Aloha! Maui Land & Pineapple (ML&P) invites you to live and play on its Hawaiian island -- Maui. Through its Kapalua Land Company subsidiary, the company operates the 1,650-acre Kapalua Resort on Maui's northwest coast. The resort includes a minority-owned Ritz-Carlton hotel, as well as tennis and spa facilities, residential homes and condos, and shops and restaurants. ML&P also develops residential and commercial property on its 23,000 acres surrounding the resort. Its Kapalua Realty Company is a general brokerage real estate firm located within the resort. The company additionally owns forest and nature preserves on the island. Formerly one of Hawaii's largest pineapple producers, the company exited that business in 2009.
Revenues declined slightly in 2010 compared to 2009 because the company ceased to own The Kapalua Villas (vacation rental) and Kapalua Adventures (zip lines, ropes course, and other activities), choosing instead to lease those businesses to third party operators. However, its net income soared to nearly $25 million, up from a loss of more than $123 million. In 2010 ML&P gained on the sale of its Kapalua Plantation Golf Course, as well as the termination of post-retirement plans for employees of discontinued operations. In addition, due to the real estate crash and the subsequent decline in tourism, the company lost considerable profits from its 51%-owned Bay Holdings in 2009. (Bay Holdings owns the Residences at Kapalua Bay condos.) In order to cut costs, ML&P eliminated more than 600 jobs in 2010 and 2009.
After David Cole resigned from his five-year stint as chairman and CEO at the end of 2008, the company split the functions, appointing Warren Haruki (former president of GTE Hawaiian Tel and Verizon Hawaii) as chairman, and Robert Webber as CEO. Months later Webber resigned. Haruki serves as chairman and interim CEO, a position he has held since 2009.
Because of soaring oil and transportation costs, ML&P exited the pineapple business in 2009, saying it could no longer sustain financial losses that threatened to destroy the company. It had grown pineapples on Maui for almost 100 years.
ML&P board member and AOL co-founder Steve Case owns more than 60% of the company. Through his Revolution LLC, Case has a majority interest in Exclusive Resorts, which has a 15% stake in Bay Holdings. Marriott International owns the remaining 34% of the condo project.
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