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Maui Land and Pineapple Company Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 4, 2012 02:24PM

Maui Land and Pineapple Company Inc (MLP) filed Quarterly Report for the period ended 2012-03-31. Maui Land&pinpl has a market cap of $75.4 million; its shares were traded at around $3.8249 with and P/S ratio of 5.2.



Highlight of Business Operations:

The increase in consolidated revenues during the three months ended March 31, 2012 compared to the three months ended March 31, 2011 was primarily due to the January 2012 sale of an 89-acre parcel in Upcountry Maui for $1.5 million. Income from discontinued operations for the three months ended March 31, 2011 included a gain of $15.1 million recognized in March 2011 from sale of the Bay Course.

Revenues for the three months ended March 31, 2012 include the January 2012 sale of an 89-acre parcel in Upcountry Maui for $1.5 million. We had no sales of real estate inventory during the three months ended March 31, 2011. The other revenues included in this operating segment were real estate commissions from Kapalua Realty Company totaling $319,000 and $293,000 for the three months ended March 31, 2012 and 2011, respectively.

The increase in leasing revenues during the three months ended March 31, 2012 reflects additional lease rent and licensing fees from new tenants who have assumed certain of our former golf and retail businesses.

Increased revenues during the first three months ended March 31, 2012 reflect higher spa service and treatment revenues as a result of increases in pricing and activity. The operating loss is attributed to higher personnel and repairs and maintenance costs of the spa, along with payments for the differential between member prices and agreed-upon rates for Kapalua Club member rounds at the golf courses.

Read the The complete Report



Stocks Discussed: MLP,
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