KAPALUA RESORT, Hawaii, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $1.9 million, or $0.10 per share, for the second quarter of 2021, compared to a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2020. Total operating revenues of $5.0 million and $1.7 million were recognized during the three months ended June 30, 2021 and 2020, respectively.
For the six months ended June 30, 2021, the Company reported net income of $0.9 million, or $0.05 per share, compared to a net loss of $1.2 million, or $(0.06) per share, for the six months ended June 30, 2020. Total operating revenues of $7.0 million and $3.7 million were recognized during the six months ended June 30, 2021 and 2020, respectively.
During the quarter ended June 30, 2021, MLP completed real estate sales of the Steeple House in the Kapalua Resort and a conservation easement in Honolua Valley for $1.7 million and $0.9 million, respectively. There were no real estate asset sales in 2020.
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.
Contact:
Michael S. Hotta
mhotta@kapalua.com
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
| Three Months Ended June 30, | |||||||
| 2021 | 2020 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | 2,700 | $ | 90 | |||
| Leasing | 1,962 | 1,436 | |||||
| Resort amenities and other | 288 | 184 | |||||
| Total operating revenues | 4,950 | 1,710 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 454 | 192 | |||||
| Leasing | 876 | 827 | |||||
| Resort amenities and other | 278 | 169 | |||||
| General and administrative | 574 | 559 | |||||
| Share-based compensation | 370 | 402 | |||||
| Depreciation | 302 | 323 | |||||
| Total operating costs and expenses | 2,854 | 2,472 | |||||
| OPERATING INCOME (LOSS) | 2,096 | (762 | ) | ||||
| Other income | - | 894 | |||||
| Pension and other post-retirement expenses | (116 | ) | (117 | ) | |||
| Interest expense | (32 | ) | (30 | ) | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,948 | (15 | ) | ||||
| Loss from discontinued operations, net | (69 | ) | (142 | ) | |||
| NET INCOME (LOSS) | $ | 1,879 | $ | (157 | ) | ||
| Other comprehensive income - pension, net | 221 | 206 | |||||
| TOTAL COMPREHENSIVE INCOME | $ | 2,100 | $ | 49 | |||
| EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED | |||||||
| Income (Loss) from Continuing Operations | $ | 0.10 | $ | - | |||
| Loss from Discontinued Operations | $ | - | $ | (0.01 | ) | ||
| Net Income (Loss) | $ | 0.10 | $ | (0.01 | ) | ||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Six Months Ended June 30, | |||||||
| 2021 | 2020 | ||||||
| (in thousands except | |||||||
| per share amounts) | |||||||
| OPERATING REVENUES | |||||||
| Real estate | $ | 2,700 | $ | 158 | |||
| Leasing | 3,763 | 3,172 | |||||
| Resort amenities and other | 546 | 414 | |||||
| Total operating revenues | 7,009 | 3,744 | |||||
| OPERATING COSTS AND EXPENSES | |||||||
| Real estate | 552 | 367 | |||||
| Leasing | 1,716 | 1,603 | |||||
| Resort amenities and other | 691 | 740 | |||||
| General and administrative | 1,291 | 1,318 | |||||
| Share-based compensation | 719 | 827 | |||||
| Depreciation | 602 | 645 | |||||
| Total operating costs and expenses | 5,571 | 5,500 | |||||
| OPERATING INCOME (LOSS) | 1,438 | (1,756 | ) | ||||
| Other income | 13 | 894 | |||||
| Pension and other post-retirement expenses | (232 | ) | (234 | ) | |||
| Interest expense | (65 | ) | (76 | ) | |||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,154 | (1,172 | ) | ||||
| Loss from discontinued operations, net | (209 | ) | (59 | ) | |||
| NET INCOME (LOSS) | $ | 945 | $ | (1,231 | ) | ||
| Other compreshensive income - pension, net | 442 | 412 | |||||
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 1,387 | $ | (819 | ) | ||
| EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED | |||||||
| Income (Loss) from Continuing Operations | $ | 0.06 | $ | (0.06 | ) | ||
| Loss from Discontinued Operations | $ | (0.01 | ) | $ | - | ||
| Net Income (Loss) | $ | 0.05 | $ | (0.06 | ) | ||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | ||||||
| 2021 | 2020 | ||||||
| (unaudited) | (audited) | ||||||
| (in thousands except share data) | |||||||
| CURRENT ASSETS | |||||||
| Cash | $ | 6,005 | $ | 869 | |||
| Accounts receivable, net | 1,336 | 1,362 | |||||
| Prepaid expenses and other assets | 167 | 80 | |||||
| Assets held for sale | 3,134 | 7,440 | |||||
| Total current assets | 10,642 | 9,751 | |||||
| PROPERTY | 51,414 | 51,956 | |||||
| Accumulated depreciation | (33,789 | ) | (33,445 | ) | |||
| Property, net | 17,625 | 18,511 | |||||
| OTHER ASSETS | |||||||
| Deferred development costs | 8,964 | 8,901 | |||||
| Other noncurrent assets | 1,222 | 1,307 | |||||
| Total other assets | 10,186 | 10,208 | |||||
| TOTAL ASSETS | $ | 38,453 | $ | 38,470 | |||
| LIABILITIES & STOCKHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Accounts payable | $ | 441 | $ | 899 | |||
| Payroll and employee benefits | 699 | 970 | |||||
| Long-term debt, current portion | - | 200 | |||||
| Accrued retirement benefits, currernt portion | 165 | 165 | |||||
| Deferred revenue, current portion | 447 | 260 | |||||
| Other current liabilities | 407 | 453 | |||||
| Total current liabilities | 2,159 | 2,947 | |||||
| LONG-TERM LIABILITIES | |||||||
| Accrued retirement benefits | 10,091 | 10,926 | |||||
| Deferred revenue | 1,700 | 1,767 | |||||
| Deposits | 2,355 | 2,680 | |||||
| Other noncurrent liabilities | 75 | 83 | |||||
| Total long-term liabilities | 14,221 | 15,456 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| STOCKHOLDERS' EQUITY | |||||||
| Common stock--no par value, 43,000,000 shares authorized, | |||||||
| 19,361,856 and 19,311,528 shares issued and outstanding | 82,104 | 81,485 | |||||
| Additional paid-in-capital | 9,184 | 9,184 | |||||
| Accumulated deficit | (47,959 | ) | (48,904 | ) | |||
| Accumulated other comprehensive loss | (21,256 | ) | (21,698 | ) | |||
| Total stockholders' equity | 22,073 | 20,067 | |||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 38,453 | $ | 38,470 | |||
