KAPALUA, Hawaii--(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 | ) | ||||||
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Loss from Discontinued Operations, net of income taxes of $0 |
(8 | ) | (17 | ) | ||||||
| NET LOSS | $ | (1,815 | ) | $ | (244 | ) |
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| Pension, net of income taxes of $0 | 228 | 185 | ||||||||
| COMPREHENSIVE LOSS | $ | (1,587 | ) | $ | (59 | ) |
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| NET LOSS PER COMMON SHARE | ||||||||||
| --BASIC AND DILUTED | ||||||||||
| Continuing Operations | $ | (0.10 | ) | $ | (0.01 | ) | ||||
| Discontinued Operations | - | - | ||||||||
| Net Loss | $ | (0.10 | ) | $ | (0.01 | ) |
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