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Maui Land & Pineapple Reports 3rd Quarter 2016 Results

KAPALUA RESORT, Hawaii, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $2.5 million, or $0.13 per share, for the third quarter of 2016, compared to net income of $9.7 million, or $0.51 per share for the third quarter of 2015. The Company reported total operating revenues of $6.1 million and $14.5 million during the third quarters of 2016 and 2015, respectively.

For the nine months ended September 30, 2016, the Company reported net income of $14.4 million, or $0.76 per share, compared to net income of $7.7 million, or $0.41 per share, for the nine months ended September 30, 2015. The Company reported total operating revenues of $27.0 million and $20.0 million during the nine months ended September 30, 2016 and 2015, respectively.

In August 2016, the Company sold a five-acre, fully-entitled 42-unit workforce housing project located in West Maui for $3.0 million. The sale resulted in a gain of approximately $2.8 million.

In June 2016, the Company sold a 304-acre, fully-entitled working-class community project located in West Maui, commonly referred to as Pulelehua, for $15.0 million. The sale resulted in a gain of approximately $14.3 million.

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.

Proceeds from these sales were used to reduce the Company’s outstanding bank debt.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2016 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
Consolidated Statements of Operations and
Comprehensive Income
Three Months Ended September 30,
2016 2015
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales$ 3,000 $ 12,000
Commissions 210 54
Leasing 1,680 1,311
Utilities 813 785
Resort amenities and other 359 330
Total operating revenues 6,062 14,480
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 225 1,487
Other 217 129
Leasing 1,120 456
Utilities 689 579
Resort amenities and other 167 207
General and administrative 648 609
Share-based compensation 67 52
Depreciation 498 491
Pension and other postretirement expenses (257) 76
Total operating costs and expenses 3,374 4,086
OPERATING INCOME 2,688 10,394
Interest expense (213) (731)
NET INCOME$ 2,475 $ 9,663
Pension, net of income taxes of $0 974 210
COMPREHENSIVE INCOME$ 3,449 $ 9,873
NET INCOME PER COMMON SHARE
--BASIC AND DILUTED$ 0.13 $ 0.51


Maui Land & Pineapple Company Inc. and Subsidiaries
Consolidated Statements of Operations and
Comprehensive Income
Nine Months Ended September 30,
2016 2015
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales$ 18,000 $ 12,000
Commissions 876 377
Leasing 4,572 4,148
Utilities 2,539 2,409
Resort amenities and other 1,030 1,105
Total operating revenues 27,017 20,039
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 972 1,487
Other 1,126 546
Leasing 2,377 1,610
Utilities 1,909 1,774
Resort amenities and other 673 686
General and administrative 1,698 1,677
Share-based compensation 741 745
Depreciation 1,486 1,604
Pension and other postretirement expenses 311 229
Total operating costs and expenses 11,293 10,358
OPERATING INCOME 15,724 9,681
Interest expense (1,327) (1,944)
NET INCOME$ 14,397 $ 7,737
Pension, net of income taxes of $0 1,481 632
COMPREHENSIVE INCOME$ 15,878 $ 8,369
NET INCOME PER COMMON SHARE
--BASIC AND DILUTED$ 0.76 $ 0.41

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

Source:Maui Land & Pineapple Company, Inc.