Maui Land & Pineapple Reports 3rd Quarter 2021 Results

KAPALUA RESORT, Hawaii, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net loss of $0.1 million, or $(0.01) per share, for the third quarter of 2021, compared to a net loss of $0.6 million, or $(0.03) per share, for the third quarter of 2020. Total operating revenues of $2.4 million and $1.7 million were recognized during the three months ended September 30, 2021 and 2020, respectively.

For the nine months ended September 30, 2021, the Company reported net income of $0.8 million, or $0.04 per share, compared to a net loss of $1.9 million, or $(0.10) per share, for the nine months ended September 30, 2020. Total operating revenues of $9.4 million and $5.4 million were recognized during the nine months ended September 30, 2021 and 2020, respectively.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 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, 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 Operations and
Comprehensive Income
	Three Months Ended September 30,
		2021				2020
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	-			$	15
Leasing		2,184				1,448
Resort amenities and other		253				234
Total operating revenues		2,437				1,697
OPERATING COSTS AND EXPENSES
Real estate		67				86
Leasing		784				671
Resort amenities and other		304				152
General and administrative		612				514
Share-based compensation		365				402
Depreciation		300				326
Total operating costs and expenses		2,432				2,151
OPERATING INCOME (LOSS)		5				(454	)
Pension and other post-retirement expenses		(116	)			(125	)
Interest expense		(28	)			(29	)
LOSS FROM CONTINUING OPERATIONS		(139	)			(608	)
Loss from discontinued operations, net		-				(25	)
NET LOSS	$	(139	)		$	(633	)
Other compreshensive income - pension, net		221				206
TOTAL COMPREHENSIVE INCOME (LOSS)	$	82			$	(427	)
LOSS PER COMMON SHARE-BASIC AND DILUTED
Loss from Continuing Operations	$	(0.01	)		$	(0.03	)
Loss from Discontinued Operations	$	-			$	-
Net Loss	$	(0.01	)		$	(0.03	)

 

Maui Land & Pineapple Company Inc. and Subsidiaries
Consolidated Statements of Operations and
Comprehensive Income
	Nine Months Ended September 30,
		2021				2020
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	2,700			$	173
Leasing		5,947				4,620
Resort amenities and other		799				648
Total operating revenues		9,446				5,441
OPERATING COSTS AND EXPENSES
Real estate		618				457
Leasing		2,495				2,278
Resort amenities and other		994				893
General and administrative		1,904				1,823
Share-based compensation		1,084				1,229
Depreciation		902				971
Total operating costs and expenses		7,997				7,651
OPERATING INCOME (LOSS)		1,449				(2,210	)
Other income		13				894
Pension and other post-retirement expenses		(348	)			(359	)
Interest expense		(94	)			(105	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		1,020				(1,780	)
Loss from discontinued operations, net		(214	)			(84	)
NET INCOME (LOSS)	$	806			$	(1,864	)
Other compreshensive income - pension, net		663				617
TOTAL COMPREHENSIVE INCOME (LOSS)	$	1,469			$	(1,247	)
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED
Income (Loss) from Continuing Operations	$	0.05			$	(0.09	)
Loss from Discontinued Operations	$	(0.01	)		$	(0.01	)
Net Income (Loss)	$	0.04			$	(0.10	)

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,				December 31,
		2021				2020
	(unaudited)				(audited)
	(in thousands)
CURRENT ASSETS
Cash	$	4,859			$	869
Accounts receivable, net		1,228				1,362
Prepaid expenses and other assets		557				80
Assets held for sale		3,135				7,440
Total current assets		9,779				9,751
PROPERTY		51,412				51,956
Accumulated depreciation		(34,089	)			(33,445	)
Property, net		17,323				18,511
OTHER ASSETS
Deferred development costs		8,964				8,901
Other noncurrent assets		1,171				1,307
Total other assets		10,135				10,208
TOTAL ASSETS	$	37,237			$	38,470
CURRENT LIABILITIES
Accounts payable	$	331			$	899
Payroll and employee benefits		810				970
Long-term debt, current portion		-				200
Accrued retirement benefits, currernt portion		165				165
Deferred revenue, current portion		214				260
Other current liabilities		400				453
Total current liabilities		1,920				2,947
LONG-TERM LIABILITIES
Accrued retirement benefits		8,949				10,926
Deferred revenue		1,667				1,767
Deposits		2,354				2,680
Other noncurrent liabilities		53				83
Total long-term liabilities		13,023				15,456
TOTAL LIABILITIES		14,943				18,403
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock--no par value, 43,000,000 shares authorized,
19,372,803 and 19,301,288 shares issued and outstanding, respectively		82,243				81,485
Additional paid-in-capital		9,184				9,184
Accumulated deficit		(48,098	)			(48,904	)
Accumulated other comprehensive loss		(21,035	)			(21,698	)
Total stockholders' equity		22,294				20,067
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	37,237			$	38,470

Contact:
Wade K. Kodama
wkodama@kapalua.com