Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of
$13.2 million or $1.65 per share for the first quarter of 2009 compared
to a net loss of $414,000, or $0.05 per share for the first quarter of
2008. Consolidated revenues were $15.6 million for the first quarter of
2009 compared to $25.4 million for the first quarter of 2008, a decrease
of 39%. Results in the first quarter of 2009 largely reflect the
continuing impact of the national and worldwide economic uncertainty
that has resulted in reduced visitor counts to Maui and the State of
Hawaii and slower sales of real estate. Approximately $10.5 million of
the increase in the net loss resulted from the year-over-year decrease
in profit from the Company’s equity investment in Kapalua Bay Holdings
LLC. The Company’s $50 million cash sale of the Plantation Golf Course
in March 2009 was accounted for as a financing transaction and,
accordingly, no gain was recognized in the first quarter of 2009.
The Community Development segment reported an operating loss of $3.2
million for the first quarter of 2009 compared to operating income of
$8.1 million for the first quarter of 2008. Revenues from this operating
segment were $2.0 million for the first quarter of 2009 compared to $4.6
million for the first quarter of 2008. The Company recorded a loss from
Kapalua Bay Holdings, LLC of $1.1 million in the first quarter of 2009
compared to income of $9.4 million in the first quarter of 2008. Lower
results in 2009 from the Kapalua Bay equity investment reflect reduced
sales for the first quarter of 2009 compared to the first quarter of
2008. Lower results from the Community Development segment in the first
quarter of 2009 were also due to no land sales in the first quarter of
2009, compared to the sale of two non-core land parcels in the first
quarter of 2008.
The Resort segment reported an operating loss of $4.2 million for the
first quarter of 2009 compared to an operating loss of $2.3 million for
the first quarter of 2008. Resort segment revenues decreased from
$11.7 million in the first quarter of 2008 to $8.6 million for the first
quarter of 2009 or 26%, reflecting lower revenues from the primary
Resort operations, golf, retail and villas. A reduction in visitor
arrivals and occupancy at the Resort was primarily responsible for the
lower results in the first quarter of 2009.
The Agriculture segment produced an operating loss of $3.5 million for
the first quarter of 2009 compared to an operating loss of $5.1 million
for the first quarter of 2008. Revenues from the Agriculture segment
decreased by 42% from $8.5 million in the first quarter of 2008 to $4.9
million in the first quarter of 2009 due to lower case volume of fresh
pineapple sales. The lower loss in the first quarter of 2009 reflects
higher average prices for fresh pineapple and lower operating costs in
the Agriculture segment. In addition, the operating loss for the first
quarter of 2008 included approximately $0.9 million in equipment
write-offs and a provision of $0.9 million for potentially uncollectible
accounts receivable.
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MAUI LAND & PINEAPPLE COMPANY, INC.
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Report of Consolidated Operations
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(Unaudited)
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(in thousands except per share amounts)
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Three Months
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Ended March 31,
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2009
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2008
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Revenues
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Community Development
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$
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1,977
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$
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4,598
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Resort
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8,620
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11,691
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Agriculture
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4,889
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8,461
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Other
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111
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619
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Total Operating Revenues
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$
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15,597
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$
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25,369
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Operating Profit (Loss)
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Community Development
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$
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(3,225
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$
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8,081
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Resort
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(4,157
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(2,276
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Agriculture
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(3,545
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(5,130
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Other
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(618
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)
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(39
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)
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Total Operating Profit (Loss)
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(11,545
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)
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636
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Interest Expense
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(1,476
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(1,481
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)
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Interest Income
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183
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244
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Income Tax (Expense) Benefit
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(385
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)
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187
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Net Loss
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$
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(13,223
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$
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(414
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Loss Per Common Share
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Basic
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$
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(1.65
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$
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(0.05
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Diluted
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$
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(1.65
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$
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(0.05
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Average Common Shares Outstanding
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Basic
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8,020,454
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7,959,217
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Diluted
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8,020,454
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7,959,217
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NOTES:
The Company’s reports for interim periods utilize numerous estimates of
production, general and administrative expenses, and other costs for the
full year. In addition, revenues from land sales are sporadic.
Consequently, amounts in the interim reports are not necessarily
indicative of results for the full year.
For Maui Land & Pineapple Company, Inc.
Robert I. Webber,
808-877-1674
Fax: 808-877-1614
