Maui Land & Pineapple Reports 3rd Quarter 2020 Results

Maui Land & Pineapple Reports 3rd Quarter 2020 Results




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