Maui Land & Pineapple Reports 2nd Quarter 2020 Results

KAPALUA RESORT, Hawaii, Aug. 11, 2020 (GLOBE NEWSWIRE) --

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $157,000, or $(0.01) per share, for the second quarter of 2020, compared to a net loss of $181,000 million, or $(0.01) per share, for the second quarter of 2019. The Company reported total operating revenues of $1.7 million and $2.5 million during the three months ended June 30, 2020 and 2019, respectively.

For the six months ended June 30, 2020, the Company reported a net loss of $1.2 million, or $(0.06) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the six months ended June 30, 2019. The Company reported total operating revenues of $3.7 million and $4.8 million during the six months ended June 30, 2020 and 2019, respectively.

The Company did not have any real estate asset sales during the first two quarters of 2020 or 2019.

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.

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 June 30, December 31,
  2020   2019 
 (unaudited) (audited)
    
 (in thousands except share data)
ASSETS   
    
CURRENT ASSETS   
Cash$340  $683 
Accounts receivable, less allowance for doubtful accounts of $114 and $35, respectively 1,726   1,173 
Prepaid expenses and other assets 146   101 
Assets held for sale 7,615   7,597 
Total current assets 9,827   9,554 
    
PROPERTY 52,215   52,164 
Accumulated depreciation (33,091)  (32,445)
Property, net 19,124   19,719 
    
OTHER ASSETS   
Deferred development costs 8,504   8,504 
Other noncurrent assets 1,253   1,342 
Total other assets 9,757   9,846 
    
TOTAL ASSETS$38,708  $39,119 
    
LIABILITIES & STOCKHOLDERS' EQUITY   
    
CURRENT LIABILITIES   
Accounts payable$521  $1,356 
Payroll and employee benefits 559   928 
Current portion of accrued retirement benefits 165   165 
Deferred club membership revenue 312   35 
Other current liabilities 633   468 
Total current liabilities 2,190   2,952 
    
LONG-TERM LIABILITIES   
Long-term debt -   1,035 
Accrued retirement benefits, net of current portion 9,453   9,702 
Deferred license fee revenue 1,834   - 
Deposits 2,649   2,674 
Other noncurrent liabilities 64   64 
Total long-term liabilities 14,000   13,475 
    
COMMITMENTS AND CONTINGENCIES   
    
STOCKHOLDERS' EQUITY   
Common stock--no par value, 43,000,000 shares authorized,   
19,291,102 and 19,238,081 shares issued and outstanding 81,251   80,606 
Additional paid-in-capital 9,184   9,184 
Accumulated deficit (47,531)  (46,300)
Accumulated other comprehensive loss (20,386)  (20,798)
Total stockholders' equity 22,518   22,692 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$38,708  $39,119 

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

 Three Months Ended June 30,
 2020
 2019
    
 (in thousands except
 per share amounts)
OPERATING REVENUES     
Real estate$90  $209 
Leasing1,436  2,038 
Resort amenities and other184  248 
Total operating revenues1,710  2,495 
      
OPERATING COSTS AND EXPENSES     
Real estate192  255 
Leasing827  714 
Resort amenities and other169  208 
General and administrative559  510 
Share-based compensation402  374 
Depreciation323  360 
Total operating costs and expenses2,472  2,421 
      
OPERATING INCOME (LOSS)(762) 74 
Gain on investment894  - 
Pension and other post-retirement expenses(117) (256)
Interest expense(30) (63)
LOSS FROM CONTINUING OPERATIONS$(15) $(245)
Income (Loss) from discontinued operations, net(142) 64 
NET LOSS$(157) $(181)
Pension, net206  211 
COMPREHENSIVE INCOME$49  $30 
      
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED     
Loss from Continuing Operations$-  $(0.01)
Income (Loss) from Discontinued Operations$(0.01) $- 
Net Loss$(0.01) $(0.01)
        

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

 Six Months Ended June 30,
 2020
 2019
    
 (in thousands except
 per share amounts)
OPERATING REVENUES     
Real estate$158  $366 
Leasing3,172  3,954 
Resort amenities and other414  509 
Total operating revenues3,744  4,829 
      
OPERATING COSTS AND EXPENSES     
Real estate367  521 
Leasing1,603  1,439 
Resort amenities and other740  533 
General and administrative1,318  1,350 
Share-based compensation827  972 
Depreciation645  722 
Total operating costs and expenses5,500  5,537 
      
OPERATING LOSS(1,756) (708)
Gain on investment894  - 
Pension and other post-retirement expenses(234) (509)
Interest expense(76) (110)
LOSS FROM CONTINUING OPERATIONS$(1,172) $(1,327)
Income (Loss) from discontinued operations, net(59) 52 
NET LOSS$(1,231) $(1,275)
Pension, net412  423 
COMPREHENSIVE LOSS$(819) $(852)
      
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED     
Loss from Continuing Operations$(0.06) $(0.07)
Income (Loss) from Discontinued Operations$-  $- 
Net Loss$(0.06) $(0.07)
        


 
Contact:
Michael S. Hotta
mhotta@kapalua.com
 
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