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Maui Land and Pineapple Company Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 3, 2011 01:26PM
Maui Land and Pineapple Company Inc (MLP) filed Quarterly Report for the period ended 2011-09-30. Maui Land & Pineapple Co. Inc. has a market cap of $78.4 million; its shares were traded at around $4.1601 with a P/E ratio of 9.1 and P/S ratio of 1.9.
Highlight of Business Operations:Consolidated revenues were $3.4 million for the third quarter of 2011 compared to $3.9 million for the third quarter of 2010. We reported a net loss of $1.3 million ($0.07 per share) for the third quarter of 2011 compared to net income of $20.0 million ($1.35 per share) for the third quarter of 2010.
Consolidated revenues were $11.0 million for the first nine months of 2011 compared to $13.1 million for the first nine months of 2010. We reported net income of $8.6 million ($0.47 per share) for the first nine months of 2011 compared to net income of $12.7 million ($1.23 per share) for the same period in 2010. Net income for the first nine months of 2011 includes a gain of $15.1 million recognized in March 2011 from sale of the Bay Course. Net income for the third quarter and first nine months of 2010 include $25.7 million of the deferred gain from the sale of the PGC. See Note 5 to condensed consolidated financial statements for additional discussion regarding the sales of the Bay Course and the PGC.
Revenues for the first nine months of 2010 include $1.7 million from the sale of 128 acres of land in Upcountry Maui. We had no sales of real estate inventory in 2011. Revenues in 2011 are primarily real estate commissions from Kapalua Realty Company. In the third quarter and first nine months of 2011 we closed fewer real estate sales at lower average prices as compared to the same periods in 2010.
Increased revenues for the first nine months of 2011 reflect higher consumption of water and a 5% sewer rate increase that was put into effect as of July 2010. The larger operating loss experienced during the first nine months of 2011 primarily reflect higher electricity costs and increases in sewer processing fees paid to the County of Maui.
In June 2011 we sold a 13-acre parcel in Kahului, Maui that resulted in net cash proceeds of $8.2 million, of which $579,000 was used to repay our term loan with American AgCredit. In accordance with our loan agreements, $4.1 million of the sales proceeds were withheld in escrow for payment and settlement of certain legacy costs (as defined). These proceeds were subsequently used to pay down our line of credit with Wells Fargo (Note 4 to condensed consolidated financial statements). In the first nine months of 2011, we received proceeds of approximately $1.4 million from the sale of golf equipment to the new operator of the Kapalua golf courses and through an auction.
Stocks Discussed: MLP,