Maui Land & Pineapple Reports 3rd Quarter 2017 Results

Thursday, November 2, 2017 1:40 AM UTC

KAPALUA RESORT, Hawaii, Nov. 01, 2017 -- 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
[email protected]

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