Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $1.1 million, or $(0.06) per share, for the first quarter of 2015, compared to a net loss of $0.9 million, or $(0.05) per share for the first quarter of 2014. The Company reported revenues of $2.8 million and $2.5 million during the first quarters of 2015 and 2014, respectively.

The Company had no sales of real estate assets during the first quarters of 2015 or 2014.

The Company also announced that it recently amended its American AgCredit loan agreement, eliminating mandatory principal reduction payments, modifying interest rates and payments, and pledging additional collateral as security for the loan. The Company's lenders also reduced the minimum liquidity level required from $3 million to $2 million.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1 st quarter 2015 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 COMPREHENSIVE LOSS
(UNAUDITED)
   
Three Months Ended March 31,
2015 2014
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate $ 112 $ 83
Leasing 1,415 1,312
Utilities 817 722
Resort amenities and other   450     352  
Total operating revenues   2,794     2,469  
 
OPERATING COSTS AND EXPENSES
Real estate 168 279
Leasing 532 550
Utilities 612 573
Resort amenities and other 213 281
General and administrative 582 351
Share-based compensation 549 142
Depreciation 558 584
Pension and other postretirement expenses   76     141  
Total operating costs and expenses   3,290     2,901  
 
OPERATING LOSS (496 ) (432 )
Interest expense   (597 )   (477 )
NET LOSS $ (1,093 ) $ (909 )
Pension, net of income taxes of $0   211     146  
COMPREHENSIVE LOSS $ (882 ) $ (763 )
 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED $ (0.06 ) $ (0.05 )
 

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