KAPALUA RESORT, Hawaii, May 10, 2022 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. “MLP” (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. 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.
The Company did not have any real estate asset sales during the first quarters of 2022 or 2021.
Additional Information
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.
About Maui Land & Pineapple Company, Inc.
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.
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
| Three Months Ended March 31, | |||||||
| 2022 | 2021 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | – | $ | – | |||
| Leasing | 2,031 | 1,801 | |||||
| Resort amenities and other | 217 | 258 | |||||
| Total operating revenues | 2,248 | 2,059 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 90 | 97 | |||||
| Leasing | 741 | 840 | |||||
| Resort amenities and other | 510 | 412 | |||||
| General and administrative | 756 | 719 | |||||
| Share-based compensation | 379 | 349 | |||||
| Depreciation | 274 | 300 | |||||
| Total operating costs and expenses | 2,750 | 2,717 | |||||
| OPERATING LOSS | (502 | ) | (658 | ) | |||
| Other income | – | 13 | |||||
| Pension and other post-retirement expenses | (114 | ) | (116 | ) | |||
| Interest expense | (2 | ) | (33 | ) | |||
| LOSS FROM CONTINUING OPERATIONS | $ | (618 | ) | $ | (794 | ) | |
| Loss from discontinued operations, net | – | (140 | ) | ||||
| NET LOSS | $ | (618 | ) | $ | (934 | ) | |
| Pension, net | 156 | 221 | |||||
| TOTAL COMPREHENSIVE LOSS | $ | (462 | ) | $ | (713 | ) | |
| LOSS PER COMMON SHARE-BASIC AND DILUTED | |||||||
| Loss from Continuing Operations | $ | (0.03 | ) | $ | (0.04 | ) | |
| Loss from Discontinued Operations | $ | – | $ | (0.01 | ) | ||
| Net Loss | $ | (0.03 | ) | $ | (0.05 | ) | |
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | ||||||
| 2022 | 2021 | ||||||
| (unaudited) | (audited) | ||||||
| (in thousands except share data) | |||||||
| ASSETS | |||||||
| CURRENT ASSETS | |||||||
| Cash | $ | 5,831 | $ | 5,596 | |||
| Restricted cash | 2,300 | – | |||||
| Accounts receivable, net | 1,187 | 1,103 | |||||
| Prepaid expenses and other assets | 278 | 333 | |||||
| Assets held for sale | 3,157 | 3,144 | |||||
| Total current assets | 12,753 | 10,176 | |||||
| PROPERTY & EQUIPMENT | 51,235 | 51,235 | |||||
| Accumulated depreciation | (34,510) | (34,237) | |||||
| Property & equipment, net | 16,725 | 16,998 | |||||
| OTHER ASSETS | |||||||
| Deferred development costs | 9,566 | 9,564 | |||||
| Other noncurrent assets | 1,181 | 1,181 | |||||
| Total other assets | 10,747 | 10,745 | |||||
| TOTAL ASSETS | $ | 40,225 | $ | 37,919 | |||
| LIABILITIES & STOCKHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Accounts payable | $ | 774 | $ | 580 | |||
| Payroll and employee benefits | 591 | 949 | |||||
| Accrued retirement benefits, current portion | 142 | 142 | |||||
| Deferred revenue, current portion | 2,796 | 217 | |||||
| Other current liabilities | 503 | 509 | |||||
| Total current liabilities | 4,806 | 2,397 | |||||
| LONG-TERM LIABILITIES | |||||||
| Accrued retirement benefits, net of current portion | 7,862 | 7,937 | |||||
| Deferred revenue, net of current portion | 1,600 | 1,633 | |||||
| Deposits | 2,278 | 2,309 | |||||
| Other noncurrent liabilities | 53 | 53 | |||||
| Total long-term liabilities | 11,793 | 11,932 | |||||
| TOTAL LIABILITIES | 16,599 | 14,329 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| STOCKHOLDERS’ EQUITY | |||||||
| Common stock–no par value, 43,000,000 shares authorized, | |||||||
| 19,430,409 and 19,383,288 shares issued and outstanding | 82,876 | 82,378 | |||||
| at March 31, 2022 and December 31, 2021, respectively | |||||||
| Additional paid-in-capital | 9,184 | 9,184 | |||||
| Accumulated deficit | (52,942) | (52,324) | |||||
| Accumulated other comprehensive loss | (15,492) | (15,648) | |||||
| Total stockholders’ equity | 23,626 | 23,590 | |||||
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 40,225 | $ | 37,919 | |||
Contact:
Wade K. Kodama
wkodama@kapalua.com
