KAPALUA RESORT, Hawaii -- (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.
|
|
| 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 of income 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
|
|
| | | | | | | |
|
|
|
| MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
| (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 of income 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
|
)
|
Contacts:
Maui Land & Pineapple Company, Inc.
Tim T. Esaki, 808-665-5480
tesaki@mlpmaui.com
Source: Maui Land & Pineapple Company, Inc.
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