POSTED: 10:35 a.m. HST, May 3, 2012
Maui Land & Pineapple Co. suffered a first-quarter net loss of $244,000, or 1 cent per share, a negative swing from a $12.4 million profit representing 67 cents per share in the same quarter last year.
The Kapalua-based company, which is primarily involved in resort and land leasing operations, relied largely on land sales to impact earnings in both the recent and year-ago quarters.
In the recent quarter, Maui Land sold an Upcountry parcel for a $1.4 million gain. A year earlier, the company recognized a $15.1 million gain from an earlier sale of its Kapalua Bay golf course.
Revenue in the first quarter totaled $5.3 million, up from $3.8 million a year earlier.
"Our first quarter results reflect our continuing efforts to streamline our operations and reduce our ongoing cash burn," Tim Esaki, Maui Land's chief financial officer, said in a statement. "Our team remains focused on building shareholder value by resolving our legacy issues and developing and managing our Maui lands."