{"id":3866,"date":"2021-09-11T08:36:09","date_gmt":"2021-09-11T13:36:09","guid":{"rendered":"https:\/\/1reason.com\/re\/maui-land-pineapple-reports-2nd-quarter-2021-results\/3866\/"},"modified":"2021-09-12T03:36:09","modified_gmt":"2021-09-12T08:36:09","slug":"maui-land-pineapple-reports-2nd-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/maui-land-pineapple-reports-2nd-quarter-2021-results\/3866\/","title":{"rendered":"Maui Land & Pineapple Reports 2nd Quarter 2021 Results"},"content":{"rendered":"
Total operating revenues of $5.0 million and $1.7 million were recognized during the three months ended June 30, 2021 and 2020, respectively. <\/p>\n

For the six months ended June 30, 2021, the Company reported net income of $0.9 million, or $0.05 per share, compared to a net loss of $1.2 million, or $(0.06) per share, for the six months ended June 30, 2020. Total operating revenues of $7.0 million and $3.7 million were recognized during the six months ended June 30, 2021 and 2020, respectively.<\/p>\n

During the quarter ended June 30, 2021, MLP completed real estate sales of the Steeple House in the Kapalua Resort and a conservation easement in Honolua Valley for $1.7 million and $0.9 million, respectively. There were no real estate asset sales in 2020.<\/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<\/u><\/a>.<\/p>\n

About Maui 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

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

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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<\/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
<\/td>\nThree Months Ended<\/strong>
June 30,<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n2021<\/strong><\/td>\n\n<\/td>\n\n2020<\/strong><\/td>\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$<\/td>\n2,700<\/td>\n\n\n$<\/td>\n90<\/td>\n<\/tr>\n
Leasing<\/td>\n\n1,962<\/td>\n\n\n\n1,436<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n288<\/td>\n\n\n\n184<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n\n4,950<\/td>\n\n\n\n1,710<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n<\/tr>\n
Real estate<\/td>\n\n454<\/td>\n\n\n\n192<\/td>\n<\/tr>\n
Leasing<\/td>\n\n876<\/td>\n\n\n\n827<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n278<\/td>\n\n\n\n169<\/td>\n<\/tr>\n
General and administrative<\/td>\n\n574<\/td>\n\n\n\n559<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n\n370<\/td>\n\n\n\n402<\/td>\n<\/tr>\n
Depreciation<\/td>\n\n302<\/td>\n\n\n\n323<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n2,854<\/td>\n\n\n\n2,472<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING INCOME (LOSS)<\/td>\n\n2,096<\/td>\n\n\n\n(762<\/td>\n)<\/td>\n<\/tr>\n
Other income<\/td>\n\n–<\/td>\n\n\n\n894<\/td>\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n\n(116<\/td>\n)<\/td>\n\n\n(117<\/td>\n)<\/td>\n<\/tr>\n
Interest expense<\/td>\n\n(32<\/td>\n)<\/td>\n\n\n(30<\/td>\n)<\/td>\n<\/tr>\n
INCOME (LOSS) FROM CONTINUING OPERATIONS<\/td>\n\n1,948<\/td>\n\n\n\n(15<\/td>\n)<\/td>\n<\/tr>\n
Loss from discontinued operations, net<\/td>\n\n(69<\/td>\n)<\/td>\n\n\n(142<\/td>\n)<\/td>\n<\/tr>\n
NET INCOME (LOSS)<\/td>\n$<\/td>\n1,879<\/td>\n\n\n$<\/td>\n(157<\/td>\n)<\/td>\n<\/tr>\n
Other comprehensive income – pension, net<\/td>\n\n221<\/td>\n\n\n\n206<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
TOTAL COMPREHENSIVE INCOME<\/td>\n$<\/td>\n2,100<\/td>\n\n\n$<\/td>\n49<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n\n<\/tr>\n
Income (Loss) from Continuing Operations<\/td>\n$<\/td>\n0.10<\/td>\n\n\n$<\/td>\n–<\/td>\n<\/tr>\n
Loss from Discontinued Operations<\/td>\n$<\/td>\n–<\/td>\n\n\n$<\/td>\n(0.01<\/td>\n)<\/td>\n<\/tr>\n
Net Income (Loss)<\/td>\n$<\/td>\n0.10<\/td>\n\n\n$<\/td>\n(0.01<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (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
<\/td>\nSix Months Ended<\/strong>
June 30,<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n2021<\/strong><\/td>\n\n<\/td>\n\n2020<\/strong><\/td>\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$<\/td>\n2,700<\/td>\n\n\n$<\/td>\n158<\/td>\n<\/tr>\n
Leasing<\/td>\n\n3,763<\/td>\n\n\n\n3,172<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n546<\/td>\n\n\n\n414<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n\n7,009<\/td>\n\n\n\n3,744<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n<\/tr>\n
Real estate<\/td>\n\n552<\/td>\n\n\n\n367<\/td>\n<\/tr>\n
Leasing<\/td>\n\n1,716<\/td>\n\n\n\n1,603<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n691<\/td>\n\n\n\n740<\/td>\n<\/tr>\n
General and administrative<\/td>\n\n1,291<\/td>\n\n\n\n1,318<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n\n719<\/td>\n\n\n\n827<\/td>\n<\/tr>\n
Depreciation<\/td>\n\n602<\/td>\n\n\n\n645<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n5,571<\/td>\n\n\n\n5,500<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING INCOME (LOSS)<\/td>\n\n1,438<\/td>\n\n\n\n(1,756<\/td>\n)<\/td>\n<\/tr>\n
Other income<\/td>\n\n13<\/td>\n\n\n\n894<\/td>\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n\n(232<\/td>\n)<\/td>\n\n\n(234<\/td>\n)<\/td>\n<\/tr>\n
Interest expense<\/td>\n\n(65<\/td>\n)<\/td>\n\n\n(76<\/td>\n)<\/td>\n<\/tr>\n
INCOME (LOSS) FROM CONTINUING OPERATIONS<\/td>\n\n1,154<\/td>\n\n\n\n(1,172<\/td>\n)<\/td>\n<\/tr>\n
Loss from discontinued operations, net<\/td>\n\n(209<\/td>\n)<\/td>\n\n\n(59<\/td>\n)<\/td>\n<\/tr>\n
NET INCOME (LOSS)<\/td>\n$<\/td>\n945<\/td>\n\n\n$<\/td>\n(1,231<\/td>\n)<\/td>\n<\/tr>\n
Other compreshensive income – pension, net<\/td>\n\n442<\/td>\n\n\n\n412<\/td>\n<\/tr>\n
TOTAL COMPREHENSIVE INCOME (LOSS)<\/td>\n$<\/td>\n1,387<\/td>\n\n\n$<\/td>\n(819<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n\n<\/tr>\n
Income (Loss) from Continuing Operations<\/td>\n$<\/td>\n0.06<\/td>\n\n\n$<\/td>\n(0.06<\/td>\n)<\/td>\n<\/tr>\n
Loss from Discontinued Operations<\/td>\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\n$<\/td>\n–<\/td>\n<\/tr>\n
Net Income (Loss)<\/td>\n$<\/td>\n0.05<\/td>\n\n\n$<\/td>\n(0.06<\/td>\n)<\/td>\n<\/tr>\n<\/table>\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
<\/td>\nJune 30,<\/strong><\/td>\n<\/td>\nDecember 31,<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n2021<\/strong><\/td>\n\n<\/td>\n\n2020<\/strong><\/td>\n<\/tr>\n
<\/td>\n(unaudited)<\/strong><\/td>\n<\/td>\n(audited)<\/strong><\/td>\n<\/tr>\n
\n(in thousands except share data)<\/strong><\/td>\n<\/tr>\n
CURRENT ASSETS<\/td>\n\n\n<\/tr>\n
Cash<\/td>\n$<\/td>\n6,005<\/td>\n\n\n$<\/td>\n869<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\n1,336<\/td>\n\n\n\n1,362<\/td>\n<\/tr>\n
Prepaid expenses and other assets<\/td>\n\n167<\/td>\n\n\n\n80<\/td>\n<\/tr>\n
Assets held for sale<\/td>\n\n3,134<\/td>\n\n\n\n7,440<\/td>\n<\/tr>\n
Total current assets<\/td>\n\n10,642<\/td>\n\n\n\n9,751<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
PROPERTY<\/td>\n\n51,414<\/td>\n\n\n\n51,956<\/td>\n<\/tr>\n
Accumulated depreciation<\/td>\n\n(33,789<\/td>\n)<\/td>\n\n\n(33,445<\/td>\n)<\/td>\n<\/tr>\n
Property, net<\/td>\n\n17,625<\/td>\n\n\n\n18,511<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OTHER ASSETS<\/td>\n\n\n<\/tr>\n
Deferred development costs<\/td>\n\n8,964<\/td>\n\n\n\n8,901<\/td>\n<\/tr>\n
Other noncurrent assets<\/td>\n\n1,222<\/td>\n\n\n\n1,307<\/td>\n<\/tr>\n
Total other assets<\/td>\n\n10,186<\/td>\n\n\n\n10,208<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n38,453<\/td>\n\n\n$<\/td>\n38,470<\/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$<\/td>\n441<\/td>\n\n\n$<\/td>\n899<\/td>\n<\/tr>\n
Payroll and employee benefits<\/td>\n\n699<\/td>\n\n\n\n970<\/td>\n<\/tr>\n
Long-term debt, current portion<\/td>\n\n–<\/td>\n\n\n\n200<\/td>\n<\/tr>\n
Accrued retirement benefits, currernt portion<\/td>\n\n165<\/td>\n\n\n\n165<\/td>\n<\/tr>\n
Deferred revenue, current portion<\/td>\n\n447<\/td>\n\n\n\n260<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\n407<\/td>\n\n\n\n453<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\n2,159<\/td>\n\n\n\n2,947<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
LONG-TERM LIABILITIES<\/td>\n\n\n<\/tr>\n
Accrued retirement benefits<\/td>\n\n10,091<\/td>\n\n\n\n10,926<\/td>\n<\/tr>\n
Deferred revenue<\/td>\n\n1,700<\/td>\n\n\n\n1,767<\/td>\n<\/tr>\n
Deposits<\/td>\n\n2,355<\/td>\n\n\n\n2,680<\/td>\n<\/tr>\n
Other noncurrent liabilities<\/td>\n\n75<\/td>\n\n\n\n83<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n\n14,221<\/td>\n\n\n\n15,456<\/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
19,361,856 and 19,311,528 shares issued and outstanding<\/td>\n\n82,104<\/td>\n\n\n\n81,485<\/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(47,959<\/td>\n)<\/td>\n\n\n(48,904<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\n(21,256<\/td>\n)<\/td>\n\n\n(21,698<\/td>\n)<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\n22,073<\/td>\n\n\n\n20,067<\/td>\n<\/tr>\n
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n$<\/td>\n38,453<\/td>\n\n\n$<\/td>\n38,470<\/td>\n<\/tr>\n<\/table>\n

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

\n

KAPALUA RESORT, Hawaii, Aug. 12, 2021 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $1.9 million, or $0.10 per share, for the second quarter of 2021, compared to a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2020.<\/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\/3866"}],"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=3866"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3866\/revisions"}],"predecessor-version":[{"id":3872,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/3866\/revisions\/3872"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=3866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=3866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=3866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}