Boston, MA 04/07/2014 (wallstreetpr) – Maui Land & Pineapple Co. (NYSE:MLP) is engaged in the developing, managing and selling of real estate. The most recent data show that the company owns land in Maui that measures about 23,300 acres. Its four operating segments are real estate, utilities, resort amenities and leasing.
The company’s shares jumped nearly 24 percent Friday, the biggest single-day jump in five years. That gain came on the back of small insider selling. The company’s CEO Warren Haruki sold about 4,161 shares of the company at the average price of $6.42, thus realizing $26,713 in proceeds. Following the transaction, the CEO is left with direct ownership of more than 168,000 shares in the company. The sale was intended to enable Mr. Haruki raise money to pay his tax liability.
That the CEO only sold a small amount of his holding in the company while retaining a big number of shares, was interpreted to mean insider confidence in the stock. Thus, shares soared on the news Friday, amid above average volume.
Maui Land & Pineapple Co. (NYSE:MLP) released its fiscal 2013 and fourth quarter financial results last month. The company suffered loss in full-year 2013 and managed to register profit in the fourth quarter.
The company reported net loss of $1.2 million, translating to 6 cents per share in 2013. The loss was however smaller than what was suffered in the prior year. MLP suffered net loss of $4.6 million, or 25 cents per share, in 2012. Operating revenue in 2013 jumped to $15.2 million, ahead of the $13.6 million generated in 2012.
As for the fourth quarter of 2013, Maui Land & Pineapple Co. (NYSE:MLP) registered net income of $1.4 million, translating to 7 cents per share. That was better than the net loss of $1.7 million or 9 cents per share in the fourth quarter of 2012. The company ended the fourth quarter with operating revenue of $7.2 million, against $3.1 million in the comparable quarter of 2012.
Progress you can count on
Maui Land & Pineapple Co. (NYSE:MLP) made significant progress in the past year, more so on legacy issues and restructuring of operations. As such, this year is expected to allow the company to gain more focus on its core operations, leading to higher revenue and profits.