Tag: loss

May 5, 2012 General Ag News and Notes, Maui Gold Pineapple Post a Comment

ML&P reports doubts about its ability to continue

KAPALUA – Financial challenges facing Maui Land & Pineapple Co. are raising a “substantial doubt about the company’s ability to continue as a going concern,” the company reports in its latest filing with the U.S. Securities & Exchange Commission.

Among a number of disclosures in the filing, a group of lenders has declared that a $280.5 million loan for the Kapalua Bay Holdings’ construction of the The Ritz-Carlton Club and Residences, Kapalua Bay is in default. ML&P has invested more than $50 million in cash and $25 million in land for the development project and has 51 percent ownership in the Bay Holdings company.

“The company’s cash outlook for the next 12 months and its ability to continue to meet its financial covenants is highly dependent on selling certain real estate assets in a difficult market,” the filing says. “If the company is unable to meet its financial covenants resulting in the borrowings becoming immediately due, the company would not have sufficient liquidity to repay such outstanding borrowings.”

While the company’s future appears ominous in its SEC filing, Tim Esaki, the company’s financial officer, said Friday that company officials “remain optimistic.”

Continue reading
September 3, 2009 General Ag News and Notes Post a Comment

County of Hawaii Issues: Emergency Senate Hearing on Dept. of Agriculture layoffs.

From Jeffrey Parker and Masako Cordray Westcott of the Hawaii Agriculture & Conservation Coalition

Emergency Senate Hearing on the Dept of Agriculture layoffs – please testimony today!

Thursday, Sept 3rd, 5-9pm, Maui Waena School, 795 Onehee Ave, Kahului

governor.lingle@hawaii.gov

reps@capitol.hawaii.gov

sens@capitol.hawaii.gov

Sample Testimony

Continue reading
August 31, 2009 General Ag News and Notes Post a Comment

The People’s Dialectic – Development and Local Awareness

August 30th, 2009 by peoplesdialectic

I’ve always been impressed with the quality of events Kanu Hawaii puts on to help the community and raise awareness about important issues.

The Eat Local Challenge is no exception. In fact, it strikes at the heart of possibly one of the most immediate and important questions for our islands. Eating local is beneficial on both an economic and environmental level. And the light the Challenge shines on food channels couldn’t have come at a more crucial time.

The Honolulu Star-Bulletin featured on Wednesday, August 12, an article discussing plans to develop 1,500 acres of some of ‘the best ag land’ on Oahu for a 12,000 home community. The loss of this prime agricultural land to tract housing, shopping centers, and business parks will be a significant loss of our ability to grow food for ourselves.

There was a day when the economy of our islands didn’t depend on visitors from around the world. While no one suggests we return to the plantation culture, we do need to diversify our economy away from tourism. With a revenue stream that is so fundamentally tied to the vacation plans of people around the world, Hawaii is particularly vulnerable to economic hard times and recessions. We can no longer afford to depend so heavily on the disposable income of others. Hawaii must once again become self-sufficient.

Continue reading
August 29, 2009 General Ag News and Notes Post a Comment

State land use panel rejects plan for 12,000 homes on Ewa farms – Starbulletin.com

star

State land use panel rejects plan for 12,000 homes on Ewa farms

By Susan Essoyan

POSTED: 01:30 a.m. HST, Aug 29, 2009

In a rare move, the state Land Use Commission rejected yesterday a developer’s push to urbanize 1,500 acres of prime agricultural land in Ewa to create a new community of nearly 12,000 homes.

The commission voted 5-3 to declare the petition by D.R. Horton-Schuler Division "deficient," saying the developer had not followed the rules by spelling out an incremental development plan for its Ho’opili project. But it said Horton could fix its petition and try again.

"Hallelujah!" Kioni Dudley, president of Friends of Makakilo and leader of the opposition, declared after the vote. "It’s a great victory. It’s a victory for the aina. I hope the setback to the developer is permanent."

Dudley had some powerful support at yesterday’s hearing, including the state Office of Planning, which argued forcefully against the project, and the heads of the state Transportation and Agriculture departments. The commissioners also heard hours of testimony from members of the public, most of them pleading to keep the land growing fruits and vegetables for local consumption.

Continue reading
August 28, 2009 General Ag News and Notes Post a Comment

Maui Land and Pineapple Looks Interesting Despite Its Share of Issues — Seeking Alpha

If there’s anything we like to cover besides net/nets here at Cheap Stocks, it’s real estate, more specifically, companies that own relatively large amounts of raw land, commercial property, or a combination of the two. My portfolio is chock full of these companies, from retailers such as Cabela’s, to restaurants (Cracker Barrell, Denny’s) to shipping companies (Alexander and Baldwin) to agriculture (JG Boswell and Limoneira), to name just a few.

Over the years, I’ve also sold out of some names as well. Maui Land and Pineapple (MLP) is a great example. I continue to follow the company, however, looking for a re-entry point, or making a determination of whether I want to take a new position.
MLP, which owns 24,500 acres primarily in Maui, Hawaii, including 10.6 miles of ocean frontage with 3300 of lineal feet along sandy beaches, has fallen on hard times during the recession. The company recently reported a $54 million loss for the second quarter, which included more than $37 million in writedowns, $21.3 million of which represented a decrease in value of the Company’s investment in the Kapalua Bay resort. Clearly, the downturns in real estate prices and resort visitors has been a double whammy for MLP. The stock now trades at $6.22, down 79% from its 52 week high of $29.69.

Continue reading
August 21, 2009 General Ag News and Notes Post a Comment

Fruit Fly Quarantine Near to Area ChinoHills.com

The Oriental Fruit Fly

The adult Oriental fruit fly is somewhat larger than a housefly, about 8 mm in length. The body color is variable but generally bright yellow with a dark "T" shaped marking on the abdomen. The wings are clear. The female has a pointed slender ovipositor to deposit eggs under the skin of host fruit. Eggs are minute cylinders laid in batches. The maggots (larvae) are creamy-white, legless, and may attain a length of 10 mm inside host fruit.

The Oriental fruit fly has been established in Hawaii since 1946 where it is a major pest of agriculture, particularly on mangoes, avocados and papayas. Maggots have been found in over 125 kinds of fruit and vegetables in Hawaii alone. A great number of crops in California are threatened by the introduction of this pest, including pears, plums, cherries, peaches, apricots, figs, citrus, tomatoes and avocados. It has been estimated that the cost of not eradicating Oriental fruit fly in California would range from $44 to $176 million in crop losses, additional pesticide use, and quarantine requirements.

Females lay eggs in groups of three to 30 under the skin of host fruits; the female can lay more than 1,000 eggs in her lifetime. Maggots tunnel through the fruit feeding on the pulp, shed their skins twice, and emerge through exit holes in approximately 10 days.

The larvae drop from the fruit and burrow two three cm into the soil to pupate. In 10 to 12 days, adults emerge from these puparia. The newly emerged adult females need eight to 12 days to mature sexually prior to egg laying. Breeding is continuous, with several annual generations. Adults live 90 days on the average and feed on honeydew, decaying fruit, plant nectar, bird dung and other substances. The adult is a strong flyer, recorded to travel 30 miles in search of food and sites to lay eggs. This ability allows the fly to infest new areas very quickly.

In excess of 230 fruits and vegetables have been attacked. Fruit that has been attacked may be unfit to eat as larvae tunnel through the flesh as they feed. Decay organisms enter, leaving the interior of the fruit a rotten mass.

Continue reading
August 12, 2009 General Ag News and Notes Post a Comment

CALAVO fails marketing goals

Calavo Growers (CVGW) has been added to the Hawaii Agriculture Blog “Hawaii Agriculture and Related Stocks Annual Charts” page to show the contrast of their lack of success in marketing fresh pineapple in California with the success of their stock performance.

Calavo Chairman, President and CEO Lee E. Cole on the favorable implications of the sales marketing and distribution agreement of Maui Gold Pineapple for Calavo

“First, we anticipate that sales of Maui Gold fresh pineapples will contribute $25-30 million in revenues to Calavo’s top line in fiscal 2008, as well as become immediately accretive to earnings.”

calavao-vs-mlp
As opposed to Maui Land and Pineapple Company’s Inc (MLP) filed Quarterly Report (10-Q) for the period ended 2009-06-30.

Revenues for the Agriculture segment decreased by 14%, or $749,000, from $5.3 million for the second quarter of 2008 to $4.5 million for the second quarter of 2009, primarily due to a reduction in pineapple juice sales volume and lower average prices for fresh pineapple. Pineapple juice sales represented approximately 5% of the Agriculture segment revenues in the second quarter of 2009 compared to approximately 13% of Agriculture segment revenues in the second quarter of 2008. The Agriculture segment reported an operating loss of $5.0 million for the second quarter of 2009 compared to an operating loss of $4.6 million for the second quarter of 2008. The operating loss for the second quarter of 2009 includes a charge of $1.9 million representing an adjustment to the fair value less selling costs of our property in Kahului that includes our fresh fruit processing plant. The Kahului property is currently held for sale.

May 4, 2009 General Ag News and Notes

Maui Land & Pineapple Reports 2009 1st Quarter Results

Maui Land & Pineapple Company, Inc. (MLP) reported a net loss of $13.2 million or $1.65 per share for the first quarter of 2009 compared to a net loss of $414,000, or $0.05 per share for the first quarter of 2008. Consolidated revenues were $15.6 million for the first quarter of 2009 compared to $25.4 million for the first quarter of 2008, a decrease of 39%. Results in the first quarter of 2009 largely reflect the continuing impact of the national and worldwide economic uncertainty that has resulted in reduced visitor counts to Maui and the State of Hawaii and slower sales of real estate. Approximately $10.5 million of the increase in the net loss resulted from the year-over-year decrease in profit from the Company’s equity investment in Kapalua Bay Holdings LLC. The Company’s $50 million cash sale of the Plantation Golf Course in March 2009 was accounted for as a financing transaction and, accordingly, no gain was recognized in the first quarter of 2009.

The Community Development segment reported an operating loss of $3.2 million for the first quarter of 2009 compared to operating income of $8.1 million for the first quarter of 2008. Revenues from this operating segment were $2.0 million for the first quarter of 2009 compared to $4.6 million for the first quarter of 2008. The Company recorded a loss from Kapalua Bay Holdings, LLC of $1.1 million in the first quarter of 2009 compared to income of $9.4 million in the first quarter of 2008. Lower results in 2009 from the Kapalua Bay equity investment reflect reduced sales for the first quarter of 2009 compared to the first quarter of 2008. Lower results from the Community Development segment in the first quarter of 2009 were also due to no land sales in the first quarter of 2009, compared to the sale of two non-core land parcels in the first quarter of 2008.

The Resort segment reported an operating loss of $4.2 million for the first quarter of 2009 compared to an operating loss of $2.3 million for the first quarter of 2008. Resort segment revenues decreased from $11.7 million in the first quarter of 2008 to $8.6 million for the first quarter of 2009 or 26%, reflecting lower revenues from the primary Resort operations, golf, retail and villas. A reduction in visitor arrivals and occupancy at the Resort was primarily responsible for the lower results in the first quarter of 2009.

The Agriculture segment produced an operating loss of $3.5 million for the first quarter of 2009 compared to an operating loss of $5.1 million for the first quarter of 2008. Revenues from the Agriculture segment decreased by 42% from $8.5 million in the first quarter of 2008 to $4.9 million in the first quarter of 2009 due to lower case volume of fresh pineapple sales. The lower loss in the first quarter of 2009 reflects higher average prices for fresh pineapple and lower operating costs in the Agriculture segment. In addition, the operating loss for the first quarter of 2008 included approximately $0.9 million in equipment write-offs and a provision of $0.9 million for potentially uncollectible accounts receivable.

MAUI LAND & PINEAPPLE COMPANY, INC.
Report of Consolidated Operations
(Unaudited)
(in thousands except per share amounts)
mlploss1
NOTES:
The Company’s reports for interim periods utilize numerous estimates of production, general and administrative expenses, and other costs for the full year. In addition, revenues from land sales are sporadic. Consequently, amounts in the interim reports are not necessarily indicative of results for the full year.
Contacts:
For Maui Land & Pineapple Company, Inc.
Robert I. Webber, 808-877-1674
Fax: 808-877-1614

October 30, 2007 Disaster Preparedness, Flowers & Nursery, General Ag News and Notes, Ginger Root, Orchids, Papaya, Persimmon, Vegtables, Watermelon Post a Comment

Disaster Preparedness

Disaster Preparedness
How Prepared is Your Farming Operation?

Maui Extension Office
Monday, November 26, 2007
11 am ? 1:30 pm

Natural disasters, such as droughts, floods, wild fires, hurricanes, pests, and diseases, can cause excessive economic damage to agricultural production. In addition to crop damage, disasters can also affect farm buildings, machinery, animals, irrigation, family members and employees. Disasters along with marketing difficulties can lead to serious downturns in your farm income.

How prepared are you? This workshop is designed to provide you with information on:
1) preparing your operation for a natural disaster and
2) available and affordable crop insurance programs that minimize risk associated with economic losses.
Note: Now that the “Adjusted Gross Revenue” (AGR) insurance is available for 2008, in effect all Hawaii crops can be insured to some degree ? not just bananas, coffee, papayas, macnuts & nursery.

Speakers:
? USDA Farm Service Agency (FSA) administers and oversees farm commodity, credit, conservation, disaster and loan programs. These programs are designed to improve the economic stability of the agricultural industry and to help farmers adjust production to meet demand.

? USDA Risk Management Agency Western Regional Office, Davis. USDA RMA helps producers manage their business risks through effective, market-based risk management solutions.

? John Nelson from the Western Center for Risk Management Education (Washington State University) on the new Adjusted Gross Revenue (AGR) Insurance.

? Dr. Mike Fanning, Executive Vice President, AgriLogic, is a specialist in Agri-Terroism, crop insurance, farm policy analysis, and individual farm risk management.

? Dr. Kent Fleming, an agricultural economist with the University of Hawaii’s College of Tropical Agriculture and Human Resources (CTAHR), is an Extension Farm Management Specialist with a focus on risk management education.

The workshop is FREE and lunch (sandwiches or bentos and drinks) will be provided. For more information, visit the website http://www.ctahr.hawaii.edu/agrisk/ You may also contact Kent Fleming @ 989-3416 or fleming@hawaii.edu or Jan McEwen @ 244-3242 or jmcewen@hawaii.edu

Please call the Maui Extension Office at 244-3242 by November 21, 2007 to register for this seminar.