Maui Land & Pineapple Reports 3rd Quarter 2011 Results
November 02, 2011 6:34 PM
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.3 million, or $(0.07) per share, for the third quarter of 2011, compared to net income of $20.0 million, or $1.35 per share for the third quarter of 2010. The Company reported revenues of $3.4 million and $3.9 million during the third quarters of 2011 and 2010, respectively.
For the nine months ended September 30, 2011, the Company reported net income of $8.6 million, or $0.47 per share, compared to net income of $12.7 million, or $1.23 per share, for the nine months ended September 30, 2010. The Company reported revenues of $11.0 million and $13.1 million for the nine months ended September 30, 2011 and 2010, respectively.
Net income for the nine months ended September 30, 2011 included a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Golf Course. Net income for the nine months ended September 30, 2010 included a $25.7 million gain recognized from the 2009 sale of the Plantation Golf Course.
“As demonstrated by our year-to-date results for 2011 compared to last year, we are pleased with the improvements in our ongoing operations. This shows that our new simplified operating model is showing the desired benefits that we hoped to achieve,” said Tim Esaki, Chief Financial Officer.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd quarter 2011 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 September 30, | ||||||||
| 2011 | 2010 | |||||||
| (in thousands except | ||||||||
| share amounts) | ||||||||
| OPERATING REVENUES | ||||||||
| Real estate - commissions | $ | 75 | $ | 210 | ||||
| Leasing | 1,380 | 1,385 | ||||||
| Utilities | 935 | 959 | ||||||
| Resort amenities and other | 981 | 1,296 | ||||||
| Total Operating Revenues | 3,371 | 3,850 | ||||||
| OPERATING COSTS AND EXPENSES | ||||||||
| Real estate | 129 | 273 | ||||||
| Leasing | 796 | 981 | ||||||
| Utilities | 527 | 517 | ||||||
| Resort amenities and other | 950 | 1,323 | ||||||
| Selling and marketing | 47 | 461 | ||||||
| General and administrative | 959 | 2,856 | ||||||
| Depreciation | 766 | 1,100 | ||||||
| Total Operating Costs and Expenses | 4,174 | 7,511 | ||||||
| Operating Loss | (803 | ) | (3,661 | ) | ||||
| Interest expense, net | (624 | ) | (1,791 | ) | ||||
|
Loss from Continuing Operations before income taxes |
(1,427 | ) | (5,452 | ) | ||||
| Income tax benefit | (67 | ) | (261 | ) | ||||
| Loss from Continuing Operations | (1,360 | ) | (5,191 | ) | ||||
|
Income from Discontinued Operations net of income taxes of $0 |
21 | 25,218 | ||||||
| NET INCOME (LOSS) | $ | (1,339 | ) | $ | 20,027 | |||
| COMPREHENSIVE INCOME (LOSS) | $ | (1,339 | ) | $ | 20,027 |
|
||
| NET INCOME (LOSS) PER COMMON SHARE | ||||||||
| --BASIC AND DILUTED | ||||||||
| Continuing Operations | $ | (0.07 | ) | $ | (0.35 | ) | ||
| Discontinued Operations | - | 1.70 | ||||||
| Net (Income) Loss | $ | (0.07 | ) | $ | 1.35 |
|
||
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | |||||||||
| Condensed Consolidated Statements of Operations and | |||||||||
| Comprehensive Income | |||||||||
| (Unaudited) | |||||||||
| Nine Months Ended September 30, | |||||||||
| 2011 | 2010 | ||||||||
| (in thousands except | |||||||||
| share amounts) | |||||||||
| OPERATING REVENUES | |||||||||
| Real estate | |||||||||
| Sales | $ | - | $ | 1,650 | |||||
| Other | 695 | 987 | |||||||
| Leasing | 3,827 | 3,791 | |||||||
| Utilities | 2,651 | 2,442 | |||||||
| Resort amenities and other | 3,858 | 4,262 | |||||||
| Total Operating Revenues | 11,031 | 13,132 | |||||||
| OPERATING COSTS AND EXPENSES | |||||||||
| Real estate | |||||||||
| Cost of sales | - | 154 | |||||||
| Other | 740 | 955 | |||||||
| Leasing | 2,157 | 2,621 | |||||||
| Utilities | 1,714 | 1,454 | |||||||
| Resort amenities and other | 3,386 | 4,044 | |||||||
| Selling and marketing | 749 | 2,004 | |||||||
| General and administrative | 4,445 | 6,080 | |||||||
| Depreciation | 2,648 | 3,692 | |||||||
| (Gain) loss on asset dispositions | 171 | (958 | ) | ||||||
| Total Operating Costs and Expenses | 16,010 | 20,046 | |||||||
| Operating Loss | (4,979 | ) | (6,914 | ) | |||||
| Interest expense, net | (1,758 | ) | (6,502 | ) | |||||
| Loss from Continuing Operations Before Income Taxes | (6,737 | ) | (13,416 | ) | |||||
| Income Tax Benefit | (67 | ) | (176 | ) | |||||
| Loss from Continuing Operations | (6,670 | ) | (13,240 | ) | |||||
|
Income from Discontinued Operations net of income taxes of $0 |
15,294 | 25,975 | |||||||
| NET INCOME | 8,624 | 12,735 |
|
||||||
| Pension Benefit Adjustment net of income taxes of $0 | - | 615 | |||||||
| COMPREHENSIVE INCOME | $ | 8,624 | $ | 13,350 |
|
||||
| NET INCOME (LOSS) PER COMMON SHARE | |||||||||
| --BASIC AND DILUTED | |||||||||
| Continuing Operations | $ | (0.36 | ) | $ | (1.28 | ) | |||
| Discontinued Operations | 0.83 | 2.51 | |||||||
| Net Income | $ | 0.47 | $ | 1.23 |
|
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Maui Land & Pineapple Company, Inc.
Tim T. Esaki, 808-665-5480
tesaki@mlpmaui.com
