Maui Land net sinksBy Russ Lynch
Slower sales of canned pineapple cut into fourth-quarter revenues and profits at Maui Land & Pineapple Co.
The company today reported a profit of $1.4 million, or 19 cents a share, for the three months through Dec. 31, down 59 percent from $4.1 million, or 47 cents a share, in the last quarter of 1998.
The 1998 figures included a one-time net loss of $744,000 relating to an early payoff of $20 million in debt. Fourth-quarter revenues of $43.3 million were down 8.6 percent from $47.4 million in the 1998 quarter.
The Kahului-based company said its operating profit from the pineapple business fell to $795,000 in the latest quarter, down 80.6 percent from $4.1 million in the year-earlier period.
The company's resort business at Kapalua had a fourth-quarter operating profit of $2.1 million, down 25 percent from $2.8 million in the 1998 quarter.
ML&P's commercial and property business had an operating profit of $3,000 in the 1999 quarter, up from a loss of $626,000 in the year-earlier period.
For all of 1999, the company had a net profit of $4.7 million, up 30 percent from the 1998 net of $3.6 million and equal to 65 cents a share compared to a year-earlier 50 cents. Revenues in 1999 totaled $147 million, up 2 percent from $143.7 million in the previous year.
Pineapple operations produced a full-year operating profit of $6.1 million, up 11 percent from $5.5 million in 1998. Resort operations had an annual operating profit of $5.7 million, up 9.6 percent from $5.2 million, and the commercial and property business had a 1999 operating loss of $454,000, an improvement from a loss of $1.1 million in 1998.