EX-99.1 2 ex_433179.htm EXHIBIT 99.1 ex_433179.htm

Exhibit 99.1

 

NEWS RELEASE  Contact:
 

Wade K. Kodama

wkodama@kapalua.com

        

 

MAUI LAND & PINEAPPLE COMPANY, INC. REPORTS 3rd QUARTER 2022 RESULTS

 

KAPALUA RESORT, Hawaii, November 2, 2022 (BUSINESS WIRE) --

 

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. 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.

 

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.

 

In August 2022, a voluntary contribution of $5.7 million was made to fund the Company’s defined benefit pension plan to further annuitize certain of the plan’s obligations.

 

Additional Information

 

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.

 

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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Page 2

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

 

(UNAUDITED)

 

   

Three Months Ended
September 30,

  
   

2022

    

2021

  
   

(in thousands except

  
   

per share amounts)

  

OPERATING REVENUES

                

Leasing

   $ 2,330     $ 2,184  

Resort amenities and other

     221       253  

Total operating revenues

     2,551       2,437  
                 

OPERATING COSTS AND EXPENSES

                

Real estate

     117       67  

Leasing

     869       784  

Resort amenities and other

     330       304  

General and administrative

     661       612  

Share-based compensation

     302       365  

Depreciation

     280       300  

Total operating costs and expenses

     2,559       2,432  
                 

OPERATING INCOME (LOSS)

     (8 )     5  

Pension and other post-retirement expenses

     (114 )     (116 )

Interest expense

     (2 )     (28 )

NET LOSS

   $ (124 )   $ (139 )

Other comprehensive income - pension, net

     156       221  

TOTAL COMPREHENSIVE INCOME

   $ 32     $ 82  
                 

NET LOSS PER COMMON SHARE-BASIC AND DILUTED

   $ (0.01 )   $ (0.01 )

 

 
 

Page 3

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

(UNAUDITED)

 

   

Nine Months Ended
September 30,

  
   

2022

    

2021

  
   

(in thousands except

  
   

per share amounts)

  

OPERATING REVENUES

                

Real estate

   $ 11,600     $ 2,700  

Leasing

     6,559       5,947  

Resort amenities and other

     628       799  

Total operating revenues

     18,787       9,446  
                 

OPERATING COSTS AND EXPENSES

                

Real estate

     913       618  

Leasing

     2,608       2,495  

Resort amenities and other

     1,170       994  

General and administrative

     2,177       1,904  

Share-based compensation

     958       1,084  

Depreciation

     830       902  

Total operating costs and expenses

     8,656       7,997  
                 

OPERATING INCOME

     10,131       1,449  

Other income

     -       13  

Pension and other post-retirement expenses

     (343 )     (348 )

Interest expense

     (5 )     (94 )

INCOME FROM CONTINUING OPERATIONS

     9,783       1,020  

Loss from discontinued operations, net

     -       (214 )

NET INCOME

   $ 9,783     $ 806  

Other comprehensive income - pension, net

     468       663  

TOTAL COMPREHENSIVE INCOME

   $ 10,251     $ 1,469  
                 

EARNINGS PER COMMON SHARE-BASIC AND DILUTED

                

Income from Continuing Operations

   $ 0.50     $ 0.05  

Loss from Discontinued Operations

   $ -     $ (0.01 )

Net Income

   $ 0.50     $ 0.04  

 

 
 

Page 4

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   

September 30,

    

December 31,

  
   

2022

    

2021

  
   

(unaudited)

    

(audited)

  
   

(in thousands except share data)

  

ASSETS

                

CURRENT ASSETS

                

Cash

   $ 11,074     $ 5,596  

Restricted cash

     241       -  

Accounts receivable, net

     1,127       1,103  

Prepaid expenses and other assets

     657       333  

Assets held for sale

     3,019       3,144  

Total current assets

     16,118       10,176  
                 

PROPERTY & EQUIPMENT, NET

     16,157       16,998  
                 

OTHER ASSETS

                

Deferred development costs

     9,566       9,564  

Other noncurrent assets

     1,189       1,181  

Total other assets

     10,755       10,745  

TOTAL ASSETS

   $ 43,030     $ 37,919  
                 

LIABILITIES & STOCKHOLDERS' EQUITY

                

LIABILITIES

                

CURRENT LIABILITIES

                

Accounts payable

   $ 629     $ 580  

Payroll and employee benefits

     813       949  

Accrued retirement benefits, current portion

     142       142  

Deferred revenue, current portion

     518       217  

Other current liabilities

     476       509  

Total current liabilities

     2,578       2,397  
                 

LONG-TERM LIABILITIES

                

Accrued retirement benefits, net of current portion

     2,015       7,937  

Deferred revenue, net of current portion

     1,533       1,633  

Deposits

     2,185       2,309  

Other noncurrent liabilities

     53       53  

Total long-term liabilities

     5,786       11,932  

TOTAL LIABILITIES

     8,364       14,329  
                 

COMMITMENTS AND CONTINGENCIES

                
                 

STOCKHOLDERS' EQUITY

                

Preferred stock--$.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding

     -       -  

Common stock--$.0001 par value and no par value at September 30, 2022 and December 31, 2021, respectively; 43,000,000 shares authorized; 19,459,558 and 19,383,288 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

     83,203       82,378  

Additional paid-in-capital

     9,184       9,184  

Accumulated deficit

     (42,541 )     (52,324 )

Accumulated other comprehensive loss

     (15,180 )     (15,648 )

Total stockholders' equity

     34,666       23,590  

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

   $ 43,030     $ 37,919