Maui Land & Pineapple Reports 2017 Net Income of $10.9 Million

Friday, February 23, 2018 10:41 PM UTC

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]

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Maui Land & Pineapple Reports 2017 Net Income of $10.9 Million

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