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 | ||||||||
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 | ||||||||
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 |