Tag: mlp

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.

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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.

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