EX-99.1 2 a13-23763_1ex99d1.htm EX-99.1

Exhibit 99.1

 

NEWS RELEASE

 

Contact:

 

 

Tim T. Esaki

 

 

(808) 665-5480

 

 

tesaki@kapalua.com

 

MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2013 RESULTS

 

KAPALUA RESORT, Hawaii, November 6, 2013 (BUSINESS WIRE) —

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.6 million, or $(0.08) per share, for the third quarter of 2013, compared to a net loss of $1.6 million, or $(0.09) per share for the third quarter of 2012.  The Company reported revenues of $2.8 million and $3.6 million during the third quarters of 2013 and 2012, respectively.

 

For the nine months ended September 30, 2013, the Company reported a net loss of $2.5 million, or $(0.14) per share, compared to a net loss of $2.9 million, or $(0.16) per share, for the nine months ended September 30, 2012.  The Company reported revenues of $9.3 million and $12.4 million during the nine months ended September 30, 2013 and 2012, respectively.

 

In June 2013, the Company sold a 7-acre parcel that was the last of its former agricultural processing facilities in central Maui for $4.0 million.  The sale resulted in a gain of $1.9 million.  In January 2012, the Company sold an 89-acre former agricultural parcel in Upcountry Maui for $1.5 million.  The sale resulted in a gain of approximately $1.4 million.

 

Additional Information

 

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd quarter 2013 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.

 

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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

(UNAUDITED)

 

 

 

Three Months Ended September 30,

 

 

 

2013

 

2012

 

 

 

(in thousands except

 

 

 

share amounts)

 

OPERATING REVENUES

 

 

 

 

 

Real estate

 

 

 

 

 

Commissions

 

$

206

 

$

90

 

Leasing

 

1,315

 

1,413

 

Utilities

 

1,010

 

1,085

 

Resort amenities and other

 

303

 

1,034

 

Total Operating Revenues

 

2,834

 

3,622

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

 

 

 

 

Other

 

613

 

396

 

Leasing

 

726

 

707

 

Utilities

 

588

 

791

 

Resort amenities and other

 

266

 

996

 

General and administrative

 

685

 

667

 

Loss on asset dispositions

 

61

 

5

 

Depreciation

 

583

 

719

 

Pension and other postretirement expense

 

222

 

266

 

Total Operating Costs and Expenses

 

3,744

 

4,547

 

 

 

 

 

 

 

Operating Loss

 

(910

)

(925

)

Interest expense, net

 

(641

)

(759

)

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

 

(1,551

)

(1,684

)

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

 

(13

)

68

 

NET LOSS

 

(1,564

)

(1,616

)

Pension, net of income taxes of $0

 

228

 

185

 

COMPREHENSIVE LOSS

 

$

(1,336

)

$

(1,431

)

 

 

 

 

 

 

NET LOSS PER COMMON SHARE

 

 

 

 

 

—BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.08

)

$

(0.09

)

Discontinued Operations

 

 

 

Net Loss

 

$

(0.08

)

$

(0.09

)

 

2



 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 

(UNAUDITED)

 

 

 

Nine Months Ended September 30,

 

 

 

2013

 

2012

 

 

 

(in thousands except

 

 

 

share amounts)

 

OPERATING REVENUES

 

 

 

 

 

Real estate

 

 

 

 

 

Sales

 

$

 

$

1,500

 

Commissions

 

397

 

653

 

Leasing

 

3,838

 

4,394

 

Utilities

 

2,793

 

2,628

 

Resort amenities and other

 

2,266

 

3,209

 

Total Operating Revenues

 

9,294

 

12,384

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

 

 

 

 

Cost of sales

 

 

149

 

Other

 

1,452

 

1,270

 

Leasing

 

2,115

 

2,022

 

Utilities

 

1,682

 

1,673

 

Resort amenities and other

 

2,180

 

3,093

 

General and administrative

 

2,156

 

2,525

 

Loss (Gain) on asset dispositions

 

61

 

(229

)

Depreciation

 

1,958

 

2,183

 

Pension and other postretirement expense

 

666

 

798

 

Total Operating Costs and Expenses

 

12,270

 

13,484

 

 

 

 

 

 

 

Operating Loss

 

(2,976

)

(1,100

)

Interest expense, net

 

(1,841

)

(1,859

)

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

 

(4,817

)

(2,959

)

Income from Discontinued Operations, net of income taxes of $116 and $0

 

2,269

 

65

 

NET LOSS

 

(2,548

)

(2,894

)

Pension, net of income taxes of $0

 

618

 

555

 

COMPREHENSIVE LOSS

 

$

(1,930

)

$

(2,339

)

 

 

 

 

 

 

NET LOSS PER COMMON SHARE

 

 

 

 

 

—BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.26

)

$

(0.16

)

Discontinued Operations

 

0.12

 

 

Net Loss

 

$

(0.14

)

$

(0.16

)

 

3