{"id":6230,"date":"2022-06-06T18:23:29","date_gmt":"2022-06-06T23:23:29","guid":{"rendered":"https:\/\/1reason.com\/re\/maui-land-pineapple-company-inc-reports-1st-quarter-2022-results\/6230\/"},"modified":"2022-06-07T13:23:29","modified_gmt":"2022-06-07T18:23:29","slug":"maui-land-pineapple-company-inc-reports-1st-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/maui-land-pineapple-company-inc-reports-1st-quarter-2022-results\/6230\/","title":{"rendered":"Maui Land & Pineapple Company, Inc. Reports 1st Quarter 2022 Results"},"content":{"rendered":"
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. <\/p>\n

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

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
<\/td>\nThree Months Ended March 31,<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n2022<\/strong><\/td>\n\n<\/td>\n\n2021<\/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$<\/td>\n–<\/td>\n\n\n$<\/td>\n–<\/td>\n<\/tr>\n
Leasing<\/td>\n\n2,031<\/td>\n\n\n\n1,801<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n217<\/td>\n\n\n\n258<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n\n2,248<\/td>\n\n\n\n2,059<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n<\/tr>\n
Real estate<\/td>\n\n90<\/td>\n\n\n\n97<\/td>\n<\/tr>\n
Leasing<\/td>\n\n741<\/td>\n\n\n\n840<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n510<\/td>\n\n\n\n412<\/td>\n<\/tr>\n
General and administrative<\/td>\n\n756<\/td>\n\n\n\n719<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n\n379<\/td>\n\n\n\n349<\/td>\n<\/tr>\n
Depreciation<\/td>\n\n274<\/td>\n\n\n\n300<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n2,750<\/td>\n\n\n\n2,717<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OPERATING LOSS<\/td>\n\n(502<\/td>\n)<\/td>\n\n\n(658<\/td>\n)<\/td>\n<\/tr>\n
Other income<\/td>\n\n–<\/td>\n\n\n\n13<\/td>\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n\n(114<\/td>\n)<\/td>\n\n\n(116<\/td>\n)<\/td>\n<\/tr>\n
Interest expense<\/td>\n\n(2<\/td>\n)<\/td>\n\n\n(33<\/td>\n)<\/td>\n<\/tr>\n
LOSS FROM CONTINUING OPERATIONS<\/td>\n$<\/td>\n(618<\/td>\n)<\/td>\n\n$<\/td>\n(794<\/td>\n)<\/td>\n<\/tr>\n
Loss from discontinued operations, net<\/td>\n\n–<\/td>\n\n\n\n(140<\/td>\n)<\/td>\n<\/tr>\n
NET LOSS<\/td>\n$<\/td>\n(618<\/td>\n)<\/td>\n\n$<\/td>\n(934<\/td>\n)<\/td>\n<\/tr>\n
Pension, net<\/td>\n\n156<\/td>\n\n\n\n221<\/td>\n<\/tr>\n
TOTAL COMPREHENSIVE LOSS<\/td>\n$<\/td>\n(462<\/td>\n)<\/td>\n\n$<\/td>\n(713<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
LOSS PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n\n<\/tr>\n
Loss from Continuing Operations<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\n$<\/td>\n(0.04<\/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 Loss<\/td>\n$<\/td>\n(0.03<\/td>\n)<\/td>\n\n$<\/td>\n(0.05<\/td>\n)<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n<\/table>\n

<\/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\nMarch 31,<\/strong><\/b><\/td>\n\n\n\nDecember 31,<\/b><\/td>\n<\/tr>\n
\n\n2022<\/b><\/td>\n\n\n\n2021<\/b><\/td>\n<\/tr>\n
\n\n(unaudited)<\/b><\/td>\n\n\n\n(audited)<\/b><\/td>\n<\/tr>\n
\n(in thousands except share data)<\/b><\/td>\n<\/tr>\n
ASSETS<\/td>\n\n\n\n\n\n\n<\/tr>\n
CURRENT ASSETS<\/td>\n\n\n\n\n\n\n<\/tr>\n
Cash<\/td>\n$<\/td>\n5,831<\/td>\n\n\n$<\/td>\n5,596<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\n2,300<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\n1,187<\/td>\n\n\n\n1,103<\/td>\n<\/tr>\n
Prepaid expenses and other assets<\/td>\n\n278<\/td>\n\n\n\n333<\/td>\n<\/tr>\n
Assets held for sale<\/td>\n\n3,157<\/td>\n\n\n\n3,144<\/td>\n<\/tr>\n
Total current assets<\/td>\n\n12,753<\/td>\n\n\n\n10,176<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
PROPERTY & EQUIPMENT<\/td>\n\n51,235<\/td>\n\n\n\n51,235<\/td>\n<\/tr>\n
Accumulated depreciation<\/td>\n\n(34,510)<\/td>\n\n\n\n(34,237)<\/td>\n<\/tr>\n
Property & equipment, net<\/td>\n\n16,725<\/td>\n\n\n\n16,998<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
OTHER ASSETS<\/td>\n\n\n\n\n\n\n<\/tr>\n
Deferred development costs<\/td>\n\n9,566<\/td>\n\n\n\n9,564<\/td>\n<\/tr>\n
Other noncurrent assets<\/td>\n\n1,181<\/td>\n\n\n\n1,181<\/td>\n<\/tr>\n
Total other assets<\/td>\n\n10,747<\/td>\n\n\n\n10,745<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n40,225<\/td>\n\n\n$<\/td>\n37,919<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n\n\n\n\n\n\n<\/tr>\n
CURRENT LIABILITIES<\/td>\n\n\n\n\n\n\n<\/tr>\n
Accounts payable<\/td>\n$<\/td>\n774<\/td>\n\n\n$<\/td>\n580<\/td>\n<\/tr>\n
Payroll and employee benefits<\/td>\n\n591<\/td>\n\n\n\n949<\/td>\n<\/tr>\n
Accrued retirement benefits, current portion<\/td>\n\n142<\/td>\n\n\n\n142<\/td>\n<\/tr>\n
Deferred revenue, current portion<\/td>\n\n2,796<\/td>\n\n\n\n217<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\n503<\/td>\n\n\n\n509<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\n4,806<\/td>\n\n\n\n2,397<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
LONG-TERM LIABILITIES<\/td>\n\n\n\n\n\n\n<\/tr>\n
Accrued retirement benefits, net of current portion<\/td>\n\n7,862<\/td>\n\n\n\n7,937<\/td>\n<\/tr>\n
Deferred revenue, net of current portion<\/td>\n\n1,600<\/td>\n\n\n\n1,633<\/td>\n<\/tr>\n
Deposits<\/td>\n\n2,278<\/td>\n\n\n\n2,309<\/td>\n<\/tr>\n
Other noncurrent liabilities<\/td>\n\n53<\/td>\n\n\n\n53<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n\n11,793<\/td>\n\n\n\n11,932<\/td>\n<\/tr>\n
TOTAL LIABILITIES<\/td>\n\n16,599<\/td>\n\n\n\n14,329<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
COMMITMENTS AND CONTINGENCIES<\/td>\n\n\n\n\n\n\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
STOCKHOLDERS’ EQUITY<\/td>\n\n\n\n\n\n\n<\/tr>\n
Common stock–no par value, 43,000,000 shares authorized,<\/td>\n\n\n\n\n\n\n<\/tr>\n
19,430,409 and 19,383,288 shares issued and outstanding<\/td>\n\n82,876<\/td>\n\n\n\n82,378<\/td>\n<\/tr>\n
at March 31, 2022 and December 31, 2021, respectively<\/td>\n\n\n\n\n\n\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(52,942)<\/td>\n\n\n\n(52,324)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\n(15,492)<\/td>\n\n\n\n(15,648)<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\n23,626<\/td>\n\n\n\n23,590<\/td>\n<\/tr>\n
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n$<\/td>\n40,225<\/td>\n\n\n$<\/td>\n37,919<\/td>\n<\/tr>\n<\/table>\n

\n

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

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

\n

KAPALUA RESORT, Hawaii, May 10, 2022 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. \u201cMLP\u201d (NYSE: MLP) reported a net loss of $618,000, or $(0.03) per share, for the first quarter of 2022, compared to a net loss of $934,000, or $(0.05) per share, for the first quarter of 2021.<\/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\/6230"}],"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=6230"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6230\/revisions"}],"predecessor-version":[{"id":6252,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6230\/revisions\/6252"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}