KAPALUA RESORT, Hawaii, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $0.5 million, or $(0.03) per share, for the third quarter of 2017, compared to net income of $2.5 million, or $0.13 per share for the third quarter of 2016. The Company reported total operating revenues of $2.8 million and $6.1 million during the third quarters of 2017 and 2016, respectively.
For the nine months ended September 30, 2017, the Company reported net income of $11.8 million, or $0.62 per share, compared to net income of $14.4 million, or $0.76 per share, for the nine months ended September 30, 2016. The Company reported total operating revenues of $21.9 million and $27.0 million during the nine months ended September 30, 2017 and 2016, respectively.
The Company did not have any real estate asset sales during the third quarter of 2017.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2017 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, | |||||||
| 2017 | 2016 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | 290 | $ | 3,210 | |||
| Leasing | 1,353 | 1,680 | |||||
| Utilities | 898 | 813 | |||||
| Resort amenities and other | 299 | 359 | |||||
| Total operating revenues | 2,840 | 6,062 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 328 | 442 | |||||
| Leasing | 661 | 1,120 | |||||
| Utilities | 488 | 689 | |||||
| Resort amenities and other | 242 | 167 | |||||
| General and administrative | 648 | 648 | |||||
| Share-based compensation | 253 | 67 | |||||
| Depreciation | 463 | 498 | |||||
| Pension and other postretirement expenses | 202 | (257 | ) | ||||
| Total operating costs and expenses | 3,285 | 3,374 | |||||
| OPERATING INCOME (LOSS) | (445 | ) | 2,688 | ||||
| Interest expense | (39 | ) | (213 | ) | |||
| NET INCOME (LOSS) | $ | (484 | ) | $ | 2,475 | ||
| Pension, net of income taxes of $0 | 204 | 974 | |||||
| COMPREHENSIVE INCOME (LOSS) | $ | (280 | ) | $ | 3,449 | ||
| NET INCOME (LOSS) PER COMMON SHARE | |||||||
| --BASIC AND DILUTED | $ | (0.03 | ) | $ | 0.13 | ||
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | |||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||
| (UNAUDITED) | |||||||||
| Nine Months Ended September 30, | |||||||||
| 2017 | 2016 | ||||||||
| (in thousands except | |||||||||
| per share amounts) | |||||||||
| OPERATING REVENUES | |||||||||
| Real estate | $ | 14,281 | $ | 18,876 | |||||
| Leasing | 4,309 | 4,572 | |||||||
| Utilities | 2,403 | 2,539 | |||||||
| Resort amenities and other | 866 | 1,030 | |||||||
| Total operating revenues | 21,859 | 27,017 | |||||||
| OPERATING COSTS AND EXPENSES | |||||||||
| Real estate | 1,216 | 2,098 | |||||||
| Leasing | 1,717 | 2,377 | |||||||
| Utilities | 1,467 | 1,909 | |||||||
| Resort amenities and other | 788 | 673 | |||||||
| General and administrative | 1,723 | 1,698 | |||||||
| Share-based compensation | 1,065 | 741 | |||||||
| Depreciation | 1,296 | 1,486 | |||||||
| Pension and other postretirement expenses | 606 | 311 | |||||||
| Total operating costs and expenses | 9,878 | 11,293 | |||||||
| OPERATING INCOME | 11,981 | 15,724 | |||||||
| Interest expense | (152 | ) | (1,327 | ) | |||||
| NET INCOME | $ | 11,829 | $ | 14,397 | |||||
| Pension, net of income taxes of $0 | 612 | 1,481 | |||||||
| COMPREHENSIVE INCOME | $ | 12,441 | $ | 15,878 | |||||
| NET INCOME PER COMMON SHARE | |||||||||
| --BASIC AND DILUTED | $ | 0.62 | $ | 0.76 | |||||
Contact:
Tim T. Esaki
(808) 665-5480
tesaki@kapalua.com