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Maui Land & Pineapple Reports 2nd Quarter 2018 Results

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KAPALUA RESORT, Hawaii, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $0.6 million, or $(0.03) per share, for the second quarter of 2018, compared to net income of $6.5 million, or $0.34 per share for the second quarter of 2017.  The Company reported revenues of $3.0 million and $9.3 million during the second quarters of 2018 and 2017, respectively.

For the six months ended June 30, 2018, the Company reported a net loss of $1.5 million or $(0.08) per share, compared to net income of $12.3 million, or $0.65 per share, for the six months ended June 30, 2017.  The Company reported revenues of $5.5 million and $19.0 million during the six months ended June 30, 2018 and 2017, respectively.

The Company did not have any sales of real estate assets during the second quarter of 2018.  In February 2017, the Company sold the 15-acre Kapalua Golf Academy practice course for $7.0 million.  In April 2017, the Company received approximately $6.7 million of land improvements from the owner of a 125-acre portion of the Company's Kapalua Mauka project.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2018 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.

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)

(UNAUDITED) 

             
             
  Three Months Ended June 30,      
    2018       2017        
  (in thousands except      
  per share amounts)      
OPERATING REVENUES            
Real estate  $   300     $   6,852        
Leasing     1,558         1,370        
Utilities     810         829        
Resort amenities and other     292         285        
Total operating revenues     2,960         9,336        
             
OPERATING COSTS AND EXPENSES            
Real estate     443         152        
Leasing     706         587        
Utilities     520         426        
Resort amenities and other     231         213        
General and administrative     725         586        
Share-based compensation     320         253        
Depreciation     446         417        
Total operating costs and expenses     3,391         2,634        
             
OPERATING INCOME (LOSS)     (431 )       6,702        
Pension and other postretirement expenses     (102 )       (202 )      
Interest expense     (37 )       (19 )      
NET INCOME (LOSS) $   (570 )   $   6,481        
Pension, net of income taxes of $0     185         204        
COMPREHENSIVE INCOME (LOSS) $   (385 )   $   6,685        
             
NET INCOME (LOSS) PER COMMON SHARE            
  --BASIC AND DILUTED $   (0.03 )   $   0.34        
             


MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

  Six Months Ended June 30,      
    2018       2017        
  (in thousands except      
  per share amounts)      
OPERATING REVENUES            
Real estate  $   336     $   13,991        
Leasing     3,053         2,956        
Utilities     1,514         1,505        
Resort amenities and other     599         567        
Total operating revenues     5,502         19,019        
             
OPERATING COSTS AND EXPENSES            
Real estate     509         888        
Leasing     1,284         1,056        
Utilities     1,041         979        
Resort amenities and other     584         546        
General and administrative     1,556         1,075        
Share-based compensation     899         812        
Depreciation     885         833        
Total operating costs and expenses     6,758         6,189        
             
OPERATING INCOME (LOSS)     (1,256 )       12,830        
Pension and other postretirement expenses     (204 )       (404 )      
Interest expense     (74 )       (113 )      
NET INCOME (LOSS) $   (1,534 )   $   12,313        
Pension, net of income taxes of $0     370         408        
COMPREHENSIVE INCOME (LOSS) $   (1,164 )   $   12,721        
             
NET INCOME (LOSS) PER COMMON SHARE            
  --BASIC & DILUTED $   (0.08 )   $   0.65        
             


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

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