EX-99.1 2 a13-11390_1ex99d1.htm EX-99.1

Exhibit 99.1

NEWS RELEASE	Contact:
	Tim T. Esaki
	(808) 665-5480
	tesaki@mlpmaui.com

MAUI LAND & PINEAPPLE REPORTS 1st QUARTER 2013 RESULTS

KAPALUA RESORT, Hawaii, May 1, 2013 (BUSINESS WIRE) —

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.8 million, or $(0.10) per share, for the first quarter of 2013, compared to a net loss of $0.2 million, or $(0.01) per share for the first quarter of 2012.  The Company reported revenues of $3.4 million and $5.3 million during the first quarters of 2013 and 2012, respectively.

In January 2012, the Company sold an 89-acre parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million.  The Company had no sales of real estate during the first quarter of 2013.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2013 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.

About Maui Land & Pineapple Company, Inc.

Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate.  The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.

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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

		Three Months Ended March 31,
		2013			2012
		(in thousands except
		share amounts)
OPERATING REVENUES
Real estate
Sales		$	—		$	1,500
Commissions		96			319
Leasing		1,326			1,502
Utilities		827			829
Resort amenities and other		1,104			1,160
Total Operating Revenues		3,353			5,310
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales		—			149
Other		397			443
Leasing		780			679
Utilities		555			624
Resort amenities and other		1,084			1,097
Selling and marketing		37			62
General and administrative		704			1,052
Gain on asset dispositions		—			(203		)
Depreciation		687			734
Pension and other postretirement expense		222			266
Total Operating Costs and Expenses		4,466			4,903
Operating Income (Loss)		(1,113		)	407
Interest expense, net		(694		)	(634		)
Loss from Continuing Operations, net of income taxes of $0		(1,807		)	(227		)
Loss from Discontinued Operations, net of income taxes of $0		(8		)	(17		)
NET LOSS		$	(1,815	)	$	(244	)
Pension, net of income taxes of $0		228			185
COMPREHENSIVE LOSS		$	(1,587	)	$	(59	)
NET LOSS PER COMMON SHARE
—BASIC AND DILUTED
Continuing Operations		$	(0.10	)	$	(0.01	)
Discontinued Operations		—			—
Net Loss		$	(0.10	)	$	(0.01	)

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