Maui Land & Pineapple Reports 3rd Quarter 2016 Results

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News Desk 2018

Nov 2, 2016 at 10:45 PM

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

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

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