Maui Land & Pineapple Reports 2005 4th Quarter Results.KAHULUI, Hawaii Kahului is the largest town on the Hawaiian island of Maui and is located along the north shore of central Maui. Kahului hosts Maui's main airport (Kahului Airport), deep-draft harbor, light industrial areas, and commercial shopping centers. -- Maui 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 net income of $4.8 million ($.67 per share) for the fourth quarter of 2005 compared to net income of $2.6 million ($.36 per share) for the fourth quarter of 2004. Revenues for the fourth quarter of 2005 increased by 10% to $53.2 million from $48.4 million for the fourth quarter of 2004. For the year 2005, the Company reported net income of $14.6 million ($2.02 per share) compared to a net loss of $383,000 ($.05 per share) for 2004. Revenues for 2005 increased by 22% to $186.7 million from $153.2 million for 2004. "In 2005, we invested in modernizing the Company's continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in all three business segments: Kapalua Resort, Agriculture, and Community Development," said David C. Cole David C. Cole (born September 24, 1952) is an entrepreneur and philanthropist. He has been active worldwide in the publishing, communications, software, online services, and consumer products industries. , Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ML&P. "The Company recorded over $7.4 million in charges related to the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of operations and commenced an asset redeployment Asset Redeployment The strategic relocation of company assets in order to increase profitability. Notes: By redeploying assets, a company is restructuring itself in order to become more efficient and profitable. program with over $28 million in proceeds from non-core real estate sales. Our investment programs will continue through 2006 with the re-development of the Kapalua Bay Hotel site, the completion of a fresh fruit grading & packing facility, and the expansion of our real estate operations." The Company's Community Development segment reported an 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. of $13.7 million for the fourth quarter of 2005 compared to an operating profit of $8.1 million for the fourth quarter of 2004. Revenues for the fourth quarter of 2005 were $20.0 million or 26% higher than the fourth quarter of 2004. For the year 2005, Community Development produced an operating profit of $40.5 million compared to an operating profit of $15.7 million for 2004. Revenues for the year 2005 were $68.7 million or 124% higher than 2004. Results reported by the Community Development segment for 2005 include gains (pre-tax) of $10.9 million and $26.9 million, for the fourth quarter and the year 2005, respectively, from the sale of Upcountry Maui real estate that the Company had classified as non-core to its strategic plan. In addition to the sale of non-core assets, the results for the Community Development segment reflect revenues and operating profit from the sale of lots at the Company's Honolua Ridge Phase I and Phase II residential subdivisions. The Agriculture segment (previously called "Pineapple" segment) produced an operating loss 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. of $4.2 million in the fourth quarter of 2005 compared to an operating loss of $2.6 million for the fourth quarter of 2004. Revenues for the fourth quarter were $22.2 million or about 1% less than the fourth quarter of 2004. For the year 2005, the Agriculture segment reported an operating loss of $11.4 million compared to an operating loss of $10.8 million for 2004. Revenues for 2005 from the Agriculture segment were lower by 7% compared to 2004. The increased Agriculture segment loss for the fourth quarter and the year 2005 largely reflects increased depreciation charges and equipment write offs of $5.0 million related to the 2006 replacement of the fresh fruit packing facility and planned replacement of the Kahului cannery. For both the fourth quarter and the year 2005, lower revenues reflect a decrease in case sales volume of canned pineapple partially offset by higher average prices, and increased sales volume and prices for the Company's fresh pineapple. The Resort segment reported an operating loss of $1.5 million for the fourth quarters of both 2005 and 2004. Revenues for the fourth quarter of 2005 of $10.8 million were 9% higher than 2004. For the year 2005, Resort operations recorded an operating loss of $5.5 million compared to an operating loss of $4.6 million for 2004. Revenues of $43.2 million for 2005 were 2% higher than 2004. Higher average green fees and increased room rates at the Kapalua Villas, along with increased occupancies at the Resort, partially offset the negative financial effects to the Resort of the four-month closure of the Plantation Plantation, city (1990 pop. 66,692), Broward co., SE Fla., a residential suburb of Fort Lauderdale; inc. 1953. The city has grown rapidly along with the development of S Florida. Course from April through July of 2005. Higher marketing costs and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. also contributed to the increased operating loss for 2005.
MAUI LAND & PINEAPPLE COMPANY, INC.
Report of Consolidated Operations
(Unaudited)
(Dollars in Thousands Except Per Share Amounts)
Three Months Ended Twelve Months Ended
December 31 December 31
2005 2004 2005 2004
---- ---- ---- ----
Revenues
Community Development $20,043 $15,951 $68,662 $30,625
Agriculture 22,163 22,399 74,501 80,003
Resort 10,824 9,903 43,198 42,425
Other 217 154 319 196
------- ------- ------- --------
Total Revenues 53,247 48,407 186,680 153,249
======= ======= ======= ========
Operating Profit (Loss)
Community Development 13,689 8,136 40,466 15,737
Agriculture (4,202) (2,587) (11,383) (10,766)
Resort (1,498) (1,506) (5,538) (4,565)
Other (34) (27) (175) (255)
------- ------- ------- --------
Net Operating Profit (Loss) 7,955 4,016 23,370 151
Interest (Expense) Income, net 42 (201) (78) (1,136)
Income Tax (Expense) Benefit (3,171) (1,150) (8,723) 528
------- ------- ------- --------
Income (Loss) - Continuing
Operations 4,826 2,665 14,569 (457)
Income (Loss) - Discontinued
Operations -- (40) -- 74
------- ------- ------- --------
Net Income (Loss) $4,826 $2,625 $14,569 $(383)
======= ======= ======= ========
Earnings Per Common Share
Basic $.67 $.36 $2.02 $(.05)
Diluted $.66 $.36 $1.99 $(.05)
Average Common Shares
Outstanding
Basic 7,232,297 7,201,770 7,229,457 7,197,808
Diluted 7,291,290 7,238,408 7,309,043 7,197,808
NOTES: The Company's reports for interim periods utilize numerous estimates of production, general and administrative expenses, and other costs for the full year. Consequently, amounts in the interim reports are not necessarily indicative of results for the full year. In 2005, responsibility for the real estate leasing activity that was accounted for in the Resort segment was transferred to the Community Development segment (previously called "Development" segment) and prior year amounts were restated for comparability. The Community Development segment as reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. is comprised of all of the Company's real estate entitlement An individual's right to receive a value or benefit provided by law. Commonly recognized entitlements are benefits, such as those provided by Social Security or Workers' Compensation. , development, construction, sales and leasing activities. The Community Development segment also includes the Company's 51% equity interest in Kapalua Bay Holdings LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the owner and operator of the Kapalua Bay Hotel. Remaining in the Resort segment are the ongoing operations of Kapalua Resort's recreation and retail operations, the Kapalua Villas, and the water and sewage Sewage Water-carried wastes, in either solution or suspension, that flow away from a community. Also known as wastewater flows, sewage is the used water supply of the community. It is more than 99. transmission utility companies operations. As of the fourth quarter of 2005, the Pineapple segment was renamed "Agriculture" segment to reflect the Company's initiatives to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. the products produced by this segment. |
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