Exhibit 99.1
| NEWS RELEASE | Contact: |
| Wade K. Kodama | |
| wkodama@kapalua.com |
MAUI LAND & PINEAPPLE REPORTS 3nd QUARTER 2021 RESULTS
KAPALUA RESORT, Hawaii, November 4, 2021 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net loss of $0.1 million, or $(0.01) per share, for the third quarter of 2021, compared to a net loss of $0.6 million, or $(0.03) per share, for the third quarter of 2020. Total operating revenues of $2.4 million and $1.7 million were recognized during the three months ended September 30, 2021 and 2020, respectively.
For the nine months ended September 30, 2021, the Company reported net income of $0.8 million, or $0.04 per share, compared to a net loss of $1.9 million, or $(0.10) per share, for the nine months ended September 30, 2020. Total operating revenues of $9.4 million and $5.4 million were recognized during the nine months ended September 30, 2021 and 2020, respectively.
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.
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Page 2
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
|
Three Months Ended |
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|
2021 |
2020 |
|||||||
|
(in thousands except |
||||||||
|
per share amounts) |
||||||||
|
OPERATING REVENUES |
||||||||
|
Real estate |
$ | - | $ | 15 | ||||
|
Leasing |
2,184 | 1,448 | ||||||
|
Resort amenities and other |
253 | 234 | ||||||
|
Total operating revenues |
2,437 | 1,697 | ||||||
|
OPERATING COSTS AND EXPENSES |
||||||||
|
Real estate |
67 | 86 | ||||||
|
Leasing |
784 | 671 | ||||||
|
Resort amenities and other |
304 | 152 | ||||||
|
General and administrative |
612 | 514 | ||||||
|
Share-based compensation |
365 | 402 | ||||||
|
Depreciation |
300 | 326 | ||||||
|
Total operating costs and expenses |
2,432 | 2,151 | ||||||
|
OPERATING INCOME (LOSS) |
5 | (454 | ) | |||||
|
Pension and other post-retirement expenses |
(116 | ) | (125 | ) | ||||
|
Interest expense |
(28 | ) | (29 | ) | ||||
|
LOSS FROM CONTINUING OPERATIONS |
(139 | ) | (608 | ) | ||||
|
Loss from discontinued operations, net |
- | (25 | ) | |||||
|
NET LOSS |
$ | (139 | ) | $ | (633 | ) | ||
|
Other compreshensive income - pension, net |
221 | 206 | ||||||
|
TOTAL COMPREHENSIVE INCOME (LOSS) |
$ | 82 | $ | (427 | ) | |||
|
LOSS PER COMMON SHARE-BASIC AND DILUTED |
||||||||
|
Loss from Continuing Operations |
$ | (0.01 | ) | $ | (0.03 | ) | ||
|
Loss from Discontinued Operations |
$ | - | $ | - | ||||
|
Net Loss |
$ | (0.01 | ) | $ | (0.03 | ) | ||
Page 3
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
|
Nine Months Ended |
||||||||
|
2021 |
2020 |
|||||||
|
(in thousands except |
||||||||
|
per share amounts) |
||||||||
|
OPERATING REVENUES |
||||||||
|
Real estate |
$ | 2,700 | $ | 173 | ||||
|
Leasing |
5,947 | 4,620 | ||||||
|
Resort amenities and other |
799 | 648 | ||||||
|
Total operating revenues |
9,446 | 5,441 | ||||||
|
OPERATING COSTS AND EXPENSES |
||||||||
|
Real estate |
618 | 457 | ||||||
|
Leasing |
2,495 | 2,278 | ||||||
|
Resort amenities and other |
994 | 893 | ||||||
|
General and administrative |
1,904 | 1,823 | ||||||
|
Share-based compensation |
1,084 | 1,229 | ||||||
|
Depreciation |
902 | 971 | ||||||
|
Total operating costs and expenses |
7,997 | 7,651 | ||||||
|
OPERATING INCOME (LOSS) |
1,449 | (2,210 | ) | |||||
|
Other income |
13 | 894 | ||||||
|
Pension and other post-retirement expenses |
(348 | ) | (359 | ) | ||||
|
Interest expense |
(94 | ) | (105 | ) | ||||
|
INCOME (LOSS) FROM CONTINUING OPERATIONS |
1,020 | (1,780 | ) | |||||
|
Loss from discontinued operations, net |
(214 | ) | (84 | ) | ||||
|
NET INCOME (LOSS) |
$ | 806 | $ | (1,864 | ) | |||
|
Other compreshensive income - pension, net |
663 | 617 | ||||||
|
TOTAL COMPREHENSIVE INCOME (LOSS) |
$ | 1,469 | $ | (1,247 | ) | |||
|
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED |
||||||||
|
Income (Loss) from Continuing Operations |
$ | 0.05 | $ | (0.09 | ) | |||
|
Loss from Discontinued Operations |
$ | (0.01 | ) | $ | (0.01 | ) | ||
|
Net Income (Loss) |
$ | 0.04 | $ | (0.10 | ) | |||
Page 4
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
|
September 30, |
December 31, |
|||||||
|
2021 |
2020 |
|||||||
|
(unaudited) |
(audited) |
|||||||
|
(in thousands) |
||||||||
|
CURRENT ASSETS |
||||||||
|
Cash |
$ | 4,859 | $ | 869 | ||||
|
Accounts receivable, net |
1,228 | 1,362 | ||||||
|
Prepaid expenses and other assets |
557 | 80 | ||||||
|
Assets held for sale |
3,135 | 7,440 | ||||||
|
Total current assets |
9,779 | 9,751 | ||||||
|
PROPERTY |
51,412 | 51,956 | ||||||
|
Accumulated depreciation |
(34,089 | ) | (33,445 | ) | ||||
|
Property, net |
17,323 | 18,511 | ||||||
|
OTHER ASSETS |
||||||||
|
Deferred development costs |
8,964 | 8,901 | ||||||
|
Other noncurrent assets |
1,171 | 1,307 | ||||||
|
Total other assets |
10,135 | 10,208 | ||||||
|
TOTAL ASSETS |
$ | 37,237 | $ | 38,470 | ||||
|
CURRENT LIABILITIES |
||||||||
|
Accounts payable |
$ | 331 | $ | 899 | ||||
|
Payroll and employee benefits |
810 | 970 | ||||||
|
Long-term debt, current portion |
- | 200 | ||||||
|
Accrued retirement benefits, currernt portion |
165 | 165 | ||||||
|
Deferred revenue, current portion |
214 | 260 | ||||||
|
Other current liabilities |
400 | 453 | ||||||
|
Total current liabilities |
1,920 | 2,947 | ||||||
|
LONG-TERM LIABILITIES |
||||||||
|
Accrued retirement benefits |
8,949 | 10,926 | ||||||
|
Deferred revenue |
1,667 | 1,767 | ||||||
|
Deposits |
2,354 | 2,680 | ||||||
|
Other noncurrent liabilities |
53 | 83 | ||||||
|
Total long-term liabilities |
13,023 | 15,456 | ||||||
| TOTAL LIABILITIES | 14,943 | 18,403 | ||||||
|
COMMITMENTS AND CONTINGENCIES |
||||||||
|
STOCKHOLDERS' EQUITY |
||||||||
|
Common stock--no par value, 43,000,000 shares authorized, 19,372,803 and 19,301,288 shares issued and outstanding, respectively |
82,243 | 81,485 | ||||||
|
Additional paid-in-capital |
9,184 | 9,184 | ||||||
|
Accumulated deficit |
(48,098 | ) | (48,904 | ) | ||||
|
Accumulated other comprehensive loss |
(21,035 | ) | (21,698 | ) | ||||
|
Total stockholders' equity |
22,294 | 20,067 | ||||||
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ | 37,237 | $ | 38,470 | ||||