{"id":1010,"date":"2020-12-08T19:18:47","date_gmt":"2020-12-09T01:18:47","guid":{"rendered":"https:\/\/1reason.com\/re\/maui-land-pineapple-reports-3rd-quarter-2020-results\/1010\/"},"modified":"2020-12-09T13:18:47","modified_gmt":"2020-12-09T19:18:47","slug":"maui-land-pineapple-reports-3rd-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/maui-land-pineapple-reports-3rd-quarter-2020-results\/1010\/","title":{"rendered":"Maui Land & Pineapple Reports 3rd Quarter 2020 Results"},"content":{"rendered":"
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. <\/p>\n

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.<\/p>\n

The Company did not have any real estate asset sales during the first three quarters of 2020 or 2019.<\/p>\n

Additional Information<\/em><\/p>\n

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<\/a>.<\/p>\n

About Maui<\/em> Land & Pineapple Company, Inc.<\/em><\/p>\n

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.<\/p>\n

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES<\/strong><\/p>\n

CONDENSED CONSOLIDATED BALANCE SHEETS<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nSeptember 30,<\/strong><\/td>\n\nDecember 31,<\/strong><\/td>\n<\/tr>\n
\n2020<\/strong><\/td>\n\n2019<\/strong><\/td>\n<\/tr>\n
\n(unaudited)<\/strong><\/td>\n\n(audited)<\/strong><\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
\n(in thousands except share data)<\/strong><\/td>\n<\/tr>\n
ASSETS<\/td>\n\n\n<\/tr>\n
\n\n\n<\/tr>\n
CURRENT ASSETS<\/td>\n\n\n<\/tr>\n
Cash<\/td>\n$<\/td>\n324<\/td>\n\n\n$<\/td>\n683<\/td>\n<\/tr>\n
Accounts receivable, less allowance for doubtful accounts of $223 and $35, respectively<\/td>\n\n1,680<\/td>\n\n\n\n1,173<\/td>\n<\/tr>\n
Prepaid expenses and other assets<\/td>\n\n244<\/td>\n\n\n\n101<\/td>\n<\/tr>\n
Assets held for sale<\/td>\n\n7,633<\/td>\n\n\n\n7,597<\/td>\n<\/tr>\n
Total current assets<\/td>\n\n9,881<\/td>\n\n\n\n9,554<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
PROPERTY<\/td>\n\n52,267<\/td>\n\n\n\n52,164<\/td>\n<\/tr>\n
Accumulated depreciation<\/td>\n\n(33,407<\/td>\n)<\/td>\n\n\n(32,445<\/td>\n)<\/td>\n<\/tr>\n
Property, net<\/td>\n\n18,860<\/td>\n\n\n\n19,719<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OTHER ASSETS<\/td>\n\n\n<\/tr>\n
Deferred development costs<\/td>\n\n8,504<\/td>\n\n\n\n8,504<\/td>\n<\/tr>\n
Other noncurrent assets<\/td>\n\n1,206<\/td>\n\n\n\n1,342<\/td>\n<\/tr>\n
Total other assets<\/td>\n\n9,710<\/td>\n\n\n\n9,846<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n38,451<\/td>\n\n\n$<\/td>\n39,119<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n\n\n<\/tr>\n
\n\n\n<\/tr>\n
CURRENT LIABILITIES<\/td>\n\n\n<\/tr>\n
Accounts payable<\/td>\n$<\/td>\n707<\/td>\n\n\n$<\/td>\n1,356<\/td>\n<\/tr>\n
Payroll and employee benefits<\/td>\n\n783<\/td>\n\n\n\n928<\/td>\n<\/tr>\n
Accrued retirement benefits<\/td>\n\n165<\/td>\n\n\n\n165<\/td>\n<\/tr>\n
Deferred club membership revenue<\/td>\n\n131<\/td>\n\n\n\n35<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\n615<\/td>\n\n\n\n468<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\n2,401<\/td>\n\n\n\n2,952<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
LONG-TERM LIABILITIES<\/td>\n\n\n<\/tr>\n
Long-term debt<\/td>\n\n–<\/td>\n\n\n\n1,035<\/td>\n<\/tr>\n
Accrued retirement benefits, net of current portion<\/td>\n\n9,328<\/td>\n\n\n\n9,702<\/td>\n<\/tr>\n
Deferred license fee revenue<\/td>\n\n1,800<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Deposits<\/td>\n\n2,649<\/td>\n\n\n\n2,674<\/td>\n<\/tr>\n
Other noncurrent liabilities<\/td>\n\n64<\/td>\n\n\n\n64<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n\n13,841<\/td>\n\n\n\n13,475<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
COMMITMENTS AND CONTINGENCIES<\/td>\n\n\n<\/tr>\n
\n\n\n<\/tr>\n
STOCKHOLDERS’ EQUITY<\/td>\n\n\n<\/tr>\n
Common stock–no par value, 43,000,000 shares authorized,<\/td>\n\n\n<\/tr>\n
19,301,288 and 19,238,081 shares issued and outstanding<\/td>\n\n81,369<\/td>\n\n\n\n80,606<\/td>\n<\/tr>\n
Additional paid-in-capital<\/td>\n\n9,184<\/td>\n\n\n\n9,184<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\n(48,164<\/td>\n)<\/td>\n\n\n(46,300<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\n(20,180<\/td>\n)<\/td>\n\n\n(20,798<\/td>\n)<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\n22,209<\/td>\n\n\n\n22,692<\/td>\n<\/tr>\n
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n$<\/td>\n38,451<\/td>\n\n\n$<\/td>\n39,119<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n<\/table>\n

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES<\/strong><\/p>\n

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE <\/strong>INCOME<\/strong> (LOSS)<\/strong><\/p>\n

(UNAUDITED)<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n<\/tr>\n
\nThree Months Ended September 30,<\/strong><\/td>\n<\/tr>\n
\n\n2020<\/strong><\/td>\n\n\n\n2019<\/strong><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n(in thousands except<\/strong><\/td>\n<\/tr>\n
\nper share amounts)<\/strong><\/td>\n<\/tr>\n
OPERATING REVENUES<\/td>\n\n\n<\/tr>\n
Real estate<\/td>\n$<\/td>\n15<\/td>\n\n\n$<\/td>\n305<\/td>\n<\/tr>\n
Leasing<\/td>\n\n1,448<\/td>\n\n\n\n2,167<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n234<\/td>\n\n\n\n242<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n\n1,697<\/td>\n\n\n\n2,714<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n<\/tr>\n
Real estate<\/td>\n\n86<\/td>\n\n\n\n352<\/td>\n<\/tr>\n
Leasing<\/td>\n\n671<\/td>\n\n\n\n793<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n152<\/td>\n\n\n\n219<\/td>\n<\/tr>\n
General and administrative<\/td>\n\n514<\/td>\n\n\n\n466<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n\n402<\/td>\n\n\n\n374<\/td>\n<\/tr>\n
Depreciation<\/td>\n\n326<\/td>\n\n\n\n345<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n2,151<\/td>\n\n\n\n2,549<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING INCOME (LOSS)<\/td>\n\n(454<\/td>\n)<\/td>\n\n\n165<\/td>\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n\n(125<\/td>\n)<\/td>\n\n\n(258<\/td>\n)<\/td>\n<\/tr>\n
Interest expense<\/td>\n\n(29<\/td>\n)<\/td>\n\n\n(50<\/td>\n)<\/td>\n<\/tr>\n
LOSS FROM CONTINUING OPERATIONS<\/td>\n$<\/td>\n(608<\/td>\n)<\/td>\n\n$<\/td>\n(143<\/td>\n)<\/td>\n<\/tr>\n
Income (Loss) from discontinued operations, net<\/td>\n\n(25<\/td>\n)<\/td>\n\n\n134<\/td>\n<\/tr>\n
NET LOSS<\/td>\n$<\/td>\n(633<\/td>\n)<\/td>\n\n$<\/td>\n(9<\/td>\n)<\/td>\n<\/tr>\n
Other comprehensive income – pension, net<\/td>\n\n206<\/td>\n\n\n\n211<\/td>\n<\/tr>\n
COMPREHENSIVE INCOME (LOSS)<\/td>\n$<\/td>\n(427<\/td>\n)<\/td>\n\n$<\/td>\n202<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n<\/tr>\n
Loss from Continuing Operations<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\n$<\/td>\n(0.01<\/td>\n)<\/td>\n<\/tr>\n
Income (Loss) from Discontinued Operations<\/td>\n$<\/td>\n–<\/td>\n\n\n$<\/td>\n0.01<\/td>\n<\/tr>\n
Net Loss<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\n$<\/td>\n–<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n<\/table>\n

<\/p>\n

<\/p>\n

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES<\/strong><\/p>\n

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS<\/strong><\/p>\n

(UNAUDITED)<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n<\/tr>\n
\nNine Months Ended September 30,<\/strong><\/td>\n<\/tr>\n
\n\n2020<\/strong><\/td>\n\n\n\n2019<\/strong><\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
\n(in thousands except<\/strong><\/td>\n<\/tr>\n
\nper share amounts)<\/strong><\/td>\n<\/tr>\n
OPERATING REVENUES<\/td>\n\n\n<\/tr>\n
Real estate<\/td>\n$<\/td>\n173<\/td>\n\n\n$<\/td>\n671<\/td>\n<\/tr>\n
Leasing<\/td>\n\n4,620<\/td>\n\n\n\n6,121<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n648<\/td>\n\n\n\n751<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n\n5,441<\/td>\n\n\n\n7,543<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n<\/tr>\n
Real estate<\/td>\n\n457<\/td>\n\n\n\n873<\/td>\n<\/tr>\n
Leasing<\/td>\n\n2,278<\/td>\n\n\n\n2,233<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n893<\/td>\n\n\n\n751<\/td>\n<\/tr>\n
General and administrative<\/td>\n\n1,823<\/td>\n\n\n\n1,816<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n\n1,229<\/td>\n\n\n\n1,346<\/td>\n<\/tr>\n
Depreciation<\/td>\n\n971<\/td>\n\n\n\n1,067<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n7,651<\/td>\n\n\n\n8,086<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING LOSS<\/td>\n\n(2,210<\/td>\n)<\/td>\n\n\n(543<\/td>\n)<\/td>\n<\/tr>\n
Other income<\/td>\n\n894<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n\n(359<\/td>\n)<\/td>\n\n\n(768<\/td>\n)<\/td>\n<\/tr>\n
Interest expense<\/td>\n\n(105<\/td>\n)<\/td>\n\n\n(160<\/td>\n)<\/td>\n<\/tr>\n
LOSS FROM CONTINUING OPERATIONS<\/td>\n$<\/td>\n(1,780<\/td>\n)<\/td>\n\n$<\/td>\n(1,471<\/td>\n)<\/td>\n<\/tr>\n
Income (Loss) from discontinued operations, net<\/td>\n\n(84<\/td>\n)<\/td>\n\n\n187<\/td>\n<\/tr>\n
NET LOSS<\/td>\n$<\/td>\n(1,864<\/td>\n)<\/td>\n\n$<\/td>\n(1,284<\/td>\n)<\/td>\n<\/tr>\n
Other comprehensive income – pension, net<\/td>\n\n617<\/td>\n\n\n\n634<\/td>\n<\/tr>\n
COMPREHENSIVE LOSS<\/td>\n$<\/td>\n(1,247<\/td>\n)<\/td>\n\n$<\/td>\n(650<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n<\/tr>\n
Loss from Continuing Operations<\/td>\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\n$<\/td>\n(0.08<\/td>\n)<\/td>\n<\/tr>\n
Income (Loss) from Discontinued Operations<\/td>\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\n$<\/td>\n0.01<\/td>\n<\/tr>\n
Net Loss<\/td>\n$<\/td>\n(0.10<\/td>\n)<\/td>\n\n$<\/td>\n(0.07<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n<\/table>\n


Contact:
<\/strong>Michael S. Hotta
mhotta@kapalua.com<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

KAPALUA RESORT, Hawaii, Nov. 04, 2020 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $633,000, or $(0.03) per share, for the third quarter of 2020, compared to a net loss of $9,000, or $(0.00) per share, for the third quarter of 2019.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/1010"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=1010"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/1010\/revisions"}],"predecessor-version":[{"id":1389,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/1010\/revisions\/1389"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=1010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=1010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=1010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}