Maui Land & Pineapple Reports 1st Quarter 2013 Results

Wed May 1, 2013 10:22pm EDT

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Maui Land & Pineapple Reports 1st Quarter 2013 Results

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.8 million, or $(0.10) per share, for the first quarter of 2013, compared to a net loss of $0.2 million, or $(0.01) per share for the first quarter of 2012. The Company reported revenues of $3.4 million and $5.3 million during the first quarters of 2013 and 2012, respectively.

In January 2012, the Company sold an 89-acre parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million. The Company had no sales of real estate during the first quarter of 2013.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st 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 LOSS
 
(UNAUDITED)
 
 
Three Months Ended March 31,
2013 2012
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales $ - $ 1,500
Commissions 96 319
Leasing 1,326 1,502
Utilities 827 829
Resort amenities and other   1,104     1,160  
Total Operating Revenues   3,353     5,310  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales - 149
Other 397 443
Leasing 780 679
Utilities 555 624
Resort amenities and other 1,084 1,097
Selling and marketing 37 62
General and administrative 704 1,052
Gain on asset dispositions - (203 )
Depreciation 687 734
Pension and other postretirement expense   222   266  
Total Operating Costs and Expenses   4,466     4,903  
 
Operating Income (Loss) (1,113 ) 407
Interest expense, net   (694 )   (634 )
Loss from Continuing Operations, net of income taxes of $0 (1,807 ) (227 )

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

  (8 )   (17 )
 
NET LOSS $ (1,815 ) $ (244 )

 

Pension, net of income taxes of $0   228     185  
 
COMPREHENSIVE LOSS $ (1,587 ) $ (59 )

 

 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.10 ) $ (0.01 )
Discontinued Operations   -     -  
Net Loss $ (0.10 ) $ (0.01 )

 

 

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

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