KAPALUA RESORT, Hawaii, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $10.5 million, or $0.54 per share, for the second quarter of 2022, compared to net income of $1.9 million, or $0.10 per share, for the second quarter of 2021. Total operating revenues of approximately $14.0 million and $5.0 million were recognized during the three months ended June 30, 2022 and 2021, respectively.
For the six months ended June 30, 2022, the Company reported net income of $9.9 million, or $0.51 per share, compared to net income of $0.9 million, or $0.05 per share, for the six months ended June 30, 2021. Total operating revenues of approximately $16.2 million and $7.0 million were recognized during the six months ended June 30, 2022 and 2021, respectively.
On May 20, 2022, the Company finalized the sale of 646 acres in Upcountry Maui for $9.6 million. The Company also completed a $2.0 million sale of a 50-acre parcel located in Upper Kahana, Lahaina, Hawaii on June 30, 2022.
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 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 INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
2022 |
|
2021 |
|
|
(in thousands except |
|
|
per share amounts) |
|
| OPERATING REVENUES |
|
|
|
|
| Real estate |
$ |
11,600 |
|
$ |
2,700 |
|
| Leasing |
2,198 |
|
1,962 |
|
| Resort amenities and other |
189 |
|
288 |
|
| Total operating revenues |
13,987 |
|
4,950 |
|
|
|
|
|
|
| OPERATING COSTS AND EXPENSES |
|
|
|
|
| Real estate |
707 |
|
454 |
|
| Leasing |
997 |
|
876 |
|
| Resort amenities and other |
330 |
|
278 |
|
| General and administrative |
759 |
|
574 |
|
| Share-based compensation |
276 |
|
370 |
|
| Depreciation |
277 |
|
302 |
|
| Total operating costs and expenses |
3,346 |
|
2,854 |
|
|
|
|
|
|
| OPERATING INCOME |
10,641 |
|
2,096 |
|
|
|
|
|
|
| Pension and other post-retirement expenses |
(114) |
|
(116) |
|
| Interest expense |
(2) |
|
(32) |
|
| INCOME FROM CONTINUING OPERATIONS |
10,525 |
|
1,948 |
|
| Loss from discontinued operations, net |
- |
|
(69) |
|
| NET INCOME |
$ |
10,525 |
|
$ |
1,879 |
|
| Other comprehensive income - pension, net |
156 |
|
221 |
|
|
|
|
|
|
| TOTAL COMPREHENSIVE INCOME |
$ |
10,681 |
|
$ |
2,100 |
|
|
|
|
|
|
| EARNINGS PER COMMON SHARE-BASIC AND DILUTED |
|
|
|
|
| Income from Continuing Operations |
$ |
0.54 |
|
$ |
0.10 |
|
| Loss from Discontinued Operations |
$ |
- |
|
$ |
- |
|
| Net Income |
$ |
0.54 |
|
$ |
0.10 |
|
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
|
Six Months Ended
June 30, |
|
|
2022 |
|
2021 |
|
|
(in thousands except
|
|
|
per share amounts)
|
|
| OPERATING REVENUES |
|
|
|
|
| Real estate |
$ |
11,600 |
|
$ |
2,700 |
|
| Leasing |
4,228 |
|
3,763 |
|
| Resort amenities and other |
406 |
|
546 |
|
| Total operating revenues |
16,234 |
|
7,009 |
|
|
|
|
|
|
| OPERATING COSTS AND EXPENSES |
|
|
|
|
| Real estate |
796 |
|
552 |
|
| Leasing |
1,739 |
|
1,716 |
|
| Resort amenities and other |
840 |
|
691 |
|
| General and administrative |
1,516 |
|
1,291 |
|
| Share-based compensation |
654 |
|
719 |
|
| Depreciation |
550 |
|
602 |
|
| Total operating costs and expenses |
6,095 |
|
5,571 |
|
|
|
|
|
|
| OPERATING INCOME |
10,139 |
|
1,438 |
|
|
|
|
|
|
| Other income |
- |
|
13 |
|
| Pension and other post-retirement expenses |
(229) |
|
(232) |
|
| Interest expense |
(3) |
|
(65) |
|
| INCOME FROM CONTINUING OPERATIONS |
9,907 |
|
1,154 |
|
| Loss from discontinued operations, net |
- |
|
(209) |
|
| NET INCOME |
$ |
9,907 |
|
$ |
945 |
|
| Other comprehensive income - pension, net |
312 |
|
442 |
|
|
|
|
|
|
| TOTAL COMPREHENSIVE INCOME |
$ |
10,219 |
|
$ |
1,387 |
|
|
|
|
|
|
| EARNINGS PER COMMON SHARE-BASIC AND DILUTED |
|
|
|
|
| Income from Continuing Operations |
$ |
0.51 |
|
$ |
0.06 |
|
| Loss from Discontinued Operations |
$ |
- |
|
$ |
(0.01) |
|
| Net Income |
$ |
0.51 |
|
$ |
0.05 |
|
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
|
June 30, |
|
December 31, |
|
|
2022 |
|
|
2021 |
|
|
(unaudited) |
|
(audited) |
|
(in thousands except share data)
|
| ASSETS |
|
|
|
| CURRENT ASSETS |
|
|
|
| Cash |
$ |
16,949 |
|
$ |
5,596 |
|
| Restricted cash |
|
273 |
|
|
- |
|
| Accounts receivable, net |
|
1,093 |
|
|
1,103 |
|
| Prepaid expenses and other assets |
|
394 |
|
|
333 |
|
| Assets held for sale |
|
3,017 |
|
|
3,144 |
|
| Total current assets |
|
21,726 |
|
|
10,176 |
|
|
|
|
|
| PROPERTY & EQUIPMENT, NET |
|
16,437 |
|
|
16,998 |
|
|
|
|
|
| OTHER ASSETS |
|
|
|
| Deferred development costs |
|
9,566 |
|
|
9,564 |
|
| Other noncurrent assets |
|
1,184 |
|
|
1,181 |
|
| Total other assets |
|
10,750 |
|
|
10,745 |
|
| TOTAL ASSETS |
$ |
48,913 |
|
$ |
37,919 |
|
|
|
|
|
| LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
|
| LIABILITIES |
|
|
|
| CURRENT LIABILITIES |
|
|
|
| Accounts payable |
$ |
845 |
|
$ |
580 |
|
| Payroll and employee benefits |
|
671 |
|
|
949 |
|
| Accrued retirement benefits, current portion |
|
142 |
|
|
142 |
|
| Deferred revenue, current portion |
|
704 |
|
|
217 |
|
| Other current liabilities |
|
493 |
|
|
509 |
|
| Total current liabilities |
|
2,855 |
|
|
2,397 |
|
|
|
|
|
| LONG-TERM LIABILITIES |
|
|
|
| Accrued retirement benefits, net of current portion |
|
7,789 |
|
|
7,937 |
|
| Deferred revenue, net of current portion |
|
1,567 |
|
|
1,633 |
|
| Deposits |
|
2,193 |
|
|
2,309 |
|
| Other noncurrent liabilities |
|
53 |
|
|
53 |
|
| Total long-term liabilities |
|
11,602 |
|
|
11,932 |
|
| TOTAL LIABILITIES |
|
14,457 |
|
|
14,329 |
|
|
|
|
|
| COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
| Common stock--no par value, 43,000,000 shares authorized, |
|
|
|
| 19,443,623 and 19,383,288 shares issued and outstanding |
|
83,025 |
|
|
82,378 |
|
| at June 30, 2022 and December 31, 2021, respectively |
|
|
|
| Additional paid-in-capital |
|
9,184 |
|
|
9,184 |
|
| Accumulated deficit |
|
(42,417) |
|
|
(52,324) |
|
| Accumulated other comprehensive loss |
|
(15,336) |
|
|
(15,648) |
|
| Total stockholders' equity |
|
34,456 |
|
|
23,590 |
|
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
48,913 |
|
$ |
37,919 |
|
|
|
|
|
|
|
|
Contact:
Wade K. Kodama
wkodama@kapalua.com
