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Maui Land and Pineapple Company Inc Reports Operating Results (10-Q)

October 25, 2012 | About:
10qk

10qk

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Maui Land and Pineapple Company Inc (MLP) filed Quarterly Report for the period ended 2012-09-30.

Maui Land & Pineapple Co. has a market cap of $37.9 million; its shares were traded at around $2.62 with and P/S ratio of 2.6.

Highlight of Business Operations:

Consolidated revenues during the nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine month or three month periods ended September 30, 2011. The other revenues included in this operating segment were real estate commissions from Kapalua Realty Company totaling $90,000 and $75,000 for the three months ended September 30, 2012 and 2011, respectively, and $653,000 and $695,000 for the nine months ended September 30, 2012 and 2011, respectively.

The increase in leasing revenues during the nine months ended September 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 nine month periods ended September 30, 2012 are due primarily to lower corporate level general and administration expense allocations and improvements in segment operations.

Increased operating profits for the three and nine month periods ended September 30, 2012 are due primarily to lower corporate level general and administration expense allocations.

Increased revenues during the first nine months ended September 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 nine month periods ended September 30, 2012 are due primarily to lower corporate level general and administration expense allocations.

Read the The complete Report

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10qk
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