{"id":6958,"date":"2022-09-15T18:46:54","date_gmt":"2022-09-15T23:46:54","guid":{"rendered":"https:\/\/1reason.com\/re\/maui-land-pineapple-company-inc-reports-2nd-quarter-2022-results\/6958\/"},"modified":"2022-09-16T13:46:54","modified_gmt":"2022-09-16T18:46:54","slug":"maui-land-pineapple-company-inc-reports-2nd-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/maui-land-pineapple-company-inc-reports-2nd-quarter-2022-results\/6958\/","title":{"rendered":"Maui Land & Pineapple Company, Inc. Reports 2nd Quarter 2022 Results"},"content":{"rendered":"
Total operating revenues of approximately $14.0 million and $5.0 million were recognized during the three months ended June 30, 2022 and 2021, respectively. <\/p>\n

For the six months ended June 30, 2022, the Company reported net income of $9.9 million, or $0.51 per share, compared to net income of $0.9 million, or $0.05 per share, for the six months ended June 30, 2021. Total operating revenues of approximately$16.2 million and $7.0 million were recognized during the six months ended June 30, 2022 and 2021, respectively.<\/p>\n

On May 20, 2022, the Company finalized the sale of 646 acres in Upcountry Maui for $9.6 million. The Company also completed a $2.0 million sale of a 50-acre parcel located in Upper Kahana, Lahaina, Hawaii on June 30, 2022.<\/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 22,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.<\/p>\n


<\/strong><\/p>\n

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

CONDENSED CONSOLIDATED STATEMENTS OFINCOME 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\n
\n\n\n\n<\/tr>\n
<\/td>\nThree Months Ended<\/strong>
June 30,<\/strong><\/td>\n		<\/tr>\n
<\/td>\n2022<\/strong><\/td>\n<\/td>\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\n<\/tr>\n
Real estate<\/td>\n$<\/td>\n11,600<\/td>\n\n$<\/td>\n2,700<\/td>\n<\/tr>\n
Leasing<\/td>\n2,198<\/td>\n\n1,962<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n189<\/td>\n\n288<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n13,987<\/td>\n\n4,950<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n\n<\/tr>\n
Real estate<\/td>\n707<\/td>\n\n454<\/td>\n<\/tr>\n
Leasing<\/td>\n997<\/td>\n\n876<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n330<\/td>\n\n278<\/td>\n<\/tr>\n
General and administrative<\/td>\n759<\/td>\n\n574<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n276<\/td>\n\n370<\/td>\n<\/tr>\n
Depreciation<\/td>\n277<\/td>\n\n302<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n3,346<\/td>\n\n2,854<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
OPERATING INCOME<\/td>\n10,641<\/td>\n\n2,096<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n(114)<\/td>\n\n(116)<\/td>\n<\/tr>\n
Interest expense<\/td>\n(2)<\/td>\n\n(32)<\/td>\n<\/tr>\n
INCOME FROM CONTINUING OPERATIONS<\/td>\n10,525<\/td>\n\n1,948<\/td>\n<\/tr>\n
Loss from discontinued operations, net<\/td>\n–<\/td>\n\n(69)<\/td>\n<\/tr>\n
NET INCOME<\/td>\n$<\/td>\n10,525<\/td>\n\n$<\/td>\n1,879<\/td>\n<\/tr>\n
Other comprehensive income – pension, net<\/td>\n156<\/td>\n\n221<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
TOTAL COMPREHENSIVE INCOME<\/td>\n$<\/td>\n10,681<\/td>\n\n$<\/td>\n2,100<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
EARNINGS PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n\n\n<\/tr>\n
Income from Continuing Operations<\/td>\n$<\/td>\n0.54<\/td>\n\n$<\/td>\n0.10<\/td>\n<\/tr>\n
Loss from Discontinued Operations<\/td>\n$<\/td>\n–<\/td>\n\n$<\/td>\n–<\/td>\n<\/tr>\n
Net Income<\/td>\n$<\/td>\n0.54<\/td>\n\n$<\/td>\n0.10<\/td>\n<\/tr>\n<\/table>\n

<\/p>\n

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

CONDENSED CONSOLIDATED STATEMENTS OFINCOME 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\n
<\/td>\nSix Months Ended<\/strong>
June 30,<\/strong><\/td>\n		<\/tr>\n
<\/td>\n2022<\/strong><\/td>\n<\/td>\n2021<\/strong><\/td>\n<\/tr>\n
\n(in thousands except<\/strong>
<\/strong><\/td>\n		<\/tr>\n
\nper share amounts)<\/strong>
<\/strong><\/td>\n		<\/tr>\n
OPERATING REVENUES<\/td>\n\n\n\n<\/tr>\n
Real estate<\/td>\n$<\/td>\n11,600<\/td>\n\n$<\/td>\n2,700<\/td>\n<\/tr>\n
Leasing<\/td>\n4,228<\/td>\n\n3,763<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n406<\/td>\n\n546<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n16,234<\/td>\n\n7,009<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n\n<\/tr>\n
Real estate<\/td>\n796<\/td>\n\n552<\/td>\n<\/tr>\n
Leasing<\/td>\n1,739<\/td>\n\n1,716<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n840<\/td>\n\n691<\/td>\n<\/tr>\n
General and administrative<\/td>\n1,516<\/td>\n\n1,291<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n654<\/td>\n\n719<\/td>\n<\/tr>\n
Depreciation<\/td>\n550<\/td>\n\n602<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n6,095<\/td>\n\n5,571<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
OPERATING INCOME<\/td>\n10,139<\/td>\n\n1,438<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
Other income<\/td>\n–<\/td>\n\n13<\/td>\n<\/tr>\n
Pension and other post-retirement expenses<\/td>\n(229)<\/td>\n\n(232)<\/td>\n<\/tr>\n
Interest expense<\/td>\n(3)<\/td>\n\n(65)<\/td>\n<\/tr>\n
INCOME FROM CONTINUING OPERATIONS<\/td>\n9,907<\/td>\n\n1,154<\/td>\n<\/tr>\n
Loss from discontinued operations, net<\/td>\n–<\/td>\n\n(209)<\/td>\n<\/tr>\n
NET INCOME<\/td>\n$<\/td>\n9,907<\/td>\n\n$<\/td>\n945<\/td>\n<\/tr>\n
Other comprehensive income – pension, net<\/td>\n312<\/td>\n\n442<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
TOTAL COMPREHENSIVE INCOME<\/td>\n$<\/td>\n10,219<\/td>\n\n$<\/td>\n1,387<\/td>\n<\/tr>\n
\n\n\n\n<\/tr>\n
EARNINGS PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n\n\n<\/tr>\n
Income from Continuing Operations<\/td>\n$<\/td>\n0.51<\/td>\n\n$<\/td>\n0.06<\/td>\n<\/tr>\n
Loss from Discontinued Operations<\/td>\n$<\/td>\n–<\/td>\n\n$<\/td>\n(0.01)<\/td>\n<\/tr>\n
Net Income<\/td>\n$<\/td>\n0.51<\/td>\n\n$<\/td>\n0.05<\/td>\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
\nJune 30,<\/strong><\/td>\n\nDecember 31,<\/strong><\/td>\n<\/tr>\n
\n\n2022<\/strong><\/td>\n\n\n2021<\/strong><\/td>\n<\/tr>\n
\n(unaudited)<\/strong><\/td>\n\n(audited)<\/strong><\/td>\n<\/tr>\n
\n(in thousands except share data)<\/strong>
<\/strong><\/td>\n<\/tr>\n
ASSETS<\/td>\n\n\n<\/tr>\n
CURRENT ASSETS<\/td>\n\n\n<\/tr>\n
Cash<\/td>\n$<\/td>\n16,949<\/td>\n\n$<\/td>\n5,596<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\n273<\/td>\n\n\n–<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\n1,093<\/td>\n\n\n1,103<\/td>\n<\/tr>\n
Prepaid expenses and other assets<\/td>\n\n394<\/td>\n\n\n333<\/td>\n<\/tr>\n
Assets held for sale<\/td>\n\n3,017<\/td>\n\n\n3,144<\/td>\n<\/tr>\n
Total current assets<\/td>\n\n21,726<\/td>\n\n\n10,176<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
PROPERTY & EQUIPMENT, NET<\/td>\n\n16,437<\/td>\n\n\n16,998<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
OTHER ASSETS<\/td>\n\n\n<\/tr>\n
Deferred development costs<\/td>\n\n9,566<\/td>\n\n\n9,564<\/td>\n<\/tr>\n
Other noncurrent assets<\/td>\n\n1,184<\/td>\n\n\n1,181<\/td>\n<\/tr>\n
Total other assets<\/td>\n\n10,750<\/td>\n\n\n10,745<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n48,913<\/td>\n\n$<\/td>\n37,919<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n\n\n<\/tr>\n
LIABILITIES<\/td>\n\n\n<\/tr>\n
CURRENT LIABILITIES<\/td>\n\n\n<\/tr>\n
Accounts payable<\/td>\n$<\/td>\n845<\/td>\n\n$<\/td>\n580<\/td>\n<\/tr>\n
Payroll and employee benefits<\/td>\n\n671<\/td>\n\n\n949<\/td>\n<\/tr>\n
Accrued retirement benefits, current portion<\/td>\n\n142<\/td>\n\n\n142<\/td>\n<\/tr>\n
Deferred revenue, current portion<\/td>\n\n704<\/td>\n\n\n217<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\n493<\/td>\n\n\n509<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\n2,855<\/td>\n\n\n2,397<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
LONG-TERM LIABILITIES<\/td>\n\n\n<\/tr>\n
Accrued retirement benefits, net of current portion<\/td>\n\n7,789<\/td>\n\n\n7,937<\/td>\n<\/tr>\n
Deferred revenue, net of current portion<\/td>\n\n1,567<\/td>\n\n\n1,633<\/td>\n<\/tr>\n
Deposits<\/td>\n\n2,193<\/td>\n\n\n2,309<\/td>\n<\/tr>\n
Other noncurrent liabilities<\/td>\n\n53<\/td>\n\n\n53<\/td>\n<\/tr>\n
Total long-term liabilities<\/td>\n\n11,602<\/td>\n\n\n11,932<\/td>\n<\/tr>\n
TOTAL LIABILITIES<\/td>\n\n14,457<\/td>\n\n\n14,329<\/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
19,443,623 and 19,383,288 shares issued and outstanding<\/td>\n\n83,025<\/td>\n\n\n82,378<\/td>\n<\/tr>\n
at June 30, 2022 and December 31, 2021, respectively<\/td>\n\n\n<\/tr>\n
Additional paid-in-capital<\/td>\n\n9,184<\/td>\n\n\n9,184<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\n(42,417)<\/td>\n\n\n(52,324)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\n(15,336)<\/td>\n\n\n(15,648)<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\n34,456<\/td>\n\n\n23,590<\/td>\n<\/tr>\n
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n$<\/td>\n48,913<\/td>\n\n$<\/td>\n37,919<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n<\/table>\n

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

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

\n

KAPALUA RESORT, Hawaii, Aug. 11, 2022 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $10.5 million, or $0.54 per share, for the second quarter of 2022, compared to net income of $1.9 million, or $0.10 per share, for the second 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\/6958"}],"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=6958"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6958\/revisions"}],"predecessor-version":[{"id":6984,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6958\/revisions\/6984"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}