Maui Land & Pineapple's 4th quarter comes up red
Advertiser Staff
Maui Land & Pineapple Co. lost $1.5 million during fourth quarter 2006 largely because of losses from the company's agricultural business.
4TH-QUARTER FINANCIALS
Revenue: $46.5 million, down 12.7 percent vs. year ago.
Net loss: $1.5 million vs. a $4.8 million profit year ago.
Loss per share: 20 cents per share vs. profit of 66 cents per share year ago.
2006 net income: $7.2 million, down 50.4 percent from 2005.
2006 earnings per share: 98 cents, down 50.8 percent from 2005.
HIGHLIGHTS
WHAT THEY ARE SAYING
"The fourth quarter largely reflected poor performances in the agriculture segment where execution problems in production, processing and logistics, in addition to cost incurred for restructuring costs, drove nearly $9 mil-lion in operating losses."
David C. ColeCEO, Maui Land & Pineapple Inc.
WHAT'S NEXT
Company wants to build an 18-hole golf course and 40 home sites at Maui's Honolua Bay marine preserve.
As part of that plan, Maui Pine will spend $1.5 million for a 2.5-mile coastal trail linking five popular beaches.
The company could be affected by a county measure requiring luxury home builders provide 40 percent of their homes at affordable prices.
Statewide production of pineapple continues to decline.
