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Maui Land & Pineapple Company, Inc. Reports 2nd Quarter 2022 Results

·4-min read

KAPALUA RESORT, Hawaii, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $10.5 million, or $0.54 per share, for the second quarter of 2022, compared to net income of $1.9 million, or $0.10 per share, for the second quarter of 2021. Total operating revenues of approximately $14.0 million and $5.0 million were recognized during the three months ended June 30, 2022 and 2021, respectively.

For the six months ended June 30, 2022, the Company reported net income of $9.9 million, or $0.51 per share, compared to net income of $0.9 million, or $0.05 per share, for the six months ended June 30, 2021. Total operating revenues of approximately $16.2 million and $7.0 million were recognized during the six months ended June 30, 2022 and 2021, respectively.

On May 20, 2022, the Company finalized the sale of 646 acres in Upcountry Maui for $9.6 million. The Company also completed a $2.0 million sale of a 50-acre parcel located in Upper Kahana, Lahaina, Hawaii on June 30, 2022.

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 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 INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)

 

 

 

 

 

 

Three Months Ended
June 30,

 

 

2022

 

2021

 

 

(in thousands except

 

 

per share amounts)

 

OPERATING REVENUES

 

 

 

 

Real estate

$

11,600

 

$

2,700

 

Leasing

2,198

 

1,962

 

Resort amenities and other

189

 

288

 

Total operating revenues

13,987

 

4,950

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

Real estate

707

 

454

 

Leasing

997

 

876

 

Resort amenities and other

330

 

278

 

General and administrative

759

 

574

 

Share-based compensation

276

 

370

 

Depreciation

277

 

302

 

Total operating costs and expenses

3,346

 

2,854

 

 

 

 

 

 

OPERATING INCOME

10,641

 

2,096

 

 

 

 

 

 

Pension and other post-retirement expenses

(114)

 

(116)

 

Interest expense

(2)

 

(32)

 

INCOME FROM CONTINUING OPERATIONS

10,525

 

1,948

 

Loss from discontinued operations, net

-

 

(69)

 

NET INCOME

$

10,525

 

$

1,879

 

Other comprehensive income - pension, net

156

 

221

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME

$

10,681

 

$

2,100

 

 

 

 

 

 

EARNINGS PER COMMON SHARE-BASIC AND DILUTED

 

 

 

 

Income from Continuing Operations

$

0.54

 

$

0.10

 

Loss from Discontinued Operations

$

-

 

$

-

 

Net Income

$

0.54

 

$

0.10

 

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)

 

Six Months Ended
June 30,

 

 

2022

 

2021

 

 

(in thousands except

 

 

per share amounts)

 

OPERATING REVENUES

 

 

 

 

Real estate

$

11,600

 

$

2,700

 

Leasing

4,228

 

3,763

 

Resort amenities and other

406

 

546

 

Total operating revenues

16,234

 

7,009

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

Real estate

796

 

552

 

Leasing

1,739

 

1,716

 

Resort amenities and other

840

 

691

 

General and administrative

1,516

 

1,291

 

Share-based compensation

654

 

719

 

Depreciation

550

 

602

 

Total operating costs and expenses

6,095

 

5,571

 

 

 

 

 

 

OPERATING INCOME

10,139

 

1,438

 

 

 

 

 

 

Other income

-

 

13

 

Pension and other post-retirement expenses

(229)

 

(232)

 

Interest expense

(3)

 

(65)

 

INCOME FROM CONTINUING OPERATIONS

9,907

 

1,154

 

Loss from discontinued operations, net

-

 

(209)

 

NET INCOME

$

9,907

 

$

945

 

Other comprehensive income - pension, net

312

 

442

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME

$

10,219

 

$

1,387

 

 

 

 

 

 

EARNINGS PER COMMON SHARE-BASIC AND DILUTED

 

 

 

 

Income from Continuing Operations

$

0.51

 

$

0.06

 

Loss from Discontinued Operations

$

-

 

$

(0.01)

 

Net Income

$

0.51

 

$

0.05

 

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

June 30,

 

December 31,

 

 

2022

 

 

2021

 

 

(unaudited)

 

(audited)

 

(in thousands except share data)

ASSETS

 

 

 

CURRENT ASSETS

 

 

 

Cash

$

16,949

 

$

5,596

 

Restricted cash

 

273

 

 

-

 

Accounts receivable, net

 

1,093

 

 

1,103

 

Prepaid expenses and other assets

 

394

 

 

333

 

Assets held for sale

 

3,017

 

 

3,144

 

Total current assets

 

21,726

 

 

10,176

 

 

 

 

 

PROPERTY & EQUIPMENT, NET

 

16,437

 

 

16,998

 

 

 

 

 

OTHER ASSETS

 

 

 

Deferred development costs

 

9,566

 

 

9,564

 

Other noncurrent assets

 

1,184

 

 

1,181

 

Total other assets

 

10,750

 

 

10,745

 

TOTAL ASSETS

$

48,913

 

$

37,919

 

 

 

 

 

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

LIABILITIES

 

 

 

CURRENT LIABILITIES

 

 

 

Accounts payable

$

845

 

$

580

 

Payroll and employee benefits

 

671

 

 

949

 

Accrued retirement benefits, current portion

 

142

 

 

142

 

Deferred revenue, current portion

 

704

 

 

217

 

Other current liabilities

 

493

 

 

509

 

Total current liabilities

 

2,855

 

 

2,397

 

 

 

 

 

LONG-TERM LIABILITIES

 

 

 

Accrued retirement benefits, net of current portion

 

7,789

 

 

7,937

 

Deferred revenue, net of current portion

 

1,567

 

 

1,633

 

Deposits

 

2,193

 

 

2,309

 

Other noncurrent liabilities

 

53

 

 

53

 

Total long-term liabilities

 

11,602

 

 

11,932

 

TOTAL LIABILITIES

 

14,457

 

 

14,329

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

Common stock--no par value, 43,000,000 shares authorized,

 

 

 

19,443,623 and 19,383,288 shares issued and outstanding

 

83,025

 

 

82,378

 

at June 30, 2022 and December 31, 2021, respectively

 

 

 

Additional paid-in-capital

 

9,184

 

 

9,184

 

Accumulated deficit

 

(42,417)

 

 

(52,324)

 

Accumulated other comprehensive loss

 

(15,336)

 

 

(15,648)

 

Total stockholders' equity

 

34,456

 

 

23,590

 

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

48,913

 

$

37,919

 

 

 

 

 

 

 

 

Contact:
Wade K. Kodama
wkodama@kapalua.com