Attached files
| file | filename |
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| 8-K - FORM 8-K - MAUI LAND & PINEAPPLE CO INC | mlp20200422_8k.htm |
Exhibit 99.1
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NEWS RELEASE |
Contact: |
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Scott N. Kodama |
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skodama@kapalua.com |
MAUI LAND & PINEAPPLE REPORTS 1st QUARTER 2020 RESULTS
KAPALUA RESORT, Hawaii, April 22, 2020 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.07 million, or $(0.06) per share, for the first quarter of 2020, compared to a net loss of $1.10 million, or $(0.06) per share, for the first quarter of 2019. The Company reported total operating revenues of $2.04 million and $2.33 million during the three months ended March 31, 2020 and 2019, respectively.
The Company did not have any real estate asset sales during the first quarters of 2020 or 2019.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 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.
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
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Three Months Ended March 31, |
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2020 |
2019 |
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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 |
$ | 69 | $ | 157 | ||||
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Leasing |
1,736 | 1,916 | ||||||
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Resort amenities and other |
230 | 261 | ||||||
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Total operating revenues |
2,035 | 2,334 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
175 | 264 | ||||||
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Leasing |
776 | 720 | ||||||
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Resort amenities and other |
570 | 311 | ||||||
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General and administrative |
760 | 864 | ||||||
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Share-based compensation |
425 | 598 | ||||||
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Depreciation |
323 | 361 | ||||||
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Total operating costs and expenses |
3,029 | 3,118 | ||||||
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OPERATING LOSS |
(994 | ) | (784 | ) | ||||
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Pension and other post-retirement expenses |
(117 | ) | (253 | ) | ||||
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Interest expense |
(46 | ) | (47 | ) | ||||
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LOSS FROM CONTINUING OPERATIONS |
$ | (1,157 | ) | $ | (1,084 | ) | ||
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Income (Loss) from discontinued operations, net |
83 | (11 | ) | |||||
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NET LOSS |
$ | (1,074 | ) | $ | (1,095 | ) | ||
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Pension, net |
206 | 211 | ||||||
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COMPREHENSIVE LOSS |
$ | (868 | ) | $ | (884 | ) | ||
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EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED |
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Loss from Continuing Operations |
$ | (0.06 | ) | $ | (0.06 | ) | ||
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Income (Loss) from Discontinued Operations |
$ | - | $ | - | ||||
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Net Loss |
$ | (0.06 | ) | $ | (0.06 | ) | ||