EX-99.1 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 1st QUARTER 2015 RESULTS

 

KAPALUA RESORT, Hawaii, April 27, 2015 (BUSINESS WIRE) --

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.1 million, or $(0.06) per share, for the first quarter of 2015, compared to a net loss of $0.9 million, or $(0.05) per share for the first quarter of 2014. The Company reported revenues of $2.8 million and $2.5 million during the first quarters of 2015 and 2014, respectively.

 

The Company had no sales of real estate assets during the first quarters of 2015 or 2014.

 

The Company also announced that it recently amended its American AgCredit loan agreement, eliminating mandatory principal reduction payments, modifying interest rates and payments, and pledging additional collateral as security for the loan. The Company’s lenders also reduced the minimum liquidity level required from $3 million to $2 million.

 

 

Additional Information

 

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2015 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.

 

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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 

(UNAUDITED)

 

   

Three Months Ended March 31,

  
   

2015

    

2014

  
   

(in thousands except

  
   

per share amounts)

  

OPERATING REVENUES

                

Real estate

  $ 112     $ 83  

Leasing

     1,415       1,312  

Utilities

     817       722  

Resort amenities and other

     450       352  

Total operating revenues

     2,794       2,469  
                 

OPERATING COSTS AND EXPENSES

                

Real estate

     168       279  

Leasing

     532       550  

Utilities

     612       573  

Resort amenities and other

     213       281  

General and administrative

     582       351  

Share-based compensation

     549       142  

Depreciation

     558       584  

Pension and other postretirement expenses

     76       141  

Total operating costs and expenses

     3,290       2,901  
                 

OPERATING LOSS

     (496 )     (432 )

Interest expense

     (597 )     (477 )

NET LOSS

   $ (1,093 )   $ (909 )

Pension, net of income taxes of $0

     211       146  

COMPREHENSIVE LOSS

   $ (882 )   $ (763 )
                 

NET LOSS PER COMMON SHARE

                

--BASIC AND DILUTED

   $ (0.06 )   $ (0.05 )

 

 

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