Maui Land & Pineapple Co., a majority of which is owned by billionaire Steve Case, said Wednesday it lost $1.7 million, or 9 cents a share, in the fourth quarter, compared with a loss of $3.5 million, or 19 cents, a year earlier.
"MLP made significant progress towards completing our restructuring efforts during 2012," CEO Warren Haruki said in a statement. "We now have a simplified business model focused on our core land holdings … While we still face several challenges, we remain steadfast in our commitment to manage and care for our Maui lands for the benefit of our stakeholders and the community."
MLP owns approximately 23,000 acres on Maui and manages properties, utilities and a nature preserve at the Kapalua Resort.
For all of 2012, MLP reported a net loss of $4.6 million, or 25 cents a share, reversing its 2011 net gain of $5.1 million, or 27 cents a share. The 2011 earnings were boosted by MLP’s sale 
of the Kapalua Bay Golf Course for a $15.1 million gain.
Revenue for 2012 was $16.2 million compared with $14.5 million for 2011.
In October, the New York Stock Exchange notified MLP that it had fallen below the NYSE’s listing standards because its average market capitalization — or price per share times total shares outstanding — was less than $50 million over a 30-trading-day period. In January, the NYSE agreed to give MLP until April 2014 to comply with the average market capitalization standard. On Wednesday, MLP had a market cap of $75.5 million.
MLP shares were up 2 cents Wednesday to $4.02. The earnings were released after the close of trading.
Case, the former head of AOL and a Punahou School graduate, owned 63 percent of MLP shares, or 11.9 million shares, as of Feb. 11.
