XML 49 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Operating Segment Information
 9 Months Ended
Sep. 30, 2012
Operating Segment Information  
Operating Segment Information

12.       Operating Segment Information

 

In September 2011, the Company revised its operating segments to reflect the September 2011 discontinuance of retail operations, the March 2011 discontinuance of golf operations and the Company’s increased emphasis on real estate, leasing, utilities and resort amenities operations. The reportable operating segment presentation adopted is consistent with how the Company’s chief operating decision maker determines the allocation of resources. Reportable segments are as follows:

 

·                  Real Estate includes the development and sale of real estate inventory and the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort.

·                  Leasing primarily includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third parties, and the cost of maintaining the Company’s real estate assets, including conservation activities.

·                  Utilities primarily include the operations of Kapalua Water Company and Kapalua Waste Treatment Company, the Company’s water and sewage transmission operations (regulated by the Hawaii Public Utilities Commission) servicing the Kapalua Resort.  The operating segment also includes the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas.

·                  Resort Amenities includes a spa, beach club and a membership program that provides certain benefits and privileges within the Kapalua Resort for its members.

 

Financial results for each of the Company’s reportable segments for the three and nine months ended September 30, 2012 and 2011 were as follows:

 

 

 

Three Months

 

Nine Months

 

 

 

Ended September 30,

 

Ended September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

(in thousands)

 

Operating Revenues

 

 

 

 

 

 

 

 

 

Real Estate

 

$

90

 

$

75

 

$

2,153

 

$

695

 

Leasing

 

1,413

 

1,380

 

4,394

 

3,827

 

Utilities

 

1,085

 

935

 

2,628

 

2,651

 

Resort Amenities

 

1,031

 

909

 

3,171

 

2,819

 

Other

 

3

 

72

 

38

 

1,039

 

Total Operating Revenues

 

$

3,622

 

$

3,371

 

$

12,384

 

$

11,031

 

 

 

 

 

 

 

 

 

 

 

Operating Loss (1)

 

 

 

 

 

 

 

 

 

Real Estate

 

$

(440

)

$

(206

)

$

272

 

$

(712

)

Leasing

 

81

 

(83

)

471

 

(721

)

Utilities

 

131

 

96

 

472

 

(174

)

Resort Amenities

 

(6

)

(89

)

(65

)

(351

)

Other (2)

 

(691

)

(521

)

(2,250

)

(3,021

)

Total Operating Loss

 

(925

)

(803

)

(1,100

)

(4,979

)

Interest Expense, net

 

(759

)

(624

)

(1,859

)

(1,758

)

Income Tax Benefit

 

—

 

67

 

—

 

67

 

 

 

 

 

 

 

 

 

 

 

Loss from Continuing Operations

 

(1,684

)

(1,360

)

(2,959

)

(6,670

)

 

 

 

 

 

 

 

 

 

 

Income from Discontinued Operations (Note 6)

 

68

 

21

 

65

 

15,294

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

(1,616

)

$

(1,339

)

$

(2,894

)

$

8,624

 

 

(1)  Includes allocations of selling and marketing and general and administrative expenses.

 

(2) Consists primarily of unallocated selling and marketing, general and administrative, pension, and miscellaneous expenses.