Note 13 - Operating Segment Information

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

13.     Operating Segment Information

The Company’s presentation of its reportable operating segments is consistent with how the Company’s chief operating decision maker determines the allocation of resources. Reportable segments are as follows:

• Real Estate includes the development and sale of real estate inventory and the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort.

• Leasing primarily includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third parties, and the cost of maintaining the Company’s real estate assets, including conservation activities.

• Utilities primarily include the operations of Kapalua Water Company and Kapalua Waste Treatment Company, the Company’s water and sewage transmission operations (regulated by the Hawaii Public Utilities Commission) servicing the Kapalua Resort. The operating segment also includes the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas.

• Resort Amenities include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members.

Financial results for each of the Company’s reportable segments for the three and nine months ended September 30, 2014 and 2013 were as follows:

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Operating Revenues
Real Estate	$	249		$	206		$	2,785		$	397
Leasing		1,246			1,315			3,967			3,838
Utilities		924			1010			2,475			2,793
Resort Amenities		316			280			959			960
Other		4			3			31			11
Total Operating Revenues	$	2,739		$	2,814		$	10,217		$	7,999
Operating Income (Loss) (1)
Real Estate	$	(259	)	$	(645	)	$	504		$	(1,673	)
Leasing		147			16			602			(223	)
Utilities		172			259			284			621
Resort Amenities		43			14			110			252
Other (2)		(226	)		(493	)		(905	)		(1,506	)
Total Operating Income (Loss)		(123	)		(849	)		595			(2,529	)
Interest Expense, net		(598	)		(641	)		(1,667	)		(1,841	)
Loss from Continuing Operations		(721	)		(1,490	)		(1,072	)		(4,370	)
Income (Loss) from Discontinued Operations (Note 7)		(28	)		(74	)		(109	)		1,822
Net Loss	$	(749	)	$	(1,564	)	$	(1,181	)	$	(2,548	)

(1)  Includes allocations of general and administrative expenses.

(2) Consists primarily of miscellaneous transactions and unallocated general and administrative, pension and other post-retirement expenses.