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KAPALUA RESORT, Hawaii, April 25, 2018 -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $1.0 million, or $(0.05) per share, for the first quarter of 2018, compared to net income of $5.8 million, or $0.31 per share, for the first quarter of 2017. The Company reported revenues of $2.5 million and $9.7 million during the first quarters of 2018 and 2017, respectively.
The Company did not have any sales of real estate assets during the first quarter of 2018. In February 2017, the Company sold the 15-acre Kapalua Golf Academy three-hole practice course for $7.0 million, which resulted in a gain of approximately $6.4 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2018 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, | |||||
| 2018 | 2017 | ||||
| (in thousands except | |||||
| per share amounts) | |||||
| OPERATING REVENUES | |||||
| Real estate | $ | 36 | $ | 7,139 | |
| Leasing | 1,495 | 1,586 | |||
| Utilities | 704 | 676 | |||
| Resort amenities and other | 307 | 282 | |||
| Total operating revenues | 2,542 | 9,683 | |||
| OPERATING COSTS AND EXPENSES | |||||
| Real estate | 66 | 736 | |||
| Leasing | 578 | 469 | |||
| Utilities | 521 | 553 | |||
| Resort amenities and other | 353 | 333 | |||
| General and administrative | 831 | 489 | |||
| Share-based compensation | 579 | 559 | |||
| Depreciation | 439 | 416 | |||
| Total operating costs and expenses | 3,367 | 3,555 | |||
| OPERATING INCOME (LOSS) | (825) | 6,128 | |||
| Pension and other post-retirement expenses | (102) | (202) | |||
| Interest expense | (37) | (94) | |||
| NET INCOME (LOSS) | $ | (964) | $ | 5,832 | |
| Pension, net of income taxes of $0 | 185 | 204 | |||
| COMPREHENSIVE INCOME (LOSS) | $ | (779) | $ | 6,036 | |
| NET INCOME (LOSS) PER COMMON SHARE | |||||
| --BASIC AND DILUTED | $ | (0.05) | $ | 0.31 | |
Contact:
Tim T. Esaki
(808) 665-5480
[email protected]
