Maui Land & Pineapple Reports 2017 Net Income of $10.9 Million

KAPALUA RESORT, Hawaii, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $10.9 million, or $0.57 per share, for 2017. This compares to net income of $21.8 million, or $1.15 per share, for 2016. The Company reported revenues of $24.4 million and $47.4 million for 2017 and 2016, respectively.

For the fourth quarter of 2017, the Company recognized a net loss of $0.9 million or $(0.05) per share. For the fourth quarter of 2016, the Company recognized net income of $7.4 million or $0.39 per share. Operating revenues totaled $2.5 million and $20.3 million during the fourth quarters of 2017 and 2016, respectively.

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

“With the significant pay down of our debt in early 2017, it marked the culmination of a more than five-year process of restructuring our business,” stated Warren H. Haruki, Chairman and CEO. “The starting point had MLP with over $135 million of bank loans, with almost all of our assets pledged as collateral, and loan covenants which severely restricted our ability to finance our development efforts and operations. As part of this process, we selectively sold non-core assets, retired 99% of our bank debt, and were able to secure long-term financing capabilities. These moves provide the foundation and liquidity we need to achieve sustained growth for MLP in the future.”

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2017 operating results will be available on our Form 10-K 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 NET INCOME (LOSS)
AND COMPREHENSIVE INCOME
Years Ended December 31, Three Months Ended December 31,
2017 2016 2017 2016
(in thousands except per (in thousands except per
share amounts) share amounts)
OPERATING REVENUES
Real estate
Sales$13,681 $36,000 $- $18,000
Commissions 894 1,116 294 240
Leasing 5,527 5,324 1,218 752
Utilities 3,153 3,345 750 806
Resort amenities and other 1,122 1,579 256 549
Total Operating Revenues 24,377 47,364 2,518 20,347
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 579 6,188 - 5,214
Other 878 1,272 241 148
Leasing 2,444 2,971 727 594
Utilities 1,892 2,325 425 416
Resort amenities and other 1,033 947 245 274
General and administrative 2,515 2,204 792 506
Share-based compensation 1,319 984 254 243
Depreciation 1,756 1,984 460 498
Pension and other post-retirement expenses 871 5,019 265 4,708
Total Operating Costs and Expenses 13,287 23,894 3,409 12,601
OPERATING INCOME (LOSS) 11,090 23,470 (891) 7,746
Interest expense (190) (1,656) (38) (329)
NET INCOME (LOSS) 10,900 21,814 (929) 7,417
Pension, net of income taxes of $0 2,041 6,372 1,429 4,891
COMPREHENSIVE INCOME$12,941 $28,186 $500 $12,308
NET INCOME (LOSS) PER COMMON
SHARE--BASIC AND DILUTED$0.57 $1.15 $(0.05) $0.39

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

Source:Maui Land & Pineapple Company, Inc.