Maui Land & Pineapple Reports 3rd Quarter 2016 Results

KAPALUA RESORT, Hawaii, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $2.5 million, or $0.13 per share, for the third quarter of 2016, compared to net income of $9.7 million, or $0.51 per share for the third quarter of 2015.  The Company reported total operating revenues of $6.1 million and $14.5 million during the third quarters of 2016 and 2015, respectively.

For the nine months ended September 30, 2016, the Company reported net income of $14.4 million, or $0.76 per share, compared to net income of $7.7 million, or $0.41 per share, for the nine months ended September 30, 2015.  The Company reported total operating revenues of $27.0 million and $20.0 million during the nine months ended September 30, 2016 and 2015, respectively.

In August 2016, the Company sold a five-acre, fully-entitled 42-unit workforce housing project located in West Maui for $3.0 million. The sale resulted in a gain of approximately $2.8 million.

In June 2016, the Company sold a 304-acre, fully-entitled working-class community project located in West Maui, commonly referred to as Pulelehua, for $15.0 million. The sale resulted in a gain of approximately $14.3 million.

In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The sale resulted in a gain of approximately $10.5 million.

Proceeds from these sales were used to reduce the Company's outstanding bank debt.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2016 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
 Consolidated Statements of Operations and
Comprehensive Income
       
       
  Three Months Ended September 30,
    2016       2015  
  (in thousands except
  per share amounts)
OPERATING REVENUES      
Real estate       
Sales $   3,000     $   12,000  
Commissions     210         54  
Leasing     1,680         1,311  
Utilities     813         785  
Resort amenities and other     359         330  
Total operating revenues     6,062         14,480  
       
OPERATING COSTS AND EXPENSES      
Real estate      
Cost of sales     225         1,487  
Other     217         129  
Leasing     1,120         456  
Utilities     689         579  
Resort amenities and other     167         207  
General and administrative     648         609  
Share-based compensation     67         52  
Depreciation     498         491  
Pension and other postretirement expenses     (257 )       76  
Total operating costs and expenses     3,374         4,086  
       
OPERATING INCOME     2,688         10,394  
Interest expense     (213 )       (731 )
NET INCOME $   2,475     $   9,663  
Pension, net of income taxes of $0     974         210  
COMPREHENSIVE INCOME $   3,449     $   9,873  
       
NET INCOME PER COMMON SHARE      
  --BASIC AND DILUTED $   0.13     $   0.51  
       

Maui Land & Pineapple Company Inc. and Subsidiaries
 Consolidated Statements of Operations and
Comprehensive Income
       
       
  Nine Months Ended September 30,
    2016       2015  
  (in thousands except
  per share amounts)
OPERATING REVENUES      
Real estate       
Sales $   18,000     $   12,000  
Commissions     876         377  
Leasing     4,572         4,148  
Utilities     2,539         2,409  
Resort amenities and other     1,030         1,105  
Total operating revenues     27,017         20,039  
       
OPERATING COSTS AND EXPENSES      
Real estate      
Cost of sales     972         1,487  
Other     1,126         546  
Leasing     2,377         1,610  
Utilities     1,909         1,774  
Resort amenities and other     673         686  
General and administrative     1,698         1,677  
Share-based compensation     741         745  
Depreciation     1,486         1,604  
Pension and other postretirement expenses     311         229  
Total operating costs and expenses     11,293         10,358  
       
OPERATING INCOME      15,724         9,681  
Interest expense     (1,327 )       (1,944 )
NET INCOME $   14,397     $   7,737  
Pension, net of income taxes of $0     1,481         632  
COMPREHENSIVE INCOME $   15,878     $   8,369  
       
NET INCOME PER COMMON SHARE      
  --BASIC AND DILUTED $   0.76     $   0.41  
       

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