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Maui Land & Pineapple Reports 2016 Net Income of $21.8 Million

KAPALUA RESORT, Hawaii, Feb. 22, 2017 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE:MLP) reported net income of $21.8 million, or $1.15 per share, for 2016.  This compares to net income of $6.8 million, or $0.36 per share, for 2015.  The Company reported revenues of $47.4 million and $22.8 million for 2016 and 2015, respectively.

For the fourth quarter of 2016, the Company recognized net income of $7.4 million or $0.39 per share.  For the fourth quarter of 2015, the Company recognized a net loss of $0.9 million or $(0.05) per share.  Operating revenues totaled $20.3 million and $2.7 million during the fourth quarters of 2016 and 2015, respectively.

In December 2016, the Company sold a 3.4-acre property with an approximately 26,000 square foot building, commonly referred to as the Kapalua Village Center for $18.0 million.  The sale resulted in a gain of $12.9 million.  Proceeds from the sale were used to pay down the Company’s long-term debt.

“We are pleased with the many significant accomplishments over the past several years in strengthening our Company’s financial condition and refocusing our business,” stated Warren H. Haruki, Chairman and CEO.  “In addition, we are very appreciative of the continued support of our shareholders, creditors and the community as we further our efforts in pivoting MLP for sustained growth.”

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2016 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 INCOME
AND COMPREHENSIVE INCOME
 
  Years Ended December 31,
    2016       2015  
  (in thousands except per
  share amounts)
OPERATING REVENUES      
Real estate      
Sales $ 36,000     $ 12,000  
Commissions   1,116       501  
Leasing   5,324       5,546  
Utilities   3,345       3,335  
Resort amenities and other   1,579       1,404  
Total Operating Revenues   47,364       22,786  
       
OPERATING COSTS AND EXPENSES      
Real estate      
Cost of sales   6,188       1,759  
Other   1,272       756  
Leasing   2,971       2,208  
Utilities   2,325       2,260  
Resort amenities and other   947       925  
General and administrative   2,204       2,181  
Share-based compensation   984       955  
Depreciation   1,984       2,115  
Pension and other post-retirement expenses   5,019       295  
Total Operating Costs and Expenses   23,894       13,454  
       
OPERATING INCOME   23,470       9,332  
Interest expense   (1,656 )     (2,519 )
NET INCOME   21,814       6,813  
Pension, net of income taxes of $0   6,372       (3,093 )
COMPREHENSIVE INCOME $ 28,186     $ 3,720  
       
NET INCOME PER COMMON SHARE      
--BASIC AND DILUTED $ 1.15     $ 0.36  
       

/EIN News/ --

Contact:
                    Tim T. Esaki
                    (808) 665-5480
                    tesaki@kapalua.com

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