Maui Land & Pineapple Reports 3rd Quarter 2013 Results
KAPALUA RESORT, Hawaii--(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) | |||||||||||
| Three Months Ended September 30, | |||||||||||
| 2013 | 2012 | ||||||||||
| (in thousands except | |||||||||||
| share amounts) | |||||||||||
| OPERATING REVENUES | |||||||||||
| Real estate | |||||||||||
| Commissions | $ | 206 | $ | 90 | |||||||
| Leasing | 1,315 | 1,413 | |||||||||
| Utilities | 1,010 | 1,085 | |||||||||
| Resort amenities and other | 303 | 1,034 | |||||||||
| Total Operating Revenues | 2,834 | 3,622 | |||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| Real estate | |||||||||||
| Other | 613 | 396 | |||||||||
| Leasing | 726 | 707 | |||||||||
| Utilities | 588 | 791 | |||||||||
| Resort amenities and other | 266 | 996 | |||||||||
| General and administrative | 685 | 667 | |||||||||
| Loss on asset dispositions | 61 | 5 | |||||||||
| Depreciation | 583 | 719 | |||||||||
| Pension and other postretirement expense | 222 | 266 | |||||||||
| Total Operating Costs and Expenses | 3,744 | 4,547 | |||||||||
| Operating Loss | (910 | ) | (925 | ) | |||||||
| Interest expense, net | (641 | ) | (759 | ) | |||||||
| Loss from Continuing Operations, net of income taxes of $0 | (1,551 | ) | (1,684 | ) | |||||||
|
Income (Loss) from Discontinued Operations, net of income taxes of $0 |
(13 | ) | 68 | ||||||||
| NET LOSS | (1,564 | ) | (1,616 | ) | |||||||
| Pension, net of income taxes of $0 | 228 | 185 | |||||||||
| COMPREHENSIVE LOSS | $ | (1,336 | ) | $ | (1,431 | ) | |||||
| NET LOSS PER COMMON SHARE | |||||||||||
| --BASIC AND DILUTED | |||||||||||
| Continuing Operations | $ | (0.08 | ) | $ | (0.09 | ) | |||||
| Discontinued Operations | - | - | |||||||||
| Net Loss | $ | (0.08 | ) | $ | (0.09 | ) | |||||
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||
| (UNAUDITED) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2013 | 2012 | ||||||||||
| (in thousands except | |||||||||||
| share amounts) | |||||||||||
| OPERATING REVENUES | |||||||||||
| Real estate | |||||||||||
| Sales | $ | - | $ | 1,500 | |||||||
| Commissions | 397 | 653 | |||||||||
| Leasing | 3,838 | 4,394 | |||||||||
| Utilities | 2,793 | 2,628 | |||||||||
| Resort amenities and other | 2,266 | 3,209 | |||||||||
| Total Operating Revenues | 9,294 | 12,384 | |||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| Real estate | |||||||||||
| Cost of sales | - | 149 | |||||||||
| Other | 1,452 | 1,270 | |||||||||
| Leasing | 2,115 | 2,022 | |||||||||
| Utilities | 1,682 | 1,673 | |||||||||
| Resort amenities and other | 2,180 | 3,093 | |||||||||
| General and administrative | 2,156 | 2,525 | |||||||||
| Loss (Gain) on asset dispositions | 61 | (229 | ) | ||||||||
| Depreciation | 1,958 | 2,183 | |||||||||
| Pension and other postretirement expense | 666 | 798 | |||||||||
| Total Operating Costs and Expenses | 12,270 | 13,484 | |||||||||
| Operating Loss | (2,976 | ) | (1,100 | ) | |||||||
| Interest expense, net | (1,841 | ) | (1,859 | ) | |||||||
| Loss from Continuing Operations, net of income taxes of $0 | (4,817 | ) | (2,959 | ) | |||||||
|
Income from Discontinued Operations, net of income taxes of $116 and $0 |
2,269 | 65 | |||||||||
| NET LOSS | (2,548 | ) | (2,894 | ) | |||||||
| Pension, net of income taxes of $0 | 618 | 555 | |||||||||
| COMPREHENSIVE LOSS | $ | (1,930 | ) | $ | (2,339 | ) | |||||
| NET LOSS PER COMMON SHARE | |||||||||||
| --BASIC AND DILUTED | |||||||||||
| Continuing Operations | $ | (0.26 | ) | $ | (0.16 | ) | |||||
| Discontinued Operations | 0.12 | - | |||||||||
| Net Loss | $ | (0.14 | ) | $ | (0.16 | ) | |||||