KAPALUA, Hawaii--(BUSINESS WIRE)--
Maui Land & Pineapple Company, Inc. (MLP) reported a net loss of $1.8 million, or $(0.10) per share, for the first quarter of 2013, compared to a net loss of $0.2 million, or $(0.01) per share for the first quarter of 2012. The Company reported revenues of $3.4 million and $5.3 million during the first quarters of 2013 and 2012, respectively.
In January 2012, the Company sold an 89-acre parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million. The Company had no sales of real estate during the first quarter of 2013.
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2013 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
|MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS|
|Three Months Ended March 31,|
|(in thousands except|
|Resort amenities and other||1,104||1,160|
|Total Operating Revenues||3,353||5,310|
|OPERATING COSTS AND EXPENSES|
|Cost of sales||-||149|
|Resort amenities and other||1,084||1,097|
|Selling and marketing||37||62|
|General and administrative||704||1,052|
|Gain on asset dispositions||-||(203||)|
|Pension and other postretirement expense||222||266|
|Total Operating Costs and Expenses||4,466||4,903|
|Operating Income (Loss)||(1,113||)||407|
|Interest expense, net||(694||)||(634||)|
|Loss from Continuing Operations, net of income taxes of $0||(1,807||)||(227||)|
Loss from Discontinued Operations, net of income taxes of $0
|Pension, net of income taxes of $0||228||185|
|NET LOSS PER COMMON SHARE|
|--BASIC AND DILUTED|
Tim T. Esaki, 808-665-5480