KAPALUA RESORT, Hawaii, Aug. 6, 2015 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. MLP reported a net loss of $818,000, or $(0.04) per share, for the second quarter of 2015, compared to 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.
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
| (UNAUDITED) | ||
| Three Months Ended June 30, | ||
| 2015 | 2014 | |
|
(in thousands except per share amounts) |
||
| OPERATING REVENUES | ||
| Real estate | ||
| Sales | $ -- | $ 2,300 |
| Commissions | 211 | 153 |
| Leasing | 1,422 | 1,409 |
| Utilities | 807 | 829 |
| Resort amenities and other | 325 | 318 |
| Total operating revenues | 2,765 | 5,009 |
| OPERATING COSTS AND EXPENSES | ||
| Real estate | ||
| Cost of sales | -- | 835 |
| Other | 248 | 333 |
| Leasing | 611 | 586 |
| Utilities | 582 | 572 |
| Resort amenities and other | 265 | 190 |
| General and administrative | 487 | 543 |
| Share-based compensation | 143 | 153 |
| Depreciation | 555 | 587 |
| Pension and other postretirement expenses | 76 | 141 |
| Total operating costs and expenses | 2,967 | 3,940 |
| OPERATING (LOSS) INCOME | (202) | 1,069 |
| Interest expense | (616) | (592) |
| NET (LOSS) INCOME | $ (818) | $ 477 |
| Pension, net of income taxes of $0 | 211 | 146 |
| COMPREHENSIVE (LOSS) INCOME | $ (607) | $ 623 |
| 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) | ||
| Six Months Ended June 30, | ||
| 2015 | 2014 | |
|
(in thousands except per share amounts) |
||
| OPERATING REVENUES | ||
| Real estate | ||
| Sales | $ -- | $ 2,300 |
| Commissions | 323 | 236 |
| Leasing | 2,837 | 2,721 |
| Utilities | 1,623 | 1,551 |
| Resort amenities and other | 776 | 670 |
| Total operating revenues | 5,559 | 7,478 |
| OPERATING COSTS AND EXPENSES | ||
| Real estate | ||
| Cost of sales | -- | 835 |
| Other | 417 | 638 |
| Leasing | 1,149 | 1,136 |
| Utilities | 1,194 | 1,145 |
| Resort amenities and other | 479 | 471 |
| General and administrative | 1,069 | 868 |
| Share-based compensation | 692 | 295 |
| Depreciation | 1,113 | 1,171 |
| Pension and other postretirement expenses | 152 | 282 |
| Total operating costs and expenses | 6,265 | 6,841 |
| OPERATING (LOSS) INCOME | (706) | 637 |
| Interest expense | (1,213) | (1,069) |
| NET LOSS | $ (1,919) | $ (432) |
| Pension, net of income taxes of $0 | 422 | 292 |
| COMPREHENSIVE LOSS | $ (1,497) | $ (140) |
| NET (LOSS) INCOME PER COMMON SHARE | ||
| ---BASIC AND DILUTED | $ (0.10) | $ (0.02) |
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