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Maui Land & Pineapple Reports 2018 Net Income of $0.6 Million

KAPALUA RESORT, Hawaii, Feb. 20, 2019 (GLOBE NEWSWIRE) --

Maui Land & Pineapple Company, Inc. (MLP) reported net income of $0.6 million, or $0.03 per share, for 2018. This compares to net income of $10.9 million, or $0.57 per share, for 2017. The Company reported revenues of $11.0 million and $24.4 million for 2018 and 2017, respectively.

For the fourth quarter of 2018, the Company recognized net income of $3.7 million or $0.19 per share. For the fourth quarter of 2017, the Company recognized a net loss of $0.9 million or $(0.05) per share. Operating revenues totaled $2.7 million and $2.5 million during the fourth quarters of 2018 and 2017, respectively.

The Company did not have any real estate asset sales during the fourth quarters of 2018 and 2017.

During the fourth quarter of 2018, the Company recorded an income tax benefit of $5.0 million for unused Alternative Minimum Tax credit carryforwards which will be refunded under the Tax Cuts and Jobs Act of 2017.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2018 operating results will be available on our Form 10-K 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 NET INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS)
 
    Years Ended December 31,   Three Months Ended December 31,
    2018   2017   2018   2017
                 
    (in thousands except per   (in thousands except per
    share amounts)   share amounts)
OPERATING REVENUES                
Real estate                
Sales   $ -   $ 13,681   $ -   $ -
Commissions   446   894   44   294
Leasing   6,223   5,527   1,618   1,218
Utilities   3,220   3,153   806   750
Resort amenities and other   1,148   1,122   257   256
Total Operating Revenues   11,037   24,377   2,725   2,518
                 
OPERATING COSTS AND EXPENSES                
Real estate                
Cost of sales   -   579   -   -
Other   2,703   878   883   241
Leasing   2,570   2,444   666   727
Utilities   2,213   1,892   579   425
Resort amenities and other   1,109   1,033   296   245
General and administrative   2,896   2,515   545   792
Share-based compensation   1,540   1,319   334   254
Depreciation   1,770   1,756   442   460
Total Operating Costs and Expenses   14,801   12,416   3,745   3,144
                 
OPERATING INCOME (LOSS)   (3,764)   11,961   (1,020)   (626)
Pension and other post-retirement expenses   (514)   (871)   (208)   (265)
Interest expense   (156)   (190)   (45)   (38)
Income tax benefit   4,999   -   4,999   -
NET INCOME (LOSS)   565   10,900   3,726   (929)
Pension, net of income taxes of $0   (1,550)   2,041   (2,105)   1,429
COMPREHENSIVE INCOME (LOSS)   $ (985)   $ 12,941   $ 1,621   $ 500
                 
NET INCOME (LOSS) PER COMMON                
SHARE--BASIC AND DILUTED   $ 0.03   $ 0.57   0.19   (0.05)
                     

Contact:
Tim T. Esaki
(808) 665-5480
tesaki@kapalua.com