Maui Land & Pineapple Reports 2017 Net Income of $10.9 Million

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KAPALUA RESORT, Hawaii, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. MLP reported net income of $10.9 million, or $0.57 per share, for 2017.  This compares to net income of $21.8 million, or $1.15 per share, for 2016.  The Company reported revenues of $24.4 million and $47.4 million for 2017 and 2016, respectively.

For the fourth quarter of 2017, the Company recognized a net loss of $0.9 million or $(0.05) per share.  For the fourth quarter of 2016, the Company recognized net income of $7.4 million or $0.39 per share.  Operating revenues totaled $2.5 million and $20.3 million during the fourth quarters of 2017 and 2016, respectively.

The Company did not have any real estate sales during the fourth quarter of 2017.

"With the significant pay down of our debt in early 2017, it marked the culmination of a more than five-year process of restructuring our business," stated Warren H. Haruki, Chairman and CEO.  "The starting point had MLP with over $135 million of bank loans, with almost all of our assets pledged as collateral, and loan covenants which severely restricted our ability to finance our development efforts and operations.  As part of this process, we selectively sold non-core assets, retired 99% of our bank debt, and were able to secure long-term financing capabilities.  These moves provide the foundation and liquidity we need to achieve sustained growth for MLP in the future."

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2017 operating results will be available on our Form 10-K 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.

 
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)
AND COMPREHENSIVE INCOME
        
 Years Ended December 31, Three Months Ended December 31,
 2017 2016 2017 2016
            
 (in thousands except per (in thousands except per
 share amounts) share amounts)
OPERATING REVENUES       
Real estate       
Sales$13,681  $36,000  $-  $18,000 
Commissions 894   1,116   294   240 
Leasing 5,527   5,324   1,218   752 
Utilities 3,153   3,345   750   806 
Resort amenities and other 1,122   1,579   256   549 
Total Operating Revenues 24,377   47,364   2,518   20,347 
        
OPERATING COSTS AND EXPENSES       
Real estate       
Cost of sales 579   6,188   -   5,214 
Other 878   1,272   241   148 
Leasing 2,444   2,971   727   594 
Utilities 1,892   2,325   425   416 
Resort amenities and other 1,033   947   245   274 
General and administrative 2,515   2,204   792   506 
Share-based compensation 1,319   984   254   243 
Depreciation 1,756   1,984   460   498 
Pension and other post-retirement expenses 871   5,019   265   4,708 
Total Operating Costs and Expenses 13,287   23,894   3,409   12,601 
        
OPERATING INCOME (LOSS) 11,090   23,470   (891)  7,746 
Interest expense (190)  (1,656)  (38)  (329)
NET INCOME (LOSS) 10,900   21,814   (929)  7,417 
Pension, net of income taxes of $0 2,041   6,372   1,429   4,891 
COMPREHENSIVE INCOME$12,941  $28,186  $500  $12,308 
        
NET INCOME (LOSS) PER COMMON       
SHARE--BASIC AND DILUTED$0.57  $1.15  $(0.05) $0.39 
        

Contact:
Tim T. Esaki
(808) 665-5480
tesaki@kapalua.com

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