Maui Land turns around
loss as earnings soar

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By Russ Lynch
rlynch@starbulletin.com

Maui Land & Pineapple Co. today reported a fourth-quarter profit of $4.6 million, or 63 cents a share, compared to a loss of $2.3 million, or 33 cents a share, in the year-earlier quarter. Quarterly revenues of $28.8 million were up 8.3 percent from a year-earlier $26.6 million.

Luxury condominium sales at the Coconut Grove on Kapalua Bay, through a 50-percent owned joined venture, boosted resort income and the company also showed improvements in its pineapple business. Its commercial and property business, however, lost money.

The resort business produced an operating profit of $7.1 million in the latest quarter, up 1,900 percent from $359,000 a year-earlier. Pineapple generated an operating profit of $724,000, a turnaround from a loss of $2.7 million in the final quarter of 2000.

For all of 2001, Maui Land & Pineapple had a profit of $7.6 million, or $1.05 a share, up 1,600 percent from a profit of $452,000, or 6 cents a share, in 2000.

For the full year, pineapple had a loss of $3.2 million, compared to a loss of $2.9 million in the previous year, a 10.3 percent increase in red ink. Resorts had a 2001 operating profit of $19.8 million, up 154 percent from $7.8 million in 2000. Full-year revenues of $172.6 million last year were up 22 percent from $141.5 million in 2000.