Maui Land & Pineapple Reports 1st Quarter 2014 Results

KAPALUA RESORT, Hawaii--()--Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $0.9 million, or $(0.05) per share, for the first quarter of 2014, compared to a net loss of $1.8 million, or $(0.10) per share for the first quarter of 2013. The Company reported revenues of $2.5 million and $2.6 million during the first quarters of 2014 and 2013, respectively.

The Company had no sales of real estate during the first quarters of 2014 or 2013.

The Company also announced that it has extended the maturity dates of its credit facilities with both of its banks from May 1, 2014 to August 1, 2016.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2014 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 COMPREHENSIVE LOSS
(UNAUDITED)
   
Three Months Ended March 31,
2014 2013
(in thousands except
per share amounts)
OPERATING REVENUES
Real estate
Commissions $ 83 $ 96
Leasing 1,312 1,326
Utilities 722 827
Resort amenities and other   352     380  
Total Operating Revenues   2,469     2,629  
 
OPERATING COSTS AND EXPENSES
Real estate
Other 305 397
Leasing 550 780
Utilities 573 555
Resort amenities and other 281 190
General and administrative 411 711
Depreciation 584 686
Pension and other postretirement expenses   141     222  
Total Operating Costs and Expenses   2,845     3,541  
 
Operating Loss (376 ) (912 )
Interest expense, net   (477 )   (694 )
Loss from Continuing Operations, net of income taxes of $0 (853 ) (1,606 )

Loss from Discontinued Operations, net of income taxes of $0

  (56 )   (209 )
NET LOSS $ (909 ) $ (1,815 )
Pension, net of income taxes of $0   146     228  
COMPREHENSIVE LOSS $ (763 ) $ (1,587 )
 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.05 ) $ (0.09 )
Discontinued Operations   -     (0.01 )
Net Loss $ (0.05 ) $ (0.10 )

Contacts

Maui Land & Pineapple Company, Inc.
Tim T. Esaki, 808-665-5480
tesaki@mlpmaui.com

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Contacts

Maui Land & Pineapple Company, Inc.
Tim T. Esaki, 808-665-5480
tesaki@mlpmaui.com