Exhibit 99.1
NEWS RELEASE | Contact: |
| Tim T. Esaki |
| (808) 665-5480 |
| tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 1st QUARTER 2013 RESULTS
KAPALUA RESORT, Hawaii, May 1, 2013 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.8 million, or $(0.10) per share, for the first quarter of 2013, compared to a net loss of $0.2 million, or $(0.01) per share for the first quarter of 2012. The Company reported revenues of $3.4 million and $5.3 million during the first quarters of 2013 and 2012, respectively.
In January 2012, the Company sold an 89-acre parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million. The Company had no sales of real estate during the first quarter of 2013.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st 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 LOSS
(UNAUDITED)
|
| Three Months Ended March 31, |
| ||||
|
| 2013 |
| 2012 |
| ||
|
| (in thousands except |
| ||||
|
| share amounts) |
| ||||
OPERATING REVENUES |
|
|
|
|
| ||
Real estate |
|
|
|
|
| ||
Sales |
| $ | — |
| $ | 1,500 |
|
Commissions |
| 96 |
| 319 |
| ||
Leasing |
| 1,326 |
| 1,502 |
| ||
Utilities |
| 827 |
| 829 |
| ||
Resort amenities and other |
| 1,104 |
| 1,160 |
| ||
Total Operating Revenues |
| 3,353 |
| 5,310 |
| ||
|
|
|
|
|
| ||
OPERATING COSTS AND EXPENSES |
|
|
|
|
| ||
Real estate |
|
|
|
|
| ||
Cost of sales |
| — |
| 149 |
| ||
Other |
| 397 |
| 443 |
| ||
Leasing |
| 780 |
| 679 |
| ||
Utilities |
| 555 |
| 624 |
| ||
Resort amenities and other |
| 1,084 |
| 1,097 |
| ||
Selling and marketing |
| 37 |
| 62 |
| ||
General and administrative |
| 704 |
| 1,052 |
| ||
Gain on asset dispositions |
| — |
| (203 | ) | ||
Depreciation |
| 687 |
| 734 |
| ||
Pension and other postretirement expense |
| 222 |
| 266 |
| ||
Total Operating Costs and Expenses |
| 4,466 |
| 4,903 |
| ||
|
|
|
|
|
| ||
Operating Income (Loss) |
| (1,113 | ) | 407 |
| ||
|
|
|
|
|
| ||
Interest expense, net |
| (694 | ) | (634 | ) | ||
Loss from Continuing Operations, net of income taxes of $0 |
| (1,807 | ) | (227 | ) | ||
Loss from Discontinued Operations, net of income taxes of $0 |
| (8 | ) | (17 | ) | ||
|
|
|
|
|
| ||
NET LOSS |
| $ | (1,815 | ) | $ | (244 | ) |
Pension, net of income taxes of $0 |
| 228 |
| 185 |
| ||
|
|
|
|
|
| ||
COMPREHENSIVE LOSS |
| $ | (1,587 | ) | $ | (59 | ) |
|
|
|
|
|
| ||
NET LOSS PER COMMON SHARE |
|
|
|
|
| ||
—BASIC AND DILUTED |
|
|
|
|
| ||
Continuing Operations |
| $ | (0.10 | ) | $ | (0.01 | ) |
Discontinued Operations |
| — |
| — |
| ||
Net Loss |
| $ | (0.10 | ) | $ | (0.01 | ) |