Attached files
| file | filename |
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| 8-K - 8-K - MAUI LAND & PINEAPPLE CO INC | a12-24965_18k.htm |
Exhibit 99.1
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NEWS RELEASE |
Contact: |
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Tim T. Esaki |
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(808) 665-5480 |
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tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2012 RESULTS
KAPALUA, Hawaii, October 24, 2012 (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 $1.5 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd quarter 2012 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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Three Months Ended September 30, |
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2012 |
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2011 |
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(in thousands except |
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share amounts) |
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OPERATING REVENUES |
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Real estate |
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|
|
|
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Sales |
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$ |
— |
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$ |
— |
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Commissions |
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90 |
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75 |
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Leasing |
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1,413 |
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1,380 |
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Utilities |
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1,085 |
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935 |
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Resort amenities and other |
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1,034 |
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981 |
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Total Operating Revenues |
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3,622 |
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3,371 |
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|
|
|
|
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OPERATING COSTS AND EXPENSES |
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|
|
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Real estate |
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|
|
|
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Cost of sales |
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— |
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— |
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Other |
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396 |
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129 |
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Leasing |
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707 |
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796 |
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Utilities |
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791 |
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527 |
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Resort amenities and other |
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996 |
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950 |
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Selling and marketing |
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38 |
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47 |
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General and administrative |
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629 |
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678 |
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Loss on asset dispositions |
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5 |
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— |
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Depreciation |
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719 |
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766 |
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Pension and other postretirement expense |
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266 |
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281 |
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Total Operating Costs and Expenses |
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4,547 |
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4,174 |
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Operating Loss |
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(925 |
) |
(803 |
) | ||
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Interest expense, net |
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(759 |
) |
(624 |
) | ||
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Loss from Continuing Operations Before Income Taxes |
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(1,684 |
) |
(1,427 |
) | ||
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Income Tax Benefit |
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— |
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(67 |
) | ||
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Loss from Continuing Operations |
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(1,684 |
) |
(1,360 |
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Income from Discontinued Operations, net of income taxes of $0 |
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68 |
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21 |
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NET LOSS |
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$ |
(1,616 |
) |
$ |
(1,339 |
) |
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Pension, net of income taxes of $0 |
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185 |
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203 |
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COMPREHENSIVE LOSS |
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$ |
(1,431 |
) |
$ |
(1,136 |
) |
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NET LOSS PER COMMON SHARE |
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|
|
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—BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.09 |
) |
$ |
(0.07 |
) |
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Discontinued Operations |
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— |
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— |
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Net Loss |
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$ |
(0.09 |
) |
$ |
(0.07 |
) |
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
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Nine Months Ended September 30, |
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2012 |
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2011 |
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(in thousands except |
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|
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share amounts) |
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OPERATING REVENUES |
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|
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Real estate |
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|
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Sales |
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$ |
1,500 |
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$ |
— |
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Commissions |
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653 |
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695 |
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Leasing |
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4,394 |
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3,827 |
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Utilities |
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2,628 |
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2,651 |
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Resort amenities and other |
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3,209 |
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3,858 |
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Total Operating Revenues |
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12,384 |
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11,031 |
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
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149 |
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— |
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Other |
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1,270 |
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740 |
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Leasing |
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2,022 |
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2,157 |
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Utilities |
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1,673 |
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1,714 |
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Resort amenities and other |
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3,093 |
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3,386 |
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Selling and marketing |
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122 |
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749 |
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General and administrative |
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2,403 |
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5,113 |
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Gain on asset dispositions |
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(229 |
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(1,376 |
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Depreciation |
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2,183 |
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2,648 |
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Pension and other postretirement expense |
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798 |
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879 |
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Total Operating Costs and Expenses |
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13,484 |
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16,010 |
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Operating Loss |
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(1,100 |
) |
(4,979 |
) | ||
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Interest expense, net |
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(1,859 |
) |
(1,758 |
) | ||
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Loss from Continuing Operations Before Income Taxes |
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(2,959 |
) |
(6,737 |
) | ||
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Income Tax Benefit |
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— |
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(67 |
) | ||
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Loss from Continuing Operations |
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(2,959 |
) |
(6,670 |
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Income from Discontinued Operations, net of income taxes of $0 |
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65 |
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15,294 |
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NET INCOME (LOSS) |
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$ |
(2,894 |
) |
$ |
8,624 |
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Pension, net of income taxes of $0 |
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555 |
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626 |
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COMPREHENSIVE INCOME (LOSS) |
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$ |
(2,339 |
) |
$ |
9,250 |
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NET INCOME (LOSS) PER COMMON SHARE |
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—BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.16 |
) |
$ |
(0.36 |
) |
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Discontinued Operations |
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— |
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0.83 |
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Net Income (Loss) |
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$ |
(0.16 |
) |
$ |
0.47 |
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