Attached files
| file | filename |
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| 8-K - FORM 8-K - MAUI LAND & PINEAPPLE CO INC | mlp20150807_8k.htm |
Exhibit 99.1
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NEWS RELEASE |
Contact: |
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Tim T. Esaki (808) 665-5480 tesaki@kapalua.com |
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MAUI LAND & PINEAPPLE REPORTS 2nd QUARTER 2015 RESULTS |
KAPALUA RESORT, Hawaii, August 6, 2015 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $818,000, or $(0.04) per share, for the second quarter of 2015, compared to a net income of $477,000 or $0.03 per share for the second quarter of 2014. The Company reported revenues of $2.8 million and $5.0 million during the second quarters of 2015 and 2014, respectively.
In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a gain of $1.5 million.
For the six months ended June 30, 2015, the Company reported a net loss of $1.9 million or $(0.10) per share, compared to a net loss of $432,000, or $(0.02) per share, for the six months ended June 30, 2014. The Company reported revenues of $5.6 million and $7.5 million during the six months ended June 30, 2015 and 2014, respectively.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2015 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, 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.
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
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Three Months Ended June 30, |
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2015 |
2014 |
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(in thousands except |
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per share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
$ | - | $ | 2,300 | ||||
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Commissions |
211 | 153 | ||||||
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Leasing |
1,422 | 1,409 | ||||||
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Utilities |
807 | 829 | ||||||
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Resort amenities and other |
325 | 318 | ||||||
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Total operating revenues |
2,765 | 5,009 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
- | 835 | ||||||
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Other |
248 | 333 | ||||||
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Leasing |
611 | 586 | ||||||
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Utilities |
582 | 572 | ||||||
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Resort amenities and other |
265 | 190 | ||||||
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General and administrative |
487 | 543 | ||||||
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Share-based compensation |
143 | 153 | ||||||
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Depreciation |
555 | 587 | ||||||
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Pension and other postretirement expenses |
76 | 141 | ||||||
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Total operating costs and expenses |
2,967 | 3,940 | ||||||
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OPERATING (LOSS) INCOME |
(202 | ) | 1,069 | |||||
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Interest expense |
(616 | ) | (592 | ) | ||||
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NET (LOSS) INCOME |
$ | (818 | ) | $ | 477 | |||
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Pension, net of income taxes of $0 |
211 | 146 | ||||||
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COMPREHENSIVE (LOSS) INCOME |
$ | (607 | ) | $ | 623 | |||
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NET (LOSS) INCOME PER COMMON SHARE --BASIC AND DILUTED |
$ | (0.04 | ) | $ | 0.03 | |||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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Six Months Ended June 30, |
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2015 |
2014 |
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(in thousands except |
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per share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
$ | - | $ | 2,300 | ||||
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Commissions |
323 | 236 | ||||||
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Leasing |
2,837 | 2,721 | ||||||
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Utilities |
1,623 | 1,551 | ||||||
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Resort amenities and other |
776 | 670 | ||||||
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Total operating revenues |
5,559 | 7,478 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
- | 835 | ||||||
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Other |
417 | 638 | ||||||
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Leasing |
1,149 | 1,136 | ||||||
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Utilities |
1,194 | 1,145 | ||||||
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Resort amenities and other |
479 | 471 | ||||||
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General and administrative |
1,069 | 868 | ||||||
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Share-based compensation |
692 | 295 | ||||||
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Depreciation |
1,113 | 1,171 | ||||||
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Pension and other postretirement expenses |
152 | 282 | ||||||
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Total operating costs and expenses |
6,265 | 6,841 | ||||||
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OPERATING (LOSS) INCOME |
(706 | ) | 637 | |||||
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Interest expense |
(1,213 | ) | (1,069 | ) | ||||
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NET LOSS |
$ | (1,919 | ) | $ | (432 | ) | ||
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Pension, net of income taxes of $0 |
422 | 292 | ||||||
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COMPREHENSIVE LOSS |
$ | (1,497 | ) | $ | (140 | ) | ||
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NET (LOSS) INCOME PER COMMON SHARE --BASIC AND DILUTED |
$ | (0.10 | ) | $ | (0.02 | ) | ||
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