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
