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KAPALUA RESORT, Hawaii, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) (the "Company") reported a net loss of $124,000, or $0.01 per share, for the third quarter of 2022, compared to a net loss of $139,000, or $0.01 per share, for the third quarter of 2021. Total operating revenues of approximately $2.6 million and $2.4 million were recognized during the three months ended September 30, 2022 and 2021, respectively.
For the nine months ended September 30, 2022, the Company reported net income of $9.8 million, or $0.50 per share, compared to net income of $0.8 million, or $0.04 per share, for the nine months ended September 30, 2021. Total operating revenues of approximately $18.8 million and $9.4 million were recognized during the nine months ended September 30, 2022 and 2021, respectively.
In August 2022, a voluntary contribution of $5.7 million was made to fund the Company’s defined benefit pension plan to further annuitize certain of the plan’s obligations.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and its operating results will be available on its Form 10-Q filed with the Securities and Exchange Commission and its 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 OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED) Three Months Ended
September 30, 2022 2021 (in thousands except per share amounts)OPERATING REVENUES Leasing$2,330 $2,184 Resort amenities and other 221 253 Total operating revenues 2,551 2,437 OPERATING COSTS AND EXPENSES Real estate 117 67 Leasing 869 784 Resort amenities and other 330 304 General and administrative 661 612 Share-based compensation 302 365 Depreciation 280 300 Total operating costs and expenses 2,559 2,432 OPERATING INCOME (LOSS) (8) 5 Pension and other post-retirement expenses (114) (116)Interest expense (2) (28)NET LOSS$(124) $(139)Other comprehensive income - pension, net 156 221 TOTAL COMPREHENSIVE INCOME$32 $82 NET LOSS PER COMMON SHARE-BASIC AND DILUTED$(0.01) $(0.01)
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED) Nine Months Ended
September 30, 2022 2021 (in thousands except per share amounts)OPERATING REVENUES Real estate$11,600 $2,700 Leasing 6,559 5,947 Resort amenities and other 628 799 Total operating revenues 18,787 9,446 OPERATING COSTS AND EXPENSES Real estate 913 618 Leasing 2,608 2,495 Resort amenities and other 1,170 994 General and administrative 2,177 1,904 Share-based compensation 958 1,084 Depreciation 830 902 Total operating costs and expenses 8,656 7,997 OPERATING INCOME 10,131 1,449 Other income - 13 Pension and other post-retirement expenses (343) (348)Interest expense (5) (94)INCOME FROM CONTINUING OPERATIONS 9,783 1,020 Loss from discontinued operations, net - (214)NET INCOME$9,783 $806 Other comprehensive income - pension, net 468 663 TOTAL COMPREHENSIVE INCOME$10,251 $1,469 EARNINGS PER COMMON SHARE-BASIC AND DILUTED Income from Continuing Operations$0.50 $0.05 Loss from Discontinued Operations$- $(0.01)Net Income$0.50 $0.04
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2022 2021 (unaudited) (audited) (in thousands except share data)ASSETS CURRENT ASSETS Cash$11,074 $5,596 Restricted cash 241 - Accounts receivable, net 1,127 1,103 Prepaid expenses and other assets 657 333 Assets held for sale 3,019 3,144 Total current assets 16,118 10,176 PROPERTY & EQUIPMENT, NET 16,157 16,998 OTHER ASSETS Deferred development costs 9,566 9,564 Other noncurrent assets 1,189 1,181 Total other assets 10,755 10,745 TOTAL ASSETS$43,030 $37,919 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES CURRENT LIABILITIES Accounts payable$629 $580 Payroll and employee benefits 813 949 Accrued retirement benefits, current portion 142 142 Deferred revenue, current portion 518 217 Other current liabilities 476 509 Total current liabilities 2,578 2,397 LONG-TERM LIABILITIES Accrued retirement benefits, net of current portion 2,015 7,937 Deferred revenue, net of current portion 1,533 1,633 Deposits 2,185 2,309 Other noncurrent liabilities 53 53 Total long-term liabilities 5,786 11,932 TOTAL LIABILITIES 8,364 14,329 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock--$.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding - - Common stock--$.0001 par value and no par value at September 30, 2022 and December 31, 2021, respectively; 43,000,000 shares authorized; 19,459,558 and 19,383,288 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 83,203 82,378 Additional paid-in-capital 9,184 9,184 Accumulated deficit (42,541) (52,324)Accumulated other comprehensive loss (15,180) (15,648)Total stockholders' equity 34,666 23,590 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$43,030 $37,919
Contact:
Wade K. Kodama
wkodama@kapalua.com