Exhibit 99.1
NEWS RELEASE | Contact: |
| Tim T. Esaki |
| (808) 665-5480 |
| tesaki@kapalua.com |
MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2016 RESULTS
KAPALUA RESORT, Hawaii, November 2, 2016 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $2.5 million, or $0.13 per share, for the third quarter of 2016, compared to net income of $9.7 million, or $0.51 per share for the third quarter of 2015. The Company reported total operating revenues of $6.1 million and $14.5 million during the third quarters of 2016 and 2015, respectively.
For the nine months ended September 30, 2016, the Company reported net income of $14.4 million, or $0.76 per share, compared to net income of $7.7 million, or $0.41 per share, for the nine months ended September 30, 2015. The Company reported total operating revenues of $27.0 million and $20.0 million during the nine months ended September 30, 2016 and 2015, respectively.
In August 2016, the Company sold a five-acre, fully-entitled 42-unit workforce housing project located in West Maui for $3.0 million. The sale resulted in a gain of approximately $2.8 million.
In June 2016, the Company sold a 304-acre, fully-entitled working-class community project located in West Maui, commonly referred to as Pulelehua, for $15.0 million. The sale resulted in a gain of approximately $14.3 million.
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.
Proceeds from these sales were used to reduce the Company’s outstanding bank debt.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2016 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, agricultural 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 OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
(in thousands except per share amounts) | ||||||||
OPERATING REVENUES | ||||||||
Real estate | ||||||||
Sales | $ | 3,000 | $ | 12,000 | ||||
Commissions | 210 | 54 | ||||||
Leasing | 1,680 | 1,311 | ||||||
Utilities | 813 | 785 | ||||||
Resort amenities and other | 359 | 330 | ||||||
Total operating revenues | 6,062 | 14,480 | ||||||
OPERATING COSTS AND EXPENSES | ||||||||
Real estate | ||||||||
Cost of sales | 225 | 1,487 | ||||||
Other | 217 | 129 | ||||||
Leasing | 1,120 | 456 | ||||||
Utilities | 689 | 579 | ||||||
Resort amenities and other | 167 | 207 | ||||||
General and administrative | 648 | 609 | ||||||
Share-based compensation | 67 | 52 | ||||||
Depreciation | 498 | 491 | ||||||
Pension and other postretirement expenses | (257 | ) | 76 | |||||
Total operating costs and expenses | 3,374 | 4,086 | ||||||
OPERATING INCOME | 2,688 | 10,394 | ||||||
Interest expense | (213 | ) | (731 | ) | ||||
NET INCOME | $ | 2,475 | $ | 9,663 | ||||
Pension, net of income taxes of $0 | 974 | 210 | ||||||
COMPREHENSIVE INCOME | $ | 3,449 | $ | 9,873 | ||||
NET INCOME PER COMMON SHARE | ||||||||
--BASIC AND DILUTED | $ | 0.13 | $ | 0.51 | ||||
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVELOSS
(UNAUDITED)
Nine Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
(in thousands except | ||||||||
per share amounts) | ||||||||
OPERATING REVENUES | ||||||||
Real estate | ||||||||
Sales | $ | 18,000 | $ | 12,000 | ||||
Commissions | 876 | 377 | ||||||
Leasing | 4,572 | 4,148 | ||||||
Utilities | 2,539 | 2,409 | ||||||
Resort amenities and other | 1,030 | 1,105 | ||||||
Total operating revenues | 27,017 | 20,039 | ||||||
OPERATING COSTS AND EXPENSES | ||||||||
Real estate | ||||||||
Cost of sales | 972 | 1,487 | ||||||
Other | 1,126 | 546 | ||||||
Leasing | 2,377 | 1,610 | ||||||
Utilities | 1,909 | 1,774 | ||||||
Resort amenities and other | 673 | 686 | ||||||
General and administrative | 1,698 | 1,677 | ||||||
Share-based compensation | 741 | 745 | ||||||
Depreciation | 1,486 | 1,604 | ||||||
Pension and other postretirement expenses | 311 | 229 | ||||||
Total operating costs and expenses | 11,293 | 10,358 | ||||||
OPERATING INCOME | 15,724 | 9,681 | ||||||
Interest expense | (1,327 | ) | (1,944 | ) | ||||
NET INCOME | $ | 14,397 | $ | 7,737 | ||||
Pension, net of income taxes of $0 | 1,481 | 632 | ||||||
COMPREHENSIVE INCOME | $ | 15,878 | $ | 8,369 | ||||
NET INCOME PER COMMON SHARE | ||||||||
--BASIC AND DILUTED | $ | 0.76 | $ | 0.41 | ||||