Maui Land & Pineapple Co. Inc. yesterday reported its annual net income and revenues sank as continued losses in the companys pineapple operations offset gains in its Maui resort operations.
The Kahului company reported net income of $452,000, or 6 cents a share, in the year ended Dec. 31, compared to net income of $4.7 million, or 65 cents a share, the previous year.
Revenue dropped 4 percent, to $141 million for the year.
For the fourth quarter, the company reported a net loss of $2.3 million, or 33 cents a share, compared with net income of $1.4 million, or 19 cents a share, for the fourth quarter of 1999.
The companys pineapple operation continued to be a primary factor in the declines. The division had an operating loss of $2.9 million for the year, compared with an operating profit of $6.1 million the previous year. The company said the loss was primarily driven by increased competition and lower prices in the world pineapple market.
For the fourth quarter, the company said higher per-case cost of sales, and increased marketing expenses, pushed the division to an operating loss of $2.7 million, compared with an operating profit of $795,000 for the fourth quarter of 1999.
Performance at the companys Kapalua Resort was the strongest of the companys three divisions. Higher merchandise sales, golf course income, revenue from the hotel ground leases and villa operations, pushed division operating profit to $7.8 million for the year, compared with $5.7 million in 1999. Resort revenue for the year was $50.3 million, up from $48 million in 1999.
The companys commercial property division reported an operating loss of $441,000 for the year, slightly less than its 1999 operating loss of $454,000.