Exhibit 99.1
| NEWS RELEASE |
Contact: Wade K. Kodama wkodama@kapalua.com |
MAUI LAND & PINEAPPLE COMPANY, INC. REPORTS 2nd QUARTER 2022 RESULTS
KAPALUA RESORT, Hawaii, August 11, 2022 (BUSINESS WIRE) --
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. 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.
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.
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.
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 22,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
|
Three Months Ended |
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|
2022 |
2021 |
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|
(in thousands except |
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|
per share amounts) |
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|
OPERATING REVENUES |
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|
Real estate |
$ | 11,600 | $ | 2,700 | ||||
|
Leasing |
2,198 | 1,962 | ||||||
|
Resort amenities and other |
189 | 288 | ||||||
|
Total operating revenues |
13,987 | 4,950 | ||||||
|
OPERATING COSTS AND EXPENSES |
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|
Real estate |
707 | 454 | ||||||
|
Leasing |
997 | 876 | ||||||
|
Resort amenities and other |
330 | 278 | ||||||
|
General and administrative |
759 | 574 | ||||||
|
Share-based compensation |
276 | 370 | ||||||
|
Depreciation |
277 | 302 | ||||||
|
Total operating costs and expenses |
3,346 | 2,854 | ||||||
|
OPERATING INCOME |
10,641 | 2,096 | ||||||
|
Pension and other post-retirement expenses |
(114 | ) | (116 | ) | ||||
|
Interest expense |
(2 | ) | (32 | ) | ||||
|
INCOME FROM CONTINUING OPERATIONS |
10,525 | 1,948 | ||||||
|
Loss from discontinued operations, net |
- | (69 | ) | |||||
|
NET INCOME |
$ | 10,525 | $ | 1,879 | ||||
|
Other compreshensive income - pension, net |
156 | 221 | ||||||
|
TOTAL COMPREHENSIVE INCOME |
$ | 10,681 | $ | 2,100 | ||||
|
EARNINGS PER COMMON SHARE-BASIC AND DILUTED |
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|
Income from Continuing Operations |
$ | 0.54 | $ | 0.10 | ||||
|
Loss from Discontinued Operations |
$ | - | $ | - | ||||
|
Net Income |
$ | 0.54 | $ | 0.10 | ||||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
|
Six Months Ended |
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|
2022 |
2021 |
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|
(in thousands except |
||||||||
|
per share amounts) |
||||||||
|
OPERATING REVENUES |
||||||||
|
Real estate |
$ | 11,600 | $ | 2,700 | ||||
|
Leasing |
4,228 | 3,763 | ||||||
|
Resort amenities and other |
406 | 546 | ||||||
|
Total operating revenues |
16,234 | 7,009 | ||||||
|
OPERATING COSTS AND EXPENSES |
||||||||
|
Real estate |
796 | 552 | ||||||
|
Leasing |
1,739 | 1,716 | ||||||
|
Resort amenities and other |
840 | 691 | ||||||
|
General and administrative |
1,516 | 1,291 | ||||||
|
Share-based compensation |
654 | 719 | ||||||
|
Depreciation |
550 | 602 | ||||||
|
Total operating costs and expenses |
6,095 | 5,571 | ||||||
|
OPERATING INCOME |
10,139 | 1,438 | ||||||
|
Other income |
- | 13 | ||||||
|
Pension and other post-retirement expenses |
(229 | ) | (232 | ) | ||||
|
Interest expense |
(3 | ) | (65 | ) | ||||
|
INCOME FROM CONTINUING OPERATIONS |
9,907 | 1,154 | ||||||
|
Loss from discontinued operations, net |
- | (209 | ) | |||||
|
NET INCOME |
$ | 9,907 | $ | 945 | ||||
|
Other compreshensive income - pension, net |
312 | 442 | ||||||
|
TOTAL COMPREHENSIVE INCOME |
$ | 10,219 | $ | 1,387 | ||||
|
EARNINGS PER COMMON SHARE-BASIC AND DILUTED |
||||||||
|
Income from Continuing Operations |
$ | 0.51 | $ | 0.06 | ||||
|
Loss from Discontinued Operations |
$ | - | $ | (0.01 | ) | |||
|
Net Income |
$ | 0.51 | $ | 0.05 | ||||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
|
June 30, |
December 31, |
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|
2022 |
2021 |
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|
(unaudited) |
(audited) |
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|
(in thousands except share data) |
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|
ASSETS |
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|
CURRENT ASSETS |
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|
Cash |
$ | 16,949 | $ | 5,596 | ||||
|
Restricted cash |
273 | - | ||||||
|
Accounts receivable, net |
1,093 | 1,103 | ||||||
|
Prepaid expenses and other assets |
394 | 333 | ||||||
|
Assets held for sale |
3,017 | 3,144 | ||||||
|
Total current assets |
21,726 | 10,176 | ||||||
|
PROPERTY & EQUIPMENT, NET |
16,437 | 16,998 | ||||||
|
OTHER ASSETS |
||||||||
|
Deferred development costs |
9,566 | 9,564 | ||||||
|
Other noncurrent assets |
1,184 | 1,181 | ||||||
|
Total other assets |
10,750 | 10,745 | ||||||
|
TOTAL ASSETS |
$ | 48,913 | $ | 37,919 | ||||
|
LIABILITIES & STOCKHOLDERS' EQUITY |
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|
LIABILITIES |
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|
CURRENT LIABILITIES |
||||||||
|
Accounts payable |
$ | 845 | $ | 580 | ||||
|
Payroll and employee benefits |
671 | 949 | ||||||
|
Accrued retirement benefits, current portion |
142 | 142 | ||||||
|
Deferred revenue, current portion |
704 | 217 | ||||||
|
Other current liabilities |
493 | 509 | ||||||
|
Total current liabilities |
2,855 | 2,397 | ||||||
|
LONG-TERM LIABILITIES |
||||||||
|
Accrued retirement benefits, net of current portion |
7,789 | 7,937 | ||||||
|
Deferred revenue, net of current portion |
1,567 | 1,633 | ||||||
|
Deposits |
2,193 | 2,309 | ||||||
|
Other noncurrent liabilities |
53 | 53 | ||||||
|
Total long-term liabilities |
11,602 | 11,932 | ||||||
|
TOTAL LIABILITIES |
14,457 | 14,329 | ||||||
|
COMMITMENTS AND CONTINGENCIES |
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|
STOCKHOLDERS' EQUITY |
||||||||
|
Common stock--no par value, 43,000,000 shares authorized, 19,443,623 and 19,383,288 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively |
83,025 | 82,378 | ||||||
|
Additional paid-in-capital |
9,184 | 9,184 | ||||||
|
Accumulated deficit |
(42,417 | ) | (52,324 | ) | ||||
|
Accumulated other comprehensive loss |
(15,336 | ) | (15,648 | ) | ||||
|
Total stockholders' equity |
34,456 | 23,590 | ||||||
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ | 48,913 | $ | 37,919 | ||||