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Maui Land and Pineapple Company Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 4, 2011 04:36PM

Maui Land and Pineapple Company Inc (MLP) filed Quarterly Report for the period ended 2011-06-30. Maui Land & Pineapple Co. Inc. has a market cap of $94.2 million; its shares were traded at around $5.02 with a P/E ratio of 10.9 and P/S ratio of 2.2.



Highlight of Business Operations:

Consolidated revenues were $5.2 million for the second quarter of 2011 compared to $6.3 million for the second quarter of 2010. The lower revenues for 2011 were primarily due to lower retail sales and lease revenue after the expiration of the sales-leaseback arrangements and corresponding discontinuance of retail and leasing operations at the Plantation and Bay Golf courses at the end of March 2011. We reported a net loss of $2.5 million ($0.13 per share) for the second quarter of 2011 compared to a net loss of $4.6 million ($0.57 per share) for the second quarter of 2010. The lower loss for the second quarter of 2011 primarily reflects lower operating, general and administrative, and interest expenses and approximately $1.2 million of reduced losses from discontinued operations.

Consolidated revenues were $11.6 million for the first half of 2011 compared to $13.9 million for the first half of 2010. We reported net income of $10.0 million ($0.54 per share) for the first half of 2011 compared to a net loss of $7.3 million ($0.90 per share) for the same period in 2010. Net income for the first half of 2011 includes a gain of $15.1 million recognized in March 2011 from sale of the Bay Course (Note 5 to condensed consolidated financial statements).

Interest expense was $463,000 for the second quarter of 2011 compared to $2.0 million for the second quarter of 2010. For the first half of 2011, interest expense was $1.1 million compared to $4.7 million for the first half of 2010. The reduction in interest expense in 2011 is primarily due to the extinguishment of our $40 million convertible notes in August 2010, combined with lower borrowings under our line of credit and lower average interest rates. Our effective interest rate on borrowings was 4.8% in the second quarter of 2011, compared to 5.7% in the second quarter of 2010; and 4.8% for the first half of 2011, compared to 5.8% for the first half of 2010.

Revenues from the Community Development segment were $5.2 million for the first half of 2011 compared to $6.6 million for the first half of 2010. The segment reported an operating loss of $1.3 million for the first half of 2011 compared to operating profit of $700,000 for the first half of 2010. The lower results in the first half of 2011 primarily reflect lower sales of real estate inventories. In March 2010, we sold approximately 128 acres of land in Upcountry Maui and recognized revenues of $1.7 million and pre-tax profit of approximately $1.5 million. There were no sales of real estate inventories in the first half of 2011.

At June 30, 2011, our total debt was $44.4 million, compared to $45.4 million at December 31, 2010, and we had approximately $14.1 million available under our revolving line of credit and $594,000 in cash and cash equivalents. Cash used in operating activities was $5.4 million for the six months of 2011. At June 30, 2011, and we had an excess of current liabilities over current assets of $7.1 million and a deficiency in stockholders’ equity (total liabilities exceeded total assets) of $15.0 million.

In the first six months of 2011, consolidated net cash used in operating activities was $5.4 million compared to net cash used in operating activities of $2.1 million for the first six months of 2010. Operating cash flows for the first six months of 2011 include income tax refunds of $47,000 and interest payments of $915,000; compared to income tax refunds of $5.5 million and interest payments of $4.0 million for the first six months of 2010. Cash flows for the first six months of 2010 also included $1.5 million from the sale of real estate inventory.

Read the The complete Report



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