KAPALUA RESORT, Hawaii, Nov. 4, 2015 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported income of $9.7 million, or $0.51 per share, for the third quarter of 2015, compared to a net loss of $0.7 million, or $(0.04) per share for the third quarter of 2014. The Company reported revenues of $14.5 million and $2.7 million during the third quarters of 2015 and 2014, respectively.
For the nine months ended September 30, 2015, the Company reported net income of $7.7 million, or $0.41 per share, compared to a net loss of $1.2 million, or $(0.07) per share, for the nine months ended September 30, 2014. The Company reported revenues of $20.0 million and $10.2 million during the nine months ended September 30, 2015 and 2014, respectively.
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.
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.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd 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.
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
(UNAUDITED) |
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
2015 |
2014 |
|
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(in thousands except |
|
|
per share amounts) |
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OPERATING REVENUES |
|
|
|
Real estate |
|
|
|
Sales |
$ 12,000 |
$ -- |
|
Commissions |
54 |
249 |
|
Leasing |
1,311 |
1,246 |
|
Utilities |
785 |
924 |
|
Resort amenities and other |
330 |
320 |
|
Total operating revenues |
14,480 |
2,739 |
|
|
|
|
|
OPERATING COSTS AND EXPENSES |
|
|
|
Real estate |
|
|
|
Cost of sales |
1,487 |
-- |
|
Other |
129 |
355 |
|
Leasing |
456 |
547 |
|
Utilities |
579 |
600 |
|
Resort amenities and other |
207 |
219 |
|
General and administrative |
609 |
556 |
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Share-based compensation |
52 |
30 |
|
Depreciation |
491 |
573 |
|
Pension and other postretirement expenses |
76 |
10 |
|
Total operating costs and expenses |
4,086 |
2,890 |
|
|
|
|
|
OPERATING INCOME (LOSS) |
10,394 |
(151) |
|
Interest expense |
(731) |
(598) |
|
NET INCOME (LOSS) |
$ 9,663 |
$ (749) |
|
Pension, net of income taxes of $0 |
210 |
163 |
|
COMPREHENSIVE INCOME (LOSS) |
$ 9,873 |
$ (586) |
|
|
|
|
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NET INCOME (LOSS) PER COMMON SHARE |
|
|
|
--BASIC AND DILUTED |
$ 0.51 |
$ (0.04) |
|
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|
|
|
|
|
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|
(UNAUDITED) |
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2015 |
2014 |
|
|
(in thousands except |
|
|
per share amounts) |
|
OPERATING REVENUES |
|
|
|
Real estate |
|
|
|
Sales |
$ 12,000 |
$ 2,300 |
|
Commissions |
377 |
485 |
|
Leasing |
4,148 |
3,967 |
|
Utilities |
2,409 |
2,475 |
|
Resort amenities and other |
1,105 |
990 |
|
Total operating revenues |
20,039 |
10,217 |
|
|
|
|
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OPERATING COSTS AND EXPENSES |
|
|
|
Real estate |
|
|
|
Cost of sales |
1,487 |
835 |
|
Other |
546 |
993 |
|
Leasing |
1,610 |
1,683 |
|
Utilities |
1,774 |
1,745 |
|
Resort amenities and other |
686 |
690 |
|
General and administrative |
1,677 |
1,383 |
|
Share-based compensation |
745 |
366 |
|
Depreciation |
1,604 |
1,744 |
|
Pension and other postretirement expenses |
229 |
292 |
|
Total operating costs and expenses |
10,358 |
9,731 |
|
|
|
|
|
OPERATING INCOME |
9,681 |
486 |
|
Interest expense |
(1,944) |
(1,667) |
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NET INCOME (LOSS) |
$ 7,737 |
$ (1,181) |
|
Pension, net of income taxes of $0 |
632 |
455 |
|
COMPREHENSIVE INCOME (LOSS) |
$ 8,369 |
$ (726) |
|
|
|
|
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NET INCOME (LOSS) PER COMMON SHARE |
|
|
|
--BASIC AND DILUTED |
$ 0.41 |
$ (0.07) |
CONTACT: Tim T. Esaki
(808) 665-5480
tesaki@kapalua.com
