KAPALUA RESORT, Hawaii, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) (the "Company") reported a net loss of $124,000, or $0.01 per share, for the third quarter of 2022, compared to a net loss of $139,000, or $0.01 per share, for the third quarter of 2021. Total operating revenues of approximately $2.6 million and $2.4 million were recognized during the three months ended September 30, 2022 and 2021, respectively.
For the nine months ended September 30, 2022, the Company reported net income of $9.8 million, or $0.50 per share, compared to net income of $0.8 million, or $0.04 per share, for the nine months ended September 30, 2021. Total operating revenues of approximately $18.8 million and $9.4 million were recognized during the nine months ended September 30, 2022 and 2021, respectively.
In August 2022, a voluntary contribution of $5.7 million was made to fund the Company’s defined benefit pension plan to further annuitize certain of the plan’s obligations.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and its operating results will be available on its Form 10-Q filed with the Securities and Exchange Commission and its 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 OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands except |
|
per share amounts) |
| OPERATING REVENUES |
|
|
|
|
|
|
|
| Leasing |
$ |
2,330 |
|
|
$ |
2,184 |
|
| Resort amenities and other |
|
221 |
|
|
|
253 |
|
| Total operating revenues |
|
2,551 |
|
|
|
2,437 |
|
|
|
|
|
|
|
|
|
| OPERATING COSTS AND EXPENSES |
|
|
|
|
|
|
|
| Real estate |
|
117 |
|
|
|
67 |
|
| Leasing |
|
869 |
|
|
|
784 |
|
| Resort amenities and other |
|
330 |
|
|
|
304 |
|
| General and administrative |
|
661 |
|
|
|
612 |
|
| Share-based compensation |
|
302 |
|
|
|
365 |
|
| Depreciation |
|
280 |
|
|
|
300 |
|
| Total operating costs and expenses |
|
2,559 |
|
|
|
2,432 |
|
|
|
|
|
|
|
|
|
| OPERATING INCOME (LOSS) |
|
(8 |
) |
|
|
5 |
|
| Pension and other post-retirement expenses |
|
(114 |
) |
|
|
(116 |
) |
| Interest expense |
|
(2 |
) |
|
|
(28 |
) |
| NET LOSS |
$ |
(124 |
) |
|
$ |
(139 |
) |
| Other comprehensive income - pension, net |
|
156 |
|
|
|
221 |
|
|
|
|
|
|
|
|
|
| TOTAL COMPREHENSIVE INCOME |
$ |
32 |
|
|
$ |
82 |
|
|
|
|
|
|
|
|
|
| NET LOSS PER COMMON SHARE-BASIC AND DILUTED |
$ |
(0.01 |
) |
|
$ |
(0.01) |
|
|
|
|
|
|
|
|
|
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
|
Nine Months Ended
September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands except |
|
per share amounts) |
| OPERATING REVENUES |
|
|
|
|
|
|
|
| Real estate |
$ |
11,600 |
|
|
$ |
2,700 |
|
| Leasing |
|
6,559 |
|
|
|
5,947 |
|
| Resort amenities and other |
|
628 |
|
|
|
799 |
|
| Total operating revenues |
|
18,787 |
|
|
|
9,446 |
|
|
|
|
|
|
|
|
|
| OPERATING COSTS AND EXPENSES |
|
|
|
|
|
|
|
| Real estate |
|
913 |
|
|
|
618 |
|
| Leasing |
|
2,608 |
|
|
|
2,495 |
|
| Resort amenities and other |
|
1,170 |
|
|
|
994 |
|
| General and administrative |
|
2,177 |
|
|
|
1,904 |
|
| Share-based compensation |
|
958 |
|
|
|
1,084 |
|
| Depreciation |
|
830 |
|
|
|
902 |
|
| Total operating costs and expenses |
|
8,656 |
|
|
|
7,997 |
|
|
|
|
|
|
|
|
|
| OPERATING INCOME |
|
10,131 |
|
|
|
1,449 |
|
| Other income |
|
- |
|
|
|
13 |
|
| Pension and other post-retirement expenses |
|
(343 |
) |
|
|
(348 |
) |
| Interest expense |
|
(5 |
) |
|
|
(94 |
) |
| INCOME FROM CONTINUING OPERATIONS |
|
9,783 |
|
|
|
1,020 |
|
| Loss from discontinued operations, net |
|
- |
|
|
|
(214 |
) |
| NET INCOME |
$ |
9,783 |
|
|
$ |
806 |
|
| Other comprehensive income - pension, net |
|
468 |
|
|
|
663 |
|
|
|
|
|
|
|
|
|
| TOTAL COMPREHENSIVE INCOME |
$ |
10,251 |
|
|
$ |
1,469 |
|
|
|
|
|
|
|
|
|
| EARNINGS PER COMMON SHARE-BASIC AND DILUTED |
|
|
|
|
|
|
|
| Income from Continuing Operations |
$ |
0.50 |
|
|
$ |
0.05 |
|
| Loss from Discontinued Operations |
$ |
- |
|
|
$ |
(0.01 |
) |
| Net Income |
$ |
0.50 |
|
|
$ |
0.04 |
|
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
|
September 30, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
|
(audited) |
|
(in thousands except share data) |
| ASSETS |
|
|
|
| CURRENT ASSETS |
|
|
|
| Cash |
$ |
11,074 |
|
|
$ |
5,596 |
|
| Restricted cash |
|
241 |
|
|
|
- |
|
| Accounts receivable, net |
|
1,127 |
|
|
|
1,103 |
|
| Prepaid expenses and other assets |
|
657 |
|
|
|
333 |
|
| Assets held for sale |
|
3,019 |
|
|
|
3,144 |
|
| Total current assets |
|
16,118 |
|
|
|
10,176 |
|
|
|
|
|
| PROPERTY & EQUIPMENT, NET |
|
16,157 |
|
|
|
16,998 |
|
|
|
|
|
| OTHER ASSETS |
|
|
|
| Deferred development costs |
|
9,566 |
|
|
|
9,564 |
|
| Other noncurrent assets |
|
1,189 |
|
|
|
1,181 |
|
| Total other assets |
|
10,755 |
|
|
|
10,745 |
|
| TOTAL ASSETS |
$ |
43,030 |
|
|
$ |
37,919 |
|
|
|
|
|
| LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
|
| LIABILITIES |
|
|
|
| CURRENT LIABILITIES |
|
|
|
| Accounts payable |
$ |
629 |
|
|
$ |
580 |
|
| Payroll and employee benefits |
|
813 |
|
|
|
949 |
|
| Accrued retirement benefits, current portion |
|
142 |
|
|
|
142 |
|
| Deferred revenue, current portion |
|
518 |
|
|
|
217 |
|
| Other current liabilities |
|
476 |
|
|
|
509 |
|
| Total current liabilities |
|
2,578 |
|
|
|
2,397 |
|
|
|
|
|
| LONG-TERM LIABILITIES |
|
|
|
| Accrued retirement benefits, net of current portion |
|
2,015 |
|
|
|
7,937 |
|
| Deferred revenue, net of current portion |
|
1,533 |
|
|
|
1,633 |
|
| Deposits |
|
2,185 |
|
|
|
2,309 |
|
| Other noncurrent liabilities |
|
53 |
|
|
|
53 |
|
| Total long-term liabilities |
|
5,786 |
|
|
|
11,932 |
|
| TOTAL LIABILITIES |
|
8,364 |
|
|
|
14,329 |
|
|
|
|
|
| COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
| STOCKHOLDERS' EQUITY |
|
|
|
| Preferred stock--$.0001 par value; 5,000,000 shares authorized; no shares |
|
|
|
| issued and outstanding |
|
- |
|
|
|
- |
|
| Common stock--$.0001 par value and no par value at September 30, 2022 |
|
|
| and December 31, 2021, respectively; 43,000,000 shares authorized; |
|
|
|
| 19,459,558 and 19,383,288 shares issued and outstanding |
|
|
|
| at September 30, 2022 and December 31, 2021, respectively |
|
83,203 |
|
|
|
82,378 |
|
| Additional paid-in-capital |
|
9,184 |
|
|
|
9,184 |
|
| Accumulated deficit |
|
(42,541 |
) |
|
|
(52,324 |
) |
| Accumulated other comprehensive loss |
|
(15,180 |
) |
|
|
(15,648 |
) |
| Total stockholders' equity |
|
34,666 |
|
|
|
23,590 |
|
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
43,030 |
|
|
$ |
37,919 |
|
|
|
|
|
Contact:
Wade K. Kodama
wkodama@kapalua.com
