Maui Land & Pineapple reports 3Q net income

LAHAINA, Hawaii (AP) - Maui Land & Pineapple Co. is reporting third quarter net income of $20 million, compared to a net loss of $25.5 million for the third quarter of 2009.

The company said Monday that it revenues for the third quarter were $8.2 million, compared to $20.1 million for the third quarter of last year.

MLP says its third quarter results include the recognition of the gain from the Plantation Golf Course sale, which occurred a year and a half ago.

The company says the third quarter saw the sale of the Kapalua Bay Golf Course and adjacent maintenance facility for $24.1 million. MLP says $20 million of the proceeds was used to pay down outstanding debt.

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