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Maui Land
earnings fall 56%

Slowing pineapple sales more
than offset a strong showing
at Kapalua Resort

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Star-Bulletin staff

Maui Land & Pineapple Inc. reported a 56 percent drop in third-quarter earnings despite a strong performance at its Kapalua Resort on Maui, as pineapple sales and prices both fell due to competition.

The company had a profit of $556,000, or 7.7 cents a share, in the three months through Sept. 30, compared with $1.27 million, or 18.1 cents a share, in the 1999 quarter.

Total revenues were down 6.3 percent at $37.2 million in the latest period, compared with $39.7 million a year earlier, the company said.

Pineapple revenues, one-third of the company's business, were down 12.4 percent at $24.8 million, from $28.3 million in the 1999 quarter.

Pineapple operating profits of $822,000 were down 59.5 percent from $2.03 million.

Resort revenues of $11.06 million in the latest quarter were up 9.5 percent from a year-earlier $10.1 million and resort operating profits of $1.3 million were up 65 percent from $799,000 in the year-earlier period.

The company said it had a profit of $2.8 million, or 39 cents a share, for the first nine months of this year, down 15.2 percent from a net of $3.3 million, or 46 cents a share, in the nine months of 1999. Nine-months revenues of $102.9 million this year were down 8.9 percent from $103.7 million last year.

Maui Land's thinly traded American Stock Exchange shares closed down 38 cents today at $23.

The company released its earnings late Friday.

America Online Inc. Chairman Stephen M. Case holds 41 percent of Maui Land's stock.