Posted on: Thursday, July 29, 2004
Net loss $2.37M at Maui L&P
Advertiser Staff
Maui Land & Pineapple Co. reported a net loss of $2.37 million, or 33 cents per share, for the second quarter, compared with a net loss of $4.03 million, or 56 cents per share, a year ago.
For the first half of 2004, Maui Land had a net loss of $855,000, or 12 cents per share, compared with a net loss of $4.66 million, or 65 cents per share, for the first half of 2003.
Maui Land sold a 6.5-acre conservation-zoned parcel at Kapalua, which contributed $2.5 million to net income for the first half of 2004.
"Results are largely in line with expectations as we re-engineer our pineapple, hospitality and development units," said CEO David Cole in a statement.
Cole said the company hired a design firm to develop plans for a food-processing facility that will replace the present pineapple cannery and provide services for other local farmers.
Revenues for the second quarter of 2004 decreased by $2.5 million, or 8 percent, to $30 million, compared with $32.5 million for the second quarter of 2003.
The pineapple segment lost $2.5 million on continuing operations in the second quarter, compared with an operating loss of $3.9 million in the second quarter of 2003. In the second quarter, Maui Land was able to achieve better average pricing for its canned and fresh pineapple products, but sales volume was lower.
The company's resorts had an operating loss of $186,000 in the second quarter, compared with $777,000 a year ago.
The company said the decline in its loss was due to a drop in employee severance costs, shipping costs, marketing expenses and interest expense.
David Cole
