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Maui Land & Pineapple Reports 2nd Quarter 2021 Results
المصدر: Nasdaq GlobeNewswire / 12 أغسطس 2021 16:00:00 America/Chicago
KAPALUA RESORT, Hawaii, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $1.9 million, or $0.10 per share, for the second quarter of 2021, compared to a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2020. Total operating revenues of $5.0 million and $1.7 million were recognized during the three months ended June 30, 2021 and 2020, respectively.
For the six months ended June 30, 2021, the Company reported net income of $0.9 million, or $0.05 per share, compared to a net loss of $1.2 million, or $(0.06) per share, for the six months ended June 30, 2020. Total operating revenues of $7.0 million and $3.7 million were recognized during the six months ended June 30, 2021 and 2020, respectively.
During the quarter ended June 30, 2021, MLP completed real estate sales of the Steeple House in the Kapalua Resort and a conservation easement in Honolua Valley for $1.7 million and $0.9 million, respectively. There were no real estate asset sales in 2020.
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.
Contact:
Michael S. Hotta
mhotta@kapalua.comMAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended
June 30,2021 2020 (in thousands except per share amounts) OPERATING REVENUES Real estate $ 2,700 $ 90 Leasing 1,962 1,436 Resort amenities and other 288 184 Total operating revenues 4,950 1,710 OPERATING COSTS AND EXPENSES Real estate 454 192 Leasing 876 827 Resort amenities and other 278 169 General and administrative 574 559 Share-based compensation 370 402 Depreciation 302 323 Total operating costs and expenses 2,854 2,472 OPERATING INCOME (LOSS) 2,096 (762 ) Other income - 894 Pension and other post-retirement expenses (116 ) (117 ) Interest expense (32 ) (30 ) INCOME (LOSS) FROM CONTINUING OPERATIONS 1,948 (15 ) Loss from discontinued operations, net (69 ) (142 ) NET INCOME (LOSS) $ 1,879 $ (157 ) Other comprehensive income - pension, net 221 206 TOTAL COMPREHENSIVE INCOME $ 2,100 $ 49 EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED Income (Loss) from Continuing Operations $ 0.10 $ - Loss from Discontinued Operations $ - $ (0.01 ) Net Income (Loss) $ 0.10 $ (0.01 ) MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Six Months Ended
June 30,2021 2020 (in thousands except per share amounts) OPERATING REVENUES Real estate $ 2,700 $ 158 Leasing 3,763 3,172 Resort amenities and other 546 414 Total operating revenues 7,009 3,744 OPERATING COSTS AND EXPENSES Real estate 552 367 Leasing 1,716 1,603 Resort amenities and other 691 740 General and administrative 1,291 1,318 Share-based compensation 719 827 Depreciation 602 645 Total operating costs and expenses 5,571 5,500 OPERATING INCOME (LOSS) 1,438 (1,756 ) Other income 13 894 Pension and other post-retirement expenses (232 ) (234 ) Interest expense (65 ) (76 ) INCOME (LOSS) FROM CONTINUING OPERATIONS 1,154 (1,172 ) Loss from discontinued operations, net (209 ) (59 ) NET INCOME (LOSS) $ 945 $ (1,231 ) Other compreshensive income - pension, net 442 412 TOTAL COMPREHENSIVE INCOME (LOSS) $ 1,387 $ (819 ) EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED Income (Loss) from Continuing Operations $ 0.06 $ (0.06 ) Loss from Discontinued Operations $ (0.01 ) $ - Net Income (Loss) $ 0.05 $ (0.06 ) MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31, 2021 2020 (unaudited) (audited) (in thousands except share data) CURRENT ASSETS Cash $ 6,005 $ 869 Accounts receivable, net 1,336 1,362 Prepaid expenses and other assets 167 80 Assets held for sale 3,134 7,440 Total current assets 10,642 9,751 PROPERTY 51,414 51,956 Accumulated depreciation (33,789 ) (33,445 ) Property, net 17,625 18,511 OTHER ASSETS Deferred development costs 8,964 8,901 Other noncurrent assets 1,222 1,307 Total other assets 10,186 10,208 TOTAL ASSETS $ 38,453 $ 38,470 LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 441 $ 899 Payroll and employee benefits 699 970 Long-term debt, current portion - 200 Accrued retirement benefits, currernt portion 165 165 Deferred revenue, current portion 447 260 Other current liabilities 407 453 Total current liabilities 2,159 2,947 LONG-TERM LIABILITIES Accrued retirement benefits 10,091 10,926 Deferred revenue 1,700 1,767 Deposits 2,355 2,680 Other noncurrent liabilities 75 83 Total long-term liabilities 14,221 15,456 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Common stock--no par value, 43,000,000 shares authorized, 19,361,856 and 19,311,528 shares issued and outstanding 82,104 81,485 Additional paid-in-capital 9,184 9,184 Accumulated deficit (47,959 ) (48,904 ) Accumulated other comprehensive loss (21,256 ) (21,698 ) Total stockholders' equity 22,073 20,067 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 38,453 $ 38,470