Exhibit 99.1
NEWS RELEASE | Contact: |
| | Tim T. Esaki |
| | (808) 665-5480 |
| | tesaki@mlpmaui.com |
| | |
MAUI LAND & PINEAPPLE REPORTS 2nd QUARTER 2014 RESULTS
KAPALUA RESORT, Hawaii, July 29, 2014 (BUSINESS WIRE) --
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.
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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 ofincome 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 | |
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVELOSS
(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 ofincome 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 | ) |
