Tag: mlp

October 31, 2009 General Ag News and Notes Post a Comment

ML&P’s Kapalua equity ‘written down’ – – The Maui News

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By ILIMA LOOMIS, Staff Writer

POSTED: October 31, 2009

Maui Land & Pineapple Co. has reported a $25.5 million loss for the third quarter of 2009.

The loss includes $22.8 million in recorded losses on the company’s investment in Kapalua Bay Holdings. On top of previous write-downs, that means the company now has lost all of the money it originally invested in the venture, said Chief Financial Officer John Durkin.

"Unfortunately, we’ve now written down all our equity in Kapalua Bay Residences," he said.

The latest report brings ML&P’s total losses for the first nine months of 2009 to $92.9 million – larger than the $71.6 million loss the company recorded for the entire year in 2008.

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October 30, 2009 General Ag News and Notes Post a Comment

Limoneira Company Announces Sale of Calavo Growers


SANTA PAULA, CA–(Marketwire – 10/30/09) – Limoneira Company (LMNR), one of California’s largest agribusinesses, announced the sale of 335,000 shares of its ownership in Calavo Growers, Inc. (NASDAQ: CVGW), a global leader in the packing and marketing of fresh and processed avocados and other perishable food products. The sales took place on October 8th and 13th 2009, and were made to strengthen the Company’s balance sheet in preparation for its pending East Area 1 master planned community development project in Santa Paula, California. Limoneira continues to own 665,000 Calavo shares, which represents 4.6% of Calavo’s total shares.

"The Limoneira Company remains extremely excited about the bright futures of both Calavo Growers and Limoneira," says Harold Edwards, Limoneira’s CEO. "By monetizing a percentage of our ownership in Calavo Growers we are preparing for upcoming investment requirements in our East Area 1 development project, which will assist in unlocking significant value for both Limoneira and Calavo shareholders." Calavo Growers owns 15% of Limoneira.

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October 30, 2009 General Ag News and Notes Post a Comment

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’s 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.

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