{"id":7392,"date":"2022-12-06T15:07:28","date_gmt":"2022-12-06T21:07:28","guid":{"rendered":"https:\/\/1reason.com\/re\/maui-land-pineapple-company-inc-reports-3rd-quarter-2022-results\/7392\/"},"modified":"2022-12-07T09:07:28","modified_gmt":"2022-12-07T15:07:28","slug":"maui-land-pineapple-company-inc-reports-3rd-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/maui-land-pineapple-company-inc-reports-3rd-quarter-2022-results\/7392\/","title":{"rendered":"Maui Land & Pineapple Company, Inc. Reports 3rd Quarter 2022 Results"},"content":{"rendered":"
Total operating revenues of approximately $2.6 million and $2.4 million were recognized during the three months ended September 30, 2022 and 2021, respectively. <\/p>\n

For the nine months ended September 30, 2022, the Company reported net income of $9.8 million, or $0.50 per share, compared to net income of $0.8 million, or $0.04 per share, for the nine months ended September 30, 2021. Total operating revenues of approximately $18.8 million and $9.4 million were recognized during the nine months ended September 30, 2022 and 2021, respectively.<\/p>\n

In August 2022, a voluntary contribution of $5.7 million was made to fund the Company\u2019s defined benefit pension plan to further annuitize certain of the plan\u2019s obligations.<\/p>\n

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

Additional information with respect to Maui Land & Pineapple Company, Inc. and its operating results will be available on its Form 10-Q filed with the Securities and Exchange Commission and its 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

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\n\n<\/tr>\n
\nThree Months Ended<\/strong>
September 30,<\/strong><\/td>\n<\/tr>\n
\n\n2022<\/strong><\/td>\n\n\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\n\n\n\n<\/tr>\n
Leasing<\/td>\n$<\/td>\n2,330<\/td>\n\n\n$<\/td>\n2,184<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n221<\/td>\n\n\n\n253<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n\n2,551<\/td>\n\n\n\n2,437<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n\n\n\n\n<\/tr>\n
Real estate<\/td>\n\n117<\/td>\n\n\n\n67<\/td>\n<\/tr>\n
Leasing<\/td>\n\n869<\/td>\n\n\n\n784<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n330<\/td>\n\n\n\n304<\/td>\n<\/tr>\n
General and administrative<\/td>\n\n661<\/td>\n\n\n\n612<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n\n302<\/td>\n\n\n\n365<\/td>\n<\/tr>\n
Depreciation<\/td>\n\n280<\/td>\n\n\n\n300<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n2,559<\/td>\n\n\n\n2,432<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
OPERATING INCOME (LOSS)<\/td>\n\n(8<\/td>\n)<\/td>\n\n\n5<\/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(28<\/td>\n)<\/td>\n<\/tr>\n
NET LOSS<\/td>\n$<\/td>\n(124<\/td>\n)<\/td>\n\n$<\/td>\n(139<\/td>\n)<\/td>\n<\/tr>\n
Other comprehensive income – pension, net<\/td>\n\n156<\/td>\n\n\n\n221<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
TOTAL COMPREHENSIVE INCOME<\/td>\n$<\/td>\n32<\/td>\n\n\n$<\/td>\n82<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
NET LOSS PER COMMON SHARE-BASIC AND DILUTED<\/td>\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\n$<\/td>\n(0.01)<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n<\/table>\n

<\/p>\n


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


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

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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME 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
\nNine Months Ended<\/strong>
September 30,<\/strong><\/td>\n<\/tr>\n
\n\n2022<\/strong><\/td>\n\n\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\n\n\n\n<\/tr>\n
Real estate<\/td>\n$<\/td>\n11,600<\/td>\n\n\n$<\/td>\n2,700<\/td>\n<\/tr>\n
Leasing<\/td>\n\n6,559<\/td>\n\n\n\n5,947<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n628<\/td>\n\n\n\n799<\/td>\n<\/tr>\n
Total operating revenues<\/td>\n\n18,787<\/td>\n\n\n\n9,446<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
OPERATING COSTS AND EXPENSES<\/td>\n\n\n\n\n\n\n<\/tr>\n
Real estate<\/td>\n\n913<\/td>\n\n\n\n618<\/td>\n<\/tr>\n
Leasing<\/td>\n\n2,608<\/td>\n\n\n\n2,495<\/td>\n<\/tr>\n
Resort amenities and other<\/td>\n\n1,170<\/td>\n\n\n\n994<\/td>\n<\/tr>\n
General and administrative<\/td>\n\n2,177<\/td>\n\n\n\n1,904<\/td>\n<\/tr>\n
Share-based compensation<\/td>\n\n958<\/td>\n\n\n\n1,084<\/td>\n<\/tr>\n
Depreciation<\/td>\n\n830<\/td>\n\n\n\n902<\/td>\n<\/tr>\n
Total operating costs and expenses<\/td>\n\n8,656<\/td>\n\n\n\n7,997<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
OPERATING INCOME<\/td>\n\n10,131<\/td>\n\n\n\n1,449<\/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(343<\/td>\n)<\/td>\n\n\n(348<\/td>\n)<\/td>\n<\/tr>\n
Interest expense<\/td>\n\n(5<\/td>\n)<\/td>\n\n\n(94<\/td>\n)<\/td>\n<\/tr>\n
INCOME FROM CONTINUING OPERATIONS<\/td>\n\n9,783<\/td>\n\n\n\n1,020<\/td>\n<\/tr>\n
Loss from discontinued operations, net<\/td>\n\n–<\/td>\n\n\n\n(214<\/td>\n)<\/td>\n<\/tr>\n
NET INCOME<\/td>\n$<\/td>\n9,783<\/td>\n\n\n$<\/td>\n806<\/td>\n<\/tr>\n
Other comprehensive income – pension, net<\/td>\n\n468<\/td>\n\n\n\n663<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
TOTAL COMPREHENSIVE INCOME<\/td>\n$<\/td>\n10,251<\/td>\n\n\n$<\/td>\n1,469<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n<\/tr>\n
EARNINGS PER COMMON SHARE-BASIC AND DILUTED<\/td>\n\n\n\n\n\n\n<\/tr>\n
Income from Continuing Operations<\/td>\n$<\/td>\n0.50<\/td>\n\n\n$<\/td>\n0.05<\/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<\/td>\n$<\/td>\n0.50<\/td>\n\n\n$<\/td>\n0.04<\/td>\n<\/tr>\n<\/table>\n

<\/p>\n


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


<\/strong><\/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
\n\n2022<\/strong><\/td>\n\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><\/td>\n<\/tr>\n
ASSETS<\/td>\n\n\n<\/tr>\n
CURRENT ASSETS<\/td>\n\n\n<\/tr>\n
Cash<\/td>\n$<\/td>\n11,074<\/td>\n\n\n$<\/td>\n5,596<\/td>\n<\/tr>\n
Restricted cash<\/td>\n\n241<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Accounts receivable, net<\/td>\n\n1,127<\/td>\n\n\n\n1,103<\/td>\n<\/tr>\n
Prepaid expenses and other assets<\/td>\n\n657<\/td>\n\n\n\n333<\/td>\n<\/tr>\n
Assets held for sale<\/td>\n\n3,019<\/td>\n\n\n\n3,144<\/td>\n<\/tr>\n
Total current assets<\/td>\n\n16,118<\/td>\n\n\n\n10,176<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
PROPERTY & EQUIPMENT, NET<\/td>\n\n16,157<\/td>\n\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\n\n9,564<\/td>\n<\/tr>\n
Other noncurrent assets<\/td>\n\n1,189<\/td>\n\n\n\n1,181<\/td>\n<\/tr>\n
Total other assets<\/td>\n\n10,755<\/td>\n\n\n\n10,745<\/td>\n<\/tr>\n
TOTAL ASSETS<\/td>\n$<\/td>\n43,030<\/td>\n\n\n$<\/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$<\/td>\n629<\/td>\n\n\n$<\/td>\n580<\/td>\n<\/tr>\n
Payroll and employee benefits<\/td>\n\n813<\/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\n518<\/td>\n\n\n\n217<\/td>\n<\/tr>\n
Other current liabilities<\/td>\n\n476<\/td>\n\n\n\n509<\/td>\n<\/tr>\n
Total current liabilities<\/td>\n\n2,578<\/td>\n\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\n2,015<\/td>\n\n\n\n7,937<\/td>\n<\/tr>\n
Deferred revenue, net of current portion<\/td>\n\n1,533<\/td>\n\n\n\n1,633<\/td>\n<\/tr>\n
Deposits<\/td>\n\n2,185<\/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\n5,786<\/td>\n\n\n\n11,932<\/td>\n<\/tr>\n
TOTAL LIABILITIES<\/td>\n\n8,364<\/td>\n\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
Preferred stock–$.0001 par value; 5,000,000 shares authorized; no shares<\/td>\n\n\n<\/tr>\n
issued and outstanding<\/td>\n\n–<\/td>\n\n\n\n–<\/td>\n<\/tr>\n
Common stock–$.0001 par value and no par value at September 30, 2022<\/td>\n\n<\/tr>\n
and December 31, 2021, respectively; 43,000,000 shares authorized;<\/td>\n\n\n<\/tr>\n
19,459,558 and 19,383,288 shares issued and outstanding<\/td>\n\n\n<\/tr>\n
at September 30, 2022 and December 31, 2021, respectively<\/td>\n\n83,203<\/td>\n\n\n\n82,378<\/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(42,541<\/td>\n)<\/td>\n\n\n(52,324<\/td>\n)<\/td>\n<\/tr>\n
Accumulated other comprehensive loss<\/td>\n\n(15,180<\/td>\n)<\/td>\n\n\n(15,648<\/td>\n)<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\n34,666<\/td>\n\n\n\n23,590<\/td>\n<\/tr>\n
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY<\/td>\n$<\/td>\n43,030<\/td>\n\n\n$<\/td>\n37,919<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n<\/table>\n

<\/p>\n

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

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

\n

KAPALUA RESORT, Hawaii, Nov. 02, 2022 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. (NYSE: MLP) (the “Company”) reported a net loss of $124,000, or $0.01 per share, for the third quarter of 2022, compared to a net loss of $139,000, or $0.01 per share, for the third 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\/7392"}],"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=7392"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/7392\/revisions"}],"predecessor-version":[{"id":7458,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/7392\/revisions\/7458"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=7392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=7392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=7392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}