Maui Land & Pineapple Reports 2nd Quarter 2014 Results

KAPALUA RESORT, Hawaii--()--Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $477,000, or $0.03 per share, for the second quarter of 2014, compared to net income of $831,000, or $0.04 per share for the second quarter of 2013. The Company reported revenues of $5.0 million and $2.6 million during the second quarters of 2014 and 2013, respectively.

In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a gain of $1.5 million.

In June 2013, the Company sold a 7-acre parcel that was the last of its former agricultural processing facilities in central Maui for $4.0 million. The sale resulted in a gain of $1.9 million.

For the six months ended June 30, 2014, the Company reported a net loss of $432,000, or $(0.02) per share, compared to a net loss of $984,000, or $(0.05) per share, for the six months ended June 30, 2013. The Company reported revenues of $7.5 million and $5.2 million during the six months ended June 30, 2014 and 2013, respectively.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd 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 INCOME
(UNAUDITED)
 
Three Months Ended June 30,
2014   2013
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales $ 2,300 $ -
Commissions 153 95
Leasing 1,409 1,197
Utilities 829 956
Resort amenities and other   318     308  
Total Operating Revenues   5,009     2,556  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 835 -
Other 333 442
Leasing 586 609
Utilities 572 539
Resort amenities and other 190 116
General and administrative 671 708
Depreciation 587 688
Pension and other postretirement expense   141     222  
Total Operating Costs and Expenses   3,915     3,324  
 
Operating Income (Loss) 1,094 (768 )
Interest expense, net   (592 )   (506 )
Income (Loss) from Continuing Operations, net of income taxes of $0 502 (1,274 )

Income (Loss) from Discontinued Operations, net of income taxes of $0 and $116

  (25 )   2,105  
NET INCOME 477 831
Pension, net of income taxes of $0   146     228  
COMPREHENSIVE INCOME $ 623   $ 1,059  
 
NET INCOME PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ 0.03 $ (0.07 )
Discontinued Operations   -     0.11  
Net Income $ 0.03   $ 0.04  
 
 
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
 
Six Months Ended June 30,
2014   2013
(in thousands except
share amounts)
OPERATING REVENUES
Real estate
Sales $ 2,300 $ -
Commissions 236 191
Leasing 2,721 2,523
Utilities 1,551 1,783
Resort amenities and other   670     688  
Total Operating Revenues   7,478     5,185  
 
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales 835 -
Other 638 839
Leasing 1,136 1,389
Utilities 1,145 1,094
Resort amenities and other 471 306
General and administrative 1,082 1,419
Depreciation 1,171 1,374
Pension and other postretirement expense   282     444  
Total Operating Costs and Expenses   6,760     6,865  
 
Operating Income (Loss) 718 (1,680 )
Interest expense, net   (1,069 )   (1,200 )
Loss from Continuing Operations, net of income taxes of $0 (351 ) (2,880 )

Income (Loss) from Discontinued Operations, net of income taxes of $0 and $116

  (81 )   1,896  
NET LOSS (432 ) (984 )
Pension, net of income taxes of $0   292     390  
COMPREHENSIVE LOSS $ (140 ) $ (594 )
 
NET LOSS PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations $ (0.02 ) $ (0.15 )
Discontinued Operations   -     0.10  
Net Loss $ (0.02 ) $ (0.05 )

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