KAPALUA RESORT, Hawaii, Aug. 10, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $13.4 million, or $0.71 per share, for the second quarter of 2016, compared to a net loss of $0.8 million or $(0.04) per share for the second quarter of 2015. The Company reported revenues of $18.0 million and $2.8 million during the second quarters of 2016 and 2015, respectively.
In June 2016, the Company sold a fully-entitled 304-acre working-class community project located in West Maui, commonly known as Pulelehua, for $15.0 million. The sale resulted in a gain of approximately $14.3 million and the Company utilized the proceeds from the sale to payoff and retire a $14.7 million bank loan.
For the six months ended June 30, 2016, the Company reported net income of $12.0 million or $0.64 per share, compared to a net loss of $1.9 million, or $(0.10) per share, for the six months ended June 30, 2015. The Company reported revenues of $21.0 million and $5.6 million during the six months ended June 30, 2016 and 2015, respectively.
The Company also disclosed that on August 5, 2016, it refinanced its $26.4 million of outstanding bank loans under a $27.0 million revolving credit facility with First Hawaiian Bank. The credit facility matures on December 31, 2019 and provides for two optional one-year extension periods.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and the 2nd quarter 2016 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, | ||||||||||
| 2016 | 2015 | |||||||||
| (in thousands except | ||||||||||
| per share amounts) | ||||||||||
| OPERATING REVENUES | ||||||||||
| Real estate | ||||||||||
| Sales | $ | 15,000 | $ | - | ||||||
| Commissions | 498 | 211 | ||||||||
| Leasing | 1,277 | 1,422 | ||||||||
| Utilities | 878 | 807 | ||||||||
| Resort amenities and other | 324 | 325 | ||||||||
| Total operating revenues | 17,977 | 2,765 | ||||||||
| OPERATING COSTS AND EXPENSES | ||||||||||
| Real estate | ||||||||||
| Cost of sales | 747 | - | ||||||||
| Other | 609 | 248 | ||||||||
| Leasing | 545 | 611 | ||||||||
| Utilities | 589 | 582 | ||||||||
| Resort amenities and other | 270 | 265 | ||||||||
| General and administrative | 410 | 487 | ||||||||
| Share-based compensation | 181 | 143 | ||||||||
| Depreciation | 493 | 555 | ||||||||
| Pension and other postretirement expenses | 284 | 76 | ||||||||
| Total operating costs and expenses | 4,128 | 2,967 | ||||||||
| OPERATING INCOME (LOSS) | 13,849 | (202 | ) | |||||||
| Interest expense | (445 | ) | (616 | ) | ||||||
| NET INCOME (LOSS) | $ | 13,404 | $ | (818 | ) | |||||
| Pension, net of income taxes of $0 | 253 | 211 | ||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | 13,657 | $ | (607 | ) | |||||
| NET INCOME (LOSS) PER COMMON SHARE | ||||||||||
| --BASIC AND DILUTED | $ | 0.71 | $ | (0.04 | ) | |||||
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND | |||||||
| COMPREHENSIVE INCOME (LOSS) | |||||||
| (UNAUDITED) | |||||||
| Six Months Ended June 30, | |||||||
| 2016 | 2015 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | |||||||
| Sales | $ | 15,000 | $ | - | |||
| Commissions | 666 | 323 | |||||
| Leasing | 2,892 | 2,837 | |||||
| Utilities | 1,726 | 1,623 | |||||
| Resort amenities and other | 670 | 776 | |||||
| Total operating revenues | 20,954 | 5,559 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | |||||||
| Cost of sales | 747 | - | |||||
| Other | 910 | 417 | |||||
| Leasing | 1,258 | 1,149 | |||||
| Utilities | 1,220 | 1,194 | |||||
| Resort amenities and other | 506 | 479 | |||||
| General and administrative | 1,165 | 1,069 | |||||
| Share-based compensation | 560 | 692 | |||||
| Depreciation | 988 | 1,113 | |||||
| Pension and other postretirement expenses | 567 | 152 | |||||
| Total operating costs and expenses | 7,921 | 6,265 | |||||
| OPERATING INCOME (LOSS) | 13,033 | (706 | ) | ||||
| Interest expense | (1,026 | ) | (1,213 | ) | |||
| NET INCOME (LOSS) | $ | 12,007 | $ | (1,919 | ) | ||
| Pension, net of income taxes of $0 | 507 | 422 | |||||
| COMPREHENSIVE INCOME (LOSS) | $ | 12,514 | $ | (1,497 | ) | ||
| NET INCOME (LOSS) PER COMMON SHARE | |||||||
| --BASIC | $ | 0.64 | $ | (0.10 | ) | ||
| --DILUTED | $ | 0.63 | $ | (0.10 | ) | ||