Market Overview

Maui Land & Pineapple Reports 1st Quarter 2019 Results

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KAPALUA RESORT, Hawaii, April 24, 2019 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $1.1 million, or $(0.06) per share, for the first quarter of 2019, compared to a net loss of $1.0 million, or $(0.05) per share, for the first quarter of 2018.  The Company reported revenues of $2.8 million and $2.5 million during the first quarters of 2019 and 2018, respectively.

The Company did not have any sales of real estate assets during the first quarters of 2019 and 2018. 

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2019 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,
  2019   2018
       
  (in thousands except
  per share amounts)
OPERATING REVENUES              
Real estate $ 157     $ 36  
Leasing   1,677       1,495  
Utilities   748       704  
Resort amenities and other   261       307  
Total operating revenues   2,843       2,542  
               
OPERATING COSTS AND EXPENSES              
Real estate   264       66  
Leasing   568       578  
Utilities   601       521  
Resort amenities and other   311       353  
General and administrative   864       831  
Share-based compensation   598       579  
Depreciation   432       439  
Total operating costs and expenses   3,638       3,367  
               
OPERATING LOSS   (795 )     (825 )
Pension and other post-retirement expenses   (253 )     (102 )
Interest expense   (47 )     (37 )
NET LOSS $ (1,095 )   $ (964 )
Pension, net of income taxes of $0   211       185  
COMPREHENSIVE LOSS $ (884 )   $ (779 )
               
NET LOSS PER COMMON SHARE              
--BASIC AND DILUTED $ (0.06 )   $ (0.05 )
               

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

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