Maui Land & Pineapple Reports 3rd Quarter 2015 Results
KAPALUA RESORT, Hawaii, Nov. 4, 2015 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported income of $9.7 million, or $0.51 per share, for the third quarter of 2015, compared to a net loss of $0.7 million, or $(0.04) per share for the third quarter of 2014. The Company reported revenues of $14.5 million and $2.7 million during the third quarters of 2015 and 2014, respectively.
For the nine months ended September 30, 2015, the Company reported net income of $7.7 million, or $0.41 per share, compared to a net loss of $1.2 million, or $(0.07) per share, for the nine months ended September 30, 2014. The Company reported revenues of $20.0 million and $10.2 million during the nine months ended September 30, 2015 and 2014, respectively.
In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The sale resulted in a gain of approximately $10.5 million.
In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a gain of $1.5 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd quarter 2015 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 COMPREHENSIVE INCOME (LOSS) | ||
| (UNAUDITED) | ||
| Three Months Ended September 30, | ||
| 2015 | 2014 | |
| (in thousands except | ||
| per share amounts) | ||
| OPERATING REVENUES | ||
| Real estate | ||
| Sales | $ 12,000 | $ -- |
| Commissions | 54 | 249 |
| Leasing | 1,311 | 1,246 |
| Utilities | 785 | 924 |
| Resort amenities and other | 330 | 320 |
| Total operating revenues | 14,480 | 2,739 |
| OPERATING COSTS AND EXPENSES | ||
| Real estate | ||
| Cost of sales | 1,487 | -- |
| Other | 129 | 355 |
| Leasing | 456 | 547 |
| Utilities | 579 | 600 |
| Resort amenities and other | 207 | 219 |
| General and administrative | 609 | 556 |
| Share-based compensation | 52 | 30 |
| Depreciation | 491 | 573 |
| Pension and other postretirement expenses | 76 | 10 |
| Total operating costs and expenses | 4,086 | 2,890 |
| OPERATING INCOME (LOSS) | 10,394 | (151) |
| Interest expense | (731) | (598) |
| NET INCOME (LOSS) | $ 9,663 | $ (749) |
| Pension, net of income taxes of $0 | 210 | 163 |
| COMPREHENSIVE INCOME (LOSS) | $ 9,873 | $ (586) |
| NET INCOME (LOSS) PER COMMON SHARE | ||
| --BASIC AND DILUTED | $ 0.51 | $ (0.04) |
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
| (UNAUDITED) | ||
| Nine Months Ended September 30, | ||
| 2015 | 2014 | |
| (in thousands except | ||
| per share amounts) | ||
| OPERATING REVENUES | ||
| Real estate | ||
| Sales | $ 12,000 | $ 2,300 |
| Commissions | 377 | 485 |
| Leasing | 4,148 | 3,967 |
| Utilities | 2,409 | 2,475 |
| Resort amenities and other | 1,105 | 990 |
| Total operating revenues | 20,039 | 10,217 |
| OPERATING COSTS AND EXPENSES | ||
| Real estate | ||
| Cost of sales | 1,487 | 835 |
| Other | 546 | 993 |
| Leasing | 1,610 | 1,683 |
| Utilities | 1,774 | 1,745 |
| Resort amenities and other | 686 | 690 |
| General and administrative | 1,677 | 1,383 |
| Share-based compensation | 745 | 366 |
| Depreciation | 1,604 | 1,744 |
| Pension and other postretirement expenses | 229 | 292 |
| Total operating costs and expenses | 10,358 | 9,731 |
| OPERATING INCOME | 9,681 | 486 |
| Interest expense | (1,944) | (1,667) |
| NET INCOME (LOSS) | $ 7,737 | $ (1,181) |
| Pension, net of income taxes of $0 | 632 | 455 |
| COMPREHENSIVE INCOME (LOSS) | $ 8,369 | $ (726) |
| NET INCOME (LOSS) PER COMMON SHARE | ||
| --BASIC AND DILUTED | $ 0.41 | $ (0.07) |
CONTACT: Tim T. Esaki
(808) 665-5480
tesaki@kapalua.com
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
