Maui Land & Pineapple Reports 2nd Quarter 2013 Results

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $831,000, or $0.04 per share, for the second quarter of 2013, compared to a net loss of $1.0 million, or $(0.06) per share for the second quarter of 2012. The Company reported revenues of $3.1 million and $3.5 million during the second quarters of 2013 and 2012, respectively.

In June 2013, the Company sold a 7-acre parcel that was the last of its former agricultural processing facilities in central Maui for $4.0 million. The sale resulted in a gain of $1.9 million.

For the six months ended June 30, 2013, the Company reported a net loss of $1.0 million, or $(0.05) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the six months ended June 30, 2012. The Company reported revenues of $6.5 million and $8.8 million during the six months ended June 30, 2013 and 2012, respectively.

In January 2012, the Company sold an 89-acre former agricultural parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2 nd quarter 2013 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 INCOME (LOSS)
 
(UNAUDITED)
 
 
Three Months Ended June 30,
2013 2012
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Commissions $ 95 $ 244
Leasing 1,197 1,479
Utilities 956 714
Resort amenities and other   859     1,015  
Total Operating Revenues   3,107     3,452  
 
OPERATING COSTS AND EXPENSES
Real estate
Other 442 431
Leasing 609 636
Utilities 539 258
Resort amenities and other 830 1,000
General and administrative 730 744
Gain on asset dispositions - (31 )
Depreciation 688 730
Pension and other postretirement expense   222     266  
Total Operating Costs and Expenses   4,060     4,034  
 
Operating Loss (953 ) (582 )
Interest expense, net   (506 )   (466 )
Loss from Continuing Operations, net of income taxes of $0 (1,459 ) (1,048 )

Income from Discontinued Operations, net of income taxes of $116
  2,290     14  
NET INCOME (LOSS) 831 (1,034 )
Pension, net of income taxes of $0   228     185  
COMPREHENSIVE INCOME (LOSS) $ 1,059   $ (849 )
 
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.08 ) $ (0.06 )
Discontinued Operations   0.12     -  
Net Income (Loss) $ 0.04   $ (0.06 )
 

 
   

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
 
(UNAUDITED)
 
 
Six Months Ended June 30,
2013 2012
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales $ - $ 1,500
Commissions 191 563
Leasing 2,523 2,981
Utilities 1,783 1,543
Resort amenities and other   1,963     2,175  
Total Operating Revenues   6,460     8,762  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales - 149
Other 839 874
Leasing 1,389 1,315
Utilities 1,094 882
Resort amenities and other 1,914 2,097
General and administrative 1,471 1,858
Gain on asset dispositions - (234 )
Depreciation 1,375 1,464
Pension and other postretirement expense   444     532  
Total Operating Costs and Expenses   8,526     8,937  
 
Operating Loss (2,066 ) (175 )
Interest expense, net   (1,200 )   (1,100 )
Loss from Continuing Operations, net of income taxes of $0 (3,266 ) (1,275 )

Income (Loss) from Discontinued Operations, net of income taxes of $116
  2,282     (3 )
NET LOSS (984 ) (1,278 )
Pension, net of income taxes of $0   390     370  
COMPREHENSIVE LOSS $ (594 ) $ (908 )
 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.17 ) $ (0.07 )
Discontinued Operations   0.12     -  
Net Loss $ (0.05 ) $ (0.07 )
 

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