Maui Land & Pineapple Reports 2nd Quarter 2021 Results

Lahaina, Hawaii, UNITED STATES


KAPALUA RESORT, Hawaii, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $1.9 million, or $0.10 per share, for the second quarter of 2021, compared to a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2020. Total operating revenues of $5.0 million and $1.7 million were recognized during the three months ended June 30, 2021 and 2020, respectively.

For the six months ended June 30, 2021, the Company reported net income of $0.9 million, or $0.05 per share, compared to a net loss of $1.2 million, or $(0.06) per share, for the six months ended June 30, 2020. Total operating revenues of $7.0 million and $3.7 million were recognized during the six months ended June 30, 2021 and 2020, respectively.

During the quarter ended June 30, 2021, MLP completed real estate sales of the Steeple House in the Kapalua Resort and a conservation easement in Honolua Valley for $1.7 million and $0.9 million, respectively. There were no real estate asset sales in 2020.

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 INCOME

(UNAUDITED)

 Three Months Ended
June 30,
  2021   2020 
 (in thousands except
 per share amounts)
OPERATING REVENUES   
Real estate$2,700  $90 
Leasing 1,962   1,436 
Resort amenities and other 288   184 
Total operating revenues 4,950   1,710 
    
OPERATING COSTS AND EXPENSES   
Real estate 454   192 
Leasing 876   827 
Resort amenities and other 278   169 
General and administrative 574   559 
Share-based compensation 370   402 
Depreciation 302   323 
Total operating costs and expenses 2,854   2,472 
    
OPERATING INCOME (LOSS) 2,096   (762)
Other income -   894 
Pension and other post-retirement expenses (116)  (117)
Interest expense (32)  (30)
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,948   (15)
Loss from discontinued operations, net (69)  (142)
NET INCOME (LOSS)$1,879  $(157)
Other comprehensive income - pension, net 221   206 
    
TOTAL COMPREHENSIVE INCOME$2,100  $49 
    
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED   
Income (Loss) from Continuing Operations$0.10  $- 
Loss from Discontinued Operations$-  $(0.01)
Net Income (Loss)$0.10  $(0.01)

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 Six Months Ended
June 30,
  2021   2020 
 (in thousands except
 per share amounts)
OPERATING REVENUES   
Real estate$2,700  $158 
Leasing 3,763   3,172 
Resort amenities and other 546   414 
Total operating revenues 7,009   3,744 
    
OPERATING COSTS AND EXPENSES   
Real estate 552   367 
Leasing 1,716   1,603 
Resort amenities and other 691   740 
General and administrative 1,291   1,318 
Share-based compensation 719   827 
Depreciation 602   645 
Total operating costs and expenses 5,571   5,500 
    
OPERATING INCOME (LOSS) 1,438   (1,756)
Other income 13   894 
Pension and other post-retirement expenses (232)  (234)
Interest expense (65)  (76)
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,154   (1,172)
Loss from discontinued operations, net (209)  (59)
NET INCOME (LOSS)$945  $(1,231)
Other compreshensive income - pension, net 442   412 
TOTAL COMPREHENSIVE INCOME (LOSS)$1,387  $(819)
    
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED   
Income (Loss) from Continuing Operations$0.06  $(0.06)
Loss from Discontinued Operations$(0.01) $- 
Net Income (Loss)$0.05  $(0.06)

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 June 30, December 31,
  2021   2020 
 (unaudited) (audited)
 (in thousands except share data)
CURRENT ASSETS   
Cash$6,005  $869 
Accounts receivable, net 1,336   1,362 
Prepaid expenses and other assets 167   80 
Assets held for sale 3,134   7,440 
Total current assets 10,642   9,751 
    
PROPERTY 51,414   51,956 
Accumulated depreciation (33,789)  (33,445)
Property, net 17,625   18,511 
    
OTHER ASSETS   
Deferred development costs 8,964   8,901 
Other noncurrent assets 1,222   1,307 
Total other assets 10,186   10,208 
TOTAL ASSETS$38,453  $38,470 
    
LIABILITIES & STOCKHOLDERS' EQUITY   
    
CURRENT LIABILITIES   
Accounts payable$441  $899 
Payroll and employee benefits 699   970 
Long-term debt, current portion -   200 
Accrued retirement benefits, currernt portion 165   165 
Deferred revenue, current portion 447   260 
Other current liabilities 407   453 
Total current liabilities 2,159   2,947 
    
LONG-TERM LIABILITIES   
Accrued retirement benefits 10,091   10,926 
Deferred revenue 1,700   1,767 
Deposits 2,355   2,680 
Other noncurrent liabilities 75   83 
Total long-term liabilities 14,221   15,456 
    
COMMITMENTS AND CONTINGENCIES   
    
STOCKHOLDERS' EQUITY   
Common stock--no par value, 43,000,000 shares authorized,   
19,361,856 and 19,311,528 shares issued and outstanding 82,104   81,485 
Additional paid-in-capital 9,184   9,184 
Accumulated deficit (47,959)  (48,904)
Accumulated other comprehensive loss (21,256)  (21,698)
Total stockholders' equity 22,073   20,067 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$38,453  $38,470