KAPALUA RESORT, Hawaii, Nov. 4, 2015 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported income of $9.7 million, or $0.51 per share, for the third quarter of 2015, compared to a net loss of $0.7 million, or $(0.04) per share for the third quarter of 2014. The Company reported revenues of $14.5 million and $2.7 million during the third quarters of 2015 and 2014, respectively.
For the nine months ended September 30, 2015, the Company reported net income of $7.7 million, or $0.41 per share, compared to a net loss of $1.2 million, or $(0.07) per share, for the nine months ended September 30, 2014. The Company reported revenues of $20.0 million and $10.2 million during the nine months ended September 30, 2015 and 2014, respectively.
In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The sale resulted in a gain of approximately $10.5 million.
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.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd quarter 2015 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 (LOSS) | ||
| (UNAUDITED) | ||
| Three Months Ended September 30, | ||
| 2015 | 2014 | |
| (in thousands except | ||
| per share amounts) | ||
| OPERATING REVENUES | ||
| Real estate | ||
| Sales | $ 12,000 | $ -- |
| Commissions | 54 | 249 |
| Leasing | 1,311 | 1,246 |
| Utilities | 785 | 924 |
| Resort amenities and other | 330 | 320 |
| Total operating revenues | 14,480 | 2,739 |
| OPERATING COSTS AND EXPENSES | ||
| Real estate | ||
| Cost of sales | 1,487 | -- |
| Other | 129 | 355 |
| Leasing | 456 | 547 |
| Utilities | 579 | 600 |
| Resort amenities and other | 207 | 219 |
| General and administrative | 609 | 556 |
| Share-based compensation | 52 | 30 |
| Depreciation | 491 | 573 |
| Pension and other postretirement expenses | 76 | 10 |
| Total operating costs and expenses | 4,086 | 2,890 |
| OPERATING INCOME (LOSS) | 10,394 | (151) |
| Interest expense | (731) | (598) |
| NET INCOME (LOSS) | $ 9,663 | $ (749) |
| Pension, net of income taxes of $0 | 210 | 163 |
| COMPREHENSIVE INCOME (LOSS) | $ 9,873 | $ (586) |
| NET INCOME (LOSS) PER COMMON SHARE | ||
| --BASIC AND DILUTED | $ 0.51 | $ (0.04) |
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES | ||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
| (UNAUDITED) | ||
| Nine Months Ended September 30, | ||
| 2015 | 2014 | |
| (in thousands except | ||
| per share amounts) | ||
| OPERATING REVENUES | ||
| Real estate | ||
| Sales | $ 12,000 | $ 2,300 |
| Commissions | 377 | 485 |
| Leasing | 4,148 | 3,967 |
| Utilities | 2,409 | 2,475 |
| Resort amenities and other | 1,105 | 990 |
| Total operating revenues | 20,039 | 10,217 |
| OPERATING COSTS AND EXPENSES | ||
| Real estate | ||
| Cost of sales | 1,487 | 835 |
| Other | 546 | 993 |
| Leasing | 1,610 | 1,683 |
| Utilities | 1,774 | 1,745 |
| Resort amenities and other | 686 | 690 |
| General and administrative | 1,677 | 1,383 |
| Share-based compensation | 745 | 366 |
| Depreciation | 1,604 | 1,744 |
| Pension and other postretirement expenses | 229 | 292 |
| Total operating costs and expenses | 10,358 | 9,731 |
| OPERATING INCOME | 9,681 | 486 |
| Interest expense | (1,944) | (1,667) |
| NET INCOME (LOSS) | $ 7,737 | $ (1,181) |
| Pension, net of income taxes of $0 | 632 | 455 |
| COMPREHENSIVE INCOME (LOSS) | $ 8,369 | $ (726) |
| NET INCOME (LOSS) PER COMMON SHARE | ||
| --BASIC AND DILUTED | $ 0.41 | $ (0.07) |