KAPALUA RESORT, Hawaii, April 24, 2019 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.1 million, or $(0.06) per share, for the first quarter of 2019, compared to a net loss of $1.0 million, or $(0.05) per share, for the first quarter of 2018. The Company reported revenues of $2.8 million and $2.5 million during the first quarters of 2019 and 2018, respectively.
The Company did not have any sales of real estate assets during the first quarters of 2019 and 2018.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2019 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 OPERATIONS AND COMPREHENSIVE LOSS | |||||||
| (UNAUDITED) | |||||||
| Three Months Ended March 31, | |||||||
| 2019 | 2018 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | 157 | $ | 36 | |||
| Leasing | 1,677 | 1,495 | |||||
| Utilities | 748 | 704 | |||||
| Resort amenities and other | 261 | 307 | |||||
| Total operating revenues | 2,843 | 2,542 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 264 | 66 | |||||
| Leasing | 568 | 578 | |||||
| Utilities | 601 | 521 | |||||
| Resort amenities and other | 311 | 353 | |||||
| General and administrative | 864 | 831 | |||||
| Share-based compensation | 598 | 579 | |||||
| Depreciation | 432 | 439 | |||||
| Total operating costs and expenses | 3,638 | 3,367 | |||||
| OPERATING LOSS | (795 | ) | (825 | ) | |||
| Pension and other post-retirement expenses | (253 | ) | (102 | ) | |||
| Interest expense | (47 | ) | (37 | ) | |||
| NET LOSS | $ | (1,095 | ) | $ | (964 | ) | |
| Pension, net of income taxes of $0 | 211 | 185 | |||||
| COMPREHENSIVE LOSS | $ | (884 | ) | $ | (779 | ) | |
| NET LOSS PER COMMON SHARE | |||||||
| --BASIC AND DILUTED | $ | (0.06 | ) | $ | (0.05 | ) | |
Contact:
Tim T. Esaki
(808) 665-5480
tesaki@mlpmaui.com