Wednesday, November 25, 2009
Search
Blogs
HiLife Online 
Most Read
- Sprinkle leaving KITV; wife Young clearing plate
- Friends and associates join search for missing kayaker
- Husband and wife team will no longer anchor at KITV
- Man missing since Monday is found in Kakaako
- Saint Louis Heights home a total loss, fire official says
- Legislators cancel party plans
- Jamora ready for Govs
- Teachers willing to return for restored furlough days
- Desserts offer options to usual pumpkin pie
- Wahine advance to WAC final
- Coast Guard rescues 2 sailors missing for 2 days
Maui Land & Pineapple loses $25.5 million
POSTED: 04:17 p.m. HST, Oct 30, 2009
Maui Land & Pineapple Co., struggling amid the economic downturn, posted a $25.5 million loss in the third quarter and has now lost more in nine months than it did in all of 2008.
The Kahului-based company, which last quarter booked a $22.8 million equity loss for its investment in Kapalua Bay Holdings LLC, extended its losses for 2009 to $92.9 million, topping the $79.4 million it lost in 2008.
A year ago, MLP had a loss of $8.7 million, or $1.09 a share, in the third quarter. The loss per share last quarter was $3.17.
Despite the loss, revenue rose 39.4 percent to $26.7 million from $19.1 million, primarily due to the sale of two properties that resulted in revenue of $11.7 million and pretax profit of about $6.8 million, the company said today.
In the last two years, MLP has laid off hundreds of workers, replaced its top management and saw two chief executive officers resign, sold its Plantation Golf Course in Kapalua for $50 million, then leased it back, cut employee wages 10 percent and ceased its canned-pineapple operations to focus on the fresh fruit.
The company's loss per share last quarter was $3.17.
MLP posted an operating loss of $16.9 million in its community development segment, which includes Kapalua Bay Holdings, compared with operating income of $2.5 million in the year-earlier quarter. Revenue for the division, however, jumped sixfold to $13.8 million from $2.2 million. In September, Kapalua Bay Holdings recorded an impairment in the value of its real estate inventories totaling $208.8 million.
The company's resort segment narrowed its operating loss to $2.7 million from $5.7 million but saw its revenue fall 16.5 percent to $7.6 million from $9.1 million, reflecting lower revenue from the primary resort operations, gold retail and villas.
MLP's agriculture segment, which is predominantly pineapple, had an operating loss of $4.1 million compared with a loss of $9.5 million a year ago. Revenue decreased 31.7 percent to $4.9 million from $7.2 million due to lower average prices and lower case sales volume.
Maui Land & Pineapple Co., struggling amid the economic downturn, posted a $25.5 million loss in the third quarter and has now lost more in nine months than it did in all of 2008.
The Kahului-based company, which last quarter booked a $22.8 million equity loss for its investment in Kapalua Bay Holdings LLC, extended its losses for 2009 to $92.9 million, topping the $79.4 million it lost in 2008.
A year ago, MLP had a loss of $8.7 million, or $1.09 a share, in the third quarter. The loss per share last quarter was $3.17.
Despite the loss, revenue rose 39.4 percent to $26.7 million from $19.1 million, primarily due to the sale of two properties that resulted in revenue of $11.7 million and pretax profit of about $6.8 million, the company said today.
In the last two years, MLP has laid off hundreds of workers, replaced its top management and saw two chief executive officers resign, sold its Plantation Golf Course in Kapalua for $50 million, then leased it back, cut employee wages 10 percent and ceased its canned-pineapple operations to focus on the fresh fruit.
The company's loss per share last quarter was $3.17.
MLP posted an operating loss of $16.9 million in its community development segment, which includes Kapalua Bay Holdings, compared with operating income of $2.5 million in the year-earlier quarter. Revenue for the division, however, jumped sixfold to $13.8 million from $2.2 million. In September, Kapalua Bay Holdings recorded an impairment in the value of its real estate inventories totaling $208.8 million.
The company's resort segment narrowed its operating loss to $2.7 million from $5.7 million but saw its revenue fall 16.5 percent to $7.6 million from $9.1 million, reflecting lower revenue from the primary resort operations, gold retail and villas.
MLP's agriculture segment, which is predominantly pineapple, had an operating loss of $4.1 million compared with a loss of $9.5 million a year ago. Revenue decreased 31.7 percent to $4.9 million from $7.2 million due to lower average prices and lower case sales volume.
Today’s Edition
- Friends and associates join search for missing kayaker
- Legislators cancel party plans
- Teachers willing to return for restored furlough days
- Harbor officials eye fee increase
- Mammograms: Do I really need this?
- Thanksgiving Day events serve food to those in need
- Kokua Line: Insurance verification uses Social Security info
- Newswatch
- Police and Fire
- Australia's move on credit card fees may have lessons for U.S.
- At Iraqi museum, Google chief announces plan to put artifacts online
- Kona holiday fundraiser helps culinary students
- By Request: Help others and collect the year's best recipes
- The Electric Kitchen: Desserts offer options to usual pumpkin pie
- Pet Ohana
- Da Kine
- Got nutrients?
- Wahine advance to WAC final
- Medeiros catches on at slot
- Prep World: Jamora ready for Govs
- Prep World: Athletes of the Week
- Prep briefs
- Say and Look have Aiea and 'Iolani talking, watching wins
- Cincinnati rolls through Maryland at Maui Invitational
- Couples will play in Hawaii
- Local aces
- Hawaii Beat
- Scoreboard
- TV & Radio
insideStarBulletin.com
