×

Maui Land & Pineapple Reports 1st Quarter 2017 Results

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

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)
(UNAUDITED)
Three Months Ended March 31,
2017 2016
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Sales$ 7,000 $-
Commissions 139 168
Leasing 1,586 1,615
Utilities 676 847
Resort amenities and other 282 346
Total operating revenues 9,683 2,976
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 576 -
Other 160 300
Leasing 469 712
Utilities 553 631
Resort amenities and other 333 197
General and administrative 489 754
Share-based compensation 559 380
Depreciation 416 495
Pension and other postretirement expenses 202 284
Total operating costs and expenses 3,757 3,753
OPERATING INCOME (LOSS) 5,926 (777)
Interest expense (94) (581)
NET INCOME (LOSS)$ 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 tesaki@mlpmaui.com

Source:Maui Land & Pineapple Company, Inc.