Market Overview

Maui Land & Pineapple Reports 1st Quarter 2020 Results

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KAPALUA RESORT, Hawaii, April 22, 2020 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported a net loss of $1.07 million, or $(0.06) per share, for the first quarter of 2020, compared to a net loss of $1.10 million, or $(0.06) per share, for the first quarter of 2019.  The Company reported total operating revenues of $2.04 million and $2.33 million during the three months ended March 31, 2020 and 2019, respectively.

The Company did not have any real estate asset sales during the first quarters of 2020 or 2019.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 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 LOSS

(UNAUDITED)

  Three Months Ended March 31,
    2020       2019  
  (in thousands except
  per share amounts)
OPERATING REVENUES      
Real estate $ 69     $ 157  
Leasing   1,736       1,916  
Resort amenities and other   230       261  
Total operating revenues   2,035       2,334  
       
OPERATING COSTS AND EXPENSES      
Real estate   175       264  
Leasing   776       720  
Resort amenities and other   570       311  
General and administrative   760       864  
Share-based compensation   425       598  
Depreciation   323       361  
Total operating costs and expenses   3,029       3,118  
       
OPERATING LOSS   (994 )     (784 )
Pension and other post-retirement expenses   (117 )     (253 )
Interest expense   (46 )     (47 )
LOSS FROM CONTINUING OPERATIONS $ (1,157 )   $ (1,084 )
Income (Loss) from discontinued operations, net   83       (11 )
NET LOSS $ (1,074 )   $ (1,095 )
Pension, net   206       211  
COMPREHENSIVE LOSS $ (868 )   $ (884 )
       
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED  
Loss from Continuing Operations $ (0.06 )   $ (0.06 )
Income (Loss) from Discontinued Operations $ -     $ -  
Net Loss $ (0.06 )   $ (0.06 )
               

Contact:
Scott N. Kodama
skodama@kapalua.com

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