Market Overview

Maui Land & Pineapple Reports 3rd Quarter 2019 Results

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KAPALUA RESORT, Hawaii, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $9,000, or $(0.00) per share, for the third quarter of 2019, compared to a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2018.  The Company reported total operating revenues of $3.4 million and $2.8 million during the three months ended September 30, 2019 and 2018, respectively.

For the nine months ended September 30, 2019, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to a net loss of $3.2 million, or $(0.17) per share, for the nine months ended September 30, 2018.  The Company reported total operating revenues of $9.4 million and $8.3 million during the nine months ended September 30, 2019 and 2018, respectively.

The Company did not have any real estate asset sales during the third quarter of 2019.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2019 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 September 30,
  2019   2018
   
  (in thousands except
  per share amounts)
OPERATING REVENUES      
Real estate $ 305     $ 66  
Leasing   1,830       1,552  
Utilities   1,060       900  
Resort amenities and other   242       292  
Total operating revenues   3,437       2,810  
       
OPERATING COSTS AND EXPENSES      
Real estate   352       1,311  
Leasing   584       620  
Utilities   726       593  
Resort amenities and other   219       229  
General and administrative   466       795  
Share-based compensation   374       307  
Depreciation   417       443  
Total operating costs and expenses   3,138       4,298  
       
OPERATING INCOME (LOSS)   299       (1,488 )
Pension and other post-retirement expenses   (258 )     (102 )
Interest expense   (50 )     (37 )
NET LOSS $ (9 )   $ (1,627 )
Pension, net of income taxes of $0   211       185  
COMPREHENSIVE INCOME (LOSS) $ 202     $ (1,442 )
       
NET LOSS PER COMMON SHARE      
--BASIC AND DILUTED $ -     $ (0.09 )


MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
 COMPREHENSIVE LOSS

(UNAUDITED)

 

  Nine Months Ended September 30,
  2019
  2018
   
  (in thousands except
  per share amounts)
OPERATING REVENUES      
Real estate $ 671     $ 402  
Leasing   5,226       4,605  
Utilities   2,737       2,414  
Resort amenities and other   751       891  
Total operating revenues   9,385       8,312  
       
OPERATING COSTS AND EXPENSES      
Real estate   873       1,820  
Leasing   1,762       1,904  
Utilities   1,913       1,634  
Resort amenities and other
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