KAPALUA RESORT, Hawaii, April 26, 2016 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. MLP reported a net loss of $1.4 million, or $(0.07) per share, for the first quarter of 2016, compared to a net loss of $1.1 million, or $(0.06) per share for the first quarter of 2015. The Company reported revenues of $3.0 million and $2.8 million during the first quarters of 2016 and 2015, respectively.
The Company had no sales of real estate assets during the first quarters of 2016 or 2015.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our
1st quarter 2016 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 OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||
| (UNAUDITED) | ||||||||||
| Three Months Ended March 31, | ||||||||||
| 2016 | 2015 | |||||||||
| (in thousands except | ||||||||||
| per share amounts) | ||||||||||
| OPERATING REVENUES | ||||||||||
| Real estate | $ | 168 | $ | 112 | ||||||
| Leasing | 1,615 | 1,415 | ||||||||
| Utilities | 847 | 817 | ||||||||
| Resort amenities and other | 346 | 450 | ||||||||
| Total operating revenues | 2,976 | 2,794 | ||||||||
| OPERATING COSTS AND EXPENSES | ||||||||||
| Real estate | 300 | 168 | ||||||||
| Leasing | 712 | 532 | ||||||||
| Utilities | 631 | 612 | ||||||||
| Resort amenities and other | 197 | 213 | ||||||||
| General and administrative | 754 | 582 | ||||||||
| Share-based compensation | 380 | 549 | ||||||||
| Depreciation | 495 | 558 | ||||||||
| Pension and other postretirement expenses | 284 | 76 | ||||||||
| Total operating costs and expenses | 3,753 | 3,290 | ||||||||
| OPERATING LOSS | (777 | ) | (496 | ) | ||||||
| Interest expense | (581 | ) | (597 | ) | ||||||
| NET LOSS | $ | (1,358 | ) | $ | (1,093 | ) | ||||
| Pension, net of income taxes of $0 | 253 | 211 | ||||||||
| COMPREHENSIVE LOSS | $ | (1,105 | ) | $ | (882 | ) | ||||
| NET LOSS PER COMMON SHARE | ||||||||||
| --BASIC AND DILUTED | $ | (0.07 | ) | $ | (0.06 | ) | ||||
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