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
