Maui Land & Pineapple Reports 3rd Quarter 2019 Results

KAPALUA RESORT, Hawaii, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $9,000, or $(0.00) per share, for the third quarter of 2019, compared to a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2018.  The Company reported total operating revenues of $3.4 million and $2.8 million during the three months ended September 30, 2019 and 2018, respectively.

For the nine months ended September 30, 2019, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to a net loss of $3.2 million, or $(0.17) per share, for the nine months ended September 30, 2018.  The Company reported total operating revenues of $9.4 million and $8.3 million during the nine months ended September 30, 2019 and 2018, respectively.

The Company did not have any real estate asset sales during the third quarter of 2019.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2019 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 September 30,
 2019 2018
  
 (in thousands except
 per share amounts)
OPERATING REVENUES   
Real estate$305  $66 
Leasing 1,830   1,552 
Utilities 1,060   900 
Resort amenities and other 242   292 
Total operating revenues 3,437   2,810 
    
OPERATING COSTS AND EXPENSES   
Real estate 352   1,311 
Leasing 584   620 
Utilities 726   593 
Resort amenities and other 219   229 
General and administrative 466   795 
Share-based compensation 374   307 
Depreciation 417   443 
Total operating costs and expenses 3,138   4,298 
    
OPERATING INCOME (LOSS) 299   (1,488)
Pension and other post-retirement expenses (258)  (102)
Interest expense (50)  (37)
NET LOSS$(9) $(1,627)
Pension, net of income taxes of $0 211   185 
COMPREHENSIVE INCOME (LOSS)$202  $(1,442)
    
NET LOSS PER COMMON SHARE   
--BASIC AND DILUTED$-  $(0.09)


MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
 COMPREHENSIVE LOSS

(UNAUDITED)

 

 Nine Months Ended September 30,
 2019
 2018
  
 (in thousands except
 per share amounts)
OPERATING REVENUES   
Real estate$671  $402 
Leasing 5,226   4,605 
Utilities 2,737   2,414 
Resort amenities and other 751   891 
Total operating revenues 9,385   8,312 
    
OPERATING COSTS AND EXPENSES   
Real estate 873   1,820 
Leasing 1,762   1,904 
Utilities 1,913   1,634 
Resort amenities and other 751   813 
General and administrative 1,816   2,351 
Share-based compensation 1,346   1,206 
Depreciation 1,280   1,328 
Total operating costs and expenses 9,741   11,056 
    
OPERATING LOSS (356)  (2,744)
Pension and other postretirement expenses (768)  (306)
Interest expense (160)  (111)
NET LOSS$(1,284) $(3,161)
Pension, net of income taxes of $0 634   555 
COMPREHENSIVE LOSS$(650) $(2,606)
    
NET LOSS PER COMMON SHARE   
--BASIC & DILUTED$(0.07) $(0.17)
    


Contact:

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

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