U.S. Markets closed

Maui Land & Pineapple Reports 3rd Quarter 2018 Results

KAPALUA RESORT, Hawaii, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (MLP) reported a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2018, compared to a net loss of $0.5 million, or $(0.03) per share, for the third quarter of 2017. The Company reported total operating revenues of $2.8 million in both third quarters of 2018 and 2017.

For the nine months ended September 30, 2018, the Company reported a net loss of $3.2 million, or $(0.17) per share, compared to net income of $11.8 million, or $0.62 per share, for the nine months ended September 30, 2017. The Company reported total operating revenues of $8.3 million and $21.9 million during the nine months ended September 30, 2018 and 2017, respectively.

The Company did not have any real estate asset sales during the third quarter of 2018.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2018 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 LOSS

(UNAUDITED)

           
  Three Months Ended September 30,  
  2018     2017  
  (in thousands except  
  per share amounts)  
OPERATING REVENUES          
Real estate  $   66     $   290  
Leasing   1,552       1,353  
Utilities   900       898  
Resort amenities and other   292       299  
Total operating revenues   2,810       2,840  
           
OPERATING COSTS AND EXPENSES          
Real estate   1,311       328  
Leasing   620       661  
Utilities   593       488  
Resort amenities and other   229       242  
General and administrative   795       648  
Share-based compensation   307       253  
Depreciation   443       463  
Total operating costs and expenses   4,298       3,083  
           
OPERATING LOSS   (1,488 )     (243 )
Pension and other postretirement expenses   (102 )     (202 )
Interest expense   (37 )     (39 )
NET LOSS $   (1,627 )   $   (484 )
Pension, net of income taxes of $0   185       204  
COMPREHENSIVE LOSS $   (1,442 )   $   (280 )
           
NET LOSS PER COMMON SHARE          
--BASIC AND DILUTED $   (0.09 )   $   (0.03 )


MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
 COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

  Nine Months Ended September 30,  
  2018     2017  
  (in thousands except  
  per share amounts)  
OPERATING REVENUES          
Real estate  $   402     $   14,281  
Leasing   4,605       4,309  
Utilities   2,414       2,403  
Resort amenities and other   891       866  
Total operating revenues   8,312       21,859  
           
OPERATING COSTS AND EXPENSES          
Real estate   1,820       1,216  
Leasing   1,904       1,717  
Utilities   1,634       1,467  
Resort amenities and other   813       788  
General and administrative   2,351       1,723  
Share-based compensation   1,206       1,065  
Depreciation   1,328       1,296  
Total operating costs and expenses   11,056       9,272  
           
OPERATING INCOME (LOSS)   (2,744 )     12,587  
Pension and other postretirement expenses   (306 )     (606 )
Interest expense   (111 )     (152 )
NET INCOME (LOSS) $   (3,161 )   $   11,829  
Pension, net of income taxes of $0   555       612  
COMPREHENSIVE INCOME (LOSS) $   (2,606 )   $   12,441  
           
NET INCOME (LOSS) PER COMMON SHARE          
--BASIC & DILUTED $   (0.17 )   $   0.62  

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