EX-99.1 2 a12-17575_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 2012 RESULTS

 

KAPALUA, Hawaii, August 1, 2012 (BUSINESS WIRE) —

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.0 million, or $(0.06) per share, for the second quarter of 2012, compared to a net loss of $2.5 million, or $(0.13) per share for the second quarter of 2011.  The Company reported revenues of $3.5 million and $3.8 million during the second quarters of 2012 and 2011, respectively.

 

For the six months ended June 30, 2012, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to net income of $10.0 million, or $0.54 per share, for the six months ended June 30, 2011.  Included in net income for the six months ended June 30, 2011 was a $15.1 million gain recognized from the sale of the Kapalua Bay Golf Course.  The Company reported revenues of $8.8 million and $7.7 million for the first six months of 2012 and 2011, respectively.

 

“We continue to recognize improvements in our ongoing cash flow from operations through increased leasing revenues from our primary land holdings, sales of non-core real estate assets, and by cost reduction efforts” said Tim Esaki, Chief Financial Officer.

 

Additional Information

 

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2012 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 COMPREHENSIVE LOSS

 

(UNAUDITED)

 

 

 

Three Months Ended June 30,

 

 

 

2012

 

2011

 

 

 

(in thousands except

 

 

 

share amounts)

 

OPERATING REVENUES

 

 

 

 

 

Real estate

 

 

 

 

 

Sales

 

$

 

$

 

Commissions

 

244

 

327

 

Leasing

 

1,479

 

1,100

 

Utilities

 

714

 

931

 

Resort amenities and other

 

1,015

 

1,457

 

Total Operating Revenues

 

3,452

 

3,815

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

 

 

 

 

Cost of sales

 

 

 

Other

 

431

 

345

 

Leasing

 

636

 

667

 

Utilities

 

258

 

574

 

Resort amenities and other

 

1,000

 

957

 

Selling and marketing

 

22

 

448

 

General and administrative

 

722

 

1,489

 

Gain on asset dispositions

 

(31

)

(13

)

Depreciation

 

730

 

896

 

Pension and other postretirement expense

 

266

 

285

 

Total Operating Costs and Expenses

 

4,034

 

5,648

 

 

 

 

 

 

 

Operating Loss

 

(582

)

(1,833

)

Interest expense, net

 

(466

)

(463

)

Loss from Continuing Operations, net of income taxes of $0

 

(1,048

)

(2,296

)

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

 

14

 

(166

)

NET LOSS

 

$

(1,034

)

$

(2,462

)

Pension, net of income taxes of $0

 

185

 

207

 

COMPREHENSIVE LOSS

 

$

(849

)

$

(2,255

)

 

 

 

 

 

 

NET LOSS PER COMMON SHARE—BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.06

)

$

(0.12

)

Discontinued Operations

 

 

(0.01

)

Net Loss

 

$

(0.06

)

$

(0.13

)

 

2



 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

(UNAUDITED)

 

 

 

Six Months Ended June 30,

 

 

 

2012

 

2011

 

 

 

(in thousands except

 

 

 

share amounts)

 

OPERATING REVENUES

 

 

 

 

 

Real estate

 

 

 

 

 

Sales

 

$

1,500

 

$

 

Commissions

 

563

 

620

 

Leasing

 

2,981

 

2,447

 

Utilities

 

1,543

 

1,717

 

Resort amenities and other

 

2,175

 

2,876

 

Total Operating Revenues

 

8,762

 

7,660

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

 

 

 

 

Cost of sales

 

149

 

 

Other

 

874

 

611

 

Leasing

 

1,315

 

1,362

 

Utilities

 

882

 

1,187

 

Resort amenities and other

 

2,097

 

2,436

 

Selling and marketing

 

84

 

702

 

General and administrative

 

1,774

 

4,434

 

Gain on asset dispositions

 

(234

)

(1,376

)

Depreciation

 

1,464

 

1,882

 

Pension and other postretirement expense

 

532

 

598

 

Total Operating Costs and Expenses

 

8,937

 

11,836

 

 

 

 

 

 

 

Operating Loss

 

(175

)

(4,176

)

Interest expense, net

 

(1,100

)

(1,134

)

Loss from Continuing Operations, net of income taxes of $0

 

(1,275

)

(5,310

)

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

 

(3

)

15,273

 

NET INCOME (LOSS)

 

$

(1,278

)

$

9,963

 

Pension, net of income taxes of $0

 

370

 

423

 

COMPREHENSIVE INCOME (LOSS)

 

$

(908

)

$

10,386

 

 

 

 

 

 

 

NET INCOME (LOSS) PER COMMON SHARE—BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.07

)

$

(0.29

)

Discontinued Operations

 

 

0.83

 

Net Income (Loss)

 

$

(0.07

)

$

0.54

 

 

3