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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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| | | Three Months Ended
September 30, | |
| | | 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 | ) |
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| | | Nine Months Ended
September 30, | |
| | | 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 | ) |
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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 | |
