Maui Land & Pineapple Reports 3rd Quarter 2020 Results

KAPALUA RESORT, Hawaii, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $633,000, or $(0.03) per share, for the third quarter of 2020, compared to a net loss of $9,000, or $(0.00) per share, for the third quarter of 2019. The Company reported total operating revenues of $1.7 million and $2.7 million during the three months ended September 30, 2020 and 2019, respectively.

For the nine months ended September 30, 2020, the Company reported a net loss of $1.9 million, or $(0.10) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the nine months ended September 30, 2019. The Company reported total operating revenues of $5.4 million and $7.5 million during the nine months ended September 30, 2020 and 2019, respectively.

The Company did not have any real estate asset sales during the first three 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

 September 30, December 31,
 2020 2019
 (unaudited) (audited)
    
 (in thousands except share data)
ASSETS   
    
CURRENT ASSETS   
Cash$324  $683 
Accounts receivable, less allowance for doubtful accounts of $223 and $35, respectively 1,680   1,173 
Prepaid expenses and other assets 244   101 
Assets held for sale 7,633   7,597 
Total current assets 9,881   9,554 
    
PROPERTY 52,267   52,164 
Accumulated depreciation (33,407)  (32,445)
Property, net 18,860   19,719 
    
OTHER ASSETS   
Deferred development costs 8,504   8,504 
Other noncurrent assets 1,206   1,342 
Total other assets 9,710   9,846 
    
TOTAL ASSETS$38,451  $39,119 
    
LIABILITIES & STOCKHOLDERS' EQUITY   
    
CURRENT LIABILITIES   
Accounts payable$707  $1,356 
Payroll and employee benefits 783   928 
Accrued retirement benefits 165   165 
Deferred club membership revenue 131   35 
Other current liabilities 615   468 
Total current liabilities 2,401   2,952 
    
LONG-TERM LIABILITIES   
Long-term debt -   1,035 
Accrued retirement benefits, net of current portion 9,328   9,702 
Deferred license fee revenue 1,800   - 
Deposits 2,649   2,674 
Other noncurrent liabilities 64   64 
Total long-term liabilities 13,841   13,475 
    
COMMITMENTS AND CONTINGENCIES   
    
STOCKHOLDERS' EQUITY   
Common stock--no par value, 43,000,000 shares authorized,   
 19,301,288 and 19,238,081 shares issued and outstanding 81,369   80,606 
Additional paid-in-capital 9,184   9,184 
Accumulated deficit (48,164)  (46,300)
Accumulated other comprehensive loss (20,180)  (20,798)
Total stockholders' equity 22,209   22,692 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$38,451  $39,119 
    


MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

    
 Three Months Ended September 30,
  2020   2019 
        
 (in thousands except
 per share amounts)
OPERATING REVENUES   
Real estate$15  $305 
Leasing 1,448   2,167 
Resort amenities and other 234   242 
Total operating revenues 1,697   2,714 
    
OPERATING COSTS AND EXPENSES   
Real estate 86   352 
Leasing 671   793 
Resort amenities and other 152   219 
General and administrative 514   466 
Share-based compensation 402   374 
Depreciation 326   345 
Total operating costs and expenses 2,151   2,549 
    
OPERATING INCOME (LOSS) (454)  165 
Pension and other post-retirement expenses (125)  (258)
Interest expense (29)  (50)
LOSS FROM CONTINUING OPERATIONS$(608) $(143)
Income (Loss) from discontinued operations, net (25)  134 
NET LOSS$(633) $(9)
Other comprehensive income - pension, net 206   211 
COMPREHENSIVE INCOME (LOSS)$(427) $202 
    
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED  
Loss from Continuing Operations$(0.03) $(0.01)
Income (Loss) from Discontinued Operations$-  $0.01 
Net Loss$(0.03) $- 
    


 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

    
 Nine Months Ended September 30,
  2020   2019 
        
 (in thousands except
 per share amounts)
OPERATING REVENUES   
Real estate$173  $671 
Leasing 4,620   6,121 
Resort amenities and other 648   751 
Total operating revenues 5,441   7,543 
    
OPERATING COSTS AND EXPENSES   
Real estate 457   873 
Leasing 2,278   2,233 
Resort amenities and other 893   751 
General and administrative 1,823   1,816 
Share-based compensation 1,229   1,346 
Depreciation 971   1,067 
Total operating costs and expenses 7,651   8,086 
    
OPERATING LOSS (2,210)  (543)
Other income 894   - 
Pension and other post-retirement expenses (359)  (768)
Interest expense (105)  (160)
LOSS FROM CONTINUING OPERATIONS$(1,780) $(1,471)
Income (Loss) from discontinued operations, net (84)  187 
NET LOSS$(1,864) $(1,284)
Other comprehensive income - pension, net 617   634 
COMPREHENSIVE LOSS$(1,247) $(650)
    
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED  
Loss from Continuing Operations$(0.09) $(0.08)
Income (Loss) from Discontinued Operations$(0.01) $0.01 
Net Loss$(0.10) $(0.07)
    


Contact:
Michael S. Hotta        
mhotta@kapalua.com

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