• Maui Land & Pineapple Reports 3rd Quarter 2021 Results

    المصدر: Nasdaq GlobeNewswire / 04 نوفمبر 2021 17:27:46   America/New_York

    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


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