Maui Land & Pineapple Reports 1st Quarter 2021 Results

Lahaina, Hawaii, UNITED STATES


KAPALUA RESORT, Hawaii, May 03, 2021 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. “MLP” (NYSE: MLP) reported a net loss of $934,000, or $(0.05) per share, for the first quarter of 2021, compared to a net loss of $1,074,000, or $(0.06) per share, for the first quarter of 2020. The Company reported total operating revenues of $2.06 million and $2.04 million during the three months ended March 31, 2021 and 2020, respectively.

The Company did not have any real estate asset sales during the first quarters of 2021 or 2020.

MLP completed the sale of its regulated utility assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. on May 1, 2021. The sale results in net proceeds of $4.2 million from Hawaii Water Service (HWS), a subsidiary of California Water Service Group (NYSE: CWT). As part of the Hawaii Public Utilities Commission approval of this transaction in March 2021, the water and wastewater service areas have been expanded in order to serve future developments within the Kapalua resort.

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.

Contact:
Michael S. Hotta
mhotta@kapalua.com


MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
 
(UNAUDITED)
    
    
 Three Months Ended March 31,
  2021   2020 
  
 (in thousands except
 per share amounts)
OPERATING REVENUES   
Real estate$-  $69 
Leasing 1,801   1,736 
Resort amenities and other 258   230 
Total operating revenues 2,059   2,035 
    
OPERATING COSTS AND EXPENSES   
Real estate 97   175 
Leasing 840   776 
Resort amenities and other 412   570 
General and administrative 719   760 
Share-based compensation 349   425 
Depreciation 300   323 
Total operating costs and expenses 2,717   3,029 
    
OPERATING LOSS (658)  (994)
Other income 13   - 
Pension and other post-retirement expenses (116)  (117)
Interest expense (33)  (46)
LOSS FROM CONTINUING OPERATIONS$(794) $(1,157)
Income (Loss) from discontinued operations, net (140)  83 
NET LOSS$(934) $(1,074)
Pension, net 221   206 
TOTAL COMPREHENSIVE LOSS$(713) $(868)
    
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED   
Loss from Continuing Operations$(0.04) $(0.06)
Income (Loss) from Discontinued Operations$(0.01) $- 
Net Loss$(0.05) $(0.06)