• 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 
    Leasing2,198 1,962 
    Resort amenities and other189 288 
    Total operating revenues13,987 4,950 
         
    OPERATING COSTS AND EXPENSES    
    Real estate707 454 
    Leasing997 876 
    Resort amenities and other330 278 
    General and administrative759 574 
    Share-based compensation276 370 
    Depreciation277 302 
    Total operating costs and expenses3,346 2,854 
         
    OPERATING INCOME10,641 2,096 
         
    Pension and other post-retirement expenses(114) (116) 
    Interest expense(2) (32) 
    INCOME FROM CONTINUING OPERATIONS10,525 1,948 
    Loss from discontinued operations, net- (69) 
    NET INCOME$10,525 $1,879 
    Other comprehensive income - pension, net156 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 
    Leasing4,228 3,763 
    Resort amenities and other406 546 
    Total operating revenues16,234 7,009 
         
    OPERATING COSTS AND EXPENSES    
    Real estate796 552 
    Leasing1,739 1,716 
    Resort amenities and other840 691 
    General and administrative1,516 1,291 
    Share-based compensation654 719 
    Depreciation550 602 
    Total operating costs and expenses6,095 5,571 
         
    OPERATING INCOME10,139 1,438 
         
    Other income- 13 
    Pension and other post-retirement expenses(229) (232) 
    Interest expense(3) (65) 
    INCOME FROM CONTINUING OPERATIONS9,907 1,154 
    Loss from discontinued operations, net- (209) 
    NET INCOME$9,907 $945 
    Other comprehensive income - pension, net312 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


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