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KAPALUA RESORT, Hawaii, Feb. 23, 2018 -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $10.9 million, or $0.57 per share, for 2017. This compares to net income of $21.8 million, or $1.15 per share, for 2016. The Company reported revenues of $24.4 million and $47.4 million for 2017 and 2016, respectively.
For the fourth quarter of 2017, the Company recognized a net loss of $0.9 million or $(0.05) per share. For the fourth quarter of 2016, the Company recognized net income of $7.4 million or $0.39 per share. Operating revenues totaled $2.5 million and $20.3 million during the fourth quarters of 2017 and 2016, respectively.
The Company did not have any real estate sales during the fourth quarter of 2017.
“With the significant pay down of our debt in early 2017, it marked the culmination of a more than five-year process of restructuring our business,” stated Warren H. Haruki, Chairman and CEO. “The starting point had MLP with over $135 million of bank loans, with almost all of our assets pledged as collateral, and loan covenants which severely restricted our ability to finance our development efforts and operations. As part of this process, we selectively sold non-core assets, retired 99% of our bank debt, and were able to secure long-term financing capabilities. These moves provide the foundation and liquidity we need to achieve sustained growth for MLP in the future.”
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2017 operating results will be available on our Form 10-K 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 | |||||||||||||||
| CONSOLIDATED STATEMENTS OF NET INCOME (LOSS) | |||||||||||||||
| AND COMPREHENSIVE INCOME | |||||||||||||||
| Years Ended December 31, | Three Months Ended December 31, | ||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||
| (in thousands except per | (in thousands except per | ||||||||||||||
| share amounts) | share amounts) | ||||||||||||||
| OPERATING REVENUES | |||||||||||||||
| Real estate | |||||||||||||||
| Sales | $ | 13,681 | $ | 36,000 | $ | - | $ | 18,000 | |||||||
| Commissions | 894 | 1,116 | 294 | 240 | |||||||||||
| Leasing | 5,527 | 5,324 | 1,218 | 752 | |||||||||||
| Utilities | 3,153 | 3,345 | 750 | 806 | |||||||||||
| Resort amenities and other | 1,122 | 1,579 | 256 | 549 | |||||||||||
| Total Operating Revenues | 24,377 | 47,364 | 2,518 | 20,347 | |||||||||||
| OPERATING COSTS AND EXPENSES | |||||||||||||||
| Real estate | |||||||||||||||
| Cost of sales | 579 | 6,188 | - | 5,214 | |||||||||||
| Other | 878 | 1,272 | 241 | 148 | |||||||||||
| Leasing | 2,444 | 2,971 | 727 | 594 | |||||||||||
| Utilities | 1,892 | 2,325 | 425 | 416 | |||||||||||
| Resort amenities and other | 1,033 | 947 | 245 | 274 | |||||||||||
| General and administrative | 2,515 | 2,204 | 792 | 506 | |||||||||||
| Share-based compensation | 1,319 | 984 | 254 | 243 | |||||||||||
| Depreciation | 1,756 | 1,984 | 460 | 498 | |||||||||||
| Pension and other post-retirement expenses | 871 | 5,019 | 265 | 4,708 | |||||||||||
| Total Operating Costs and Expenses | 13,287 | 23,894 | 3,409 | 12,601 | |||||||||||
| OPERATING INCOME (LOSS) | 11,090 | 23,470 | (891 | ) | 7,746 | ||||||||||
| Interest expense | (190 | ) | (1,656 | ) | (38 | ) | (329 | ) | |||||||
| NET INCOME (LOSS) | 10,900 | 21,814 | (929 | ) | 7,417 | ||||||||||
| Pension, net of income taxes of $0 | 2,041 | 6,372 | 1,429 | 4,891 | |||||||||||
| COMPREHENSIVE INCOME | $ | 12,941 | $ | 28,186 | $ | 500 | $ | 12,308 | |||||||
| NET INCOME (LOSS) PER COMMON | |||||||||||||||
| SHARE--BASIC AND DILUTED | $ | 0.57 | $ | 1.15 | $ | (0.05 | ) | $ | 0.39 | ||||||
Contact:
Tim T. Esaki
(808) 665-5480
[email protected]
