Maui Land & Pineapple Reports 2015 Net Income of $6.8 Million
2016年3月10日 - 9:46AM
Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net
income of $6.8 million, or $0.36 per share, for 2015. This
compares to net income of $17.6 million, or $0.94 per share, for
2014. The Company reported revenues of $22.8 million and
$33.3 million for 2015 and 2014, respectively.
For the fourth quarter of 2015, the Company recognized a net
loss of $0.9 million or $(0.05) per share. For the fourth
quarter of 2014, the Company recognized net income of $18.8 million
or $1.00 per share. Operating revenues totaled $2.7 million
and $23.0 million during the fourth quarters of 2015 and 2014,
respectively.
In September 2015, the Company sold the 25-acre Kapalua Golf
Academy parcel and related facilities for $12.0 million. The
sale resulted in a gain of approximately $10.2 million.
In October 2014, the Company sold an unimproved 244-acre parcel
of former agricultural land located in West Maui, commonly known as
Lipoa Point, to the State of Hawaii for $19.8 million. The sale
resulted in a gain of approximately $19.3 million with the proceeds
from the sale designated for the benefit of the Company’s pension
plans.
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.
“We are very pleased with the substantial progress the Company
has made over the past several years as we continue to focus on
strengthening and growing our business,” stated Warren H. Haruki,
Chairman and CEO. “Our team remains committed to being good
stewards of the lands we’ve been entrusted for the benefit of our
stakeholders and future Maui generations.”
Additional Information
Additional information with respect to Maui Land & Pineapple
Company, Inc. and our 2015 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, agricultural, commercial, and
industrial real estate. The Company owns approximately 23,000
acres of land on Maui and manages agricultural, commercial and
industrial properties; utilities; and a nature preserve at the
Kapalua Resort.
MAUI LAND & PINEAPPLE COMPANY, INC. AND
SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF
OPERATIONS |
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AND COMPREHENSIVE
INCOME |
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Years Ended December 31, |
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2015 |
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2014 |
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(in thousands except per |
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share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
$ |
12,000 |
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$ |
22,687 |
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Commissions |
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501 |
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617 |
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Leasing |
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5,546 |
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5,404 |
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Utilities |
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3,335 |
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3,310 |
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Resort amenities and
other |
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1,404 |
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1,246 |
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Total Operating
Revenues |
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22,786 |
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33,264 |
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OPERATING COSTS AND
EXPENSES |
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Real estate |
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Cost of sales |
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1,759 |
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1,294 |
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Other |
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756 |
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1,268 |
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Leasing |
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2,258 |
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2,501 |
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Utilities |
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2,260 |
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2,375 |
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Resort amenities and
other |
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925 |
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900 |
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General and
administrative |
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2,131 |
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1,974 |
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Share-based
compensation |
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955 |
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355 |
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Depreciation |
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2,115 |
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2,301 |
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Pension and other
post-retirement expenses |
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295 |
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391 |
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Total Operating Costs
and Expenses |
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13,454 |
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13,359 |
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OPERATING INCOME |
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9,332 |
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19,905 |
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Interest expense |
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(2,519 |
) |
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(2,270 |
) |
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NET INCOME |
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6,813 |
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17,635 |
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Pension, net of income
taxes of $0 |
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(3,093 |
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(5,882 |
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COMPREHENSIVE
INCOME |
$ |
3,720 |
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$ |
11,753 |
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NET INCOME PER COMMON
SHARE |
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--BASIC AND DILUTED |
$ |
0.36 |
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$ |
0.94 |
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Contact:
Tim T. Esaki
(808) 665-5480
tesaki@kapalua.com
Maui Land and Pineapple (NYSE:MLP)
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Maui Land and Pineapple (NYSE:MLP)
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