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.
# # #
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 | ) |
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 |
|