KAPALUA RESORT, Hawaii, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $0.6 million, or $(0.03) per share, for the second quarter of 2018, compared to net income of $6.5 million, or $0.34 per share for the second quarter of 2017. The Company reported revenues of $3.0 million and $9.3 million during the second quarters of 2018 and 2017, respectively.
For the six months ended June 30, 2018, the Company reported a net loss of $1.5 million or $(0.08) per share, compared to net income of $12.3 million, or $0.65 per share, for the six months ended June 30, 2017. The Company reported revenues of $5.5 million and $19.0 million during the six months ended June 30, 2018 and 2017, respectively.
The Company did not have any sales of real estate assets during the second quarter of 2018. In February 2017, the Company sold the 15-acre Kapalua Golf Academy practice course for $7.0 million. In April 2017, the Company received approximately $6.7 million of land improvements from the owner of a 125-acre portion of the Company’s Kapalua Mauka project.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2018 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, | ||||||||||
| 2018 | 2017 | |||||||||
| (in thousands except | ||||||||||
| per share amounts) | ||||||||||
| OPERATING REVENUES | ||||||||||
| Real estate | $ | 300 | $ | 6,852 | ||||||
| Leasing | 1,558 | 1,370 | ||||||||
| Utilities | 810 | 829 | ||||||||
| Resort amenities and other | 292 | 285 | ||||||||
| Total operating revenues | 2,960 | 9,336 | ||||||||
| OPERATING COSTS AND EXPENSES | ||||||||||
| Real estate | 443 | 152 | ||||||||
| Leasing | 706 | 587 | ||||||||
| Utilities | 520 | 426 | ||||||||
| Resort amenities and other | 231 | 213 | ||||||||
| General and administrative | 725 | 586 | ||||||||
| Share-based compensation | 320 | 253 | ||||||||
| Depreciation | 446 | 417 | ||||||||
| Total operating costs and expenses | 3,391 | 2,634 | ||||||||
| OPERATING INCOME (LOSS) | (431 | ) | 6,702 | |||||||
| Pension and other postretirement expenses | (102 | ) | (202 | ) | ||||||
| Interest expense | (37 | ) | (19 | ) | ||||||
| NET INCOME (LOSS) | $ | (570 | ) | $ | 6,481 | |||||
| Pension, net of income taxes of $0 | 185 | 204 | ||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | (385 | ) | $ | 6,685 | |||||
| NET INCOME (LOSS) PER COMMON SHARE | ||||||||||
| --BASIC AND DILUTED | $ | (0.03 | ) | $ | 0.34 | |||||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Six Months Ended June 30, | ||||||||||
| 2018 | 2017 | |||||||||
| (in thousands except | ||||||||||
| per share amounts) | ||||||||||
| OPERATING REVENUES | ||||||||||
| Real estate | $ | 336 | $ | 13,991 | ||||||
| Leasing | 3,053 | 2,956 | ||||||||
| Utilities | 1,514 | 1,505 | ||||||||
| Resort amenities and other | 599 | 567 | ||||||||
| Total operating revenues | 5,502 | 19,019 | ||||||||
| OPERATING COSTS AND EXPENSES | ||||||||||
| Real estate | 509 | 888 | ||||||||
| Leasing | 1,284 | 1,056 | ||||||||
| Utilities | 1,041 | 979 | ||||||||
| Resort amenities and other | 584 | 546 | ||||||||
| General and administrative | 1,556 | 1,075 | ||||||||
| Share-based compensation | 899 | 812 | ||||||||
| Depreciation | 885 | 833 | ||||||||
| Total operating costs and expenses | 6,758 | 6,189 | ||||||||
| OPERATING INCOME (LOSS) | (1,256 | ) | 12,830 | |||||||
| Pension and other postretirement expenses | (204 | ) | (404 | ) | ||||||
| Interest expense | (74 | ) | (113 | ) | ||||||
| NET INCOME (LOSS) | $ | (1,534 | ) | $ | 12,313 | |||||
| Pension, net of income taxes of $0 | 370 | 408 | ||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | (1,164 | ) | $ | 12,721 | |||||
| NET INCOME (LOSS) PER COMMON SHARE | ||||||||||
| --BASIC & DILUTED | $ | (0.08 | ) | $ | 0.65 | |||||
Contact:
Tim T. Esaki
(808) 665-5480
tesaki@mlpmaui.com