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Discontinued Operations
 6 Months Ended
Jun. 30, 2013
Discontinued Operations  
Discontinued Operations

6.              Discontinued Operations

 

In September 2011, the Company ceased all retail operations at the Kapalua Resort. In March 2011, the Company ceased operating the two championship golf courses at the Kapalua Resort. In December 2009, the Company ceased all agriculture operations. Accordingly, the operating results including any gains or losses from the disposal of assets related to these former operations have been reported as discontinued operations in the accompanying condensed consolidated financial statements.

 

Income (loss) from discontinued operations for the three and six months ended June 30, 2013 included a $1.9 million gain from the sale of a 7-acre parcel in central Maui which was part of the Company’s former agricultural processing facilities and a $0.5 million reversal of accrued income taxes and related interest resulting from the Company’s settlement with the IRS.

 

Income (loss) before income taxes from discontinued operations were as follows:

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(in thousands)

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) from Discontinued Operations

 

 

 

 

 

 

 

 

 

Retail

 

$

(3

)

$

4

 

$

(4

)

$

(24

)

Agriculture

 

2,293

 

10

 

2,286

 

21

 

Total

 

$

2,290

 

$

14

 

$

2,282

 

$

(3

)