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Maui Land & Pineapple Reports 2015 Net Income of $6.8 Million

KAPALUA RESORT, Hawaii, Feb. 23, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $6.8 million, or $0.36 per share, for 2015. This compares to net income of $17.6 million, or $0.94 per share, for 2014. The Company reported revenues of $22.8 million and $33.3 million for 2015 and 2014, respectively.

For the fourth quarter of 2015, the Company recognized a net loss of $0.9 million or $(0.05) per share. For the fourth quarter of 2014, the Company recognized net income of $18.8 million or $1.00 per share. Operating revenues totaled $2.7 million and $23.0 million during the fourth quarters of 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 $10.2 million.

In October 2014, the Company sold an unimproved 244-acre parcel of former agricultural land located in West Maui, commonly known as Lipoa Point, to the State of Hawaii for $19.8 million. The sale resulted in a gain of approximately $19.3 million with the proceeds from the sale designated for the benefit of the Company’s pension plans.

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.

“We are very pleased with the substantial progress the Company has made over the past several years as we continue to focus on strengthening and growing our business,” stated Warren H. Haruki, Chairman and CEO. “Our team remains committed to being good stewards of the lands we’ve been entrusted for the benefit of our stakeholders and future Maui generations.”

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2015 operating results will be available on our Form 10-K 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, agricultural, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages agricultural, commercial and industrial properties; utilities; and a nature preserve at the Kapalua Resort.

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
Years Ended December 31,
2015 2014
(in thousands except per
share amounts)
OPERATING REVENUES
Real estate
Sales$ 12,000 $ 22,687
Commissions 501 617
Leasing 5,546 5,404
Utilities 3,335 3,310
Resort amenities and other 1,404 1,246
Total Operating Revenues 22,786 33,264
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 1,759 1,294
Other 756 1,268
Leasing 2,258 2,501
Utilities 2,260 2,375
Resort amenities and other 925 900
General and administrative 2,131 1,974
Share-based compensation 955 355
Depreciation 2,115 2,301
Pension and other post-retirement expenses 295 391
Total Operating Costs and Expenses 13,454 13,359
OPERATING INCOME 9,332 19,905
Interest expense (2,519) (2,270)
NET INCOME 6,813 17,635
Pension, net of income taxes of $0 (3,093) (5,882)
COMPREHENSIVE INCOME$ 3,720 $ 11,753
NET INCOME PER COMMON SHARE
--BASIC AND DILUTED$ 0.36 $ 0.94


Contact: Tim T. Esaki (808) 665-5480 tesaki@kapalua.com

Source:Maui Land & Pineapple Company, Inc.