Maui Land & Pineapple Reports 2017 Net Income of $10.9 Million

KAPALUA RESORT, Hawaii, Feb. 23, 2018 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $10.9 million, or $0.57 per share, for 2017.  This compares to net income of $21.8 million, or $1.15 per share, for 2016.  The Company reported revenues of $24.4 million and $47.4 million for 2017 and 2016, respectively.

For the fourth quarter of 2017, the Company recognized a net loss of $0.9 million or $(0.05) per share.  For the fourth quarter of 2016, the Company recognized net income of $7.4 million or $0.39 per share.  Operating revenues totaled $2.5 million and $20.3 million during the fourth quarters of 2017 and 2016, respectively.

The Company did not have any real estate sales during the fourth quarter of 2017.

“With the significant pay down of our debt in early 2017, it marked the culmination of a more than five-year process of restructuring our business,” stated Warren H. Haruki, Chairman and CEO.  “The starting point had MLP with over $135 million of bank loans, with almost all of our assets pledged as collateral, and loan covenants which severely restricted our ability to finance our development efforts and operations.  As part of this process, we selectively sold non-core assets, retired 99% of our bank debt, and were able to secure long-term financing capabilities.  These moves provide the foundation and liquidity we need to achieve sustained growth for MLP in the future.”

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2017 operating results will be available on our Form 10-K 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 NET INCOME (LOSS)
AND COMPREHENSIVE INCOME
               
  Years Ended December 31,   Three Months Ended December 31,
  2017   2016   2017   2016
                       
  (in thousands except per   (in thousands except per
  share amounts)   share amounts)
OPERATING REVENUES              
Real estate              
Sales $ 13,681     $ 36,000     $     $ 18,000  
Commissions   894       1,116       294       240  
Leasing   5,527       5,324       1,218       752  
Utilities   3,153       3,345       750       806  
Resort amenities and other   1,122       1,579       256       549  
Total Operating Revenues   24,377       47,364       2,518       20,347  
               
OPERATING COSTS AND EXPENSES              
Real estate              
Cost of sales   579       6,188             5,214  
Other   878       1,272       241       148  
Leasing   2,444       2,971       727       594  
Utilities   1,892       2,325       425       416  
Resort amenities and other   1,033       947       245       274  
General and administrative   2,515       2,204       792       506  
Share-based compensation   1,319       984       254       243  
Depreciation   1,756       1,984       460       498  
Pension and other post-retirement expenses   871       5,019       265       4,708  
Total Operating Costs and Expenses   13,287       23,894       3,409       12,601  
               
OPERATING INCOME (LOSS)   11,090       23,470       (891 )     7,746  
Interest expense   (190 )     (1,656 )     (38 )     (329 )
NET INCOME (LOSS)   10,900       21,814       (929 )     7,417  
Pension, net of income taxes of $0   2,041       6,372       1,429       4,891  
COMPREHENSIVE INCOME $ 12,941     $ 28,186     $ 500     $ 12,308  
               
NET INCOME (LOSS) PER COMMON              
SHARE–BASIC AND DILUTED $ 0.57     $ 1.15     $ (0.05 )   $ 0.39  
               

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

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