Exhibit 99.1
NEWS RELEASE | Contact: |
| | Tim T. Esaki (808) 665-5480 tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 1st QUARTER 2014 RESULTS
KAPALUA RESORT, Hawaii, April 30, 2014 (BUSINESS WIRE) --
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 websitewww.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.
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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 ofincome 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 | ) |
