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Kapalua Resort, Maui

(KAHULUI, HAWAII) -- There aren't too many golden sunsets around Maui Land & Pineapple Co. (NYSE:MLP) these days.

The land, resort and agriculture company reported a $30.4 million net loss for fourth quarter 2009 ($3.76 per share) - an improvement from a net loss of $70.6 million ($8.86 per share) in the same 2008 period.

The company previously announced it was getting out of the pineapple operations segment and is terminating all of its agriculture activity.

For the year 2009, the Company incurred a net loss of $123.3 million ($15.33 per share) compared to a net loss of $79.4 million ($9.98 per share) for 2008.

The Community Development segment reported an operating loss of $1.4 million for the fourth quarter of 2009 compared to an operating loss of $61.5 million for the fourth quarter of 2008.

Revenues for the fourth quarter of 2009 were $2.3 million compared to $900,000 for the fourth quarter of 2008.

Kahului Bay, Maui

For the year 2009, the Community Development segment reported an operating loss of $62.6 million compared to an operating loss of $40.0 million for 2008.

Revenues from this operating segment were $19.9 million for 2009 compared to $11.4 million for 2008. In 2009, revenues include $12.0 million from the sale of developed and undeveloped land inventory compared to $4.4 million in 2008.

The Community Development segment operating losses include the Company's equity in the losses of Kapalua Bay Holdings LLC, which were zero and $45.3 million for the fourth quarters of 2009 and 2008, respectively; and losses of $47.2 million and $18.8 million, for the years 2009 and 2008, respectively.

The Resort segment reported an operating loss of $4.7 million for the fourth quarter of 2009 compared to an operating loss of $6.6 million for the fourth quarter of 2008.

For the year 2009, the Resort segment reported an operating loss of $16.1 million compared to an operating loss of $19.7 million for 2008.

Kapalua Resort Map

Resort segment revenues were $6.9 million for the fourth quarter of 2009 compared to $8.5 million for the fourth quarter of 2008 or 19% lower than the same period a year earlier; and $29.8 million for the year 2009 or 20% lower compared to $37.4 million for 2008.

The decline in revenues primarily reflect a lower number of visitors to Maui and a drop in expenditures per visitor that resulted in fewer paid rounds of golf, a decline in retail sales, and lower room occupancies and average daily rates from the Kapalua Resort's golf, retail and villa operations.

Cost reduction measures implemented in 2009 were responsible for the lower operating losses for the fourth quarter and the year 2009. 

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