Maui Pine auction has good prices
KAHULUI » Maui Land & Pineapple Co. auctioned off a $23 million fresh fruit processing line for just $125,000.
Company President Ryan Churchill didn’t expect many bidders for the equipment because it is so specialized.
The auction held Tuesday at the Maui Beach Hotel drew more than 300 bargain hunters, with many more bidders online.
Maui Pine held the auction to sell off warehouses full of equipment after closing Maui’s last pineapple plantation late last year.
The company already has sold or leased some of its land and equipment to Haliimaile Pineapple Co. Haliimaile is trying to revive pineapple on a smaller scale.
Going, going — now it’s gone
KAHULUI – The $23 million fresh fruit processing line that three years ago was supposed to represent the new future of Maui Pineapple Co. was auctioned Tuesday for $125,000.
"It’s so specialized," said Maui Land & Pineapple Co. President Ryan Churchill, noting that there weren’t likely to be a lot of buyers for the equipment.
More than 300 bargain hunters and looky-loos crowded the Elleaire Ballroom at the Maui Beach Hotel for an all-day extravaganza of hope that kept three auctioneers chattering in relays, as many more bidders were online, following the action from around the world.
ML&P closed down its Maui Pine subsidiary at the end of last year, selling or leasing some of its land and equipment to Haliimaile Pineapple Co. But the unwanted leftovers went on the block Monday, ranging from wrecked golf carts to never-used office equipment to a generating station that could power a city of 50,000.
It was a day when the complete newbie could go head to head with the experienced auction-goer and come away a winner.
Like Becky Woods, chief executive officer of Maui Economic Concerns of the Community, which runs Ka Hale A Ke Ola and other island homeless shelters. She noticed pictures of golf carts on the front page of The Maui News on Tuesday morning and decided to check it out.
WOODLAND HILLS, CA–(Marketwire – March 15, 2010) – Great American Group, Inc. (OTCBB: GAMR), a leading provider of asset disposition, valuation and appraisal services, announced they have been contracted to auction excess assets no longer required for the ongoing needs of Maui Pineapple Company.
The auction will take place on Tuesday, March 23rd, starting at 10:00 a.m. HT (Hawaii Time). Live simultaneous bidding will occur onsite and online. The sale will offer assets and equipment from three separate facilities and will include Processing & Cannery Equipment, Construction/Agriculture/Harvesting Machinery, Power Plant Generators, Trucks & Trailers, Facility Equipment, Machine Shop, Distribution and Warehouse Equipment, and much more! For detailed descriptions of all items available visit www.greatamerican.com or call 1-800-45GREAT.
Public Auction: Pineapple Plant of excess equipment no longer needed for current operations
Auction Date: Tuesday, March 23 at 10am – at Maui Beach Hotel in Kahului Maui
Previews/inspection on Monday, March 22, 9am – 4pm (at 3 locations or by appointment)
– 120 Kane Street, Kahului, 870 Haliimaile Rd. Makawao, 4900 L. Honoapiilani Hwy, Honolua Baseyard
Items for auction: Pineapple Processing & Cannery, Agriculture Equipment, Power Plant Generators, Trucks & Trailers, Facility Equipment, Machine Shop, Lab & R&D Equipment, Distribution Warehouse.
Auction information at www.greatamerican.com or 818-884-3747 ext. 1330
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Maui Land & Pineapple Co., which ceased its pineapple operations late last year, reported a narrower loss in 2009’s final quarter than the same period in 2008.
The company posted a loss of $30.4 million, or $3.76 a share, compared with $70.6 million, or $8.86 a share, a year earlier.
For the full year the company lost $123.3 million, or $15.33 a share, versus a loss of $79.4 million, or $9.98 a share, in 2008.
The annual figure includes a $22.8 million loss due to the sale of the agricultural segment’s assets, employee severance and cancellation of contracts.
In November the company discontinued its 97-year-old pineapple operations, resulting in a 45 percent reduction in work force. Since then, Haliimaile Pineapple Co. started pineapple operations and bought some of its operating equipment and supplies for about $680,000.
Kapalua resort bulk of company business in the fourth quarter
A much-shrunken Maui Land & Pineapple Co. finished 2009 losing $123.3 million, equivalent to $15.33 a share.
The year before, it had lost $79.4 million, or $9.98 a share.
With Maui Pineapple Co. gone and the Community Development segment almost at a standstill, in the fourth quarter the company business was mostly Kapalua resort.
The resort had revenue of $6.8 million, down from $8.5 million in the last quarter of 2008, reflecting the decline in the visitor industry. Its operating loss was $4,672,000, down from $6,621,000 the year before.
For the year, Kapalua had revenue of almost $30 million and losses of $16.1 million. Thus the resort accounted for about three-fifths of the company’s total operating revenues in 2009 of $50 million, and about 13 percent of losses.
Pineapple had continued at a low level through the end of the year, and it continued to pile up losses. The loss from discontinued operations of $24.7 million accounted for four-fifths of the $30.3 million in losses in the fourth quarter.
Since then, ML&P has sold much of its Maui Pine assets to Haliimaile Pineapple Co., run by former employees, who are attempting to revive pine cultivation, although with a market to be limited almost entirely to the islands.
Of all the losses during the year, pine made up $11 of the $15.33 per share.
When Maui Land & Pineapple Company stopped planting fruit last December, it looked like the end of an era—and an island way of life.
Story by Jill EngledowPineapple was plentiful when I passed through Kahului Airport in mid-December. A Hawaiian-style Santa beckoned from colorful boxes stacked outside shops, inviting passersby to pick up some Maui Gold for the trip home. So it was a bit of a shock when, returning to Maui just after Christmas, I hit the farmers’ market and found no pineapple on display. Only days earlier, Maui Land & Pineapple Company had ceased its harvest. Though in fact pineapple was still available in some stores, its absence from the farmers’ market was a sad reminder that a crop was disappearing. Suddenly the future of agriculture on Maui looked a lot less sweet.
It’s hard to imagine Maui without pineapple: the orderly silver-green rows of spiky tops stretched across acres, the dusty laborers in sunny fields, the luscious golden fruit. How many kids paid for college by working summers in the cannery? How many generations earned a decent living growing pine, and climbed from immigrant beginnings to middle class?
Dispite the heroic efforts of Haliimaile Pineapple to resurrect the industry after Maui Land and Pineapple abandoned stewardship if their lands and their responsibility for their former employees hundreds of acres of Pineapple have been plowed under in Haiku Maui.
Haliimaile Pineapple Company (HPC) is turning out consistently super sweet Maui Gold Pineapple. I’m amazed at the quality. Small Co.=better!