Maui Land & Pineapple Reports 3rd Quarter 2020 Results

The Company reported total operating revenues of $1.7 million and $2.7 million during the three months ended September 30, 2020 and 2019, respectively.

For the nine months ended September 30, 2020, the Company reported a net loss of $1.9 million, or $(0.10) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the nine months ended September 30, 2019. The Company reported total operating revenues of $5.4 million and $7.5 million during the nine months ended September 30, 2020 and 2019, respectively.

The Company did not have any real estate asset sales during the first three quarters of 2020 or 2019.

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

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,				December 31,
	2020				2019
	(unaudited)				(audited)
	(in thousands except share data)
ASSETS
CURRENT ASSETS
Cash	$	324			$	683
Accounts receivable, less allowance for doubtful accounts of $223 and $35, respectively		1,680				1,173
Prepaid expenses and other assets		244				101
Assets held for sale		7,633				7,597
Total current assets		9,881				9,554
PROPERTY		52,267				52,164
Accumulated depreciation		(33,407	)			(32,445	)
Property, net		18,860				19,719
OTHER ASSETS
Deferred development costs		8,504				8,504
Other noncurrent assets		1,206				1,342
Total other assets		9,710				9,846
TOTAL ASSETS	$	38,451			$	39,119
LIABILITIES & STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	707			$	1,356
Payroll and employee benefits		783				928
Accrued retirement benefits		165				165
Deferred club membership revenue		131				35
Other current liabilities		615				468
Total current liabilities		2,401				2,952
LONG-TERM LIABILITIES
Long-term debt		–				1,035
Accrued retirement benefits, net of current portion		9,328				9,702
Deferred license fee revenue		1,800				–
Deposits		2,649				2,674
Other noncurrent liabilities		64				64
Total long-term liabilities		13,841				13,475
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock–no par value, 43,000,000 shares authorized,
19,301,288 and 19,238,081 shares issued and outstanding		81,369				80,606
Additional paid-in-capital		9,184				9,184
Accumulated deficit		(48,164	)			(46,300	)
Accumulated other comprehensive loss		(20,180	)			(20,798	)
Total stockholders’ equity		22,209				22,692
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	38,451			$	39,119

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months Ended September 30,
		2020				2019
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	15			$	305
Leasing		1,448				2,167
Resort amenities and other		234				242
Total operating revenues		1,697				2,714
OPERATING COSTS AND EXPENSES
Real estate		86				352
Leasing		671				793
Resort amenities and other		152				219
General and administrative		514				466
Share-based compensation		402				374
Depreciation		326				345
Total operating costs and expenses		2,151				2,549
OPERATING INCOME (LOSS)		(454	)			165
Pension and other post-retirement expenses		(125	)			(258	)
Interest expense		(29	)			(50	)
LOSS FROM CONTINUING OPERATIONS	$	(608	)		$	(143	)
Income (Loss) from discontinued operations, net		(25	)			134
NET LOSS	$	(633	)		$	(9	)
Other comprehensive income – pension, net		206				211
COMPREHENSIVE INCOME (LOSS)	$	(427	)		$	202
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED
Loss from Continuing Operations	$	(0.03	)		$	(0.01	)
Income (Loss) from Discontinued Operations	$	–			$	0.01
Net Loss	$	(0.03	)		$	–

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

	Nine Months Ended September 30,
		2020				2019
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	173			$	671
Leasing		4,620				6,121
Resort amenities and other		648				751
Total operating revenues		5,441				7,543
OPERATING COSTS AND EXPENSES
Real estate		457				873
Leasing		2,278				2,233
Resort amenities and other		893				751
General and administrative		1,823				1,816
Share-based compensation		1,229				1,346
Depreciation		971				1,067
Total operating costs and expenses		7,651				8,086
OPERATING LOSS		(2,210	)			(543	)
Other income		894				–
Pension and other post-retirement expenses		(359	)			(768	)
Interest expense		(105	)			(160	)
LOSS FROM CONTINUING OPERATIONS	$	(1,780	)		$	(1,471	)
Income (Loss) from discontinued operations, net		(84	)			187
NET LOSS	$	(1,864	)		$	(1,284	)
Other comprehensive income – pension, net		617				634
COMPREHENSIVE LOSS	$	(1,247	)		$	(650	)
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED
Loss from Continuing Operations	$	(0.09	)		$	(0.08	)
Income (Loss) from Discontinued Operations	$	(0.01	)		$	0.01
Net Loss	$	(0.10	)		$	(0.07	)

Contact:
Michael S. Hotta
mhotta@kapalua.com