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Maui Land & Pineapple Reports 2nd Quarter 2019 Results

August 07, 2019 | About:

KAPALUA RESORT, Hawaii, Aug. 07, 2019 (GLOBE NEWSWIRE) --

Maui Land & Pineapple Company, Inc. (: MLP) reported a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2019, compared to a net loss of $0.6 million, or $(0.03) per share, for the second quarter of 2018. The Company reported revenues of $3.1 million and $3.0 million during the second quarters of 2019 and 2018, respectively.

For the six months ended June 30, 2019, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to a net loss of $1.5 million, or $(0.08) per share, for the six months ended June 30, 2018. The Company reported revenues of $5.9 million and $5.5 million during the six months ended June 30, 2019 and 2018, respectively.

The Company did not have any sales of real estate assets during the first six months of 2019 and 2018.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2019 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 INCOME (LOSS)

(UNAUDITED)

Three Months Ended June 30,
2019 2018
(in thousands except per share amounts)
OPERATING REVENUES
Real estate $ 209 $ 300
Leasing 1,719 1,558
Utilities 929 810
Resort amenities and other 248 292
Total operating revenues 3,105 2,960
OPERATING COSTS AND EXPENSES
Real estate 255 443
Leasing 603 706
Utilities 586 520
Resort amenities and other 208 231
General and administrative 510 725
Share-based compensation 374 320
Depreciation 431 446
Total operating costs and expenses 2,967 3,391
OPERATING INCOME (LOSS) 138 (431)
Pension and other post-retirement expenses (256) (102)
Interest expense (63) (37)
NET LOSS$ (181) $ (570)
Pension, net of income taxes of $0 211 185
COMPREHENSIVE INCOME (LOSS)$ 30 $ (385)
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED$ (0.01) $ (0.03)


MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS

(UNAUDITED)

Six Months Ended June 30,
2019 2018
(in thousands except per share amounts)
OPERATING REVENUES
Real estate $ 366 $ 336
Leasing 3,396 3,053
Utilities 1,677 1,514
Resort amenities and other 509 599
Total operating revenues 5,948 5,502
OPERATING COSTS AND EXPENSES
Real estate 521 509
Leasing 1,178 1,284
Utilities 1,187 1,041
Resort amenities and other 533 584
General and administrative 1,350 1,556
Share-based compensation 972 899
Depreciation 863 885
Total operating costs and expenses 6,604 6,758
OPERATING LOSS (656) (1,256)
Pension and other postretirement expenses (509) (204)
Interest expense (110) (74)
NET LOSS$ (1,275) $ (1,534)
Pension, net of income taxes of $0 423 370
COMPREHENSIVE LOSS$ (852) $ (1,164)
NET LOSS PER COMMON SHARE
--BASIC & DILUTED$ (0.07) $ (0.08)

Contact:
Tim T. Esaki
(808) 665-5480
[email protected]

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