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Maui Land & Pineapple Co. posted a narrower loss in the third quarter as revenue increased slightly from its leasing operations.
The Kapalua-based company reported Wednesday a loss of $124,000, or 1 cent a share, compared with a loss of $139,000, or 1 cent a share, in the year-earlier quarter. Revenue rose 4.7% to $2.6 million as its leasing operations generated $2.3 million.
MLP said in August that a voluntary contribution of $5.7 million was made to fund the company’s defined benefit pension plan to further annuitize certain parts of the plan’s obligations.
In addition, the company said that on June 29 its shareholders voted to change the state of incorporation of the company from Hawaii to Delaware. The reincorporation went into effect through a conversion plan completed July 18. No change in ownership resulted from the change and each outstanding share of common stock was automatically converted into one share of the newly established company, which retained the MLP name.
Since ceasing pineapple farming in 2009 and becoming largely inactive in real estate development, the company’s operations have largely involved leasing land to others.
Maui Land owns 22,100 acres of land on Maui, most of which the company acquired between 1911 and 1932. About 20,700 acres of land is located in West Maui and comprises a largely contiguous panel that extends from the sea to an elevation of approximately 5,700 feet. This parcel includes about 900 acres within the Kapalua Resort. The company’s remaining 1,400 acres of land is located in Upcountry Maui and mainly comprise leased agricultural fields.
Shares of Maui Land fell 5 cents Wednesday to $8.50 before the results were announced.
Third-quarter loss
$124,000
Year-earlier loss
$139,000
