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Maui Land & Pineapple profit last year: $14.6 million | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Saturday, February 18, 2006

Maui Land & Pineapple profit last year: $14.6 million

Advertiser Staff

Maui Land & Pineapple Co. Inc. reported higher revenues and earnings despite losses in its pineapple and resort businesses.

THE NUMBERS

Fourth-quarter revenue: $53.2 million, up 10 percent from a year ago

Fourth-quarter net income: $4.8 million, or 67 cents a share, versus $2.6 million, or 36 cents a share, a year ago

2005 revenue: $186.7 million, up 22 percent from $153.2 million in 2004.

2005 net income: $14.6 million, or $2.02 a share, versus a loss of $383,000, or 5 cents a share, in 2004.

REASONS

  • Results from the company's community development segment were helped by the sale of Upcountry Maui property and the sale of lots in the Honolua Ridge subdivisions

  • Revenues in the resort business rose on higher average green fees and increased room rates at the Kapalua Villas. Higher marketing costs contributed to an increased operating loss.

    WHAT THEY ARE SAYING

    "In 2005, we invested in modernizing (the company's) continuing operations in all three business segments: Kapalua Resort, Agriculture, and Community Development."

    David Cole
    chairman, president and chief executive for Maui Land & Pineapple Co. Inc.

    WHAT'S NEXT

    Investment programs at Maui Land & Pine will continue through 2006 with the redevelopment of the Kapalua Bay Hotel site, the completion of a fresh-fruit grading and packing facility, and the expansion of real estate operations, the company said.

    Investments In 2005 resulted in the company's recording more than $7.4 million in charges related to the restructuring of operations.
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