Maui Land & Pineapple Reports 3rd Quarter 2021 Results
04 Novembre 2021 - 10:27PM
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net
loss of $0.1 million, or $(0.01) per share, for the third quarter
of 2021, compared to a net loss of $0.6 million, or $(0.03) per
share, for the third quarter of 2020. Total operating revenues of
$2.4 million and $1.7 million were recognized during the three
months ended September 30, 2021 and 2020, respectively.
For the nine months ended September 30, 2021, the
Company reported net income of $0.8 million, or $0.04 per share,
compared to a net loss of $1.9 million, or $(0.10) per share, for
the nine months ended September 30, 2020. Total operating revenues
of $9.4 million and $5.4 million were recognized during the nine
months ended September 30, 2021 and 2020, respectively.
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 |
|
Consolidated Statements of Operations
and |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
(in
thousands except |
|
|
|
per share
amounts) |
|
|
OPERATING
REVENUES |
|
|
|
|
|
Real
estate |
$ |
- |
|
|
$ |
15 |
|
|
|
Leasing |
|
2,184 |
|
|
|
1,448 |
|
|
|
Resort
amenities and other |
|
253 |
|
|
|
234 |
|
|
|
Total operating revenues |
|
2,437 |
|
|
|
1,697 |
|
|
|
|
|
|
|
|
|
OPERATING
COSTS AND EXPENSES |
|
|
|
|
|
Real
estate |
|
67 |
|
|
|
86 |
|
|
|
Leasing |
|
784 |
|
|
|
671 |
|
|
|
Resort
amenities and other |
|
304 |
|
|
|
152 |
|
|
|
General and
administrative |
|
612 |
|
|
|
514 |
|
|
|
Share-based
compensation |
|
365 |
|
|
|
402 |
|
|
|
Depreciation |
|
300 |
|
|
|
326 |
|
|
|
Total operating costs and expenses |
|
2,432 |
|
|
|
2,151 |
|
|
|
|
|
|
|
|
|
OPERATING
INCOME (LOSS) |
|
5 |
|
|
|
(454 |
) |
|
|
|
|
|
|
|
|
Pension and
other post-retirement expenses |
|
(116 |
) |
|
|
(125 |
) |
|
|
Interest
expense |
|
(28 |
) |
|
|
(29 |
) |
|
|
LOSS FROM
CONTINUING OPERATIONS |
|
(139 |
) |
|
|
(608 |
) |
|
|
Loss from
discontinued operations, net |
|
- |
|
|
|
(25 |
) |
|
|
NET
LOSS |
$ |
(139 |
) |
|
$ |
(633 |
) |
|
|
Other
compreshensive income - pension, net |
|
221 |
|
|
|
206 |
|
|
|
|
|
|
|
|
|
TOTAL
COMPREHENSIVE INCOME (LOSS) |
$ |
82 |
|
|
$ |
(427 |
) |
|
|
|
|
|
|
|
|
LOSS PER
COMMON SHARE-BASIC AND DILUTED |
|
|
|
|
|
Loss from Continuing Operations |
$ |
(0.01 |
) |
|
$ |
(0.03 |
) |
|
|
Loss from Discontinued Operations |
$ |
- |
|
|
$ |
- |
|
|
|
Net Loss |
$ |
(0.01 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
Maui Land
& Pineapple Company Inc. and Subsidiaries |
|
Consolidated Statements of Operations
and |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
(in
thousands except |
|
|
|
per share
amounts) |
|
|
OPERATING
REVENUES |
|
|
|
|
|
Real
estate |
$ |
2,700 |
|
|
$ |
173 |
|
|
|
Leasing |
|
5,947 |
|
|
|
4,620 |
|
|
|
Resort
amenities and other |
|
799 |
|
|
|
648 |
|
|
|
Total operating revenues |
|
9,446 |
|
|
|
5,441 |
|
|
|
|
|
|
|
|
|
OPERATING
COSTS AND EXPENSES |
|
|
|
|
|
Real
estate |
|
618 |
|
|
|
457 |
|
|
|
Leasing |
|
2,495 |
|
|
|
2,278 |
|
|
|
Resort
amenities and other |
|
994 |
|
|
|
893 |
|
|
|
General and
administrative |
|
1,904 |
|
|
|
1,823 |
|
|
|
Share-based
compensation |
|
1,084 |
|
|
|
1,229 |
|
|
|
Depreciation |
|
902 |
|
|
|
971 |
|
|
|
Total operating costs and expenses |
|
7,997 |
|
|
|
7,651 |
|
|
|
|
|
|
|
|
|
OPERATING
INCOME (LOSS) |
|
1,449 |
|
|
|
(2,210 |
) |
|
|
|
|
|
|
|
|
Other
income |
|
13 |
|
|
|
894 |
|
|
|
Pension and
other post-retirement expenses |
|
(348 |
) |
|
|
(359 |
) |
|
|
Interest
expense |
|
(94 |
) |
|
|
(105 |
) |
|
|
INCOME
(LOSS) FROM CONTINUING OPERATIONS |
|
1,020 |
|
|
|
(1,780 |
) |
|
|
Loss from
discontinued operations, net |
|
(214 |
) |
|
|
(84 |
) |
|
|
NET INCOME
(LOSS) |
$ |
806 |
|
|
$ |
(1,864 |
) |
|
|
Other
compreshensive income - pension, net |
|
663 |
|
|
|
617 |
|
|
|
|
|
|
|
|
|
TOTAL
COMPREHENSIVE INCOME (LOSS) |
$ |
1,469 |
|
|
$ |
(1,247 |
) |
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED |
|
|
|
|
Income (Loss) from Continuing Operations |
$ |
0.05 |
|
|
$ |
(0.09 |
) |
|
|
Loss from Discontinued Operations |
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
|
Net Income (Loss) |
$ |
0.04 |
|
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
MAUI LAND & PINEAPPLE COMPANY, INC.
AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS
|
September
30, |
|
December
31, |
|
|
2021 |
|
|
|
2020 |
|
|
(unaudited) |
|
(audited) |
|
(in
thousands) |
CURRENT
ASSETS |
|
|
|
Cash |
$ |
4,859 |
|
|
$ |
869 |
|
Accounts receivable, net |
|
1,228 |
|
|
|
1,362 |
|
Prepaid expenses and other assets |
|
557 |
|
|
|
80 |
|
Assets held for sale |
|
3,135 |
|
|
|
7,440 |
|
Total current assets |
|
9,779 |
|
|
|
9,751 |
|
|
|
|
|
PROPERTY |
|
51,412 |
|
|
|
51,956 |
|
Accumulated depreciation |
|
(34,089 |
) |
|
|
(33,445 |
) |
Property, net |
|
17,323 |
|
|
|
18,511 |
|
|
|
|
|
OTHER
ASSETS |
|
|
|
Deferred development costs |
|
8,964 |
|
|
|
8,901 |
|
Other noncurrent assets |
|
1,171 |
|
|
|
1,307 |
|
Total other assets |
|
10,135 |
|
|
|
10,208 |
|
TOTAL
ASSETS |
$ |
37,237 |
|
|
$ |
38,470 |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Accounts payable |
$ |
331 |
|
|
$ |
899 |
|
Payroll and employee benefits |
|
810 |
|
|
|
970 |
|
Long-term debt, current portion |
|
- |
|
|
|
200 |
|
Accrued retirement benefits, currernt portion |
|
165 |
|
|
|
165 |
|
Deferred revenue, current portion |
|
214 |
|
|
|
260 |
|
Other current liabilities |
|
400 |
|
|
|
453 |
|
Total current liabilities |
|
1,920 |
|
|
|
2,947 |
|
|
|
|
|
LONG-TERM
LIABILITIES |
|
|
|
Accrued retirement benefits |
|
8,949 |
|
|
|
10,926 |
|
Deferred revenue |
|
1,667 |
|
|
|
1,767 |
|
Deposits |
|
2,354 |
|
|
|
2,680 |
|
Other noncurrent liabilities |
|
53 |
|
|
|
83 |
|
Total long-term liabilities |
|
13,023 |
|
|
|
15,456 |
|
TOTAL
LIABILITIES |
|
14,943 |
|
|
|
18,403 |
|
|
|
|
|
COMMITMENTS
AND CONTINGENCIES |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
Common stock--no par value, 43,000,000 shares authorized, |
|
|
|
19,372,803 and 19,301,288 shares issued and outstanding,
respectively |
|
82,243 |
|
|
|
81,485 |
|
Additional paid-in-capital |
|
9,184 |
|
|
|
9,184 |
|
Accumulated deficit |
|
(48,098 |
) |
|
|
(48,904 |
) |
Accumulated other comprehensive loss |
|
(21,035 |
) |
|
|
(21,698 |
) |
Total stockholders' equity |
|
22,294 |
|
|
|
20,067 |
|
TOTAL
LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
37,237 |
|
|
$ |
38,470 |
|
|
|
|
|
Contact:Wade K. Kodamawkodama@kapalua.com
Maui Land and Pineapple (NYSE:MLP)
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