Maui Land & Pineapple (MLP) 8-K MAUI LAND & PINEAPPLE COMPANY, INC. REPORTS 3rd QUARTER 2022 RESULTS

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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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	)

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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

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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