Attached files
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| 8-K - 8-K - MAUI LAND & PINEAPPLE CO INC | a13-23763_18k.htm |
Exhibit 99.1
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NEWS RELEASE |
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Contact: |
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Tim T. Esaki |
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(808) 665-5480 |
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tesaki@kapalua.com |
MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2013 RESULTS
KAPALUA RESORT, Hawaii, November 6, 2013 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.6 million, or $(0.08) per share, for the third quarter of 2013, compared to a net loss of $1.6 million, or $(0.09) per share for the third quarter of 2012. The Company reported revenues of $2.8 million and $3.6 million during the third quarters of 2013 and 2012, respectively.
For the nine months ended September 30, 2013, the Company reported a net loss of $2.5 million, or $(0.14) per share, compared to a net loss of $2.9 million, or $(0.16) per share, for the nine months ended September 30, 2012. The Company reported revenues of $9.3 million and $12.4 million during the nine months ended September 30, 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. 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 $1.4 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd quarter 2013 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
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Three Months Ended September 30, |
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2013 |
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2012 |
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(in thousands except |
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share amounts) |
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OPERATING REVENUES |
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Real estate |
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Commissions |
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$ |
206 |
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$ |
90 |
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Leasing |
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1,315 |
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1,413 |
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Utilities |
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1,010 |
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1,085 |
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Resort amenities and other |
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303 |
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1,034 |
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Total Operating Revenues |
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2,834 |
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3,622 |
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Other |
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613 |
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396 |
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Leasing |
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726 |
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707 |
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Utilities |
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588 |
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791 |
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Resort amenities and other |
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266 |
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996 |
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General and administrative |
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685 |
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667 |
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Loss on asset dispositions |
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61 |
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5 |
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Depreciation |
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583 |
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719 |
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Pension and other postretirement expense |
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222 |
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266 |
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Total Operating Costs and Expenses |
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3,744 |
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4,547 |
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Operating Loss |
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(910 |
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(925 |
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Interest expense, net |
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(641 |
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(759 |
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Loss from Continuing Operations, net of income taxes of $0 |
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(1,551 |
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(1,684 |
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Income (Loss) from Discontinued Operations, net of income taxes of $0 |
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(13 |
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68 |
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NET LOSS |
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(1,564 |
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(1,616 |
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Pension, net of income taxes of $0 |
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228 |
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185 |
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COMPREHENSIVE LOSS |
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$ |
(1,336 |
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$ |
(1,431 |
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NET LOSS PER COMMON SHARE |
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—BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.08 |
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$ |
(0.09 |
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Discontinued Operations |
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— |
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— |
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Net Loss |
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$ |
(0.08 |
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$ |
(0.09 |
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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Nine Months Ended September 30, |
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2013 |
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2012 |
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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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Sales |
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$ |
— |
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$ |
1,500 |
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Commissions |
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397 |
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653 |
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Leasing |
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3,838 |
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4,394 |
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Utilities |
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2,793 |
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2,628 |
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Resort amenities and other |
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2,266 |
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3,209 |
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Total Operating Revenues |
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9,294 |
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12,384 |
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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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— |
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149 |
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Other |
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1,452 |
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1,270 |
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Leasing |
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2,115 |
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2,022 |
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Utilities |
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1,682 |
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1,673 |
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Resort amenities and other |
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2,180 |
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3,093 |
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General and administrative |
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2,156 |
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2,525 |
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Loss (Gain) on asset dispositions |
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61 |
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(229 |
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Depreciation |
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1,958 |
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2,183 |
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Pension and other postretirement expense |
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666 |
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798 |
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Total Operating Costs and Expenses |
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12,270 |
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13,484 |
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Operating Loss |
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(2,976 |
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(1,100 |
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Interest expense, net |
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(1,841 |
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(1,859 |
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Loss from Continuing Operations, net of income taxes of $0 |
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(4,817 |
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(2,959 |
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Income from Discontinued Operations, net of income taxes of $116 and $0 |
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2,269 |
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65 |
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NET LOSS |
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(2,548 |
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(2,894 |
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Pension, net of income taxes of $0 |
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618 |
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555 |
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COMPREHENSIVE LOSS |
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$ |
(1,930 |
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$ |
(2,339 |
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NET LOSS PER COMMON SHARE |
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—BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.26 |
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$ |
(0.16 |
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Discontinued Operations |
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0.12 |
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— |
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Net Loss |
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$ |
(0.14 |
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$ |
(0.16 |
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