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
Leasing	1,436				2,038
Resort amenities and other	184				248
Total operating revenues	1,710				2,495
OPERATING COSTS AND EXPENSES
Real estate	192				255
Leasing	827				714
Resort amenities and other	169				208
General and administrative	559				510
Share-based compensation	402				374
Depreciation	323				360
Total operating costs and expenses	2,472				2,421
OPERATING INCOME (LOSS)	(762		)		74
Gain on investment	894				-
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, net	206				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
Leasing	3,172				3,954
Resort amenities and other	414				509
Total operating revenues	3,744				4,829
OPERATING COSTS AND EXPENSES
Real estate	367				521
Leasing	1,603				1,439
Resort amenities and other	740				533
General and administrative	1,318				1,350
Share-based compensation	827				972
Depreciation	645				722
Total operating costs and expenses	5,500				5,537
OPERATING LOSS	(1,756		)		(708		)
Gain on investment	894				-
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, net	412				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

[e-mail]