Exhibit 99.1
NEWS RELEASE | Contact: |
| Tim T. Esaki |
| (808) 665-5480 |
| tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2012 RESULTS
KAPALUA, Hawaii, October 24, 2012 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2012, compared to a net loss of $1.3 million, or $(0.07) per share for the third quarter of 2011. The Company reported revenues of $3.6 million and $3.4 million during the third quarters of 2012 and 2011, respectively.
For the nine months ended September 30, 2012, the Company reported a net loss of $2.9 million, or $(0.16) per share, compared to net income of $8.6 million, or $0.47 per share, for the nine months ended September 30, 2011. Included in net income for the nine months ended September 30, 2011 was a $15.1 million gain recognized from the sale of the Kapalua Bay Golf Course. The Company reported revenues of $12.4 million and $11.0 million for the first nine months of 2012 and 2011, respectively. Revenues in 2012 were higher than 2011 primarily due to a sale in January 2012 of an 89-acre parcel for $1.5 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd 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.
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
| | Three Months Ended September 30, | |
| | 2012 | | 2011 | |
| | (in thousands except | |
| | share amounts) | |
OPERATING REVENUES | | | | | |
Real estate | | | | | |
Sales | | $ | — | | $ | — | |
Commissions | | 90 | | 75 | |
Leasing | | 1,413 | | 1,380 | |
Utilities | | 1,085 | | 935 | |
Resort amenities and other | | 1,034 | | 981 | |
Total Operating Revenues | | 3,622 | | 3,371 | |
| | | | | |
OPERATING COSTS AND EXPENSES | | | | | |
Real estate | | | | | |
Cost of sales | | — | | — | |
Other | | 396 | | 129 | |
Leasing | | 707 | | 796 | |
Utilities | | 791 | | 527 | |
Resort amenities and other | | 996 | | 950 | |
Selling and marketing | | 38 | | 47 | |
General and administrative | | 629 | | 678 | |
Loss on asset dispositions | | 5 | | — | |
Depreciation | | 719 | | 766 | |
Pension and other postretirement expense | | 266 | | 281 | |
Total Operating Costs and Expenses | | 4,547 | | 4,174 | |
| | | | | |
Operating Loss | | (925 | ) | (803 | ) |
Interest expense, net | | (759 | ) | (624 | ) |
Loss from Continuing Operations Before Income Taxes | | (1,684 | ) | (1,427 | ) |
Income Tax Benefit | | — | | (67 | ) |
Loss from Continuing Operations | | (1,684 | ) | (1,360 | ) |
Income from Discontinued Operations, net of income taxes of $0 | | 68 | | 21 | |
NET LOSS | | $ | (1,616 | ) | $ | (1,339 | ) |
Pension, net of income taxes of $0 | | 185 | | 203 | |
COMPREHENSIVE LOSS | | $ | (1,431 | ) | $ | (1,136 | ) |
| | | | | |
NET LOSS PER COMMON SHARE | | | | | |
—BASIC AND DILUTED | | | | | |
Continuing Operations | | $ | (0.09 | ) | $ | (0.07 | ) |
Discontinued Operations | | — | | — | |
Net Loss | | $ | (0.09 | ) | $ | (0.07 | ) |
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| | Nine Months Ended September 30, | |
| | 2012 | | 2011 | |
| | (in thousands except | |
| | share amounts) | |
OPERATING REVENUES | | | | | |
Real estate | | | | | |
Sales | | $ | 1,500 | | $ | — | |
Commissions | | 653 | | 695 | |
Leasing | | 4,394 | | 3,827 | |
Utilities | | 2,628 | | 2,651 | |
Resort amenities and other | | 3,209 | | 3,858 | |
Total Operating Revenues | | 12,384 | | 11,031 | |
| | | | | |
OPERATING COSTS AND EXPENSES | | | | | |
Real estate | | | | | |
Cost of sales | | 149 | | — | |
Other | | 1,270 | | 740 | |
Leasing | | 2,022 | | 2,157 | |
Utilities | | 1,673 | | 1,714 | |
Resort amenities and other | | 3,093 | | 3,386 | |
Selling and marketing | | 122 | | 749 | |
General and administrative | | 2,403 | | 5,113 | |
Gain on asset dispositions | | (229 | ) | (1,376 | ) |
Depreciation | | 2,183 | | 2,648 | |
Pension and other postretirement expense | | 798 | | 879 | |
Total Operating Costs and Expenses | | 13,484 | | 16,010 | |
| | | | | |
Operating Loss | | (1,100 | ) | (4,979 | ) |
Interest expense, net | | (1,859 | ) | (1,758 | ) |
Loss from Continuing Operations Before Income Taxes | | (2,959 | ) | (6,737 | ) |
Income Tax Benefit | | — | | (67 | ) |
Loss from Continuing Operations | | (2,959 | ) | (6,670 | ) |
Income from Discontinued Operations, net of income taxes of $0 | | 65 | | 15,294 | |
NET INCOME (LOSS) | | $ | (2,894 | ) | $ | 8,624 | |
Pension, net of income taxes of $0 | | 555 | | 626 | |
COMPREHENSIVE INCOME (LOSS) | | $ | (2,339 | ) | $ | 9,250 | |
| | | | | |
NET INCOME (LOSS) PER COMMON SHARE | | | | | |
—BASIC AND DILUTED | | | | | |
Continuing Operations | | $ | (0.16 | ) | $ | (0.36 | ) |
Discontinued Operations | | — | | 0.83 | |
Net Income (Loss) | | $ | (0.16 | ) | $ | 0.47 | |
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