Maui Land & Pineapple Reports 3rd Quarter Net Income of $2.5M

Maui Land & Pineapple Company, Inc. reported a net income of $2.5 million, or $0.13 per share, for the third quarter of 2016, compared to net income of $9.7 million, or $0.51 per share for the third quarter of 2015.

The Company today reported total operating revenues of $6.1 million and $14.5 million during the third quarters of 2016 and 2015, respectively.

For the nine months that ended on Sept. 30, 2016, the ML&P reported a net income of $14.4 million, or $0.76 per share, compared to net income of $7.7 million, or $0.41 per share, for the nine months ended on Sept. 30, 2015.

ML&P reported total operating revenues of $27.0 million and $20.0 million during the nine months that ended Sept. 30, 2016 and 2015, respectively.

Parcels Sold to Reduce Bank Debt:
ML&P Sells Workforce Housing, Pulelehua Project, Kapalua Golf Academy

In August 2016, ML&P sold a five-acre, fully-entitled 42-unit workforce housing project located in West Maui for $3 million. The sale resulted in a gain of approximately $2.8 million.

In June 2016, ML&P sold a 304-acre, fully-entitled working-class community project located in West Maui, commonly referred to as Pulelehua, for $15 million. The sale resulted in a gain of approximately $14.3 million.

In September 2015, ML&P sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12 million. The sale resulted in a gain of approximately $10.5 million.

Proceeds from these sales were used to reduce the Company’s outstanding bank debt.