KAPALUA RESORT, Hawaii, Aug. 10, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $13.4 million, or $0.71 per share, for the second quarter of 2016, compared to a net loss of $0.8 million or $(0.04) per share for the second quarter of 2015.  The Company reported revenues of $18.0 million and $2.8 million during the second quarters of 2016 and 2015, respectively.

In June 2016, the Company sold a fully-entitled 304-acre working-class community project located in West Maui, commonly known as Pulelehua, for $15.0 million.  The sale resulted in a gain of approximately $14.3 million and the Company utilized the proceeds from the sale to payoff and retire a $14.7 million bank loan.

For the six months ended June 30, 2016, the Company reported net income of $12.0 million or $0.64 per share, compared to a net loss of $1.9 million, or $(0.10) per share, for the six months ended June 30, 2015.  The Company reported revenues of $21.0 million and $5.6 million during the six months ended June 30, 2016 and 2015, respectively.

The Company also disclosed that on August 5, 2016, it refinanced its $26.4 million of outstanding bank loans under a $27.0 million revolving credit facility with First Hawaiian Bank.  The credit facility matures on December 31, 2019 and provides for two optional one-year extension periods.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and the 2 nd quarter 2016 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, 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 June 30,      
    2016       2015        
  (in thousands except      
  per share amounts)      
OPERATING REVENUES            
Real estate            
Sales $ 15,000     $ -        
Commissions   498       211        
Leasing   1,277       1,422        
Utilities   878       807        
Resort amenities and other   324       325        
Total operating revenues   17,977       2,765        
             
OPERATING COSTS AND EXPENSES            
Real estate            
Cost of sales   747       -        
Other   609       248        
Leasing   545       611        
Utilities   589       582        
Resort amenities and other   270       265        
General and administrative   410       487        
Share-based compensation   181       143        
Depreciation   493       555        
Pension and other postretirement expenses   284       76        
Total operating costs and expenses   4,128       2,967        
             
OPERATING INCOME (LOSS)   13,849       (202 )      
Interest expense   (445 )     (616 )      
NET INCOME (LOSS) $ 13,404     $ (818 )      
Pension, net of income taxes of $0   253       211        
COMPREHENSIVE INCOME (LOSS) $ 13,657     $ (607 )      
             
NET INCOME (LOSS) PER COMMON SHARE            
--BASIC AND DILUTED $ 0.71     $ (0.04 )      
             

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS) 
 
 (UNAUDITED) 
 
  Six Months Ended June 30,
    2016       2015  
  (in thousands except
  per share amounts)
OPERATING REVENUES      
Real estate     
Sales $   15,000     $   -  
Commissions     666         323  
Leasing     2,892         2,837  
Utilities     1,726         1,623  
Resort amenities and other     670         776  
Total operating revenues     20,954         5,559  
       
OPERATING COSTS AND EXPENSES    
Real estate      
Cost of sales     747         -  
Other     910         417  
Leasing     1,258         1,149  
Utilities     1,220         1,194  
Resort amenities and other     506         479  
General and administrative     1,165         1,069  
Share-based compensation     560         692  
Depreciation     988         1,113  
Pension and other postretirement expenses     567         152  
Total operating costs and expenses     7,921         6,265  
       
OPERATING INCOME (LOSS)     13,033         (706 )
Interest expense     (1,026 )       (1,213 )
NET INCOME (LOSS) $   12,007     $   (1,919 )
Pension, net of income taxes of $0     507         422  
COMPREHENSIVE INCOME (LOSS) $   12,514     $   (1,497 )
       
NET INCOME (LOSS) PER COMMON SHARE      
  --BASIC $   0.64     $   (0.10 )
  --DILUTED $   0.63     $   (0.10 )
Contact:Tim T. Esaki(808) 665-5480tesaki@mlpmaui.com