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Maui Land and Pineapple Company Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 3, 2012 03:25PM

Maui Land and Pineapple Company Inc (MLP) filed Quarterly Report for the period ended 2012-06-30. Maui Land & Pineapple Co. has a market cap of $67 million; its shares were traded at around $3.482 with and P/S ratio of 4.6.



Highlight of Business Operations:

Consolidated revenues during the six months ended June 30, 2012 includes the January 2012 sale of an 89-acre parcel in Upcountry Maui for $1.5 million. The decrease in loss from continuing operations between the six months ended June 30, 2012 and 2011 reflects the sale of the 89-acre parcel and improvements in operations and cost reductions efforts. Income from discontinued operations for the six months ended June 30, 2011 included a gain of $15.1 million recognized in March 2011 from sale of the Kapalua Bay Golf Course (Bay Course).

Revenues for the six months ended June 30, 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 six month or three month periods ended June 30, 2011. The other revenues included in this operating segment were real estate commissions from Kapalua Realty Company totaling $244,000 and $327,000 for the three months ended June 30, 2012 and 2011, respectively, and $563,000 and $620,000 for the six months ended June 30, 2012 and 2011, respectively.

The increase in leasing revenues during the six months ended June 30, 2012 reflects additional lease rent and licensing fees from new tenants who have assumed certain of our former golf and retail businesses in addition to new agricultural and industrial space leases. Increased operating profits for the three and six month periods ended June 30, 2012 are due primarily to lower corporate level general and administration expense allocations and improvements in segment operations.

Higher revenues for the three and six month periods ended June 30, 2011 were the result of increased non-potable irrigation water consumption incurred by the new golf course operator during the transition period. Increased operating profits for the three and six month periods ended June 30, 2012 are due primarily to lower corporate level general and administration expense allocations.

Increased revenues during the first six months ended June 30, 2012 reflect higher spa service and treatment revenues as a result of increases in pricing and activity. Reduced operating losses for the three and six month periods ended June 30, 2012 are due primarily to lower corporate level general and administration expense allocations.

Read the The complete Report



Stocks Discussed: MLP,
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