EX-99.1 2 a11-29118_1ex99d1.htm EX-99.1

Exhibit 99.1

 

NEWS RELEASE

 

Contact:

 

 

Tim T. Esaki

 

 

(808) 665-5480

 

 

tesaki@mlpmaui.com

 

MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2011 RESULTS

 

KAPALUA, Hawaii, November 2, 2011 (BUSINESS WIRE) —

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.3 million, or $(0.07) per share, for the third quarter of 2011, compared to net income of $20.0 million, or $1.35 per share for the third quarter of 2010.  The Company reported revenues of $3.4 million and $3.9 million during the third quarters of 2011 and 2010, respectively.

 

For the nine months ended September 30, 2011, the Company reported net income of $8.6 million, or $0.47 per share, compared to net income of $12.7 million, or $1.23 per share, for the nine months ended September 30, 2010.  The Company reported revenues of $11.0 million and $13.1 million for the nine months ended September 30, 2011 and 2010, respectively.

 

Net income for the nine months ended September 30, 2011 included a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Golf Course.  Net income for the nine months ended September 30, 2010 included a $25.7 million gain recognized from the 2009 sale of the Plantation Golf Course.

 

“As demonstrated by our year-to-date results for 2011 compared to last year, we are pleased with the improvements in our ongoing operations.  This shows that our new simplified operating model is showing the desired benefits that we hoped to achieve,” said Tim Esaki, Chief Financial Officer.

 

Additional Information

 

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd 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 manages properties, utilities, and a nature preserve at the Kapalua Resort.

 

#          #          #

 


 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and

Comprehensive Income (Loss)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

 

2011

 

2010

 

 

 

(in thousands except

 

 

 

share amounts)

 

 

 

 

 

 

 

OPERATING REVENUES

 

 

 

 

 

Real estate - commissions

 

$

75

 

$

210

 

Leasing

 

1,380

 

1,385

 

Utilities

 

935

 

959

 

Resort amenities and other

 

981

 

1,296

 

Total Operating Revenues

 

3,371

 

3,850

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

129

 

273

 

Leasing

 

796

 

981

 

Utilities

 

527

 

517

 

Resort amenities and other

 

950

 

1,323

 

Selling and marketing

 

47

 

461

 

General and administrative

 

959

 

2,856

 

Depreciation

 

766

 

1,100

 

Total Operating Costs and Expenses

 

4,174

 

7,511

 

 

 

 

 

 

 

Operating Loss

 

(803

)

(3,661

)

 

 

 

 

 

 

Interest expense, net

 

(624

)

(1,791

)

 

 

 

 

 

 

Loss from Continuing Operations before income taxes

 

(1,427

)

(5,452

)

Income tax benefit

 

(67

)

(261

)

 

 

 

 

 

 

Loss from Continuing Operations

 

(1,360

)

(5,191

)

Income from Discontinued Operations net of income taxes of $0

 

21

 

25,218

 

NET INCOME (LOSS)

 

$

(1,339

)

$

20,027

 

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

 

$

(1,339

)

$

20,027

 

 

 

 

 

 

 

NET INCOME (LOSS) PER COMMON SHARE

 

 

 

 

 

–BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.07

)

$

(0.35

)

Discontinued Operations

 

—

 

1.70

 

Net (Income) Loss

 

$

(0.07

)

$

1.35

 

 

2


 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and

Comprehensive Income

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2011

 

2010

 

 

 

(in thousands except

 

 

 

share amounts)

 

 

 

 

 

 

 

OPERATING REVENUES

 

 

 

 

 

Real estate

 

 

 

 

 

Sales

 

$

—

 

$

1,650

 

Other

 

695

 

987

 

Leasing

 

3,827

 

3,791

 

Utilities

 

2,651

 

2,442

 

Resort amenities and other

 

3,858

 

4,262

 

Total Operating Revenues

 

11,031

 

13,132

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

 

 

 

 

Cost of sales

 

—

 

154

 

Other

 

740

 

955

 

Leasing

 

2,157

 

2,621

 

Utilities

 

1,714

 

1,454

 

Resort amenities and other

 

3,386

 

4,044

 

Selling and marketing

 

749

 

2,004

 

General and administrative

 

4,445

 

6,080

 

Depreciation

 

2,648

 

3,692

 

(Gain) loss on asset dispositions

 

171

 

(958

)

Total Operating Costs and Expenses

 

16,010

 

20,046

 

 

 

 

 

 

 

Operating Loss

 

(4,979

)

(6,914

)

 

 

 

 

 

 

Interest expense, net

 

(1,758

)

(6,502

)

 

 

 

 

 

 

Loss from Continuing Operations Before Income Taxes

 

(6,737

)

(13,416

)

Income Tax Benefit

 

(67

)

(176

)

 

 

 

 

 

 

Loss from Continuing Operations

 

(6,670

)

(13,240

)

 

 

 

 

 

 

Income from Discontinued Operations net of income taxes of $0

 

15,294

 

25,975

 

 

 

 

 

 

 

NET INCOME

 

8,624

 

12,735

 

Pension Benefit Adjustment net of income taxes of $0

 

—

 

615

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

$

8,624

 

$

13,350

 

 

 

 

 

 

 

NET INCOME (LOSS) PER COMMON SHARE

 

 

 

 

 

–BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.36

)

$

(1.28

)

Discontinued Operations

 

0.83

 

2.51

 

Net Income

 

$

0.47

 

$

1.23

 

 

3