Maui Land & Pineapple Reports 3rd Quarter 2015 Results

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.

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
     
  Three Months Ended September 30,
  2015 2014
  (in thousands except
  per share amounts)
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
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)
     
NET INCOME (LOSS) PER COMMON SHARE    
 –BASIC AND DILUTED  $ 0.51  $ (0.04)
     
     
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
     
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)
NET INCOME (LOSS)  $ 7,737  $ (1,181)
Pension, net of income taxes of $0  632  455
COMPREHENSIVE INCOME (LOSS)  $ 8,369  $ (726)
     
NET INCOME (LOSS) PER COMMON SHARE    
–BASIC AND DILUTED  $ 0.41  $ (0.07)
CONTACT: Tim T. Esaki
         (808) 665-5480
         tesaki@kapalua.com