KAPALUA RESORT, Hawaii, April 28, 2017 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $5.8 million, or $0.31 per share, for the first quarter of 2017, compared to a net loss of $1.4 million, or $(0.07) per share for the first quarter of 2016. The Company reported revenues of $9.7 million and $3.0 million during the first quarters of 2017 and 2016, respectively.
In February 2017, the Company sold the 15-acre Kapalua Golf Academy three-hole practice course for $7.0 million. The property was sold to the owner of the Kapalua Plantation and Bay Golf Courses, resulting in a gain of approximately $6.4 million. The Company applied $5.6 million of the sale proceeds to reduce its total debt to $1.2 million, as of March 31, 2017.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st 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, 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 March 31, | |||||||
| 2017 | 2016 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | |||||||
| Sales | $ | 7,000 | $ | - | |||
| Commissions | 139 | 168 | |||||
| Leasing | 1,586 | 1,615 | |||||
| Utilities | 676 | 847 | |||||
| Resort amenities and other | 282 | 346 | |||||
| Total operating revenues | 9,683 | 2,976 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | |||||||
| Cost of sales | 576 | - | |||||
| Other | 160 | 300 | |||||
| Leasing | 469 | 712 | |||||
| Utilities | 553 | 631 | |||||
| Resort amenities and other | 333 | 197 | |||||
| General and administrative | 489 | 754 | |||||
| Share-based compensation | 559 | 380 | |||||
| Depreciation | 416 | 495 | |||||
| Pension and other postretirement expenses | 202 | 284 | |||||
| Total operating costs and expenses | 3,757 | 3,753 | |||||
| OPERATING INCOME (LOSS) | 5,926 | (777 | ) | ||||
| Interest expense | (94 | ) | (581 | ) | |||
| NET INCOME (LOSS) | $ | 5,832 | $ | (1,358 | ) | ||
| Pension, net of income taxes of $0 | 204 | 253 | |||||
| COMPREHENSIVE INCOME (LOSS) | $ | 6,036 | $ | (1,105 | ) | ||
| NET INCOME (LOSS) PER COMMON SHARE | |||||||
| --BASIC AND DILUTED | $ | 0.31 | $ | (0.07 | ) | ||
| | |||||||