• Maui Land & Pineapple Company, Inc. Reports 3rd Quarter 2022 Results

    المصدر: Nasdaq GlobeNewswire / 02 نوفمبر 2022 16:10:00   America/New_York

    KAPALUA RESORT, Hawaii, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) (the "Company") reported a net loss of $124,000, or $0.01 per share, for the third quarter of 2022, compared to a net loss of $139,000, or $0.01 per share, for the third quarter of 2021. Total operating revenues of approximately $2.6 million and $2.4 million were recognized during the three months ended September 30, 2022 and 2021, respectively.

    For the nine months ended September 30, 2022, the Company reported net income of $9.8 million, or $0.50 per share, compared to net income of $0.8 million, or $0.04 per share, for the nine months ended September 30, 2021. Total operating revenues of approximately $18.8 million and $9.4 million were recognized during the nine months ended September 30, 2022 and 2021, respectively.

    In August 2022, a voluntary contribution of $5.7 million was made to fund the Company’s defined benefit pension plan to further annuitize certain of the plan’s obligations.

    Additional Information

    Additional information with respect to Maui Land & Pineapple Company, Inc. and its operating results will be available on its Form 10-Q filed with the Securities and Exchange Commission and its 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 22,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.

    MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

    (UNAUDITED)

            
     Three Months Ended
    September 30,
      2022   2021 
     (in thousands except
     per share amounts)
    OPERATING REVENUES       
    Leasing$2,330  $2,184 
    Resort amenities and other 221   253 
    Total operating revenues 2,551   2,437 
            
    OPERATING COSTS AND EXPENSES       
    Real estate 117   67 
    Leasing 869   784 
    Resort amenities and other 330   304 
    General and administrative 661   612 
    Share-based compensation 302   365 
    Depreciation 280   300 
    Total operating costs and expenses 2,559   2,432 
            
    OPERATING INCOME (LOSS) (8)  5 
    Pension and other post-retirement expenses (114)  (116)
    Interest expense (2)  (28)
    NET LOSS$(124) $(139)
    Other comprehensive income - pension, net 156   221 
            
    TOTAL COMPREHENSIVE INCOME$32  $82 
            
    NET LOSS PER COMMON SHARE-BASIC AND DILUTED$(0.01) $(0.01) 
            

     



    MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

    (UNAUDITED)

     Nine Months Ended
    September 30,
      2022   2021 
     (in thousands except
     per share amounts)
    OPERATING REVENUES       
    Real estate$11,600  $2,700 
    Leasing 6,559   5,947 
    Resort amenities and other 628   799 
    Total operating revenues 18,787   9,446 
            
    OPERATING COSTS AND EXPENSES       
    Real estate 913   618 
    Leasing 2,608   2,495 
    Resort amenities and other 1,170   994 
    General and administrative 2,177   1,904 
    Share-based compensation 958   1,084 
    Depreciation 830   902 
    Total operating costs and expenses 8,656   7,997 
            
    OPERATING INCOME 10,131   1,449 
    Other income -   13 
    Pension and other post-retirement expenses (343)  (348)
    Interest expense (5)  (94)
    INCOME FROM CONTINUING OPERATIONS 9,783   1,020 
    Loss from discontinued operations, net -   (214)
    NET INCOME$9,783  $806 
    Other comprehensive income - pension, net 468   663 
            
    TOTAL COMPREHENSIVE INCOME$10,251  $1,469 
            
    EARNINGS PER COMMON SHARE-BASIC AND DILUTED       
    Income from Continuing Operations$0.50  $0.05 
    Loss from Discontinued Operations$-  $(0.01)
    Net Income$0.50  $0.04 

     



    MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

     September 30, December 31,
      2022   2021 
     (unaudited) (audited)
     (in thousands except share data)
    ASSETS   
    CURRENT ASSETS   
    Cash$11,074  $5,596 
    Restricted cash 241   - 
    Accounts receivable, net 1,127   1,103 
    Prepaid expenses and other assets 657   333 
    Assets held for sale 3,019   3,144 
    Total current assets 16,118   10,176 
        
    PROPERTY & EQUIPMENT, NET 16,157   16,998 
        
    OTHER ASSETS   
    Deferred development costs 9,566   9,564 
    Other noncurrent assets 1,189   1,181 
    Total other assets 10,755   10,745 
    TOTAL ASSETS$43,030  $37,919 
        
    LIABILITIES & STOCKHOLDERS' EQUITY   
    LIABILITIES   
    CURRENT LIABILITIES   
    Accounts payable$629  $580 
    Payroll and employee benefits 813   949 
    Accrued retirement benefits, current portion 142   142 
    Deferred revenue, current portion 518   217 
    Other current liabilities 476   509 
    Total current liabilities 2,578   2,397 
        
    LONG-TERM LIABILITIES   
    Accrued retirement benefits, net of current portion 2,015   7,937 
    Deferred revenue, net of current portion 1,533   1,633 
    Deposits 2,185   2,309 
    Other noncurrent liabilities 53   53 
    Total long-term liabilities 5,786   11,932 
    TOTAL LIABILITIES 8,364   14,329 
        
    COMMITMENTS AND CONTINGENCIES   
        
    STOCKHOLDERS' EQUITY   
    Preferred stock--$.0001 par value; 5,000,000 shares authorized; no shares   
        issued and outstanding -   - 
    Common stock--$.0001 par value and no par value at September 30, 2022  
       and December 31, 2021, respectively; 43,000,000 shares authorized;   
       19,459,558 and 19,383,288 shares issued and outstanding   
    at September 30, 2022 and December 31, 2021, respectively 83,203   82,378 
    Additional paid-in-capital 9,184   9,184 
    Accumulated deficit (42,541)  (52,324)
    Accumulated other comprehensive loss (15,180)  (15,648)
    Total stockholders' equity 34,666   23,590 
    TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$43,030  $37,919 
        


    Contact:
    Wade K. Kodama
    wkodama@kapalua.com


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