Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MAUI LAND & PINEAPPLE CO INC | mlp20170428b_8k.htm |
Exhibit 99.1
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NEWS RELEASE |
Contact: Tim T. Esaki (808) 665-5480 tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 1st QUARTER 2017 RESULTS
KAPALUA RESORT, Hawaii, April 28, 2017 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $5.8 million, or $0.31 per share, for the first quarter of 2017, compared to a net loss of $1.4 million, or $(0.07) per share for the first quarter of 2016. The Company reported revenues of $9.7 million and $3.0 million during the first quarters of 2017 and 2016, respectively.
In February 2017, the Company sold the 15-acre Kapalua Golf Academy three-hole practice course for $7.0 million. The property was sold to the owner of the Kapalua Plantation and Bay Golf Courses, resulting in a gain of approximately $6.4 million. The Company applied $5.6 million of the sale proceeds to reduce its total debt to $1.2 million, as of March 31, 2017.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our
1st 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, 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 OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
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Three Months Ended March 31, |
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2017 |
2016 |
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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 |
$ | 7,000 | $ | - | ||||
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Commissions |
139 | 168 | ||||||
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Leasing |
1,586 | 1,615 | ||||||
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Utilities |
676 | 847 | ||||||
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Resort amenities and other |
282 | 346 | ||||||
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Total operating revenues |
9,683 | 2,976 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
576 | - | ||||||
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Other |
160 | 300 | ||||||
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Leasing |
469 | 712 | ||||||
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Utilities |
553 | 631 | ||||||
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Resort amenities and other |
333 | 197 | ||||||
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General and administrative |
489 | 754 | ||||||
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Share-based compensation |
559 | 380 | ||||||
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Depreciation |
416 | 495 | ||||||
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Pension and other postretirement expenses |
202 | 284 | ||||||
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Total operating costs and expenses |
3,757 | 3,753 | ||||||
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OPERATING INCOME (LOSS) |
5,926 | (777 | ) | |||||
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Interest expense |
(94 | ) | (581 | ) | ||||
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NET INCOME (LOSS) |
$ | 5,832 | $ | (1,358 | ) | |||
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Pension, net of income taxes of $0 |
204 | 253 | ||||||
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COMPREHENSIVE INCOME (LOSS) |
$ | 6,036 | $ | (1,105 | ) | |||
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NET INCOME (LOSS) PER COMMON SHARE --BASIC AND DILUTED |
$ | 0.31 | $ | (0.07 | ) | |||