KAPALUA RESORT, Hawaii, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $2.5 million, or $0.13 per share, for the third quarter of 2016, compared to net income of $9.7 million, or $0.51 per share for the third quarter of 2015. The Company reported total operating revenues of $6.1 million and $14.5 million during the third quarters of 2016 and 2015, respectively.
For the nine months ended September 30, 2016, the Company reported net income of $14.4 million, or $0.76 per share, compared to net income of $7.7 million, or $0.41 per share, for the nine months ended September 30, 2015. The Company reported total operating revenues of $27.0 million and $20.0 million during the nine months ended September 30, 2016 and 2015, respectively.
In August 2016, the Company sold a five-acre, fully-entitled 42-unit workforce housing project located in West Maui for $3.0 million. The sale resulted in a gain of approximately $2.8 million.
In June 2016, the Company sold a 304-acre, fully-entitled working-class community project located in West Maui, commonly referred to as Pulelehua, for $15.0 million. The sale resulted in a gain of approximately $14.3 million.
In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The sale resulted in a gain of approximately $10.5 million.
Proceeds from these sales were used to reduce the Company’s outstanding bank debt.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2016 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 | |||||||
| Consolidated Statements of Operations and | |||||||
| Comprehensive Income | |||||||
| Three Months Ended September 30, | |||||||
| 2016 | 2015 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | |||||||
| Sales | $ | 3,000 | $ | 12,000 | |||
| Commissions | 210 | 54 | |||||
| Leasing | 1,680 | 1,311 | |||||
| Utilities | 813 | 785 | |||||
| Resort amenities and other | 359 | 330 | |||||
| Total operating revenues | 6,062 | 14,480 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | |||||||
| Cost of sales | 225 | 1,487 | |||||
| Other | 217 | 129 | |||||
| Leasing | 1,120 | 456 | |||||
| Utilities | 689 | 579 | |||||
| Resort amenities and other | 167 | 207 | |||||
| General and administrative | 648 | 609 | |||||
| Share-based compensation | 67 | 52 | |||||
| Depreciation | 498 | 491 | |||||
| Pension and other postretirement expenses | (257 | ) | 76 | ||||
| Total operating costs and expenses | 3,374 | 4,086 | |||||
| OPERATING INCOME | 2,688 | 10,394 | |||||
| Interest expense | (213 | ) | (731 | ) | |||
| NET INCOME | $ | 2,475 | $ | 9,663 | |||
| Pension, net of income taxes of $0 | 974 | 210 | |||||
| COMPREHENSIVE INCOME | $ | 3,449 | $ | 9,873 | |||
| NET INCOME PER COMMON SHARE | |||||||
| --BASIC AND DILUTED | $ | 0.13 | $ | 0.51 | |||
| Maui Land & Pineapple Company Inc. and Subsidiaries | |||||||
| Consolidated Statements of Operations and | |||||||
| Comprehensive Income | |||||||
| Nine Months Ended September 30, | |||||||
| 2016 | 2015 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | |||||||
| Sales | $ | 18,000 | $ | 12,000 | |||
| Commissions | 876 | 377 | |||||
| Leasing | 4,572 | 4,148 | |||||
| Utilities | 2,539 | 2,409 | |||||
| Resort amenities and other | 1,030 | 1,105 | |||||
| Total operating revenues | 27,017 | 20,039 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | |||||||
| Cost of sales | 972 | 1,487 | |||||
| Other | 1,126 | 546 | |||||
| Leasing | 2,377 | 1,610 | |||||
| Utilities | 1,909 | 1,774 | |||||
| Resort amenities and other | 673 | 686 | |||||
| General and administrative | 1,698 | 1,677 | |||||
| Share-based compensation | 741 | 745 | |||||
| Depreciation | 1,486 | 1,604 | |||||
| Pension and other postretirement expenses | 311 | 229 | |||||
| Total operating costs and expenses | 11,293 | 10,358 | |||||
| OPERATING INCOME | 15,724 | 9,681 | |||||
| Interest expense | (1,327 | ) | (1,944 | ) | |||
| NET INCOME | $ | 14,397 | $ | 7,737 | |||
| Pension, net of income taxes of $0 | 1,481 | 632 | |||||
| COMPREHENSIVE INCOME | $ | 15,878 | $ | 8,369 | |||
| NET INCOME PER COMMON SHARE | |||||||
| --BASIC AND DILUTED | $ | 0.76 | $ | 0.41 | |||