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Maui Land & Pineapple Reports 2nd Quarter 2015 Results

20:00 EDT 5 Aug 2015 | Globe Newswire

KAPALUA RESORT, Hawaii, Aug. 6, 2015 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $818,000, or $(0.04) per share, for the second quarter of 2015, compared to net income of $477,000 or $0.03 per share for the second quarter of 2014. The Company reported revenues of $2.8 million and $5.0 million during the second quarters of 2015 and 2014, respectively.

In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a gain of $1.5 million.

For the six months ended June 30, 2015, the Company reported a net loss of $1.9 million or $(0.10) per share, compared to a net loss of $432,000, or $(0.02) per share, for the six months ended June 30, 2014. The Company reported revenues of $5.6 million and $7.5 million during the six months ended June 30, 2015 and 2014, respectively.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2015 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, 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 COMPREHENSIVE INCOME
(UNAUDITED)
 
  Three Months Ended June 30,
  2015 2014
  (in thousands except
per share amounts)
     
OPERATING REVENUES    
Real estate    
Sales  $ --  $ 2,300
Commissions  211  153
Leasing  1,422  1,409
Utilities  807  829
Resort amenities and other  325  318
Total operating revenues  2,765  5,009
     
OPERATING COSTS AND EXPENSES    
Real estate    
Cost of sales  --  835
Other  248  333
Leasing  611  586
Utilities  582  572
Resort amenities and other  265  190
General and administrative  487  543
Share-based compensation  143  153
Depreciation  555  587
Pension and other postretirement expenses  76  141
Total operating costs and expenses  2,967  3,940
     
OPERATING (LOSS) INCOME  (202)  1,069
Interest expense  (616)  (592)
NET (LOSS) INCOME  $ (818)  $ 477
Pension, net of income taxes of $0  211  146
COMPREHENSIVE (LOSS) INCOME  $ (607)  $ 623
     
NET (LOSS) INCOME PER COMMON SHARE    
---BASIC AND DILUTED  $ (0.04)  $ 0.03
     
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
 
  Six Months Ended June 30,
  2015 2014
  (in thousands except
per share amounts)
OPERATING REVENUES    
Real estate    
Sales  $ --  $ 2,300
Commissions  323  236
Leasing  2,837  2,721
Utilities  1,623  1,551
Resort amenities and other  776  670
Total operating revenues  5,559  7,478
     
OPERATING COSTS AND EXPENSES    
Real estate    
Cost of sales  --  835
Other  417  638
Leasing  1,149  1,136
Utilities  1,194  1,145
Resort amenities and other  479  471
General and administrative  1,069  868
Share-based compensation  692  295
Depreciation  1,113  1,171
Pension and other postretirement expenses  152  282
Total operating costs and expenses  6,265  6,841
     
OPERATING (LOSS) INCOME  (706)  637
Interest expense  (1,213)  (1,069)
NET LOSS  $ (1,919)  $ (432)
Pension, net of income taxes of $0  422  292
COMPREHENSIVE LOSS  $ (1,497)  $ (140)
     
NET (LOSS) INCOME PER COMMON SHARE    
---BASIC AND DILUTED  $ (0.10)  $ (0.02)
CONTACT: Tim T. Esaki
         (808) 665-5480
         tesaki@kapalua.com
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