Maui Land & Pine reports lower first-quarter income

Advertiser News Services

Maui Land & Pineapple Co. Inc. yesterday reported lower first-quarter net income, citing reduced earnings from the company's pineapple and resort operations and increased interest expense.

For the three months ended March 31, the company reported net income of $779,000, or 11 cents a share, compared with net income of $1.9 million, or 27 cents a share, the same quarter last year.

Revenues for the first quarter were $38.7 million, up 11 percent from the first quarter of 2000.

Revenue from pineapple operations rose to $21.1 million for the quarter, compared with $16.8 million the same quarter a year ago. But although revenues increased, the operation's operating loss grew to $967,000 compared with $266,000 for the first quarter of 2000.

Improved revenues in this year's first quarter reflected increased case sales volume and higher average sales prices, but that was offset by increases in production costs as well as higher shipping, general and administrative and marketing expenses, the company said.

The company's Kapalua Resort segment reported a 3 percent decrease in revenues, to $16.3 million for the first quarter of 2001 compared with the first quarter of 2000. The resort had an operating profit of $3.4 million for the first quarter of 2001, $721,000 lower than the first quarter of 2000.

The company said lower first-quarter real estate sales, revenues and profit from Plantation Estates Phase II offset revenues and profit from Pineapple Hill Estates.

The company said revenue increased at its commercial & property operations and improved results at its Queen Ka'ahumanu Center helped it post an operating profit of $26,000 compared with an operating loss of $38,000 for the first quarter of 2000.

Interest expense was higher in the first quarter of 2001 primarily because of a higher beginning debt balance compared with 2000.