EX-99.1 2 ex_161057.htm EXHIBIT 99.1 ex_161057.htm

Exhibit 99.1

 

NEWS RELEASE

Contact:

 

Tim T. Esaki

 

(808) 665-5480

 

tesaki@mlpmaui.com

 

 

 

 

 MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2019 RESULTS

 

 

KAPALUA RESORT, Hawaii, November 6, 2019 (BUSINESS WIRE) --

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $9,000, or $(0.00) per share, for the third quarter of 2019, compared to a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2018. The Company reported total operating revenues of $3.4 million and $2.8 million during the three months ended September 30, 2019 and 2018, respectively.

 

For the nine months ended September 30, 2019, the Company reported a net loss of $1.3 million, or $(0.07) per share, compared to a net loss of $3.2 million, or $(0.17) per share, for the nine months ended September 30, 2018. The Company reported total operating revenues of $9.4 million and $8.3 million during the nine months ended September 30, 2019 and 2018, respectively.

 

The Company did not have any real estate asset sales during the third quarter of 2019.

 

Additional Information

 

Additional information with respect to Maui Land & Pineapple Company, Inc. and our operating results for the third quarter of 2019 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 (LOSS)

 

(UNAUDITED)

 

 

   

Three Months Ended September 30,

  
   

2019

    

2018

  
   

(in thousands except

  
   

per share amounts)

  

OPERATING REVENUES

                

Real estate

   $ 305     $ 66  

Leasing

     1,830       1,552  

Utilities

     1,060       900  

Resort amenities and other

     242       292  

Total operating revenues

     3,437       2,810  
                 

OPERATING COSTS AND EXPENSES

                

Real estate

     352       1,311  

Leasing

     584       620  

Utilities

     726       593  

Resort amenities and other

     219       229  

General and administrative

     466       795  

Share-based compensation

     374       307  

Depreciation

     417       443  

Total operating costs and expenses

     3,138       4,298  
                 

OPERATING INCOME (LOSS)

     299       (1,488 )

Pension and other post-retirement expenses

     (258 )     (102 )

Interest expense

     (50 )     (37 )

NET LOSS

   $ (9 )   $ (1,627 )

Pension, net of income taxes of $0

     211       185  

COMPREHENSIVE INCOME (LOSS)

   $ 202     $ (1,442 )
                 

NET LOSS PER COMMON SHARE

                

--BASIC AND DILUTED

   $ -     $ (0.09 )

 

 

 
 

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE LOSS

 

(UNAUDITED)

 

 

   

Nine Months Ended September 30,

  
   

2019

    

2018

  
   

(in thousands except

  
   

per share amounts)

  

OPERATING REVENUES

                

Real estate

   $ 671     $ 402  

Leasing

     5,226       4,605  

Utilities

     2,737       2,414  

Resort amenities and other

     751       891  

Total operating revenues

     9,385       8,312  
                 

OPERATING COSTS AND EXPENSES

                

Real estate

     873       1,820  

Leasing

     1,762       1,904  

Utilities

     1,913       1,634  

Resort amenities and other

     751       813  

General and administrative

     1,816       2,351  

Share-based compensation

     1,346       1,206  

Depreciation

     1,280       1,328  

Total operating costs and expenses

     9,741       11,056  
                 

OPERATING LOSS

     (356 )     (2,744 )

Pension and other postretirement expenses

     (768 )     (306 )

Interest expense

     (160 )     (111 )

NET LOSS

   $ (1,284 )   $ (3,161 )

Pension, net of income taxes of $0

     634       555  

COMPREHENSIVE LOSS

   $ (650 )   $ (2,606 )
                 

NET LOSS PER COMMON SHARE

                

--BASIC & DILUTED

   $ (0.07 )   $ (0.17 )