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Maui Land & Pineapple Reports 2nd Quarter 2017 Results

KAPALUA RESORT, Hawaii, Aug. 09, 2017 (GLOBE NEWSWIRE) -- 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.

/EIN News/ -- 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 2nd 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
tesaki@mlpmaui.com