Maui Land & Pineapple Reports 2nd Quarter 2017 Results

Wednesday, August 9, 2017 9:37 PM UTC

KAPALUA RESORT, Hawaii, Aug. 09, 2017 -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $6.5 million, or $0.34 per share, for the second quarter of 2017, compared to net income of $13.4 million, or $0.71 per share for the second quarter of 2016. The Company reported revenues of $9.3 million and $18.0 million during the second quarters of 2017 and 2016, respectively.

For the six months ended June 30, 2017, the Company reported net income of $12.3 million or $0.65 per share, compared to income of $12.0 million, or $0.64 per share, for the six months ended June 30, 2016. The Company reported revenues of $19.0 million and $21.0 million during the six months ended June 30, 2017 and 2016, respectively.

Included in the Company’s real estate operating revenues for the three and six months ended June 30, 2017, are approximately $6.7 million of land improvements that were conveyed to the Company by the owner of a 125-acre portion of the Company’s Kapalua Mauka project. The owner purchased the 125-acre property, commonly known as Mahana Estates, in 2009. As part of the sale, the owner agreed to subsequently develop and convey to the Company upon completion certain easements, subdivision and utility improvements related to the Mahana Estates property.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and the 2^nd 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, 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

(UNAUDITED)


	Three Months Ended June 30,
		2017			2016

	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	6,852		$	15,498
Leasing		1,370			1,277
Utilities		829			878
Resort amenities and other		285			324
Total operating revenues		9,336			17,977

OPERATING COSTS AND EXPENSES
Real estate		152			1,356
Leasing		587			545
Utilities		426			589
Resort amenities and other		213			270
General and administrative		586			410
Share-based compensation		253			181
Depreciation		417			493
Pension and other postretirement expenses		202			284
Total operating costs and expenses		2,836			4,128

OPERATING INCOME		6,500			13,849
Interest expense		(19	)		(445	)
NET INCOME	$	6,481		$	13,404
Pension, net of income taxes of $0		204			253
COMPREHENSIVE INCOME	$	6,685		$	13,657

NET INCOME PER COMMON SHARE
--BASIC AND DILUTED	$	0.34		$	0.71

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME

(UNAUDITED)


	Six Months Ended June 30,
		2017			2016

	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	13,991		$	15,666
Leasing		2,956			2,892
Utilities		1,505			1,726
Resort amenities and other		567			670
Total operating revenues		19,019			20,954

OPERATING COSTS AND EXPENSES
Real estate		888			1,657
Leasing		1,056			1,258
Utilities		979			1,220
Resort amenities and other		546			506
General and administrative		1,075			1,165
Share-based compensation		812			560
Depreciation		833			988
Pension and other postretirement expenses		404			567
Total operating costs and expenses		6,593			7,921

OPERATING INCOME		12,426			13,033
Interest expense		(113	)		(1,026	)
NET INCOME	$	12,313		$	12,007
Pension, net of income taxes of $0		408			507
COMPREHENSIVE INCOME	$	12,721		$	12,514

NET INCOME PER COMMON SHARE
--BASIC	$	0.65		$	0.64
--DILUTED	$	0.64		$	0.63

Contact:
Tim T. Esaki
(808) 665-5480
[email protected]

Editor's Picks

Breathing through your nose when you exercise may make your runs easier

Entrepreneurs are facing a mental health crisis — here's how to help them

Are fish oil supplements as healthy as we think? And is eating fish better?

Will AI kill our creativity? It could – if we don’t start to value and protect the traits that make us human

Does AI have a right to free speech? Only if it supports our right to free thought

How can I lower my cholesterol? Do supplements work? How about psyllium or probiotics?

Why we need to set limits on sperm donation

Aging with a healthy brain: How lifestyle changes could help prevent up to 40% of dementia cases

Seven techniques to avoid weight regain, approved by experts

Maui Land & Pineapple Reports 2nd Quarter 2017 Results

Editor's Picks

Welcome to EconoTimes