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Maui Land & Pineapple Reports 2nd Quarter 2015 Results

KAPALUA RESORT, Hawaii, Aug. 6, 2015 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $818,000, or $(0.04) per share, for the second quarter of 2015, compared to net income of $477,000 or $0.03 per share for the second quarter of 2014. The Company reported revenues of $2.8 million and $5.0 million during the second quarters of 2015 and 2014, respectively.

In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a gain of $1.5 million.

For the six months ended June 30, 2015, the Company reported a net loss of $1.9 million or $(0.10) per share, compared to a net loss of $432,000, or $(0.02) per share, for the six months ended June 30, 2014. The Company reported revenues of $5.6 million and $7.5 million during the six months ended June 30, 2015 and 2014, respectively.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2015 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.

About Maui Land & Pineapple Company, Inc.

Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended June 30,
2015 2014
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales $ -- $ 2,300
Commissions 211 153
Leasing 1,422 1,409
Utilities 807 829
Resort amenities and other 325 318
Total operating revenues 2,765 5,009
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales -- 835
Other 248 333
Leasing 611 586
Utilities 582 572
Resort amenities and other 265 190
General and administrative 487 543
Share-based compensation 143 153
Depreciation 555 587
Pension and other postretirement expenses 76 141
Total operating costs and expenses 2,967 3,940
OPERATING (LOSS) INCOME (202) 1,069
Interest expense (616) (592)
NET (LOSS) INCOME $ (818) $ 477
Pension, net of income taxes of $0 211 146
COMPREHENSIVE (LOSS) INCOME $ (607) $ 623
NET (LOSS) INCOME PER COMMON SHARE
---BASIC AND DILUTED $ (0.04) $ 0.03
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
Six Months Ended June 30,
2015 2014
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales $ -- $ 2,300
Commissions 323 236
Leasing 2,837 2,721
Utilities 1,623 1,551
Resort amenities and other 776 670
Total operating revenues 5,559 7,478
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales -- 835
Other 417 638
Leasing 1,149 1,136
Utilities 1,194 1,145
Resort amenities and other 479 471
General and administrative 1,069 868
Share-based compensation 692 295
Depreciation 1,113 1,171
Pension and other postretirement expenses 152 282
Total operating costs and expenses 6,265 6,841
OPERATING (LOSS) INCOME (706) 637
Interest expense (1,213) (1,069)
NET LOSS $ (1,919) $ (432)
Pension, net of income taxes of $0 422 292
COMPREHENSIVE LOSS $ (1,497) $ (140)
NET (LOSS) INCOME PER COMMON SHARE
---BASIC AND DILUTED $ (0.10) $ (0.02)

CONTACT: Tim T. Esaki (808) 665-5480 tesaki@kapalua.comSource:Maui Land & Pineapple Company, Inc.