-
Maui Land & Pineapple Company, Inc. Reports 2nd Quarter 2022 Results
Source: Nasdaq GlobeNewswire / 11 Aug 2022 07:05:00 America/Chicago
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