KAPALUA RESORT, Hawaii, April 28, 2017 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $5.8 million, or $0.31 per share, for the first quarter of 2017, compared to a net loss of $1.4 million, or $(0.07) per share for the first quarter of 2016. The Company reported revenues of $9.7 million and $3.0 million during the first quarters of 2017 and 2016, respectively.
In February 2017, the Company sold the 15-acre Kapalua Golf Academy three-hole practice course for $7.0 million. The property was sold to the owner of the Kapalua Plantation and Bay Golf Courses, resulting in a gain of approximately $6.4 million. The Company applied $5.6 million of the sale proceeds to reduce its total debt to $1.2 million, as of March 31, 2017.
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2017 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
|MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)|
|Three Months Ended March 31,|
|(in thousands except|
|per share amounts)|
|Resort amenities and other||282||346|
|Total operating revenues||9,683||2,976|
|OPERATING COSTS AND EXPENSES|
|Cost of sales||576||-|
|Resort amenities and other||333||197|
|General and administrative||489||754|
|Pension and other postretirement expenses||202||284|
|Total operating costs and expenses||3,757||3,753|
|OPERATING INCOME (LOSS)||5,926||(777||)|
|NET INCOME (LOSS)||$||5,832||$||(1,358||)|
|Pension, net of income taxes of $0||204||253|
|COMPREHENSIVE INCOME (LOSS)||$||6,036||$||(1,105||)|
|NET INCOME (LOSS) PER COMMON SHARE|
|--BASIC AND DILUTED||$||0.31||$||(0.07||)|
Contact: Tim T. Esaki (808) 665-5480 email@example.com
Source:Maui Land & Pineapple Company, Inc.