Maui Land & Pineapple Reports 3rd Quarter 2017 Results
November 01 2017 - 9:40PM
Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net
loss of $0.5 million, or $(0.03) per share, for the third quarter
of 2017, compared to net income of $2.5 million, or $0.13 per share
for the third quarter of 2016. The Company reported total
operating revenues of $2.8 million and $6.1 million during the
third quarters of 2017 and 2016, respectively.
For the nine months ended September 30, 2017, the Company
reported net income of $11.8 million, or $0.62 per share, compared
to net income of $14.4 million, or $0.76 per share, for the nine
months ended September 30, 2016. The Company reported total
operating revenues of $21.9 million and $27.0 million during the
nine months ended September 30, 2017 and 2016, respectively.
The Company did not have any real estate asset sales during the
third quarter of 2017.
Additional Information
Additional information with respect to Maui Land & Pineapple
Company, Inc. and our operating results for the third quarter of
2017 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, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
(in thousands except |
|
|
per share amounts) |
| OPERATING REVENUES |
|
|
|
| Real estate |
$ |
290 |
|
|
$ |
3,210 |
|
| Leasing |
|
1,353 |
|
|
|
1,680 |
|
| Utilities |
|
898 |
|
|
|
813 |
|
| Resort amenities and
other |
|
299 |
|
|
|
359 |
|
| Total
operating revenues |
|
2,840 |
|
|
|
6,062 |
|
|
|
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
| Real estate |
|
328 |
|
|
|
442 |
|
| Leasing |
|
661 |
|
|
|
1,120 |
|
| Utilities |
|
488 |
|
|
|
689 |
|
| Resort amenities and
other |
|
242 |
|
|
|
167 |
|
| General and
administrative |
|
648 |
|
|
|
648 |
|
| Share-based
compensation |
|
253 |
|
|
|
67 |
|
| Depreciation |
|
463 |
|
|
|
498 |
|
| Pension and other
postretirement expenses |
|
202 |
|
|
|
(257 |
) |
| Total
operating costs and expenses |
|
3,285 |
|
|
|
3,374 |
|
|
|
|
|
|
| OPERATING INCOME
(LOSS) |
|
(445 |
) |
|
|
2,688 |
|
| Interest expense |
|
(39 |
) |
|
|
(213 |
) |
| NET INCOME (LOSS) |
$ |
(484 |
) |
|
$ |
2,475 |
|
| Pension, net of income
taxes of $0 |
|
204 |
|
|
|
974 |
|
| COMPREHENSIVE INCOME
(LOSS) |
$ |
(280 |
) |
|
$ |
3,449 |
|
|
|
|
|
|
| NET INCOME (LOSS) PER
COMMON SHARE |
|
|
|
| --BASIC
AND DILUTED |
$ |
(0.03 |
) |
|
$ |
0.13 |
|
|
|
|
|
|
| MAUI LAND & PINEAPPLE
COMPANY, INC. AND SUBSIDIARIES |
| |
| CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME |
| |
| (UNAUDITED) |
|
|
| |
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
| |
(in thousands except |
|
|
| |
per share amounts) |
|
|
| OPERATING REVENUES |
|
|
|
|
|
| Real estate |
$ |
14,281 |
|
|
$ |
18,876 |
|
|
|
| Leasing |
|
4,309 |
|
|
|
4,572 |
|
|
|
| Utilities |
|
2,403 |
|
|
|
2,539 |
|
|
|
| Resort amenities and
other |
|
866 |
|
|
|
1,030 |
|
|
|
| Total
operating revenues |
|
21,859 |
|
|
|
27,017 |
|
|
|
| |
|
|
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
| Real estate |
|
1,216 |
|
|
|
2,098 |
|
|
|
| Leasing |
|
1,717 |
|
|
|
2,377 |
|
|
|
| Utilities |
|
1,467 |
|
|
|
1,909 |
|
|
|
| Resort amenities and
other |
|
788 |
|
|
|
673 |
|
|
|
| General and
administrative |
|
1,723 |
|
|
|
1,698 |
|
|
|
| Share-based
compensation |
|
1,065 |
|
|
|
741 |
|
|
|
| Depreciation |
|
1,296 |
|
|
|
1,486 |
|
|
|
| Pension and other
postretirement expenses |
|
606 |
|
|
|
311 |
|
|
|
| Total
operating costs and expenses |
|
9,878 |
|
|
|
11,293 |
|
|
|
| |
|
|
|
|
|
| OPERATING INCOME |
|
11,981 |
|
|
|
15,724 |
|
|
|
| Interest expense |
|
(152 |
) |
|
|
(1,327 |
) |
|
|
| NET INCOME |
$ |
11,829 |
|
|
$ |
14,397 |
|
|
|
| Pension, net of income
taxes of $0 |
|
612 |
|
|
|
1,481 |
|
|
|
| COMPREHENSIVE
INCOME |
$ |
12,441 |
|
|
$ |
15,878 |
|
|
|
| |
|
|
|
|
|
| NET INCOME PER COMMON
SHARE |
|
|
|
|
|
| --BASIC
AND DILUTED |
$ |
0.62 |
|
|
$ |
0.76 |
|
|
|
| |
|
|
|
|
|
Contact:Tim T. Esaki(808)
665-5480tesaki@kapalua.com
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