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:
Tim T. Esaki, 808-665-5480
tesaki@mlpmaui.com
