House & Home
Thu, May 20, 2010Wed, May 19, 2010Tue, May 18, 2010Mon, May 17, 2010Fri, May 14, 2010Thu, May 13, 2010Wed, May 12, 2010Tue, May 11, 2010Mon, May 10, 2010Sun, May 9, 2010Sat, May 8, 2010Fri, May 7, 2010Thu, May 6, 2010Mon, January 11, 2010Sun, January 10, 2010Sat, January 9, 2010Fri, January 8, 2010Thu, January 7, 2010Wed, January 6, 2010Tue, January 5, 2010Mon, January 4, 2010Sun, January 3, 2010Thu, December 31, 2009Wed, December 30, 2009Tue, December 29, 2009Mon, December 28, 2009Sun, December 27, 2009Thu, December 24, 2009Maui Land & Pineapple Reports 2010 1st Quarter Results
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Published in House and Home on Monday, May 10th 2010 at 14:11 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
KAHULUI, Hawaii--([ BUSINESS WIRE ])--Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $2.7 million or $0.33 per share for the first quarter of 2010, compared to a net loss of $13.2 million or $1.65 per share for the first quarter of 2009. Consolidated revenues were $10.7 million for both the first quarter of 2010 and 2009. Better operating performance and overhead cost reductions, and $3.4 million of gains due to the termination of the Companya™s post-retirement life insurance plan and the elimination of medical benefits for non-bargaining retirees resulted in improved financial performance in the first quarter of 2010. In addition, in December 2009, the Company ceased its Agriculture segment operations, which generated an operating loss of $2.5 million in the first quarter of 2009. The Companya™s $50 million cash sale of the Plantation Golf Course in March 2009 was accounted for as a financing transaction and, accordingly, no gain was recognized in the first quarter of 2009 results.
The Community Development segment reported operating profit of $806,000 for the first quarter of 2010, compared to an operating loss of $3.2 million for the first quarter of 2009. Revenues from this operating segment were $3.9 million for the first quarter of 2010, compared to $2.0 million for the first quarter of 2009. Increased revenues reflect a land sale in the first quarter of 2010 and higher revenues from lease and license agreements that were put in place in December 2009. Included in the operating loss for the first quarter of 2009 is $1.1 million representing the Companya™s equity in the losses of Kapalua Bay Holdings LLC. In 2010, the Company did not recognize any additional losses from this investment as the carrying value of its investment and loan has been written down to zero.
The Resort segment reported an operating loss of $2.5 million for the first quarter of 2010, compared to an operating loss of $4.2 million for the first quarter of 2009. The $1.7 million improvement reflects improved results from golf operations and general cost reductions throughout the Resort. Resort segment revenues decreased from $8.6million to $6.9 million in the first quarter of 2010, or 20%, reflecting the absence of revenues from The Kapalua Villas and Kapalua Adventures in 2010, as these operations were leased to third parties in December 2009.
| MAUI LAND & PINEAPPLE COMPANY, INC. | ||||||||
| Report of Consolidated Operations | ||||||||
| (Unaudited) | ||||||||
| (in thousands except per share amounts) | ||||||||
| Three Months | ||||||||
| Ended March 31, | ||||||||
| 2010 | 2009 | |||||||
| Operating Revenues | ||||||||
| Community Development | $ | 3,853 | $ | 1,977 | ||||
| Resort | 6,854 | 8,620 | ||||||
| Other | 2 | 111 | ||||||
| Total Operating Revenues | $ | 10,709 | $ | 10,708 | ||||
| Operating Profit (Loss) | ||||||||
| Community Development | $ | 806 | $ | (3,225 | ) | |||
| Resort | (2,524 | ) | (4,157 | ) | ||||
| Other (1) | 870 | (1,619 | ) | |||||
| Total Operating Loss | (848 | ) | (9,001 | ) | ||||
| Interest Expense, net | (3,343 | ) | (1,476 | ) | ||||
| Interest Income | 10 | 183 | ||||||
| Income Tax Expense | (85 | ) | (385 | ) | ||||
| Loss from Continuing Operations | (4,266 | ) | (10,679 | ) | ||||
| Income (Loss) from Discontinued Operations (1) | 1,561 | (2,544 | ) | |||||
| Net Loss | $ | (2,705 | ) | $ | (13,223 | ) | ||
| Loss Per Common Share - Basic and Diluted | ||||||||
| Continuing Operations | $ | (0.53 | ) | $ | (1.33 | ) | ||
| Discontinued Operations | 0.20 | (0.32 | ) | |||||
| Net Loss | $ | (0.33 | ) | $ | (1.65 | ) | ||
| Average Common Shares Outstanding | ||||||||
| Basic and diluted | 8,079,081 | 8,020,454 | ||||||
NOTES: | ||||||||
The Companya™s reports for interim periods utilize numerous estimates of production, general and administrative expenses, and other costs for the full year. In addition, revenues from land sales are sporadic. Consequently, amounts in the interim reports are not necessarily indicative of results for the full year. The Companya™s Agriculture segment is reported as discontinued operations and prior period amounts have been reclassified for comparability. | ||||||||
(1) Other operating income and income from discontinued operations for 2010 include credits of $1.1 million and $2.3 million, respectively, representing gains from the termination of the Companya™s retiree life insurance plan and elimination of non-bargaining retiree medical benefits in the first quarter of 2010. | ||||||||
