KAPALUA RESORT, Hawaii, April 28, 2017 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $5.8 million, or $0.31 per share, for the first quarter of 2017, compared to a net loss of $1.4 million, or $(0.07) per share for the first quarter of 2016.  The Company reported revenues of $9.7 million and $3.0 million during the first quarters of 2017 and 2016, respectively.

In February 2017, the Company sold the 15-acre Kapalua Golf Academy three-hole practice course for $7.0 million.  The property was sold to the owner of the Kapalua Plantation and Bay Golf Courses, resulting in a gain of approximately $6.4 million.  The Company applied $5.6 million of the sale proceeds to reduce its total debt to $1.2 million, as of March 31, 2017.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1 st quarter 2017 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 OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
           
           
  Three Months Ended March 31,
  2017   2016
  (in thousands except
  per share amounts)
OPERATING REVENUES          
Real estate           
Sales $   7,000     $ -  
Commissions   139       168  
Leasing   1,586       1,615  
Utilities   676       847  
Resort amenities and other   282       346  
Total operating revenues   9,683       2,976  
           
OPERATING COSTS AND EXPENSES          
Real estate          
Cost of sales   576       -  
Other   160       300  
Leasing   469       712  
Utilities   553       631  
Resort amenities and other   333       197  
General and administrative   489       754  
Share-based compensation   559       380  
Depreciation   416       495  
Pension and other postretirement expenses   202       284  
Total operating costs and expenses   3,757       3,753  
           
OPERATING INCOME (LOSS)   5,926       (777 )
Interest expense   (94 )     (581 )
NET INCOME (LOSS) $   5,832     $   (1,358 )
Pension, net of income taxes of $0   204       253  
COMPREHENSIVE INCOME (LOSS) $   6,036     $   (1,105 )
           
NET INCOME (LOSS) PER COMMON SHARE          
  --BASIC AND DILUTED $   0.31     $   (0.07 )
           

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