Maui Business

Maui Land & Pineapple Reports Third Quarter Results

November 5, 2015, 9:54 AM HST
* Updated November 5, 2:59 PM
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File photo by Wendy Osher.

File photo by Wendy Osher.

Maui Land & Pineapple Company Inc. reported income of $9.7 million ($.51 per share) for the third quarter of 2015, compared to a net loss of $.7 million ($.04 per share) for the third quarter of 2014.

ML&P reported revenues of $14.5 million and $2.7 million during the third quarters of 2015 and 2014, respectively.

For the nine months ending Sept. 30, 2015, the company reported a net income of $7.7 million  ($.41 per share) compared to a net loss of $1.2 million ($0.07 per share) for the nine months ending Sept.
30, 2014.

ML&P reported revenues of $20.0 million and $10.2 million during the nine months ending Sept. 30, 2015 and 2014, respectively.

In September 2015, ML&P sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The sale resulted in a gain of approximately $10.5 million.

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In May 2014, ML&P sold a four-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.

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Additional information about ML&P’s third quarter 2015 operating results is available on its Form 10-Q filed with the Securities and Exchange Commission and at www.mauiland.com.

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