Market Overview

Maui Land & Pineapple Reports 3rd Quarter 2012 Results

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KAPALUA, Hawaii--(BUSINESS WIRE)--

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 3rd 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  

Maui Land & Pineapple Company, Inc.
Tim T. Esaki, 808-665-5480
tesaki@mlpmaui.com

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