KAPALUA RESORT, Hawaii, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $0.5 million, or $(0.03) per share, for the third quarter of 2017, compared to net income of $2.5 million, or $0.13 per share for the third quarter of 2016.  The Company reported total operating revenues of $2.8 million and $6.1 million during the third quarters of 2017 and 2016, respectively.

For the nine months ended September 30, 2017, the Company reported net income of $11.8 million, or $0.62 per share, compared to net income of $14.4 million, or $0.76 per share, for the nine months ended September 30, 2016.  The Company reported total operating revenues of $21.9 million and $27.0 million during the nine months ended September 30, 2017 and 2016, respectively.

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

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2017 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 September 30,
    2017       2016  
  (in thousands except
  per share amounts)
OPERATING REVENUES      
Real estate $   290     $   3,210  
Leasing     1,353         1,680  
Utilities     898         813  
Resort amenities and other     299         359  
Total operating revenues     2,840         6,062  
       
OPERATING COSTS AND EXPENSES      
Real estate     328         442  
Leasing     661         1,120  
Utilities     488         689  
Resort amenities and other     242         167  
General and administrative     648         648  
Share-based compensation     253         67  
Depreciation     463         498  
Pension and other postretirement expenses     202         (257 )
Total operating costs and expenses     3,285         3,374  
       
OPERATING INCOME (LOSS)     (445 )       2,688  
Interest expense     (39 )       (213 )
NET INCOME (LOSS) $   (484 )   $   2,475  
Pension, net of income taxes of $0     204         974  
COMPREHENSIVE INCOME (LOSS) $   (280 )   $   3,449  
       
NET INCOME (LOSS) PER COMMON SHARE      
--BASIC AND DILUTED $   (0.03 )   $   0.13  
       

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
 
(UNAUDITED)
 
           
  Nine Months Ended September 30,    
    2017       2016      
  (in thousands except    
  per share amounts)    
OPERATING REVENUES          
Real estate $   14,281     $   18,876      
Leasing     4,309         4,572      
Utilities     2,403         2,539      
Resort amenities and other     866         1,030      
Total operating revenues     21,859         27,017      
           
OPERATING COSTS AND EXPENSES          
Real estate     1,216         2,098      
Leasing     1,717         2,377      
Utilities     1,467         1,909      
Resort amenities and other     788         673      
General and administrative     1,723         1,698      
Share-based compensation     1,065         741      
Depreciation     1,296         1,486      
Pension and other postretirement expenses     606         311      
Total operating costs and expenses     9,878         11,293      
           
OPERATING INCOME     11,981         15,724      
Interest expense     (152 )       (1,327 )    
NET INCOME $   11,829     $   14,397      
Pension, net of income taxes of $0     612         1,481      
COMPREHENSIVE INCOME $   12,441     $   15,878      
           
NET INCOME PER COMMON SHARE          
--BASIC AND DILUTED $   0.62     $   0.76      
           

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