Maui Land & Pineapple Reports 1st Quarter 2020 Results

KAPALUA RESORT, Hawaii, April 22, 2020 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: 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
skodama@kapalua.com

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