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Maui Land & Pineapple Company, Inc. Reports 1st Quarter 2016 Results

KAPALUA RESORT, Hawaii, April 26, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $1.4 million, or $(0.07) per share, for the first quarter of 2016, compared to a net loss of $1.1 million, or $(0.06) per share for the first quarter of 2015. The Company reported revenues of $3.0 million and $2.8 million during the first quarters of 2016 and 2015, respectively.

The Company had no sales of real estate assets during the first quarters of 2016 or 2015.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our
1st quarter 2016 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 OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
Three Months Ended March 31,
2016 2015
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate$ 168 $ 112
Leasing 1,615 1,415
Utilities 847 817
Resort amenities and other 346 450
Total operating revenues 2,976 2,794
OPERATING COSTS AND EXPENSES
Real estate 300 168
Leasing 712 532
Utilities 631 612
Resort amenities and other 197 213
General and administrative 754 582
Share-based compensation 380 549
Depreciation 495 558
Pension and other postretirement expenses 284 76
Total operating costs and expenses 3,753 3,290
OPERATING LOSS (777) (496)
Interest expense (581) (597)
NET LOSS$ (1,358) $ (1,093)
Pension, net of income taxes of $0 253 211
COMPREHENSIVE LOSS$ (1,105) $ (882)
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED$ (0.07) $ (0.06)


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

Source:Maui Land & Pineapple Company, Inc.