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 EndedSeptember 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 EndedSeptember 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. Kodamawkodama@kapalua.com

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