Maui Land & Pineapple Reports 3rd Quarter 2021 Results
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
