Maui Land & Pineapple Company, Inc. Reports 3rd Quarter 2022 Results
KAPALUA RESORT, Hawaii, Nov. 02, 2022 (GLOBE NEWSWIRE) -- 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)
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| Three Months Ended | ||||||
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| 2022 |
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| 2021 |
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| (in thousands except | ||||||
| per share amounts) | ||||||
OPERATING REVENUES |
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Leasing | $ | 2,330 |
|
| $ | 2,184 |
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Resort amenities and other |
| 221 |
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| 253 |
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Total operating revenues |
| 2,551 |
|
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| 2,437 |
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OPERATING COSTS AND EXPENSES |
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Real estate |
| 117 |
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|
| 67 |
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Leasing |
| 869 |
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|
| 784 |
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Resort amenities and other |
| 330 |
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|
| 304 |
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General and administrative |
| 661 |
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|
| 612 |
|
Share-based compensation |
| 302 |
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|
| 365 |
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Depreciation |
| 280 |
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|
| 300 |
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Total operating costs and expenses |
| 2,559 |
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|
| 2,432 |
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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 |
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|
| 221 |
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TOTAL COMPREHENSIVE INCOME | $ | 32 |
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| $ | 82 |
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NET LOSS PER COMMON SHARE-BASIC AND DILUTED | $ | (0.01 | ) |
| $ | (0.01) |
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
| Nine Months Ended | ||||||
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| 2022 |
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| 2021 |
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| (in thousands except | ||||||
| per share amounts) | ||||||
OPERATING REVENUES |
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Real estate | $ | 11,600 |
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| $ | 2,700 |
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Leasing |
| 6,559 |
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|
| 5,947 |
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Resort amenities and other |
| 628 |
|
|
| 799 |
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Total operating revenues |
| 18,787 |
|
|
| 9,446 |
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OPERATING COSTS AND EXPENSES |
|
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Real estate |
| 913 |
|
|
| 618 |
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Leasing |
| 2,608 |
|
|
| 2,495 |
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Resort amenities and other |
| 1,170 |
|
|
| 994 |
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General and administrative |
| 2,177 |
|
|
| 1,904 |
|
Share-based compensation |
| 958 |
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|
| 1,084 |
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Depreciation |
| 830 |
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|
| 902 |
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Total operating costs and expenses |
| 8,656 |
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|
| 7,997 |
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OPERATING INCOME |
| 10,131 |
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| 1,449 |
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Other income |
| - |
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| 13 |
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Pension and other post-retirement expenses |
| (343 | ) |
|
| (348 | ) |
Interest expense |
| (5 | ) |
|
| (94 | ) |
INCOME FROM CONTINUING OPERATIONS |
| 9,783 |
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|
| 1,020 |
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Loss from discontinued operations, net |
| - |
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|
| (214 | ) |
NET INCOME | $ | 9,783 |
|
| $ | 806 |
|
Other comprehensive income - pension, net |
| 468 |
|
|
| 663 |
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TOTAL COMPREHENSIVE INCOME | $ | 10,251 |
|
| $ | 1,469 |
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EARNINGS PER COMMON SHARE-BASIC AND DILUTED |
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Income from Continuing Operations | $ | 0.50 |
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| $ | 0.05 |
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Loss from Discontinued Operations | $ | - |
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| $ | (0.01 | ) |
Net Income | $ | 0.50 |
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| $ | 0.04 |
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, |
| December 31, | ||||
|
| 2022 |
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| 2021 |
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| (unaudited) |
| (audited) | ||||
| (in thousands except share data) | ||||||
ASSETS |
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CURRENT ASSETS |
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Cash | $ | 11,074 |
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| $ | 5,596 |
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Restricted cash |
| 241 |
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| - |
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Accounts receivable, net |
| 1,127 |
|
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| 1,103 |
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Prepaid expenses and other assets |
| 657 |
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| 333 |
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Assets held for sale |
| 3,019 |
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| 3,144 |
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Total current assets |
| 16,118 |
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| 10,176 |
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PROPERTY & EQUIPMENT, NET |
| 16,157 |
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| 16,998 |
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OTHER ASSETS |
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Deferred development costs |
| 9,566 |
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| 9,564 |
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Other noncurrent assets |
| 1,189 |
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|
| 1,181 |
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Total other assets |
| 10,755 |
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| 10,745 |
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TOTAL ASSETS | $ | 43,030 |
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| $ | 37,919 |
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LIABILITIES & STOCKHOLDERS' EQUITY |
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LIABILITIES |
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CURRENT LIABILITIES |
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Accounts payable | $ | 629 |
|
| $ | 580 |
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Payroll and employee benefits |
| 813 |
|
|
| 949 |
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Accrued retirement benefits, current portion |
| 142 |
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|
| 142 |
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Deferred revenue, current portion |
| 518 |
|
|
| 217 |
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Other current liabilities |
| 476 |
|
|
| 509 |
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Total current liabilities |
| 2,578 |
|
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| 2,397 |
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LONG-TERM LIABILITIES |
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Accrued retirement benefits, net of current portion |
| 2,015 |
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| 7,937 |
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Deferred revenue, net of current portion |
| 1,533 |
|
|
| 1,633 |
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Deposits |
| 2,185 |
|
|
| 2,309 |
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Other noncurrent liabilities |
| 53 |
|
|
| 53 |
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Total long-term liabilities |
| 5,786 |
|
|
| 11,932 |
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TOTAL LIABILITIES |
| 8,364 |
|
|
| 14,329 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS' EQUITY |
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Preferred stock--$.0001 par value; 5,000,000 shares authorized; no shares |
|
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issued and outstanding |
| - |
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| - |
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Common stock--$.0001 par value and no par value at September 30, 2022 |
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and December 31, 2021, respectively; 43,000,000 shares authorized; |
|
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19,459,558 and 19,383,288 shares issued and outstanding |
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at September 30, 2022 and December 31, 2021, respectively |
| 83,203 |
|
|
| 82,378 |
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Additional paid-in-capital |
| 9,184 |
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|
| 9,184 |
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Accumulated deficit |
| (42,541 | ) |
|
| (52,324 | ) |
Accumulated other comprehensive loss |
| (15,180 | ) |
|
| (15,648 | ) |
Total stockholders' equity |
| 34,666 |
|
|
| 23,590 |
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 43,030 |
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| $ | 37,919 |
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Contact:
Wade K. Kodama
wkodama@kapalua.com