Maui Land's Real Estate Climbing Up

Saturday, February 18 2006 @ 03:21 pm UTC

Contributed by: jron

When the company received $10.9 million in pretax gains from the sale of Upcountry Maui real estate, Maui Land & Pineapple Co.'s net income soared 83.8 percent in the fourth quarter.

The company said that largely reflects increased depreciation charges and equipment write-offs of $5 million related to this year's replacement of its fresh-fruit packing facility and the planned replacement of its Kahului cannery, Although MLP continues to lose money in its pineapple operations.

Revenue increased 10 percent to $53.2 million from $48.4 million, overall, net income for the quarter rose to $4.8 million, or 67 cents a share, from $2.6 million, or 36 cents a share, a year earlier.

MLP's earnings swung to a gain of $14.6 million, or $2.02 a share, from a loss of $383,000, or 5 cents a share, in 2004. Full-year revenue increased 21.8 percent to $186.7 million from $153.2 million, that is for the whole year, that is for the whole year.

The company had a pretax gain for the year of $26.9 million from the sales of Upcountry Maui real estate, which the company decided was not core to its strategic plan, MLP recorded more than $7.4 million in charges last year related to the restructuring of operations and began an asset redeployment program with more than $28 million in proceeds from real estate sales.

David Cole, chairman, president and chief executive of MLP, said "Our investment programs 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 our real estate operations,"

Revenue fell 1.1 percent to $22.2 million from $22.4 million as sales volume of canned pineapple decreased, the company's pineapple unit, now called the agriculture segment, had its operating loss widen to $4.2 million from $2.6 million a year earlier.

By: Dijon Wainwright