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
