Maui Land & Pineapple Reports 2nd Quarter 2017 Results
August 09 2017 - 5:37PM
Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net
income of $6.5 million, or $0.34 per share, for the second quarter
of 2017, compared to net income of $13.4 million, or $0.71 per
share for the second quarter of 2016. The Company reported
revenues of $9.3 million and $18.0 million during the second
quarters of 2017 and 2016, respectively.
For the six months ended June 30, 2017, the Company reported net
income of $12.3 million or $0.65 per share, compared to income of
$12.0 million, or $0.64 per share, for the six months ended June
30, 2016. The Company reported revenues of $19.0 million and
$21.0 million during the six months ended June 30, 2017 and 2016,
respectively.
Included in the Company’s real estate operating revenues for the
three and six months ended June 30, 2017, are approximately $6.7
million of land improvements that were conveyed to the Company by
the owner of a 125-acre portion of the Company’s Kapalua Mauka
project. The owner purchased the 125-acre property, commonly
known as Mahana Estates, in 2009. As part of the sale, the
owner agreed to subsequently develop and convey to the Company upon
completion certain easements, subdivision and utility improvements
related to the Mahana Estates property.
Additional Information
Additional information with respect to Maui Land & Pineapple
Company, Inc. and the 2nd quarter 2017 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 |
|
|
|
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands except |
|
|
|
|
|
per share amounts) |
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
Real estate |
|
$ |
6,852 |
|
|
$ |
15,498 |
|
|
|
|
Leasing |
|
|
1,370 |
|
|
|
1,277 |
|
|
|
|
Utilities |
|
|
829 |
|
|
|
878 |
|
|
|
|
Resort amenities and
other |
|
|
285 |
|
|
|
324 |
|
|
|
|
Total
operating revenues |
|
|
9,336 |
|
|
|
17,977 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
Real estate |
|
|
152 |
|
|
|
1,356 |
|
|
|
|
Leasing |
|
|
587 |
|
|
|
545 |
|
|
|
|
Utilities |
|
|
426 |
|
|
|
589 |
|
|
|
|
Resort amenities and
other |
|
|
213 |
|
|
|
270 |
|
|
|
|
General and
administrative |
|
|
586 |
|
|
|
410 |
|
|
|
|
Share-based
compensation |
|
|
253 |
|
|
|
181 |
|
|
|
|
Depreciation |
|
|
417 |
|
|
|
493 |
|
|
|
|
Pension and other
postretirement expenses |
|
|
202 |
|
|
|
284 |
|
|
|
|
Total
operating costs and expenses |
|
|
2,836 |
|
|
|
4,128 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
6,500 |
|
|
|
13,849 |
|
|
|
|
Interest expense |
|
|
(19 |
) |
|
|
(445 |
) |
|
|
|
NET INCOME |
|
$ |
6,481 |
|
|
$ |
13,404 |
|
|
|
|
Pension, net of income
taxes of $0 |
|
|
204 |
|
|
|
253 |
|
|
|
|
COMPREHENSIVE
INCOME |
|
$ |
6,685 |
|
|
$ |
13,657 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER COMMON
SHARE |
|
|
|
|
|
|
|
--BASIC AND
DILUTED |
|
$ |
0.34 |
|
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
|
|
|
MAUI LAND & PINEAPPLE
COMPANY, INC. AND SUBSIDIARIES |
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND |
|
COMPREHENSIVE INCOME |
|
|
|
(UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands except |
|
|
|
|
|
per share amounts) |
|
|
|
OPERATING REVENUES |
|
|
|
|
|
|
|
Real estate |
|
$ |
13,991 |
|
|
$ |
15,666 |
|
|
|
|
Leasing |
|
|
2,956 |
|
|
|
2,892 |
|
|
|
|
Utilities |
|
|
1,505 |
|
|
|
1,726 |
|
|
|
|
Resort amenities and
other |
|
|
567 |
|
|
|
670 |
|
|
|
|
Total
operating revenues |
|
|
19,019 |
|
|
|
20,954 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
Real estate |
|
|
888 |
|
|
|
1,657 |
|
|
|
|
Leasing |
|
|
1,056 |
|
|
|
1,258 |
|
|
|
|
Utilities |
|
|
979 |
|
|
|
1,220 |
|
|
|
|
Resort amenities and
other |
|
|
546 |
|
|
|
506 |
|
|
|
|
General and
administrative |
|
|
1,075 |
|
|
|
1,165 |
|
|
|
|
Share-based
compensation |
|
|
812 |
|
|
|
560 |
|
|
|
|
Depreciation |
|
|
833 |
|
|
|
988 |
|
|
|
|
Pension and other
postretirement expenses |
|
|
404 |
|
|
|
567 |
|
|
|
|
Total
operating costs and expenses |
|
|
6,593 |
|
|
|
7,921 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
12,426 |
|
|
|
13,033 |
|
|
|
|
Interest expense |
|
|
(113 |
) |
|
|
(1,026 |
) |
|
|
|
NET INCOME |
|
$ |
12,313 |
|
|
$ |
12,007 |
|
|
|
|
Pension, net of income
taxes of $0 |
|
|
408 |
|
|
|
507 |
|
|
|
|
COMPREHENSIVE
INCOME |
|
$ |
12,721 |
|
|
$ |
12,514 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER COMMON
SHARE |
|
|
|
|
|
|
|
--BASIC |
|
$ |
0.65 |
|
|
$ |
0.64 |
|
|
|
|
--DILUTED |
|
$ |
0.64 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Tim T. Esaki
(808) 665-5480
tesaki@mlpmaui.com
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