XML 57 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 13 - Operating Segment Information
 3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

13.               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 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 months ended March 31, 2014 and 2013 were as follows:


   

Three Months

Ended March 31,

 
   

2014

   

2013

 
   

(in thousands)

 

Operating Revenues

               

Real Estate

  $ 83     $ 96  

Leasing

    1,312       1,326  

Utilities

    722       827  

Resort Amenities

    327       376  

Other

    25       4  

Total Operating Revenues

  $ 2,469     $ 2,629  
                 

Operating Income (Loss) (1)

               

Real Estate

  $ (336

)

  $ (491

)

Leasing

    224       (141

)

Utilities

    12       109  

Resort Amenities

    9       114  

Other (2)

    (285

)

    (503

)

Total Operating Loss

    (376

)

    (912

)

Interest Expense, net

    (477

)

    (694

)

                 

Loss from Continuing Operations

    (853

)

    (1,606

)

                 

Loss from Discontinued Operations (Note 7)

    (56

)

    (209

)

                 

Net Loss

  $ (909

)

  $ (1,815

)


 

(1)

Includes allocations of general and administrative expenses.

     
  (2)

Consists primarily of miscellaneous transactions and unallocated general and administrative, pension and other post-retirement expenses.