KAPALUA RESORT, Hawaii, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $6.5 million, or $0.34 per share, for the second quarter of 2017, compared to net income of $13.4 million, or $0.71 per share for the second quarter of 2016. The Company reported revenues of $9.3 million and $18.0 million during the second quarters of 2017 and 2016, respectively.
For the six months ended June 30, 2017, the Company reported net income of $12.3 million or $0.65 per share, compared to income of $12.0 million, or $0.64 per share, for the six months ended June 30, 2016. The Company reported revenues of $19.0 million and $21.0 million during the six months ended June 30, 2017 and 2016, respectively.
Included in the Company’s real estate operating revenues for the three and six months ended June 30, 2017, are approximately $6.7 million of land improvements that were conveyed to the Company by the owner of a 125-acre portion of the Company’s Kapalua Mauka project. The owner purchased the 125-acre property, commonly known as Mahana Estates, in 2009. As part of the sale, the owner agreed to subsequently develop and convey to the Company upon completion certain easements, subdivision and utility improvements related to the Mahana Estates property.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and the 2nd 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, 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 | |||||||||||
| (UNAUDITED) | |||||||||||
| Three Months Ended June 30, | |||||||||||
| 2017 | 2016 | ||||||||||
| (in thousands except | |||||||||||
| per share amounts) | |||||||||||
| OPERATING REVENUES | |||||||||||
| Real estate | $ | 6,852 | $ | 15,498 | |||||||
| Leasing | 1,370 | 1,277 | |||||||||
| Utilities | 829 | 878 | |||||||||
| Resort amenities and other | 285 | 324 | |||||||||
| Total operating revenues | 9,336 | 17,977 | |||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| Real estate | 152 | 1,356 | |||||||||
| Leasing | 587 | 545 | |||||||||
| Utilities | 426 | 589 | |||||||||
| Resort amenities and other | 213 | 270 | |||||||||
| General and administrative | 586 | 410 | |||||||||
| Share-based compensation | 253 | 181 | |||||||||
| Depreciation | 417 | 493 | |||||||||
| Pension and other postretirement expenses | 202 | 284 | |||||||||
| Total operating costs and expenses | 2,836 | 4,128 | |||||||||
| OPERATING INCOME | 6,500 | 13,849 | |||||||||
| Interest expense | (19 | ) | (445 | ) | |||||||
| NET INCOME | $ | 6,481 | $ | 13,404 | |||||||
| Pension, net of income taxes of $0 | 204 | 253 | |||||||||
| COMPREHENSIVE INCOME | $ | 6,685 | $ | 13,657 | |||||||
| NET INCOME PER COMMON SHARE | |||||||||||
| --BASIC AND DILUTED | $ | 0.34 | $ | 0.71 | |||||||
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND | |||||||||||
| COMPREHENSIVE INCOME | |||||||||||
| (UNAUDITED) | |||||||||||
| Six Months Ended June 30, | |||||||||||
| 2017 | 2016 | ||||||||||
| (in thousands except | |||||||||||
| per share amounts) | |||||||||||
| OPERATING REVENUES | |||||||||||
| Real estate | $ | 13,991 | $ | 15,666 | |||||||
| Leasing | 2,956 | 2,892 | |||||||||
| Utilities | 1,505 | 1,726 | |||||||||
| Resort amenities and other | 567 | 670 | |||||||||
| Total operating revenues | 19,019 | 20,954 | |||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| Real estate | 888 | 1,657 | |||||||||
| Leasing | 1,056 | 1,258 | |||||||||
| Utilities | 979 | 1,220 | |||||||||
| Resort amenities and other | 546 | 506 | |||||||||
| General and administrative | 1,075 | 1,165 | |||||||||
| Share-based compensation | 812 | 560 | |||||||||
| Depreciation | 833 | 988 | |||||||||
| Pension and other postretirement expenses | 404 | 567 | |||||||||
| Total operating costs and expenses | 6,593 | 7,921 | |||||||||
| OPERATING INCOME | 12,426 | 13,033 | |||||||||
| Interest expense | (113 | ) | (1,026 | ) | |||||||
| NET INCOME | $ | 12,313 | $ | 12,007 | |||||||
| Pension, net of income taxes of $0 | 408 | 507 | |||||||||
| COMPREHENSIVE INCOME | $ | 12,721 | $ | 12,514 | |||||||
| NET INCOME PER COMMON SHARE | |||||||||||
| --BASIC | $ | 0.65 | $ | 0.64 | |||||||
| --DILUTED | $ | 0.64 | $ | 0.63 | |||||||