• 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.com

    MAUI 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 

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