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 | |
