Maui Land & Pineapple Reports 2nd Quarter 2018 Results
August 08 2018 - 11:04PM
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net
loss of $0.6 million, or $(0.03) per share, for the second quarter
of 2018, compared to net income of $6.5 million, or $0.34 per share
for the second quarter of 2017. The Company reported revenues
of $3.0 million and $9.3 million during the second quarters of 2018
and 2017, respectively.
For the six months ended June 30, 2018, the Company reported a
net loss of $1.5 million or $(0.08) per share, compared to net
income of $12.3 million, or $0.65 per share, for the six months
ended June 30, 2017. The Company reported revenues of $5.5
million and $19.0 million during the six months ended June 30, 2018
and 2017, respectively.
The Company did not have any sales of real estate assets during
the second quarter of 2018. In February 2017, the Company
sold the 15-acre Kapalua Golf Academy practice course for $7.0
million. In April 2017, the Company received approximately
$6.7 million of land improvements from the owner of a 125-acre
portion of the Company’s Kapalua Mauka project.
Additional Information
Additional information with respect to Maui Land & Pineapple
Company, Inc. and our 2nd quarter 2018 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 ANDCOMPREHENSIVE INCOME
(LOSS)
(UNAUDITED)
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
| |
(in thousands except |
|
|
|
| |
per share amounts) |
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
| Real estate |
$ |
300 |
|
|
$ |
6,852 |
|
|
|
|
| Leasing |
|
1,558 |
|
|
|
1,370 |
|
|
|
|
| Utilities |
|
810 |
|
|
|
829 |
|
|
|
|
| Resort amenities and
other |
|
292 |
|
|
|
285 |
|
|
|
|
| Total
operating revenues |
|
2,960 |
|
|
|
9,336 |
|
|
|
|
| |
|
|
|
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
| Real estate |
|
443 |
|
|
|
152 |
|
|
|
|
| Leasing |
|
706 |
|
|
|
587 |
|
|
|
|
| Utilities |
|
520 |
|
|
|
426 |
|
|
|
|
| Resort amenities and
other |
|
231 |
|
|
|
213 |
|
|
|
|
| General and
administrative |
|
725 |
|
|
|
586 |
|
|
|
|
| Share-based
compensation |
|
320 |
|
|
|
253 |
|
|
|
|
| Depreciation |
|
446 |
|
|
|
417 |
|
|
|
|
| Total
operating costs and expenses |
|
3,391 |
|
|
|
2,634 |
|
|
|
|
| |
|
|
|
|
|
|
| OPERATING INCOME
(LOSS) |
|
(431 |
) |
|
|
6,702 |
|
|
|
|
| Pension and other
postretirement expenses |
|
(102 |
) |
|
|
(202 |
) |
|
|
|
| Interest expense |
|
(37 |
) |
|
|
(19 |
) |
|
|
|
| NET INCOME (LOSS) |
$ |
(570 |
) |
|
$ |
6,481 |
|
|
|
|
| Pension, net of income
taxes of $0 |
|
185 |
|
|
|
204 |
|
|
|
|
| COMPREHENSIVE INCOME
(LOSS) |
$ |
(385 |
) |
|
$ |
6,685 |
|
|
|
|
| |
|
|
|
|
|
|
| NET INCOME (LOSS) PER
COMMON SHARE |
|
|
|
|
|
|
| --BASIC AND
DILUTED |
$ |
(0.03 |
) |
|
$ |
0.34 |
|
|
|
|
| |
|
|
|
|
|
|
MAUI LAND & PINEAPPLE
COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS ANDCOMPREHENSIVE INCOME
(LOSS)
(UNAUDITED)
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
| |
(in thousands except |
|
|
|
| |
per share amounts) |
|
|
|
| OPERATING REVENUES |
|
|
|
|
|
|
| Real estate |
$ |
336 |
|
|
$ |
13,991 |
|
|
|
|
| Leasing |
|
3,053 |
|
|
|
2,956 |
|
|
|
|
| Utilities |
|
1,514 |
|
|
|
1,505 |
|
|
|
|
| Resort amenities and
other |
|
599 |
|
|
|
567 |
|
|
|
|
| Total
operating revenues |
|
5,502 |
|
|
|
19,019 |
|
|
|
|
| |
|
|
|
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
| Real estate |
|
509 |
|
|
|
888 |
|
|
|
|
| Leasing |
|
1,284 |
|
|
|
1,056 |
|
|
|
|
| Utilities |
|
1,041 |
|
|
|
979 |
|
|
|
|
| Resort amenities and
other |
|
584 |
|
|
|
546 |
|
|
|
|
| General and
administrative |
|
1,556 |
|
|
|
1,075 |
|
|
|
|
| Share-based
compensation |
|
899 |
|
|
|
812 |
|
|
|
|
| Depreciation |
|
885 |
|
|
|
833 |
|
|
|
|
| Total
operating costs and expenses |
|
6,758 |
|
|
|
6,189 |
|
|
|
|
| |
|
|
|
|
|
|
| OPERATING INCOME
(LOSS) |
|
(1,256 |
) |
|
|
12,830 |
|
|
|
|
| Pension and other
postretirement expenses |
|
(204 |
) |
|
|
(404 |
) |
|
|
|
| Interest expense |
|
(74 |
) |
|
|
(113 |
) |
|
|
|
| NET INCOME (LOSS) |
$ |
(1,534 |
) |
|
$ |
12,313 |
|
|
|
|
| Pension, net of income
taxes of $0 |
|
370 |
|
|
|
408 |
|
|
|
|
| COMPREHENSIVE INCOME
(LOSS) |
$ |
(1,164 |
) |
|
$ |
12,721 |
|
|
|
|
| |
|
|
|
|
|
|
| NET INCOME (LOSS) PER
COMMON SHARE |
|
|
|
|
|
|
| --BASIC &
DILUTED |
$ |
(0.08 |
) |
|
$ |
0.65 |
|
|
|
|
| |
|
|
|
|
|
|
Contact:Tim T.
Esaki(808) 665-5480tesaki@mlpmaui.com
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