Maui Land & Pineapple Company, Inc. (AMEX:MLP – news) reported second quarter 2000 net income of $300,000 ($.04 per share) compared to $381,000 ($.05 per share) for the second quarter of 1999. Revenues for the second quarter of 2000 were approximately 2% higher than the second quarter of 1999.
For the first half of 2000, the Company produced net income of $2.2 million ($.31 per share) compared to net income of $2 million ($.28 per share) for the first half of 1999. Revenues for the same period rose by 3%.
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The Company’s Kapalua Resort operations produced a 17% increase in revenues and an operating profit of $2 million for the second quarter of 2000 compared to an operating profit of $1.1 million for last year’s second quarter. For the first half of 2000, Kapalua’s operations generated a 25% increase in revenues and an operating profit of $6.1 million compared to $2.8 million for the same period in 1999. These improved results were primarily due to the recognition of profit from real estate sales at Plantation Estates Phase II and to higher hotel and villa occupancies.
Pineapple operations reported an 8% decrease in revenues and an operating loss of $784,000 for the second quarter of 2000 compared to an operating profit of $1.4 million for the second quarter of 1999. For the first half of 2000, Pineapple revenues were lower by 12% and the segment produced an operating loss of $1,050,000 compared to an operating profit of $3.2 million for the first half of 1999. Highly competitive market conditions for pineapple products experienced in the first quarter of 2000 continued through the second quarter and were largely responsible for the decline in results from the Company’s Pineapple segment compared to last year.
The Commercial & Property segment reported increased revenues and a lower operating loss for the second quarter and first half of 2000 compared to the same periods in 1999. These improved results were attributable to the Kaahumanu Center operations.
Results for the second quarter and first half of 1999 include the write-off of $1.1 million ($690,000, net of taxes) of deferred costs for consultants who were engaged to analyze and develop potential strategic plans for the Company.
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By GlobalData
MAUI LAND & PINEAPPLE COMPANY, INC.
Report of Consolidated Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenues
Pineapple $ 17,692 $ 19,249 $ 34,463 $ 39,168
Resort 11,762 10,057 28,580 22,801
Commercial & Property 1,222 1,031 2,397 1,954
Other 245 34 256 95
———- ———- ———- ———-
Total Revenues 30,921 30,371 65,696 64,018
========== ========== ========== ==========
Operating Profit (Loss)
Pineapple (784) 1,399 (1,050) 3,242
Resort 1,983 1,101 6,076 2,759
Commercial & Property (84) (166) (122) (381)
Other (15) (1,329) (297) (1,546)
———- ———- ———- ———-
Total Operating Profit 1,100 1,005 4,607 4,074
Interest Expense (738) (401) (1,206) (892)
Income Tax Expense (62) (223) (1,156) (1,177)
———- ———- ———- ———-
Net Income $ 300 $ 381 $ 2,245 $ 2,005
========== ========== ========== ==========
Average Common Shares
Outstanding 7,195,800 7,188,500 7,195,800 7,188,500
========== ========== ========== ==========
Note: The Company’s reports for interim periods utilize numerous estimates of production, general and administrative expenses, and other costs for the full year. Consequently, amounts in the interim reports are not necessarily indicative of results for the full year.
