Maui Land & Pineapple Reports $3.5M Net LossMarch 5, 2012, 12:36 PM HST · Updated March 5, 12:37 PM 0 Comments
By Sonia Isotov
Maui Land & Pineapple Company, Inc. reported net income of $5.1 million for 2011 and a net loss of $3.5 million for the fourth quarter of 2011.
This compares to net income of $24.8 million for 2010, a net income of $12.0 million for the fourth quarter of 2010. Net income for 2011 includes a $15.1 million gain from the sale of the Kapalua Bay Golf Course.
Revenues for 2011 were $14.5 million compared to $23.1 million for 2010. Revenues for 2010 included $7.9 million of real estate sales. Revenues for the fourth quarter of 2011 were $3.5 million compared to $9.9 million for the fourth quarter of 2010.
Net income for 2010 includes a $26.7 million gain from the sale of the Kapalua Plantation Golf Course and a $16.6 million gain from the termination of postretirement health and lifeinsurance benefits.
“MLP achieved several major accomplishments in 2011 as we continued our restructuring efforts,” stated Warren H. Haruki, chairman and chief executive officer of Maui Land and Pineapple, Inc. “We simplified our business model by exiting our non-core businesses, we resolved significant legacy issues, and significantly reduced our operating cash burn.”
“Also, thanks to the Maui County Council, we secured the entitlements for our Pulelehua project near the Kapalua Airport. Although we still face significant challenges, our team remains committed to managing and caring of our Maui lands for the benefit of our various stakeholders.”