Attached files
| file | filename |
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| 8-K - FORM 8-K - MAUI LAND & PINEAPPLE CO INC | mlp20151104_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 |
MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2015 RESULTS
KAPALUA RESORT, Hawaii, November 4, 2015 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported income of $9.7 million, or $0.51 per share, for the third quarter of 2015, compared to a net loss of $0.7 million, or $(0.04) per share for the third quarter of 2014. The Company reported revenues of $14.5 million and $2.7 million during the third quarters of 2015 and 2014, respectively.
For the nine months ended September 30, 2015, the Company reported net income of $7.7 million, or $0.41 per share, compared to a net loss of $1.2 million, or $(0.07) per share, for the nine months ended September 30, 2014. The Company reported revenues of $20.0 million and $10.2 million during the nine months ended September 30, 2015 and 2014, respectively.
In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The sale resulted in a gain of approximately $10.5 million.
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.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd 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 (LOSS)
(UNAUDITED)
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Three Months Ended September 30, |
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2015 |
2014 |
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(in thousands except per share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
$ | 12,000 | $ | - | ||||
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Commissions |
54 | 249 | ||||||
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Leasing |
1,311 | 1,246 | ||||||
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Utilities |
785 | 924 | ||||||
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Resort amenities and other |
330 | 320 | ||||||
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Total operating revenues |
14,480 | 2,739 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
1,487 | - | ||||||
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Other |
129 | 355 | ||||||
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Leasing |
456 | 547 | ||||||
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Utilities |
579 | 600 | ||||||
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Resort amenities and other |
207 | 219 | ||||||
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General and administrative |
609 | 556 | ||||||
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Share-based compensation |
52 | 30 | ||||||
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Depreciation |
491 | 573 | ||||||
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Pension and other postretirement expenses |
76 | 10 | ||||||
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Total operating costs and expenses |
4,086 | 2,890 | ||||||
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OPERATING INCOME (LOSS) |
10,394 | (151 | ) | |||||
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Interest expense |
(731 | ) | (598 | ) | ||||
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NET INCOME (LOSS) |
$ | 9,663 | $ | (749 | ) | |||
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Pension, net of income taxes of $0 |
210 | 163 | ||||||
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COMPREHENSIVE INCOME (LOSS) |
$ | 9,873 | $ | (586 | ) | |||
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NET INCOME (LOSS) PER COMMON SHARE |
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--BASIC AND DILUTED |
$ | 0.51 | $ | (0.04 | ) | |||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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Nine Months Ended September 30, |
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2015 |
2014 |
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(in thousands except per share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
$ | 12,000 | $ | 2,300 | ||||
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Commissions |
377 | 485 | ||||||
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Leasing |
4,148 | 3,967 | ||||||
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Utilities |
2,409 | 2,475 | ||||||
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Resort amenities and other |
1,105 | 990 | ||||||
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Total operating revenues |
20,039 | 10,217 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
1,487 | 835 | ||||||
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Other |
546 | 993 | ||||||
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Leasing |
1,610 | 1,683 | ||||||
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Utilities |
1,774 | 1,745 | ||||||
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Resort amenities and other |
686 | 690 | ||||||
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General and administrative |
1,677 | 1,383 | ||||||
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Share-based compensation |
745 | 366 | ||||||
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Depreciation |
1,604 | 1,744 | ||||||
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Pension and other postretirement expenses |
229 | 292 | ||||||
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Total operating costs and expenses |
10,358 | 9,731 | ||||||
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OPERATING INCOME |
9,681 | 486 | ||||||
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Interest expense |
(1,944 | ) | (1,667 | ) | ||||
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NET INCOME (LOSS) |
$ | 7,737 | $ | (1,181 | ) | |||
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Pension, net of income taxes of $0 |
632 | 455 | ||||||
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COMPREHENSIVE INCOME (LOSS) |
$ | 8,369 | $ | (726 | ) | |||
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NET INCOME (LOSS) PER COMMON SHARE |
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--BASIC AND DILUTED |
$ | 0.41 | $ | (0.07 | ) | |||