×

Maui Land & Pineapple Reports 3rd Quarter 2017 Results

KAPALUA RESORT, Hawaii, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $0.5 million, or $(0.03) per share, for the third quarter of 2017, compared to net income of $2.5 million, or $0.13 per share for the third quarter of 2016. The Company reported total operating revenues of $2.8 million and $6.1 million during the third quarters of 2017 and 2016, respectively.

For the nine months ended September 30, 2017, the Company reported net income of $11.8 million, or $0.62 per share, compared to net income of $14.4 million, or $0.76 per share, for the nine months ended September 30, 2016. The Company reported total operating revenues of $21.9 million and $27.0 million during the nine months ended September 30, 2017 and 2016, respectively.

The Company did not have any real estate asset sales during the third quarter of 2017.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2017 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 September 30,
2017 2016
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate$ 290 $ 3,210
Leasing 1,353 1,680
Utilities 898 813
Resort amenities and other 299 359
Total operating revenues 2,840 6,062
OPERATING COSTS AND EXPENSES
Real estate 328 442
Leasing 661 1,120
Utilities 488 689
Resort amenities and other 242 167
General and administrative 648 648
Share-based compensation 253 67
Depreciation 463 498
Pension and other postretirement expenses 202 (257)
Total operating costs and expenses 3,285 3,374
OPERATING INCOME (LOSS) (445) 2,688
Interest expense (39) (213)
NET INCOME (LOSS)$ (484) $ 2,475
Pension, net of income taxes of $0 204 974
COMPREHENSIVE INCOME (LOSS)$ (280) $ 3,449
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED$ (0.03) $ 0.13



MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
Nine Months Ended September 30,
2017 2016
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate$ 14,281 $ 18,876
Leasing 4,309 4,572
Utilities 2,403 2,539
Resort amenities and other 866 1,030
Total operating revenues 21,859 27,017
OPERATING COSTS AND EXPENSES
Real estate 1,216 2,098
Leasing 1,717 2,377
Utilities 1,467 1,909
Resort amenities and other 788 673
General and administrative 1,723 1,698
Share-based compensation 1,065 741
Depreciation 1,296 1,486
Pension and other postretirement expenses 606 311
Total operating costs and expenses 9,878 11,293
OPERATING INCOME 11,981 15,724
Interest expense (152) (1,327)
NET INCOME$ 11,829 $ 14,397
Pension, net of income taxes of $0 612 1,481
COMPREHENSIVE INCOME$ 12,441 $ 15,878
NET INCOME PER COMMON SHARE
--BASIC AND DILUTED$ 0.62 $ 0.76

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

Source:Maui Land & Pineapple Company, Inc.