Maui Land & Pineapple Reports 3rd Quarter 2018 Results

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KAPALUA RESORT, Hawaii, Nov. 01, 2018 — Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2018, compared to a net loss of $0.5 million, or $(0.03) per share, for the third quarter of 2017. The Company reported total operating revenues of $2.8 million in both third quarters of 2018 and 2017.

For the nine months ended September 30, 2018, the Company reported a net loss of $3.2 million, or $(0.17) per share, compared to net income of $11.8 million, or $0.62 per share, for the nine months ended September 30, 2017. The Company reported total operating revenues of $8.3 million and $21.9 million during the nine months ended September 30, 2018 and 2017, respectively.

The Company did not have any real estate asset sales during the third quarter of 2018.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2018 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.

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

      
 Three Months Ended September 30, 
 2018  2017 
 (in thousands except 
 per share amounts) 
OPERATING REVENUES     
Real estate $  66  $  290 
Leasing  1,552    1,353 
Utilities  900    898 
Resort amenities and other  292    299 
Total operating revenues  2,810    2,840 
      
OPERATING COSTS AND EXPENSES     
Real estate  1,311    328 
Leasing  620    661 
Utilities  593    488 
Resort amenities and other  229    242 
General and administrative  795    648 
Share-based compensation  307    253 
Depreciation  443    463 
Total operating costs and expenses  4,298    3,083 
      
OPERATING LOSS  (1,488)   (243)
Pension and other postretirement expenses  (102)   (202)
Interest expense  (37)   (39)
NET LOSS$  (1,627) $  (484)
Pension, net of income taxes of $0  185    204 
COMPREHENSIVE LOSS$  (1,442) $  (280)
      
NET LOSS PER COMMON SHARE     
–BASIC AND DILUTED$  (0.09) $  (0.03)

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND  COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 Nine Months Ended September 30, 
 2018  2017 
 (in thousands except 
 per share amounts) 
OPERATING REVENUES     
Real estate $  402  $  14,281 
Leasing  4,605    4,309 
Utilities  2,414    2,403 
Resort amenities and other  891    866 
Total operating revenues  8,312    21,859 
      
OPERATING COSTS AND EXPENSES     
Real estate  1,820    1,216 
Leasing  1,904    1,717 
Utilities  1,634    1,467 
Resort amenities and other  813    788 
General and administrative  2,351    1,723 
Share-based compensation  1,206    1,065 
Depreciation  1,328    1,296 
Total operating costs and expenses  11,056    9,272 
      
OPERATING INCOME (LOSS)  (2,744)   12,587 
Pension and other postretirement expenses  (306)   (606)
Interest expense  (111)   (152)
NET INCOME (LOSS)$  (3,161) $  11,829 
Pension, net of income taxes of $0  555    612 
COMPREHENSIVE INCOME (LOSS)$  (2,606) $  12,441 
      
NET INCOME (LOSS) PER COMMON SHARE     
–BASIC & DILUTED$  (0.17) $  0.62 

 Contact: Tim T. Esaki (808) 665-5480 [email protected]

Maui Land & Pineapple Reports 3rd Quarter 2018 Results 1