Maui Land & Pineapple Company, Inc. Reports 1st Quarter 2022 Results

The Company reported total operating revenues of $2.25 million and $2.06 million during the three months ended March 31, 2022 and 2021, respectively.

The Company did not have any real estate asset sales during the first quarters of 2022 or 2021.

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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

	Three Months Ended March 31,
		2022				2021
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	–			$	–
Leasing		2,031				1,801
Resort amenities and other		217				258
Total operating revenues		2,248				2,059
OPERATING COSTS AND EXPENSES
Real estate		90				97
Leasing		741				840
Resort amenities and other		510				412
General and administrative		756				719
Share-based compensation		379				349
Depreciation		274				300
Total operating costs and expenses		2,750				2,717
OPERATING LOSS		(502	)			(658	)
Other income		–				13
Pension and other post-retirement expenses		(114	)			(116	)
Interest expense		(2	)			(33	)
LOSS FROM CONTINUING OPERATIONS	$	(618	)		$	(794	)
Loss from discontinued operations, net		–				(140	)
NET LOSS	$	(618	)		$	(934	)
Pension, net		156				221
TOTAL COMPREHENSIVE LOSS	$	(462	)		$	(713	)
LOSS PER COMMON SHARE-BASIC AND DILUTED
Loss from Continuing Operations	$	(0.03	)		$	(0.04	)
Loss from Discontinued Operations	$	–			$	(0.01	)
Net Loss	$	(0.03	)		$	(0.05	)

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

		March 31,				December 31,
		2022				2021
		(unaudited)				(audited)
	(in thousands except share data)
ASSETS
CURRENT ASSETS
Cash	$	5,831			$	5,596
Restricted cash		2,300				–
Accounts receivable, net		1,187				1,103
Prepaid expenses and other assets		278				333
Assets held for sale		3,157				3,144
Total current assets		12,753				10,176
PROPERTY & EQUIPMENT		51,235				51,235
Accumulated depreciation		(34,510)				(34,237)
Property & equipment, net		16,725				16,998
OTHER ASSETS
Deferred development costs		9,566				9,564
Other noncurrent assets		1,181				1,181
Total other assets		10,747				10,745
TOTAL ASSETS	$	40,225			$	37,919
LIABILITIES & STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	774			$	580
Payroll and employee benefits		591				949
Accrued retirement benefits, current portion		142				142
Deferred revenue, current portion		2,796				217
Other current liabilities		503				509
Total current liabilities		4,806				2,397
LONG-TERM LIABILITIES
Accrued retirement benefits, net of current portion		7,862				7,937
Deferred revenue, net of current portion		1,600				1,633
Deposits		2,278				2,309
Other noncurrent liabilities		53				53
Total long-term liabilities		11,793				11,932
TOTAL LIABILITIES		16,599				14,329
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Common stock–no par value, 43,000,000 shares authorized,
19,430,409 and 19,383,288 shares issued and outstanding		82,876				82,378
at March 31, 2022 and December 31, 2021, respectively
Additional paid-in-capital		9,184				9,184
Accumulated deficit		(52,942)				(52,324)
Accumulated other comprehensive loss		(15,492)				(15,648)
Total stockholders’ equity		23,626				23,590
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	40,225			$	37,919

Contact:
Wade K. Kodama
wkodama@kapalua.com