×

Maui Land & Pineapple Reports 3rd Quarter 2015 Results

KAPALUA RESORT, Hawaii, Nov. 4, 2015 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported income of $9.7 million, or $0.51 per share, for the third quarter of 2015, compared to a net loss of $0.7 million, or $(0.04) per share for the third quarter of 2014. The Company reported revenues of $14.5 million and $2.7 million during the third quarters of 2015 and 2014, respectively.

For the nine months ended September 30, 2015, the Company reported net income of $7.7 million, or $0.41 per share, compared to a net loss of $1.2 million, or $(0.07) per share, for the nine months ended September 30, 2014. The Company reported revenues of $20.0 million and $10.2 million during the nine months ended September 30, 2015 and 2014, respectively.

In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The sale resulted in a gain of approximately $10.5 million.

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.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd 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 (LOSS)
(UNAUDITED)
Three Months Ended September 30,
2015 2014
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales $ 12,000 $ --
Commissions 54 249
Leasing 1,311 1,246
Utilities 785 924
Resort amenities and other 330 320
Total operating revenues 14,480 2,739
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 1,487 --
Other 129 355
Leasing 456 547
Utilities 579 600
Resort amenities and other 207 219
General and administrative 609 556
Share-based compensation 52 30
Depreciation 491 573
Pension and other postretirement expenses 76 10
Total operating costs and expenses 4,086 2,890
OPERATING INCOME (LOSS) 10,394 (151)
Interest expense (731) (598)
NET INCOME (LOSS) $ 9,663 $ (749)
Pension, net of income taxes of $0 210 163
COMPREHENSIVE INCOME (LOSS) $ 9,873 $ (586)
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED $ 0.51 $ (0.04)
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
Nine Months Ended September 30,
2015 2014
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales $ 12,000 $ 2,300
Commissions 377 485
Leasing 4,148 3,967
Utilities 2,409 2,475
Resort amenities and other 1,105 990
Total operating revenues 20,039 10,217
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 1,487 835
Other 546 993
Leasing 1,610 1,683
Utilities 1,774 1,745
Resort amenities and other 686 690
General and administrative 1,677 1,383
Share-based compensation 745 366
Depreciation 1,604 1,744
Pension and other postretirement expenses 229 292
Total operating costs and expenses 10,358 9,731
OPERATING INCOME 9,681 486
Interest expense (1,944) (1,667)
NET INCOME (LOSS) $ 7,737 $ (1,181)
Pension, net of income taxes of $0 632 455
COMPREHENSIVE INCOME (LOSS) $ 8,369 $ (726)
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED $ 0.41 $ (0.07)

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