• Maui Land & Pineapple Company, Inc. Reports 1st Quarter 2022 Results

    Source: Nasdaq GlobeNewswire / 10 May 2022 16:02:00   America/New_York

    KAPALUA RESORT, Hawaii, May 10, 2022 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. “MLP” (NYSE: MLP) reported a net loss of $618,000, or $(0.03) per share, for the first quarter of 2022, compared to a net loss of $934,000, or $(0.05) per share, for the first quarter of 2021. The Company reported total operating revenues of $2.25 million and $2.06 million during the three months ended March 31, 2022 and 2021, respectively.

    The Company did not have any real estate asset sales during the first quarters of 2022 or 2021.

    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.


    MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (UNAUDITED)

     Three Months Ended March 31,
      2022   2021 
     (in thousands except
     per share amounts)
    OPERATING REVENUES   
    Real estate$-  $- 
    Leasing 2,031   1,801 
    Resort amenities and other 217   258 
    Total operating revenues 2,248   2,059 
        
    OPERATING COSTS AND EXPENSES   
    Real estate 90   97 
    Leasing 741   840 
    Resort amenities and other 510   412 
    General and administrative 756   719 
    Share-based compensation 379   349 
    Depreciation 274   300 
    Total operating costs and expenses 2,750   2,717 
        
    OPERATING LOSS (502)  (658)
    Other income -   13 
    Pension and other post-retirement expenses (114)  (116)
    Interest expense (2)  (33)
    LOSS FROM CONTINUING OPERATIONS$(618) $(794)
    Loss from discontinued operations, net -   (140)
    NET LOSS$(618) $(934)
    Pension, net 156   221 
    TOTAL COMPREHENSIVE LOSS$(462) $(713)
        
    LOSS PER COMMON SHARE-BASIC AND DILUTED   
    Loss from Continuing Operations$(0.03) $(0.04)
    Loss from Discontinued Operations$-  $(0.01)
    Net Loss$(0.03) $(0.05)
        


    MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

      March 31,   December 31, 
      2022   2021 
      (unaudited)   (audited) 
     (in thousands except share data)
    ASSETS       
    CURRENT ASSETS       
    Cash$5,831  $5,596 
    Restricted cash 2,300   - 
    Accounts receivable, net 1,187   1,103 
    Prepaid expenses and other assets 278   333 
    Assets held for sale 3,157   3,144 
    Total current assets 12,753   10,176 
            
    PROPERTY & EQUIPMENT 51,235   51,235 
    Accumulated depreciation (34,510)   (34,237) 
    Property & equipment, net 16,725   16,998 
            
    OTHER ASSETS       
    Deferred development costs 9,566   9,564 
    Other noncurrent assets 1,181   1,181 
    Total other assets 10,747   10,745 
    TOTAL ASSETS$40,225  $37,919 
            
    LIABILITIES & STOCKHOLDERS' EQUITY       
    CURRENT LIABILITIES       
    Accounts payable$774  $580 
    Payroll and employee benefits 591   949 
    Accrued retirement benefits, current portion 142   142 
    Deferred revenue, current portion 2,796   217 
    Other current liabilities 503   509 
    Total current liabilities 4,806   2,397 
            
    LONG-TERM LIABILITIES       
    Accrued retirement benefits, net of current portion 7,862   7,937 
    Deferred revenue, net of current portion 1,600   1,633 
    Deposits 2,278   2,309 
    Other noncurrent liabilities 53   53 
    Total long-term liabilities 11,793   11,932 
    TOTAL LIABILITIES 16,599   14,329 
            
    COMMITMENTS AND CONTINGENCIES       
            
    STOCKHOLDERS' EQUITY       
    Common stock--no par value, 43,000,000 shares authorized,       
    19,430,409 and 19,383,288 shares issued and outstanding 82,876   82,378 
    at March 31, 2022 and December 31, 2021, respectively       
    Additional paid-in-capital 9,184   9,184 
    Accumulated deficit (52,942)   (52,324) 
    Accumulated other comprehensive loss (15,492)   (15,648) 
    Total stockholders' equity 23,626   23,590 
    TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$40,225  $37,919 

    Contact:
    Wade K. Kodama
    wkodama@kapalua.com


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