EX-99 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1

 

 

NEWS RELEASE

Contact:

 

Tim T. Esaki

 

(808) 665-5480

 

tesaki@mlpmaui.com

   

 

 

 

 

MAUI LAND & PINEAPPLE REPORTS 2nd QUARTER 2014 RESULTS

 

KAPALUA RESORT, Hawaii, July 29, 2014 (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.

 

#             #            #

 

 
 
 

 

Page 2

 

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  

 

 

 
 
 

 

Page 3

 

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 )