Attached files
| file | filename |
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| 8-K - 8-K - MAUI LAND & PINEAPPLE CO INC | a12-17575_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 2nd QUARTER 2012 RESULTS
KAPALUA, Hawaii, August 1, 2012 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.0 million, or $(0.06) per share, for the second quarter of 2012, compared to a net loss of $2.5 million, or $(0.13) per share for the second quarter of 2011. The Company reported revenues of $3.5 million and $3.8 million during the second quarters of 2012 and 2011, respectively.
For the six months ended June 30, 2012, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to net income of $10.0 million, or $0.54 per share, for the six months ended June 30, 2011. Included in net income for the six months ended June 30, 2011 was a $15.1 million gain recognized from the sale of the Kapalua Bay Golf Course. The Company reported revenues of $8.8 million and $7.7 million for the first six months of 2012 and 2011, respectively.
“We continue to recognize improvements in our ongoing cash flow from operations through increased leasing revenues from our primary land holdings, sales of non-core real estate assets, and by cost reduction efforts” said Tim Esaki, Chief Financial Officer.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2012 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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Three Months Ended June 30, |
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2012 |
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2011 |
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(in thousands except |
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share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
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$ |
— |
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$ |
— |
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Commissions |
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244 |
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327 |
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Leasing |
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1,479 |
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1,100 |
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Utilities |
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714 |
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931 |
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Resort amenities and other |
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1,015 |
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1,457 |
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Total Operating Revenues |
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3,452 |
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3,815 |
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|
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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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— |
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Other |
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431 |
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345 |
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Leasing |
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636 |
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667 |
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Utilities |
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258 |
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574 |
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Resort amenities and other |
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1,000 |
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957 |
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Selling and marketing |
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22 |
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448 |
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General and administrative |
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722 |
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1,489 |
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Gain on asset dispositions |
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(31 |
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(13 |
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Depreciation |
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730 |
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896 |
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Pension and other postretirement expense |
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266 |
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285 |
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Total Operating Costs and Expenses |
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4,034 |
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5,648 |
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Operating Loss |
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(582 |
) |
(1,833 |
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Interest expense, net |
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(466 |
) |
(463 |
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Loss from Continuing Operations, net of income taxes of $0 |
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(1,048 |
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(2,296 |
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Income (Loss) from Discontinued Operations, net of income taxes of $0 |
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14 |
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(166 |
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NET LOSS |
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$ |
(1,034 |
) |
$ |
(2,462 |
) |
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Pension, net of income taxes of $0 |
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185 |
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207 |
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COMPREHENSIVE LOSS |
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$ |
(849 |
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$ |
(2,255 |
) |
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NET LOSS PER COMMON SHARE—BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.06 |
) |
$ |
(0.12 |
) |
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Discontinued Operations |
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— |
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(0.01 |
) | ||
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Net Loss |
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$ |
(0.06 |
) |
$ |
(0.13 |
) |
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
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Six Months Ended June 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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Sales |
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$ |
1,500 |
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$ |
— |
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Commissions |
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563 |
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620 |
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Leasing |
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2,981 |
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2,447 |
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Utilities |
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1,543 |
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1,717 |
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Resort amenities and other |
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2,175 |
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2,876 |
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Total Operating Revenues |
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8,762 |
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7,660 |
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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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874 |
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611 |
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Leasing |
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1,315 |
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1,362 |
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Utilities |
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882 |
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1,187 |
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Resort amenities and other |
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2,097 |
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2,436 |
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Selling and marketing |
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84 |
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702 |
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General and administrative |
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1,774 |
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4,434 |
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Gain on asset dispositions |
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(234 |
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(1,376 |
) | ||
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Depreciation |
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1,464 |
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1,882 |
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Pension and other postretirement expense |
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532 |
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598 |
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Total Operating Costs and Expenses |
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8,937 |
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11,836 |
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Operating Loss |
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(175 |
) |
(4,176 |
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Interest expense, net |
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(1,100 |
) |
(1,134 |
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Loss from Continuing Operations, net of income taxes of $0 |
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(1,275 |
) |
(5,310 |
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Income (Loss) from Discontinued Operations, net of income taxes of $0 |
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(3 |
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15,273 |
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NET INCOME (LOSS) |
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$ |
(1,278 |
) |
$ |
9,963 |
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Pension, net of income taxes of $0 |
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370 |
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423 |
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COMPREHENSIVE INCOME (LOSS) |
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$ |
(908 |
) |
$ |
10,386 |
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NET INCOME (LOSS) PER COMMON SHARE—BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.07 |
) |
$ |
(0.29 |
) |
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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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$ |
(0.07 |
) |
$ |
0.54 |
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