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SPi World News 04:57:02 GMT Thursday 23rd February 2017

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Latest News

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

Maui Land & Pineapple Company, Inc. via Globe Newswire 04:26 GMT Thursday 23rd February 2017

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 d...

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