Maui Land & Pineapple Company, Inc. Reports 2nd Quarter 2022 Results

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