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Maui Land & Pineapple Reports 1st Quarter 2020 Results

April 22, 2020 | About:

KAPALUA RESORT, Hawaii, April 22, 2020 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (: MLP) reported a net loss of $1.07 million, or $(0.06) per share, for the first quarter of 2020, compared to a net loss of $1.10 million, or $(0.06) per share, for the first quarter of 2019. The Company reported total operating revenues of $2.04 million and $2.33 million during the three months ended March 31, 2020 and 2019, respectively.

The Company did not have any real estate asset sales during the first quarters of 2020 or 2019.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 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, 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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

Three Months Ended March 31,
2020 2019
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate$69 $157
Leasing 1,736 1,916
Resort amenities and other 230 261
Total operating revenues 2,035 2,334
OPERATING COSTS AND EXPENSES
Real estate 175 264
Leasing 776 720
Resort amenities and other 570 311
General and administrative 760 864
Share-based compensation 425 598
Depreciation 323 361
Total operating costs and expenses 3,029 3,118
OPERATING LOSS (994) (784)
Pension and other post-retirement expenses (117) (253)
Interest expense (46) (47)
LOSS FROM CONTINUING OPERATIONS$(1,157) $(1,084)
Income (Loss) from discontinued operations, net 83 (11)
NET LOSS$(1,074) $(1,095)
Pension, net 206 211
COMPREHENSIVE LOSS$(868) $(884)
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED
Loss from Continuing Operations$(0.06) $(0.06)
Income (Loss) from Discontinued Operations$- $-
Net Loss$(0.06) $(0.06)

Contact:
Scott N. Kodama
[email protected]

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