EX-99.1 2 a11-7791_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

NEWS RELEASE

Contact:

 

Tim T. Esaki

 

(808) 665-5480

 

tesaki@mlpmaui.com

 

MAUI LAND & PINEAPPLE REPORTS 2010 NET INCOME OF $24.8 MILLION

 

KAPALUA, Hawaii, March 11, 2011 (BUSINESS WIRE) —

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $24.8 million, or $1.99 per share, for 2010.  This compares to a net loss of $123.3 million, or ($15.33) per share, for 2009.  Revenues for 2010 were $42.0 million versus $50.4 million for 2009.  Net income for 2010 was higher than the net loss for 2009 primarily due to the recognition of a $26.7 million gain that was previously deferred from the March 2009 sale of the Kapalua Plantation Golf Course, $16.6 million of gains resulting from the termination of postretirement plans in 2010, a $47.2 million loss from the Bay Holdings investment in 2009 and $14.2 million in impairment charges in 2009.

 

For the fourth quarter of 2010, the Company reported net income of $12.0 million, or $0.65 per share, compared to a net loss of $30.4 million, or ($3.76) per share, for the fourth quarter of 2009.  Revenues for the fourth quarter of 2010 were $14.7 million, compared to $10.8 million for the fourth quarter of 2009.  The increase in fourth quarter net income in 2010 compared to the net loss in 2009 was primarily due to certain of the same factors described above.

 

During 2010, the Company reduced its outstanding long-term debt from $94.2 million to $45.2 million and extended the maturity date on the Company’s remaining credit facilities from March 2011 to May 2012.  In February 2011, the maturity date of the Company’s credit facilities was further extended to May 2013.

 

“MLP’s financial results showed continued improvement during 2010 as we strengthened our balance sheet, reduced our overhead costs and resolved several significant legacy obligations,” stated Warren H. Haruki, chairman and interim CEO.  “While significant challenges remain, we are grateful for the support of our shareholders, creditors, and the community, as we move ahead with our new business model.”

 

Additional Information

 

Additional information with respect to the Company and our 2010 operating results will be available on our Form 10-K filed with the Securities and Exchange Commission and our website www.mauiland.com.

 

About Maui Land & Pineapple Company, Inc.

 

Maui Land & Pineapple Company, Inc., organized in 1909, is a landholding, real estate development and asset management company headquartered on Maui, Hawaii.  The Company owns approximately 23,000 acres of land on Maui, including its principal development, the Kapalua Resort, a 1,650 acre master-planned, destination resort community.

 

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MAUI LAND & PINEAPPLE COMPANY, INC. & SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

 

Years Ended December 31,

 

 

 

2010

 

2009

 

 

 

(in thousands except share amounts)

 

 

 

 

 

 

 

OPERATING REVENUES

 

 

 

 

 

Real estate sales

 

$

7,850

 

$

11,979

 

Retail sales

 

9,165

 

10,000

 

Lease income

 

4,979

 

2,366

 

Resort services

 

14,487

 

20,680

 

Utility revenues and other

 

5,473

 

5,329

 

Total Operating Revenues

 

41,954

 

50,354

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

1,480

 

4,919

 

Retail

 

7,619

 

8,408

 

Leasing

 

3,228

 

1,835

 

Resort services

 

13,874

 

21,275

 

Utility operations and other

 

3,520

 

5,420

 

Selling and marketing

 

3,274

 

3,835

 

General and administrative

 

7,820

 

17,945

 

Depreciation

 

6,675

 

7,245

 

Impairment - long-lived assets

 

2,547

 

14,286

 

(Gain) loss on asset sales

 

(29,855

)

1,053

 

Total Operating Costs and Expenses

 

20,182

 

86,221

 

Operating Income (Loss)

 

21,772

 

(35,867

)

Equity in losses of affiliates

 

—

 

(47,187

)

Interest expense

 

(9,406

)

(10,452

)

Interest income

 

44

 

492

 

Income (Loss) from Continuing Operations Before Income Taxes

 

12,410

 

(93,014

)

Income Tax Benefit

 

(251

)

(4,583

)

Income (Loss) from Continuing Operations

 

12,661

 

(88,431

)

Income (Loss) from Discontinued Operations net of income taxes of $0 and $46

 

12,091

 

(34,850

)

NET INCOME (LOSS)

 

24,752

 

(123,281

)

Pension Benefit Adjustment net of income taxes of $0

 

(12,220

)

13,350

 

COMPREHENSIVE INCOME (LOSS)

 

$

12,532

 

$

(109,931

)

EARNINGS (LOSS) PER COMMON SHARE—BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

1.02

 

$

(11.00

)

Discontinued Operations

 

0.97

 

(4.33

)

Net Income (Loss)

 

$

1.99

 

$

(15.33

)

 

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