Maui Land & Pineapple Company, Inc. (NYSE: MLP) today announced
financial results for the year ended December 31, 2022.
Results for Year Ended December 31, 2022
The Company’s net income was $1.8M or $0.09 per share, compared
to a net loss of $(3.4) million, or $(0.18) per share, for the
years ended December 31, 2022 and 2021, respectively.
Operating revenues increased to $21.0 million, compared to $12.4
million for the years ended December 31, 2022 and 2021,
respectively.
Total comprehensive income increased to $9.2 million, or $0.47
per share, compared to comprehensive income of $2.6 million, or
$0.13 per share, for the years ended December 31, 2022 and
2021, respectively.
The Company recorded pension adjustments of $7.4 million, or
$0.38 per share, and $6.0 million, or $0.31 per share, for the
years ended December 31, 2022 and 2021, respectively. Pension
adjustments are reported below net income. These adjustments
account for the variance between net income/(loss) and
comprehensive income.
|
Year Ended December
31, 2022 |
|
Year Ended December
31, 2021 |
|
Net income/(loss) |
$ 1.8M |
$ 0.09 per share |
|
$ (3.4M) |
$ (0.18) per share |
|
Pension
gain, net of taxes |
$ 7.4M |
$
0.38 per share |
|
$ 6.0M |
$
0.31 per share |
|
Comprehensive income |
$ 9.2M |
$ 0.47 per share |
|
$ 2.6M |
$ 0.13 per share |
|
|
|
|
|
|
|
|
In the third quarter of 2022, the Company funded its defined
benefit pension plan in the amount of $5.7 million. In the fourth
quarter of 2022, the Company successfully completed a pension
lift-out of approximately 45% of its total pension plan
participants. The lift-out annuitized pension benefits utilizing a
third-party insurer at a cost of $14.5 million. The Company
recognized a non-cash settlement charge of $7.5 million as a result
of the lift-out. This was the second tranche of participants lifted
out from the Company’s defined benefit pension plan.
As a result of these 2022 pension-related initiatives, the
Company’s accrued retirement benefits decreased by $5.3 million to
$2.8 million from $8.1 million for the years ended December 31,
2022 and 2021, respectively.
In December 2021, the Company entered into a purchase and sale
agreement (“PSA”) in an amount of $40.0 million for a 46-acre
parcel located within Kapalua Central Resort. Subject to customary
diligence and closing conditions, the Company anticipates the PSA
to close in 2023.
In May 2022, the Company sold a 646-acre parcel located in Kula,
known as Omaopio, in the amount of $9.6 million. The parcel was
sold to Hoopono, LLC.
In June 2022, the Company completed a sale in the amount of $2.0
million for a 50-acre parcel located in the Pulelehua area of West
Maui. The parcel was sold to the County of Maui for use in the
development of a regional park. The sale of this parcel satisfied
the impact fee requirement for the future development of the
Company’s 800-acre parcel above Honoapiilani Highway, commonly
known as Kapalua Mauka.
Based on these collective 2022 results, total stockholders’
equity increased by $10.3 million to $33.8 million from $23.6
million for the years ended December 31, 2022 and 2021,
respectively. The Company retained its debt-free status for
2022.
Additional Information
Additional information with respect to Maui Land & Pineapple
Company, Inc. and our 2022 operating results will be available on
our Form 10-K filed with the Securities and Exchange Commission and
our website www.mauiland.com.
About MAUI LAND & PINEAPPLE COMPANY, INC. (NYSE:MLP)
Maui Land & Pineapple Company, Inc. is a landholding and
operating company. The Company’s segments include Real Estate,
which consists of land planning and entitlement, development and
sales activities of its landholdings on Maui; Leasing, which
includes residential, resort, agricultural, commercial, and
industrial land and property leases, licensing of its registered
trademarks and trade names, management of potable and non-potable
water systems, and stewardship and conservation efforts; and Resort
Amenities, which includes the operations of the Kapalua Club, a
private, non-equity club providing its members special programs,
access and other privileges at certain of the amenities at the
Kapalua Resort. The Company owns approximately 22,000 acres of land
on Maui.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, which statements are
subject to considerable risks and uncertainties. Forward-looking
statements include all statements other than statements of
historical fact contained in this press release, including
statements regarding the potential sale of our properties. We have
attempted to identify forward-looking statements by using words
such as "anticipate," “expect” and similar expressions or the
negative of these expressions.
Forward-looking statements represent our management's current
expectations and predictions about trends affecting our business
and industry and are based on information available as of the time
such statements are made. Although we do not make forward-looking
statements unless we believe we have a reasonable basis for doing
so, we cannot guarantee their accuracy or completeness.
Forward-looking statements involve numerous known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements predicted,
assumed or implied by the forward-looking statements. Some of the
risks and uncertainties that may cause our actual results to
materially differ from those expressed or implied by these
forward-looking statements are described in the section entitled
"Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2022, as well as in our Quarterly Reports on Form
10-Q and other filings with the Securities and Exchange
Commission.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. Except as required by
applicable law or the listing rules of the New York Stock Exchange,
we expressly disclaim any intent or obligation to update any
forward-looking statements, or to update the reasons actual results
could differ materially from those expressed or implied by these
forward-looking statements, whether to conform such statements to
actual results or changes in our expectations, or as a result of
the availability of new information.
MAUI LAND & PINEAPPLE
COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONSAND COMPREHENSIVE INCOME
(LOSS)
|
|
Years Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands except per |
|
|
|
share amounts) |
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
Real estate |
|
$ |
11,600 |
|
|
$ |
3,400 |
|
Leasing |
|
|
8,513 |
|
|
|
8,103 |
|
Resort amenities and
other |
|
|
847 |
|
|
|
940 |
|
Total Operating Revenues |
|
|
20,960 |
|
|
|
12,443 |
|
|
|
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
|
|
|
Real estate |
|
|
1,026 |
|
|
|
750 |
|
Leasing |
|
|
3,598 |
|
|
|
3,495 |
|
Resort amenities and
other |
|
|
1,547 |
|
|
|
1,355 |
|
General and
administrative |
|
|
2,795 |
|
|
|
2,569 |
|
Share-based compensation |
|
|
1,278 |
|
|
|
1,449 |
|
Depreciation |
|
|
1,109 |
|
|
|
1,188 |
|
Total Operating Costs and
Expenses |
|
|
11,353 |
|
|
|
10,806 |
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
9,607 |
|
|
|
1,637 |
|
Other income |
|
|
71 |
|
|
|
13 |
|
Pension and other
post-retirement expenses |
|
|
(7,885 |
) |
|
|
(4,732 |
) |
Interest expense |
|
|
(6 |
) |
|
|
(122 |
) |
INCOME (LOSS) FROM CONTINUING
OPERATIONS |
|
|
1,787 |
|
|
|
(3,204 |
) |
Loss from discontinued
operations, net of income taxes of $0 |
|
|
- |
|
|
|
(216 |
) |
NET INCOME (LOSS) |
|
|
1,787 |
|
|
|
(3,420 |
) |
Pension, net of income taxes
of $0 |
|
|
7,381 |
|
|
|
6,050 |
|
TOTAL COMPREHENSIVE
INCOME |
|
$ |
9,168 |
|
|
$ |
2,630 |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER COMMON
SHARE--BASIC AND DILUTED |
|
|
|
|
|
|
|
|
Continuing Operations |
|
$ |
0.09 |
|
|
$ |
(0.17 |
) |
Discontinued Operations |
|
$ |
- |
|
|
$ |
(0.01 |
) |
Net Income (Loss) |
|
$ |
0.09 |
|
|
$ |
(0.18 |
) |
MAUI LAND & PINEAPPLE
COMPANY, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands except share data) |
|
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
8,499 |
|
|
$ |
5,596 |
|
Cash, restricted |
|
|
10 |
|
|
|
- |
|
Accounts receivable, net |
|
|
892 |
|
|
|
1,103 |
|
Investments, current portion |
|
|
2,432 |
|
|
|
- |
|
Prepaid expenses and other assets |
|
|
368 |
|
|
|
333 |
|
Assets held for sale |
|
|
3,019 |
|
|
|
3,144 |
|
Total Current Assets |
|
|
15,220 |
|
|
|
10,176 |
|
PROPERTY & EQUIPMENT |
|
|
|
|
|
|
|
|
Land |
|
|
5,052 |
|
|
|
5,063 |
|
Land improvements |
|
|
12,943 |
|
|
|
12,943 |
|
Buildings |
|
|
22,869 |
|
|
|
22,869 |
|
Machinery and equipment |
|
|
10,360 |
|
|
|
10,360 |
|
Total Property & Equipment |
|
|
51,224 |
|
|
|
51,235 |
|
Less accumulated depreciation |
|
|
(35,346 |
) |
|
|
(34,237 |
) |
Property, net |
|
|
15,878 |
|
|
|
16,998 |
|
OTHER ASSETS |
|
|
|
|
|
|
|
|
Investments |
|
|
551 |
|
|
|
- |
|
Deferred development costs |
|
|
9,566 |
|
|
|
9,564 |
|
Other noncurrent assets |
|
|
1,191 |
|
|
|
1,181 |
|
Total Other Assets |
|
|
11,308 |
|
|
|
10,745 |
|
TOTAL ASSETS |
|
$ |
42,406 |
|
|
$ |
37,919 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
589 |
|
|
$ |
580 |
|
Payroll and employee benefits |
|
|
869 |
|
|
|
949 |
|
Accrued retirement benefits, current portion |
|
|
142 |
|
|
|
142 |
|
Deferred revenue, current portion |
|
|
227 |
|
|
|
217 |
|
Other current liabilities |
|
|
480 |
|
|
|
509 |
|
Total Current Liabilities |
|
|
2,307 |
|
|
|
2,397 |
|
LONG-TERM LIABILITIES |
|
|
|
|
|
|
|
|
Accrued retirement benefits |
|
|
2,612 |
|
|
|
7,937 |
|
Deferred revenue |
|
|
1,500 |
|
|
|
1,633 |
|
Deposits |
|
|
2,185 |
|
|
|
2,309 |
|
Other noncurrent liabilities |
|
|
30 |
|
|
|
53 |
|
Total Long-Term Liabilities |
|
|
6,327 |
|
|
|
11,932 |
|
TOTAL LIABILITIES |
|
|
8,634 |
|
|
|
14,329 |
|
|
|
|
|
|
|
|
|
|
COMMITMENTS &
CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Common stock--$.0001 par value and no par value at December 31,
2022 and 2021, respectively; 43,000,000 shares authorized;
19,476,671 and 19,383,288 shares issued and outstanding at December
31, 2022 and 2021, respectively |
|
|
83,392 |
|
|
|
82,378 |
|
Additional paid in capital |
|
|
9,184 |
|
|
|
9,184 |
|
Accumulated deficit |
|
|
(50,537 |
) |
|
|
(52,324 |
) |
Accumulated other comprehensive loss |
|
|
(8,267 |
) |
|
|
(15,648 |
) |
Total Stockholders’ Equity |
|
|
33,772 |
|
|
|
23,590 |
|
TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY |
|
$ |
42,406 |
|
|
$ |
37,919 |
|
Contact:Wade K.
Kodamawkodama@kapalua.com
Maui Land and Pineapple (NYSE:MLP)
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