EX-99.1 2 a11-23790_1ex99d1.htm EX-99.1

Exhibit 99.1

 

NEWS RELEASE

 

Contact:

 

 

Tim T. Esaki

 

 

(808) 665-5480

 

 

tesaki@mlpmaui.com

 

MAUI LAND & PINEAPPLE REPORTS 2nd QUARTER 2011 RESULTS

 

KAPALUA, Hawaii, August 3, 2011 (BUSINESS WIRE) —

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $2.5 million, or $(0.13) per share, for the second quarter of 2011, compared to a net loss of $4.6 million, or $(0.57) per share for the second quarter of 2010.  The Company reported revenues of $5.2 million and $6.3 million during the second quarters of 2011 and 2010, respectively.

 

For the first six months of 2011, the Company reported net income of $10.0 million, or $0.54 per share, compared to a net loss of $7.3 million, or $(0.90) per share, for the first six months of 2010.  Included in net income for the first six months of 2011 was a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Golf Course.  The Company reported revenues of $11.6 million and $13.9 million for the first six months of 2011 and 2010, respectively.

 

During the second quarter of 2011, the Company sold a portion of its former pineapple cannery site in Kahului for approximately $9.8 million.  Part of the proceeds was used for working capital and to pay down debt.  In addition, the Company set aside approximately $4.1 million from the sale proceeds for use in settling obligations related to former operations.

 

“While the Company still faces many challenges, we continue to make steady progress towards resolving our legacy issues, and restructuring and streamlining our operations,” said Tim Esaki, Chief Financial Officer.

 

Additional Information

 

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2011 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 operates retail, utility operations, and a nature preserve at the Kapalua Resort.

 

#          #          #

 


 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and

Comprehensive Loss

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

 

2011

 

2010

 

 

 

(in thousands except

 

 

 

share amounts)

 

 

 

 

 

 

 

OPERATING REVENUES

 

 

 

 

 

Retail sales

 

$

1,277

 

$

2,034

 

Lease income

 

1,104

 

1,213

 

Resort services

 

1,155

 

1,262

 

Utility revenues and other

 

1,696

 

1,774

 

 

 

 

 

 

 

Total Operating Revenues

 

5,232

 

6,283

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Retail

 

1,315

 

1,842

 

Leasing

 

663

 

721

 

Resort services

 

748

 

1,115

 

Utility operations and other

 

874

 

877

 

Selling and marketing

 

473

 

462

 

General and administrative

 

1,867

 

1,975

 

Depreciation

 

955

 

1,395

 

Gain on asset dispositions

 

—

 

(999

)

 

 

 

 

 

 

Total Operating Costs and Expenses

 

6,895

 

7,388

 

 

 

 

 

 

 

Operating Loss

 

(1,663

)

(1,105

)

 

 

 

 

 

 

Interest expense, net

 

(463

)

(1,956

)

 

 

 

 

 

 

Loss from Continuing Operations net of income taxes of $0

 

(2,126

)

(3,061

)

 

 

 

 

 

 

Loss from Discontinued Operations net of income taxes of $0

 

(336

)

(1,526

)

 

 

 

 

 

 

NET LOSS

 

(2,462

)

(4,587

)

Pension Benefit Adjustment net of income taxes of $0

 

—

 

(807

)

 

 

 

 

 

 

COMPREHENSIVE LOSS

 

$

(2,462

)

$

(5,394

)

 

 

 

 

 

 

NET LOSS PER COMMON SHARE

 

 

 

 

 

— BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.11

)

$

(0.38

)

Discontinued Operations

 

(0.02

)

(0.19

)

Net Loss

 

$

(0.13

)

$

(0.57

)

 

2


 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and

Comprehensive Income (Loss)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2011

 

2010

 

 

 

(in thousands except

 

 

 

share amounts)

 

 

 

 

 

 

 

OPERATING REVENUES

 

 

 

 

 

Real estate sales

 

$

—

 

$

1,650

 

Retail sales

 

4,075

 

4,678

 

Lease income

 

2,471

 

2,396

 

Resort services

 

2,188

 

2,296

 

Utility revenues and other

 

2,914

 

2,851

 

 

 

 

 

 

 

Total Operating Revenues

 

11,648

 

13,871

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

—

 

154

 

Retail

 

3,308

 

3,971

 

Leasing

 

1,348

 

1,651

 

Resort services

 

1,961

 

2,218

 

Utility operations and other

 

1,785

 

1,646

 

Selling and marketing

 

809

 

1,629

 

General and administrative

 

3,568

 

3,260

 

Depreciation

 

2,000

 

2,723

 

(Gain) loss on asset dispositions

 

193

 

(978

)

 

 

 

 

 

 

Total Operating Costs and Expenses

 

14,972

 

16,274

 

 

 

 

 

 

 

Operating Loss

 

(3,324

)

(2,403

)

 

 

 

 

 

 

Interest expense, net

 

(1,134

)

(4,711

)

 

 

 

 

 

 

Loss from Continuing Operations Before Income Taxes

 

(4,458

)

(7,114

)

Income Tax Expense

 

—

 

85

 

 

 

 

 

 

 

Loss from Continuing Operations

 

(4,458

)

(7,199

)

 

 

 

 

 

 

Income from Discontinued Operations net of income taxes of $0

 

14,421

 

(93

)

 

 

 

 

 

 

NET INCOME (LOSS)

 

9,963

 

(7,292

)

Pension Benefit Adjustment net of income taxes of $0

 

—

 

615

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

 

$

9,963

 

$

(6,677

)

 

 

 

 

 

 

NET INCOME (LOSS) PER COMMON SHARE

 

 

 

 

 

— BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.24

)

$

(0.89

)

Discontinued Operations

 

0.78

 

(0.01

)

Net Income (Loss)

 

$

0.54

 

$

(0.90

)

 

3