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Operating Segment Information
 6 Months Ended
Jun. 30, 2013
Operating Segment Information  
Operating Segment Information

12.       Operating Segment Information

 

The Company’s presentation of its reportable operating segments 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 include a 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 six months ended June 30, 2013 and 2012 were as follows:

 

 

 

Three Months

 

Six Months

 

 

 

Ended June 30,

 

Ended June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(in thousands)

 

Operating Revenues

 

 

 

Real Estate

 

$

95

 

$

244

 

$

191

 

$

2,063

 

Leasing

 

1,197

 

1,479

 

2,523

 

2,981

 

Utilities

 

956

 

714

 

1,783

 

1,543

 

Resort Amenities

 

855

 

1,006

 

1,955

 

2,140

 

Other

 

4

 

9

 

8

 

35

 

Total Operating Revenues

 

$

3,107

 

$

3,452

 

$

6,460

 

$

8,762

 

 

 

 

 

 

 

 

 

 

 

Operating Loss (1)

 

 

 

 

 

 

 

 

 

Real Estate

 

$

(496

)

$

(341

)

$

(947

)

$

712

 

Leasing

 

(32

)

214

 

(106

)

390

 

Utilities

 

263

 

319

 

383

 

341

 

Resort Amenities

 

3

 

(19

)

(18

)

(59

)

Other (2)

 

(691

)

(755

)

(1,378

)

(1,559

)

Total Operating Loss

 

(953

)

(582

)

(2,066

)

(175

)

Interest Expense, net

 

(506

)

(466

)

(1,200

)

(1,100

)

 

 

 

 

 

 

 

 

 

 

Loss from Continuing Operations

 

(1,459

)

(1,048

)

(3,266

)

(1,275

)

 

 

 

 

 

 

 

 

 

 

Income (Loss) from Discontinued Operations (Note 6)

 

2,290

 

14

 

2,282

 

(3

)

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

831

 

$

(1,034

)

$

(984

)

$

(1,278

)

 

 

(1)  Includes allocations of general and administrative expenses.

 

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