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Maui Land & Pineapple Reports 2nd Quarter 2016 Results

KAPALUA RESORT, Hawaii, Aug. 10, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $13.4 million, or $0.71 per share, for the second quarter of 2016, compared to a net loss of $0.8 million or $(0.04) per share for the second quarter of 2015. The Company reported revenues of $18.0 million and $2.8 million during the second quarters of 2016 and 2015, respectively.

In June 2016, the Company sold a fully-entitled 304-acre working-class community project located in West Maui, commonly known as Pulelehua, for $15.0 million. The sale resulted in a gain of approximately $14.3 million and the Company utilized the proceeds from the sale to payoff and retire a $14.7 million bank loan.

For the six months ended June 30, 2016, the Company reported net income of $12.0 million or $0.64 per share, compared to a net loss of $1.9 million, or $(0.10) per share, for the six months ended June 30, 2015. The Company reported revenues of $21.0 million and $5.6 million during the six months ended June 30, 2016 and 2015, respectively.

The Company also disclosed that on August 5, 2016, it refinanced its $26.4 million of outstanding bank loans under a $27.0 million revolving credit facility with First Hawaiian Bank. The credit facility matures on December 31, 2019 and provides for two optional one-year extension periods.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and the 2nd 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, agricultural 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 INCOME (LOSS)
(UNAUDITED)
Three Months Ended June 30,
2016 2015
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales$15,000 $-
Commissions 498 211
Leasing 1,277 1,422
Utilities 878 807
Resort amenities and other 324 325
Total operating revenues 17,977 2,765
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 747 -
Other 609 248
Leasing 545 611
Utilities 589 582
Resort amenities and other 270 265
General and administrative 410 487
Share-based compensation 181 143
Depreciation 493 555
Pension and other postretirement expenses 284 76
Total operating costs and expenses 4,128 2,967
OPERATING INCOME (LOSS) 13,849 (202)
Interest expense (445) (616)
NET INCOME (LOSS)$13,404 $(818)
Pension, net of income taxes of $0 253 211
COMPREHENSIVE INCOME (LOSS)$13,657 $(607)
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED$0.71 $(0.04)



MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Six Months Ended June 30,
2016 2015
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales$ 15,000 $ -
Commissions 666 323
Leasing 2,892 2,837
Utilities 1,726 1,623
Resort amenities and other 670 776
Total operating revenues 20,954 5,559
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 747 -
Other 910 417
Leasing 1,258 1,149
Utilities 1,220 1,194
Resort amenities and other 506 479
General and administrative 1,165 1,069
Share-based compensation 560 692
Depreciation 988 1,113
Pension and other postretirement expenses 567 152
Total operating costs and expenses 7,921 6,265
OPERATING INCOME (LOSS) 13,033 (706)
Interest expense (1,026) (1,213)
NET INCOME (LOSS)$ 12,007 $ (1,919)
Pension, net of income taxes of $0 507 422
COMPREHENSIVE INCOME (LOSS)$ 12,514 $ (1,497)
NET INCOME (LOSS) PER COMMON SHARE
--BASIC$ 0.64 $ (0.10)
--DILUTED$ 0.63 $ (0.10)

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

Source:Maui Land & Pineapple Company, Inc.