Maui Land & Pineapple Company, Inc. Reports Net Loss for 2002.Business Editors KAHULUI, Hawaii--(BUSINESS WIRE)--Feb. 15, 2003 Maui Maui (mou`ē), island (1990 est. pop. 82,500), 728 sq mi (1,886 sq km), second largest island in the state of Hawaii, separated from the island of Hawaii by the Alenuihaha Channel and from Molokai by the Pailolo Channel. Land & Pineapple pineapple, common name for one member of and for the Bromeliaceae, a family of chiefly epiphytic herbs and small shrubs native to the American tropics and subtropics. Company, Inc. (AMEX AMEX See: American Stock Exchange :MLP (Meridian Lossless Packing) The compression technique used in DVD-Audio that provides the highest audio quality. It delivers two channels at 192 kHz with 24-bit samples or six channels at 96 kHz. ) reported a net loss of $5.7 million ($.79 per share) for the year 2002 compared to net income of $7.6 million ($1.05 per share) for 2001. For the fourth quarter of 2002, the Company incurred a net loss of $2.2 million ($.31 per share) compared to net income of $4.6 million ($.63 per share) for the fourth quarter of 2001. Revenues for the year and fourth quarter of 2002 were lower by 10% and 3%, respectively, as compared to the same periods in 2001. In 2002, operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from the Pineapple segment exceeded the operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from the Resort segment. Operating losses from the Company's Pineapple segment increased from $3.2 million for 2001 to $7.9 million for 2002. For the fourth quarter of 2002, the Pineapple segment reported an operating loss of $3.3 million compared to an operating profit of $724,000 for the fourth quarter of 2001. Increased operating losses were primarily due to general and administrative expenses incurred by this segment, which increased by $4.9 million and $2.2 million, respectively, for the year and fourth quarter of 2002 as compared to the same periods in 2001. The increase in general and administrative expenses were largely comprised of higher legal fees, pension cost and insurance cost. Higher shipping and marketing costs, a portion of which was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the labor dispute at the West Coast ports in the fourth quarter of 2002 added to the operating losses for 2002. In addition, lower than expected canning volume and inventory adjustments further increased the fourth quarter operating loss. Revenues from the Pineapple segment increased by 2% and 11%, respectively, for the year and fourth quarter 2002 as compared to the same periods in 2001 primarily due to increased revenues from fresh whole and fresh cut pineapple. In 2002, case volume of canned pineapple sales increased over 2001, but average sales prices were lower. Revenues for the fourth quarter of 2002 included a distribution of antidumping an·ti·dump·ing adj. Intended to discourage importation and sale of foreign-made goods at prices substantially below domestic prices for the same items. duties by the U.S. Customs of $530,000, a decrease of $1.3 million as compared to the fourth quarter of 2001. These distributions were made pursuant to the Continued Dumping dumping, selling goods at less than the normal price, usually as exports in international trade. It may be done by a producer, a group of producers, or a nation. and Subsidy subsidy, financial assistance granted by a government or philanthropic foundation to a person or association for the purpose of promoting an enterprise considered beneficial to the public welfare. Offset Act of 2000, which allows for distribution of antidumping duties to injured in·jure tr.v. in·jured, in·jur·ing, in·jures 1. To cause physical harm to; hurt. 2. To cause damage to; impair. 3. domestic producers. The Company's Kapalua Resort segment produced an operating profit of $2.8 million for 2002 compared to $19.8 million for 2001. For the fourth quarter the operating profit from the Resort segment was $481,000 compared to $7.1 million for the fourth quarter of 2001. Resort segment revenues of $49.8 million and $12.6 million for the year and fourth quarter 2002, respectively, were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30% lower than the same periods in 2001. The reduction in operating profits and revenues for 2002 compared to 2001 largely reflects lower contributions from the sale of real estate projects due to the timing of bringing new real estate product to market. To a lesser extent, lower results for the year 2002 were also attributable to lower hotel and Villa villa. Although used to designate any country residence, especially in Italy and S France, the term villa particularly refers to a type of pleasure residence with extensive grounds favored by the Romans and richly developed in Italy in the Renaissance. occupancies at Kapalua, reduced golf play and higher golf course maintenance costs. The Commercial & Property segment reported an operating loss of $91,000 for 2002 compared to an operating loss of $1.4 million for 2001. For the fourth quarter the segment had an operating profit of $388,000 compared to an operating loss of $604,000 for the same period in 2001. The improved results from this segment were largely attributable to a first quarter sale of a real estate parcel and to the fourth quarter sales of 13 of 45 lots in an employee housing subdivision in West Maui. Losses from Queen Ka'ahumanu Elizabeth Kaʻahumanu (March 17, 1768 – June 5, 1832) was queen regent of the Kingdom of Hawaiʻi and a wife of Kamehameha I. Center decreased for the year and fourth quarter 2002 as compared to the same periods in 2001.
MAUI LAND & PINEAPPLE COMPANY, INC.
Report of Consolidated Operations
(Dollars in Thousands Except Per Share Amounts)
(Unaudited)
Three Months Ended Year Ended
December 31 December 31
2002 2001 2002 2001
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Revenues
Pineapple $ 32,049 $ 28,804 $ 99,153 $ 97,426
Resort 12,633 18,456 49,757 70,078
Commercial &
Property 2,423 1,183 6,520 5,029
Other 33 2 35 47
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Total Revenues 47,138 48,445 155,465 172,580
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Operating Profit
(Loss)
Pineapple (3,289) 724 (7,935) (3,233)
Resort 481 7,078 2,830 19,757
Commercial &
Property 388 (604) (91) (1,414)
Other (330) (286) (1,508) (1,199)
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Total Operating
Profit (Loss) (2,750) 6,912 (6,704) 13,911
Interest Expense (649) (673) (2,511) (2,903)
Income Tax
(Expense) Credit 1,179 (1,689) 3,506 (3,440)
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Net Income (Loss) (2,220) 4,550 (5,709) 7,568
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Net Income (Loss)
Per Common Share $ (.31) $ .63 $ (.79) $ 1.05
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Average Common
Shares
Outstanding 7,195,800 7,195,800 7,195,800 7,195,800
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