilities 3,541 3,418
Resort amenities and other 4,272 4,910
Total Operating Revenues   16,164     14,542  
Real estate
Cost of sales 149 -
Other 2,135 1,060
Leasing 2,852 2,956
Utilities 2,280 2,225
Resort amenities and other 4,223 4,315
Selling and marketing 168 792
General and administrative 3,029 6,271
Depreciation 2,889 3,390
Impairment -- long-lived assets - 921
Pension and other post-retirement expenses 1,064 1,157
Gain on asset dispositions   (232 )   (1,263 )
Total Operating Costs and Expenses   18,557     21,824  
Operating Loss (2,393 ) (7,282 )
Interest expense (2,577 ) (2,429 )
Interest income   14     27  
Loss from Continuing Operations before income taxes (4,956 ) (9,684 )
Income tax benefit   -     (134 )
Loss from Continuing Operations (4,956 ) (9,550 )

Income from Discontinued Operations net of income tax benefit of $88 and $211

  354     14,628  
NET INCOME (LOSS) (4,602 ) 5,078
Pension Benefit Adjustment net of income taxes of $0   (4,010 )   (6,675 )
COMPREHENSIVE LOSS $ (8,612 ) $ (1,597 )
Continuing Operations $ (0.27 ) $ (0.52 )
Discontinued Operations   0.02     0.79  
Net Income (Loss) $ (0.25 ) $ 0.27  

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,574.57 +217.70 1.25%
S&P 500 2,034.30 +21.41 1.06%
NASDAQ 4,697.1520 +52.84 1.14%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs