Market Overview

Maui Land & Pineapple Reports 2nd Quarter 2019 Results

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KAPALUA RESORT, Hawaii, Aug. 07, 2019 (GLOBE NEWSWIRE) --

Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2019, compared to a net loss of $0.6 million, or $(0.03) per share, for the second quarter of 2018.  The Company reported revenues of $3.1 million and $3.0 million during the second quarters of 2019 and 2018, respectively.

For the six months ended June 30, 2019, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to a net loss of $1.5 million, or $(0.08) per share, for the six months ended June 30, 2018.  The Company reported revenues of $5.9 million and $5.5 million during the six months ended June 30, 2019 and 2018, respectively.

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

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd 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, 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,
 
  2019     2018  
           
  (in thousands except  per share amounts)
 
OPERATING REVENUES          
Real estate  $   209     $   300  
Leasing   1,719       1,558  
Utilities   929       810  
Resort amenities and other   248       292  
Total operating revenues   3,105       2,960  
           
OPERATING COSTS AND EXPENSES          
Real estate   255       443  
Leasing   603       706  
Utilities   586       520  
Resort amenities and other   208       231  
General and administrative   510       725  
Share-based compensation   374       320  
Depreciation   431       446  
Total operating costs and expenses   2,967       3,391  
           
OPERATING INCOME (LOSS)   138       (431 )
Pension and other post-retirement expenses   (256 )     (102 )
Interest expense   (63 )     (37 )
NET LOSS $   (181 )   $   (570 )
Pension, net of income taxes of $0   211       185  
COMPREHENSIVE INCOME (LOSS) $   30     $   (385 )
           
NET LOSS PER COMMON SHARE          
--BASIC AND DILUTED $   (0.01)     $   (0.03)  
               


MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS

(UNAUDITED)

  Six Months Ended June 30,
 
  2019     2018  
           
   (in thousands except per share amounts)
 
OPERATING REVENUES          
Real estate  $   366     $   336  
Leasing   3,396       3,053  
Utilities   1,677       1,514  
Resort amenities and other   509       599  
Total operating revenues   5,948       5,502  
           
OPERATING COSTS AND EXPENSES          
Real estate   521       509  
Leasing   1,178       1,284  
Utilities   1,187       1,041  
Resort amenities and other   533       584  
General and administrative   1,350       1,556  
Share-based compensation   972       899  
Depreciation   863       885  
Total operating costs and expenses   6,604       6,758  
           
OPERATING LOSS   (656 )     (1,256 )
Pension and other postretirement expenses   (509 )     (204 )
Interest expense   (110 )     (74 )
NET LOSS $   (1,275 )   $   (1,534 )
Pension, net of income taxes of $0   423       370  
COMPREHENSIVE LOSS $   (852 )   $   (1,164 )
           
NET LOSS PER COMMON SHARE          
--BASIC & DILUTED $   (0.07)     $   (0.08)  

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

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