Maui Land & Pineapple Reports 3rd Quarter 2019 Results
KAPALUA RESORT, Hawaii, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $9,000, or $(0.00) per share, for the third quarter of 2019, compared to a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2018. The Company reported total operating revenues of $3.4 million and $2.8 million during the three months ended September 30, 2019 and 2018, respectively.
For the nine months ended September 30, 2019, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to a net loss of $3.2 million, or $(0.17) per share, for the nine months ended September 30, 2018. The Company reported total operating revenues of $9.4 million and $8.3 million during the nine months ended September 30, 2019 and 2018, respectively.
The Company did not have any real estate asset sales during the third quarter of 2019.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2019 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, | |||||||
| 2019 | 2018 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | 305 | $ | 66 | |||
| Leasing | 1,830 | 1,552 | |||||
| Utilities | 1,060 | 900 | |||||
| Resort amenities and other | 242 | 292 | |||||
| Total operating revenues | 3,437 | 2,810 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 352 | 1,311 | |||||
| Leasing | 584 | 620 | |||||
| Utilities | 726 | 593 | |||||
| Resort amenities and other | 219 | 229 | |||||
| General and administrative | 466 | 795 | |||||
| Share-based compensation | 374 | 307 | |||||
| Depreciation | 417 | 443 | |||||
| Total operating costs and expenses | 3,138 | 4,298 | |||||
| OPERATING INCOME (LOSS) | 299 | (1,488 | ) | ||||
| Pension and other post-retirement expenses | (258 | ) | (102 | ) | |||
| Interest expense | (50 | ) | (37 | ) | |||
| NET LOSS | $ | (9 | ) | $ | (1,627 | ) | |
| Pension, net of income taxes of $0 | 211 | 185 | |||||
| COMPREHENSIVE INCOME (LOSS) | $ | 202 | $ | (1,442 | ) | ||
| NET LOSS PER COMMON SHARE | |||||||
| --BASIC AND DILUTED | $ | - | $ | (0.09 | ) | ||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(UNAUDITED)
| Nine Months Ended September 30, | |||||||
|
2019 |
2018 |
||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | 671 | $ | 402 | |||
| Leasing | 5,226 | 4,605 | |||||
| Utilities | 2,737 | 2,414 | |||||
| Resort amenities and other | 751 | 891 | |||||
| Total operating revenues | 9,385 | 8,312 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 873 | 1,820 | |||||
| Leasing | 1,762 | 1,904 | |||||
| Utilities | 1,913 | 1,634 | |||||
| Resort amenities and other | 751 | 813 | |||||
| General and administrative | 1,816 | 2,351 | |||||
| Share-based compensation | 1,346 | 1,206 | |||||
| Depreciation | 1,280 | 1,328 | |||||
| Total operating costs and expenses | 9,741 | 11,056 | |||||
| OPERATING LOSS | (356 | ) | (2,744 | ) | |||
| Pension and other postretirement expenses | (768 | ) | (306 | ) | |||
| Interest expense | (160 | ) | (111 | ) | |||
| NET LOSS | $ | (1,284 | ) | $ | (3,161 | ) | |
| Pension, net of income taxes of $0 | 634 | 555 | |||||
| COMPREHENSIVE LOSS | $ | (650 | ) | $ | (2,606 | ) | |
| NET LOSS PER COMMON SHARE | |||||||
| --BASIC & DILUTED | $ | (0.07 | ) | $ | (0.17 | ) | |
Contact:
Tim T. Esaki
(808) 665-5480
tesaki@kapalua.com
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