Maui Land & Pineapple Reports 2nd Quarter 2019 Results
KAPALUA RESORT, Hawaii, Aug. 07, 2019 (GLOBE NEWSWIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2019, compared to a net loss of $0.6 million, or $(0.03) per share, for the second quarter of 2018. The Company reported revenues of $3.1 million and $3.0 million during the second quarters of 2019 and 2018, respectively.
For the six months ended June 30, 2019, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to a net loss of $1.5 million, or $(0.08) per share, for the six months ended June 30, 2018. The Company reported revenues of $5.9 million and $5.5 million during the six months ended June 30, 2019 and 2018, respectively.
The Company did not have any sales of real estate assets during the first six months of 2019 and 2018.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2019 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 (LOSS)
(UNAUDITED)
|
Three Months Ended June 30, |
|||||||
| 2019 | 2018 | ||||||
|
(in thousands except per share amounts) |
|||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | 209 | $ | 300 | |||
| Leasing | 1,719 | 1,558 | |||||
| Utilities | 929 | 810 | |||||
| Resort amenities and other | 248 | 292 | |||||
| Total operating revenues | 3,105 | 2,960 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 255 | 443 | |||||
| Leasing | 603 | 706 | |||||
| Utilities | 586 | 520 | |||||
| Resort amenities and other | 208 | 231 | |||||
| General and administrative | 510 | 725 | |||||
| Share-based compensation | 374 | 320 | |||||
| Depreciation | 431 | 446 | |||||
| Total operating costs and expenses | 2,967 | 3,391 | |||||
| OPERATING INCOME (LOSS) | 138 | (431 | ) | ||||
| Pension and other post-retirement expenses | (256 | ) | (102 | ) | |||
| Interest expense | (63 | ) | (37 | ) | |||
| NET LOSS | $ | (181 | ) | $ | (570 | ) | |
| Pension, net of income taxes of $0 | 211 | 185 | |||||
| COMPREHENSIVE INCOME (LOSS) | $ | 30 | $ | (385 | ) | ||
| NET LOSS PER COMMON SHARE | |||||||
| --BASIC AND DILUTED | $ | (0.01) | $ | (0.03) | |||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(UNAUDITED)
|
Six Months Ended June 30, |
|||||||
| 2019 | 2018 | ||||||
|
(in thousands except per share amounts) |
|||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | 366 | $ | 336 | |||
| Leasing | 3,396 | 3,053 | |||||
| Utilities | 1,677 | 1,514 | |||||
| Resort amenities and other | 509 | 599 | |||||
| Total operating revenues | 5,948 | 5,502 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 521 | 509 | |||||
| Leasing | 1,178 | 1,284 | |||||
| Utilities | 1,187 | 1,041 | |||||
| Resort amenities and other | 533 | 584 | |||||
| General and administrative | 1,350 | 1,556 | |||||
| Share-based compensation | 972 | 899 | |||||
| Depreciation | 863 | 885 | |||||
| Total operating costs and expenses | 6,604 | 6,758 | |||||
| OPERATING LOSS | (656 | ) | (1,256 | ) | |||
| Pension and other postretirement expenses | (509 | ) | (204 | ) | |||
| Interest expense | (110 | ) | (74 | ) | |||
| NET LOSS | $ | (1,275 | ) | $ | (1,534 | ) | |
| Pension, net of income taxes of $0 | 423 | 370 | |||||
| COMPREHENSIVE LOSS | $ | (852 | ) | $ | (1,164 | ) | |
| NET LOSS PER COMMON SHARE | |||||||
| --BASIC & DILUTED | $ | (0.07) | $ | (0.08) | |||
Contact:
Tim T. Esaki
(808) 665-5480
tesaki@mlpmaui.com
