Maui Land & Pineapple Reports 2nd Quarter 2013 Results
KAPALUA RESORT, Hawaii--(BUSINESS WIRE)--Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $831,000, or $0.04 per share, for the second quarter of 2013, compared to a net loss of $1.0 million, or $(0.06) per share for the second quarter of 2012. The Company reported revenues of $3.1 million and $3.5 million during the second quarters of 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.
For the six months ended June 30, 2013, the Company reported a net loss of $1.0 million, or $(0.05) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the six months ended June 30, 2012. The Company reported revenues of $6.5 million and $8.8 million during the six months ended June 30, 2013 and 2012, respectively.
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 2nd 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.
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| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||
| (UNAUDITED) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2013 | 2012 | |||||||
| (in thousands except | ||||||||
| share amounts) | ||||||||
| OPERATING REVENUES | ||||||||
| Real estate | ||||||||
| Commissions | $ | 95 | $ | 244 | ||||
| Leasing | 1,197 | 1,479 | ||||||
| Utilities | 956 | 714 | ||||||
| Resort amenities and other | 859 | 1,015 | ||||||
| Total Operating Revenues | 3,107 | 3,452 | ||||||
| OPERATING COSTS AND EXPENSES | ||||||||
| Real estate | ||||||||
| Other | 442 | 431 | ||||||
| Leasing | 609 | 636 | ||||||
| Utilities | 539 | 258 | ||||||
| Resort amenities and other | 830 | 1,000 | ||||||
| General and administrative | 730 | 744 | ||||||
| Gain on asset dispositions | - | (31 | ) | |||||
| Depreciation | 688 | 730 | ||||||
| Pension and other postretirement expense | 222 | 266 | ||||||
| Total Operating Costs and Expenses | 4,060 | 4,034 | ||||||
| Operating Loss | (953 | ) | (582 | ) | ||||
| Interest expense, net | (506 | ) | (466 | ) | ||||
| Loss from Continuing Operations, net of income taxes of $0 | (1,459 | ) | (1,048 | ) | ||||
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Income from Discontinued Operations, net of income taxes of $116 |
2,290 | 14 | ||||||
| NET INCOME (LOSS) | 831 | (1,034 | ) | |||||
| Pension, net of income taxes of $0 | 228 | 185 | ||||||
| COMPREHENSIVE INCOME (LOSS) | $ | 1,059 | $ | (849 | ) | |||
| NET INCOME (LOSS) PER COMMON SHARE | ||||||||
| --BASIC AND DILUTED | ||||||||
| Continuing Operations | $ | (0.08 | ) | $ | (0.06 | ) | ||
| Discontinued Operations | 0.12 | - | ||||||
| Net Income (Loss) | $ | 0.04 | $ | (0.06 | ) | |||
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES |
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| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
| (UNAUDITED) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2013 | 2012 | |||||||
| (in thousands except | ||||||||
| share amounts) | ||||||||
| OPERATING REVENUES | ||||||||
| Real estate | ||||||||
| Sales | $ | - | $ | 1,500 | ||||
| Commissions | 191 | 563 | ||||||
| Leasing | 2,523 | 2,981 | ||||||
| Utilities | 1,783 | 1,543 | ||||||
| Resort amenities and other | 1,963 | 2,175 | ||||||
| Total Operating Revenues | 6,460 | 8,762 | ||||||
| OPERATING COSTS AND EXPENSES | ||||||||
| Real estate | ||||||||
| Cost of sales | - | 149 | ||||||
| Other | 839 | 874 | ||||||
| Leasing | 1,389 | 1,315 | ||||||
| Utilities | 1,094 | 882 | ||||||
| Resort amenities and other | 1,914 | 2,097 | ||||||
| General and administrative | 1,471 | 1,858 | ||||||
| Gain on asset dispositions | - | (234 | ) | |||||
| Depreciation | 1,375 | 1,464 | ||||||
| Pension and other postretirement expense | 444 | 532 | ||||||
| Total Operating Costs and Expenses | 8,526 | 8,937 | ||||||
| Operating Loss | (2,066 | ) | (175 | ) | ||||
| Interest expense, net | (1,200 | ) | (1,100 | ) | ||||
| Loss from Continuing Operations, net of income taxes of $0 | (3,266 | ) | (1,275 | ) | ||||
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Income (Loss) from Discontinued Operations, net of income taxes of $116 |
2,282 | (3 | ) | |||||
| NET LOSS | (984 | ) | (1,278 | ) | ||||
| Pension, net of income taxes of $0 | 390 | 370 | ||||||
| COMPREHENSIVE LOSS | $ | (594 | ) | $ | (908 | ) | ||
| NET LOSS PER COMMON SHARE | ||||||||
| --BASIC AND DILUTED | ||||||||
| Continuing Operations | $ | (0.17 | ) | $ | (0.07 | ) | ||
| Discontinued Operations | 0.12 | - | ||||||
| Net Loss | $ | (0.05 | ) | $ | (0.07 | ) | ||