{"id":4598,"date":"2021-12-02T19:32:52","date_gmt":"2021-12-03T01:32:52","guid":{"rendered":"https:\/\/1reason.com\/re\/maui-land-pineapple-reports-3rd-quarter-2021-results\/4598\/"},"modified":"2021-12-03T13:32:53","modified_gmt":"2021-12-03T19:32:53","slug":"maui-land-pineapple-reports-3rd-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/maui-land-pineapple-reports-3rd-quarter-2021-results\/4598\/","title":{"rendered":"Maui Land & Pineapple Reports 3rd Quarter 2021 Results"},"content":{"rendered":"
Total operating revenues of $2.4 million and $1.7 million were recognized during the three months ended September 30, 2021 and 2020, respectively. <\/p>\n

For the nine months ended September 30, 2021, the Company reported net income of $0.8 million, or $0.04 per share, compared to a net loss of $1.9 million, or $(0.10) per share, for the nine months ended September 30, 2020. Total operating revenues of $9.4 million and $5.4 million were recognized during the nine months ended September 30, 2021 and 2020, respectively.<\/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

<\/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
Maui Land & Pineapple Company Inc. and Subsidiaries<\/strong><\/td>\n<\/tr>\n
Consolidated Statements of Operations and<\/strong><\/td>\n<\/tr>\n
Comprehensive Income<\/strong><\/td>\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
\nThree Months Ended September 30,<\/strong><\/td>\n\n<\/tr>\n
\n\n2021<\/strong><\/td>\n\n\n\n2020<\/strong><\/td>\n\n\n<\/tr>\n
\n(in thousands except<\/strong><\/td>\n\n<\/tr>\n
\nper share amounts)<\/strong><\/td>\n\n<\/tr>\n
OPERATING REVENUES<\/td>\n\n\n\n\n<\/tr>\n
Real estate<\/td>\n$<\/td>\n–<\/td>\n\n\n$<\/td>\n15<\/td>\n\n\n<\/tr>\n
Leasing<\/td>\n\n2,184<\/td>\n\n\n\n1,448<\/td>\n\n\n<\/tr>\n
Resort amenities and other<\/td>\n\n253<\/td>\n\n\n\n234<\/td>\n\n\n<\/tr>\n
Total operating revenues<\/td>\n\n2,437<\/td>\n\n\n\n1,697<\/td>\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n\n\n<\/tr>\n
Real estate<\/td>\n\n67<\/td>\n\n\n\n86<\/td>\n\n\n<\/tr>\n
Leasing<\/td>\n\n784<\/td>\n\n\n\n671<\/td>\n\n\n<\/tr>\n
Resort amenities and other<\/td>\n\n304<\/td>\n\n\n\n152<\/td>\n\n\n<\/tr>\n
General and administrative<\/td>\n\n612<\/td>\n\n\n\n514<\/td>\n\n\n<\/tr>\n
Share-based compensation<\/td>\n\n365<\/td>\n\n\n\n402<\/td>\n\n\n<\/tr>\n
Depreciation<\/td>\n\n300<\/td>\n\n\n\n326<\/td>\n\n\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n2,432<\/td>\n\n\n\n2,151<\/td>\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
OPERATING INCOME (LOSS)<\/td>\n\n5<\/td>\n\n\n\n(454<\/td>\n)<\/td>\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n\n(116<\/td>\n)<\/td>\n\n\n(125<\/td>\n)<\/td>\n\n<\/tr>\n
Interest expense<\/td>\n\n(28<\/td>\n)<\/td>\n\n\n(29<\/td>\n)<\/td>\n\n<\/tr>\n
LOSS FROM CONTINUING OPERATIONS<\/td>\n\n(139<\/td>\n)<\/td>\n\n\n(608<\/td>\n)<\/td>\n\n<\/tr>\n
Loss from discontinued operations, net<\/td>\n\n–<\/td>\n\n\n\n(25<\/td>\n)<\/td>\n\n<\/tr>\n
NET LOSS<\/td>\n$<\/td>\n(139<\/td>\n)<\/td>\n\n$<\/td>\n(633<\/td>\n)<\/td>\n\n<\/tr>\n
Other compreshensive income – pension, net<\/td>\n\n221<\/td>\n\n\n\n206<\/td>\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
TOTAL COMPREHENSIVE INCOME (LOSS)<\/td>\n$<\/td>\n82<\/td>\n\n\n$<\/td>\n(427<\/td>\n)<\/td>\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
LOSS PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n\n\n\n<\/tr>\n
Loss from Continuing Operations<\/td>\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\n<\/tr>\n
Loss from Discontinued Operations<\/td>\n$<\/td>\n–<\/td>\n\n\n$<\/td>\n–<\/td>\n\n\n<\/tr>\n
Net Loss<\/td>\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n<\/table>\n

<\/p>\n

<\/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
Maui Land & Pineapple Company Inc. and Subsidiaries<\/strong><\/td>\n<\/tr>\n
Consolidated Statements of Operations and<\/strong><\/td>\n<\/tr>\n
Comprehensive Income<\/strong><\/td>\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
\nNine Months Ended September 30,<\/strong><\/td>\n\n<\/tr>\n
\n\n2021<\/strong><\/td>\n\n\n\n2020<\/strong><\/td>\n\n\n<\/tr>\n
\n(in thousands except<\/strong><\/td>\n\n<\/tr>\n
\nper share amounts)<\/strong><\/td>\n\n<\/tr>\n
OPERATING REVENUES<\/td>\n\n\n\n\n<\/tr>\n
Real estate<\/td>\n$<\/td>\n2,700<\/td>\n\n\n$<\/td>\n173<\/td>\n\n\n<\/tr>\n
Leasing<\/td>\n\n5,947<\/td>\n\n\n\n4,620<\/td>\n\n\n<\/tr>\n
Resort amenities and other<\/td>\n\n799<\/td>\n\n\n\n648<\/td>\n\n\n<\/tr>\n
Total operating revenues<\/td>\n\n9,446<\/td>\n\n\n\n5,441<\/td>\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n\n\n<\/tr>\n
Real estate<\/td>\n\n618<\/td>\n\n\n\n457<\/td>\n\n\n<\/tr>\n
Leasing<\/td>\n\n2,495<\/td>\n\n\n\n2,278<\/td>\n\n\n<\/tr>\n
Resort amenities and other<\/td>\n\n994<\/td>\n\n\n\n893<\/td>\n\n\n<\/tr>\n
General and administrative<\/td>\n\n1,904<\/td>\n\n\n\n1,823<\/td>\n\n\n<\/tr>\n
Share-based compensation<\/td>\n\n1,084<\/td>\n\n\n\n1,229<\/td>\n\n\n<\/tr>\n
Depreciation<\/td>\n\n902<\/td>\n\n\n\n971<\/td>\n\n\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n7,997<\/td>\n\n\n\n7,651<\/td>\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
OPERATING INCOME (LOSS)<\/td>\n\n1,449<\/td>\n\n\n\n(2,210<\/td>\n)<\/td>\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
Other income<\/td>\n\n13<\/td>\n\n\n\n894<\/td>\n\n\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n\n(348<\/td>\n)<\/td>\n\n\n(359<\/td>\n)<\/td>\n\n<\/tr>\n
Interest expense<\/td>\n\n(94<\/td>\n)<\/td>\n\n\n(105<\/td>\n)<\/td>\n\n<\/tr>\n
INCOME (LOSS) FROM CONTINUING OPERATIONS<\/td>\n\n1,020<\/td>\n\n\n\n(1,780<\/td>\n)<\/td>\n\n<\/tr>\n
Loss from discontinued operations, net<\/td>\n\n(214<\/td>\n)<\/td>\n\n\n(84<\/td>\n)<\/td>\n\n<\/tr>\n
NET INCOME (LOSS)<\/td>\n$<\/td>\n806<\/td>\n\n\n$<\/td>\n(1,864<\/td>\n)<\/td>\n\n<\/tr>\n
Other compreshensive income – pension, net<\/td>\n\n663<\/td>\n\n\n\n617<\/td>\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
TOTAL COMPREHENSIVE INCOME (LOSS)<\/td>\n$<\/td>\n1,469<\/td>\n\n\n$<\/td>\n(1,247<\/td>\n)<\/td>\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n\n\n<\/tr>\n
Income (Loss) from Continuing Operations<\/td>\n$<\/td>\n0.05<\/td>\n\n\n$<\/td>\n(0.09<\/td>\n)<\/td>\n\n<\/tr>\n
Loss from Discontinued Operations<\/td>\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\n<\/tr>\n
Net Income (Loss)<\/td>\n$<\/td>\n0.04<\/td>\n\n\n$<\/td>\n(0.10<\/td>\n)<\/td>\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n<\/table>\n

<\/p>\n

<\/p>\n

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
<\/strong>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
\nSeptember 30,<\/strong><\/td>\n\nDecember 31,<\/strong><\/td>\n<\/tr>\n
\n\n2021<\/strong><\/td>\n\n\n\n2020<\/strong><\/td>\n<\/tr>\n
\n(unaudited)<\/strong><\/td>\n\n(audited)<\/strong><\/td>\n<\/tr>\n
\n(in thousands)<\/strong><\/td>\n<\/tr>\n
CURRENT ASSETS<\/td>\n\n\n<\/tr>\n
Cash<\/td>\n$<\/td>\n4,859<\/td>\n\n\n$<\/td>\n869<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\n1,228<\/td>\n\n\n\n1,362<\/td>\n<\/tr>\n
Prepaid expenses and other assets<\/td>\n\n557<\/td>\n\n\n\n80<\/td>\n<\/tr>\n
Assets held for sale<\/td>\n\n3,135<\/td>\n\n\n\n7,440<\/td>\n<\/tr>\n
Total current assets<\/td>\n\n9,779<\/td>\n\n\n\n9,751<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
PROPERTY<\/td>\n\n51,412<\/td>\n\n\n\n51,956<\/td>\n<\/tr>\n
Accumulated depreciation<\/td>\n\n(34,089<\/td>\n)<\/td>\n\n\n(33,445<\/td>\n)<\/td>\n<\/tr>\n
Property, net<\/td>\n\n17,323<\/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\n1,171<\/td>\n\n\n\n1,307<\/td>\n<\/tr>\n
Total other assets<\/td>\n\n10,135<\/td>\n\n\n\n10,208<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n37,237<\/td>\n\n\n$<\/td>\n38,470<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
CURRENT LIABILITIES<\/td>\n\n\n<\/tr>\n
Accounts payable<\/td>\n$<\/td>\n331<\/td>\n\n\n$<\/td>\n899<\/td>\n<\/tr>\n
Payroll and employee benefits<\/td>\n\n810<\/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\n214<\/td>\n\n\n\n260<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\n400<\/td>\n\n\n\n453<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\n1,920<\/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\n8,949<\/td>\n\n\n\n10,926<\/td>\n<\/tr>\n
Deferred revenue<\/td>\n\n1,667<\/td>\n\n\n\n1,767<\/td>\n<\/tr>\n
Deposits<\/td>\n\n2,354<\/td>\n\n\n\n2,680<\/td>\n<\/tr>\n
Other noncurrent liabilities<\/td>\n\n53<\/td>\n\n\n\n83<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n\n13,023<\/td>\n\n\n\n15,456<\/td>\n<\/tr>\n
TOTAL LIABILITIES<\/td>\n\n14,943<\/td>\n\n\n\n18,403<\/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
19,372,803 and 19,301,288 shares issued and outstanding, respectively<\/td>\n\n82,243<\/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(48,098<\/td>\n)<\/td>\n\n\n(48,904<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\n(21,035<\/td>\n)<\/td>\n\n\n(21,698<\/td>\n)<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\n22,294<\/td>\n\n\n\n20,067<\/td>\n<\/tr>\n
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n$<\/td>\n37,237<\/td>\n\n\n$<\/td>\n38,470<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n<\/table>\n

Contact:
<\/strong>Wade K. Kodama
wkodama@kapalua.com<\/p>\n

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

\n

KAPALUA RESORT, Hawaii, Nov. 04, 2021 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net loss of $0.1 million, or $(0.01) per share, for the third quarter of 2021, compared to a net loss of $0.6 million, or $(0.03) per share, for the third 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\/4598"}],"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=4598"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4598\/revisions"}],"predecessor-version":[{"id":4614,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4598\/revisions\/4614"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=4598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=4598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=4598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}