Maui Land & Pineapple Reports 2009 3rd Quarter Results – Yahoo! Finance

  • Press Release
  • Source: Maui Land & Pineapple Company, Inc.
Kapalua investment responsible for huge losses
Kapalua investment responsible for huge losses

KAHULUI, Hawaii–(BUSINESS WIRE)–Maui Land & Pineapple Company, Inc. (NYSE:MLP – News) reported a net loss of $25.5 million or $3.17 per share for the third quarter of 2009 compared to a net loss of $8.7 million or $1.09 per share for the third quarter of 2008. The loss for the third quarter of 2009 includes $22.8 million equity in losses from the Company‚Äôs investment in Kapalua Bay Holdings, LLC, compared to $5.1 million income attributable to this investment for the third quarter of 2008. Consolidated revenues were $26.7 million for the third quarter of 2009, compared to $19.1 million for the third quarter of 2008. Revenues for the third quarter of 2009 include the sale of two properties that resulted in revenues of $11.7 million.