Maui Land & Pineapple Company, Inc. Reports 2020 Results

Rhea-AI Summary

Maui Land & Pineapple Company (NYSE: MLP) reported a net loss of $2.6 million or $(0.14) per share for 2020, an improvement from a $10.4 million loss in 2019. Total revenues decreased to $7.5 million in 2020 from $10.0 million the previous year. The COVID-19 pandemic significantly affected tourism, impacting operating revenues from real estate and club memberships. The fourth quarter of 2020 also showed a net loss of $0.7 million compared to $9.1 million in Q4 2019. The company managed a slight recovery through cash collateral recovery and a land sale.

Positive

• Improved net loss of $2.6 million in 2020 from $10.4 million in 2019.
• Operating revenues in Q4 2020 were $2.1 million, less than the previous year's Q4 revenue of $2.5 million, demonstrating resilience.

Negative

• Total revenues declined by $2.5 million, from $10.0 million in 2019 to $7.5 million in 2020.
• Operating revenues from real estate leases and club memberships were significantly impacted by the pandemic.

KAPALUA RESORT, Hawaii, March 01, 2021 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $2.6 million, or $(0.14) per share, for the year ended December 31, 2020. This compares to a net loss of $10.4 million, or $(0.54) per share, for 2019. The Company reported revenues of $7.5 million and $10.0 million for 2020 and 2019, respectively.

For the fourth quarter of 2020, the Company recognized a net loss of $0.7 million, or $(0.04) per share. In 2019, the Company recognized a net loss of $9.1 million or $(0.47) per share for the fourth quarter. Operating revenues totaled $2.1 million and $2.5 million during the fourth quarters of 2020 and 2019, respectively.

In 2020, the disruption of the COVID-19 pandemic on global and national economies, as well as restrictions on travel and public gatherings, significantly impacted tourism activity on the island of Maui. As a result, operating revenues from our real estate leases and club membership program declined for the year and quarter ended December 31, 2020. The reduction in commercial rental income and club revenues were offset by the recovery of cash collateral related to an owner-controlled insurance program held by a dissolved investment entity and the sale of a 5.1-acre parcel in West Maui to the County of Maui for expanded storage capacity for its Lahaina wastewater system.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2020 operating results will be available on our Form 10-K filed with the Securities and Exchange Commission and our website www.mauiland.com.

About MAUI LAND & PINEAPPLE COMPANY, INC. (NYSE:MLP)

Maui Land & Pineapple Company, Inc. is a landholding and operating company. The Company’s segments include Real Estate, which consists of land planning and entitlement, development and sales activities of its landholdings on Maui; Leasing, which includes residential, resort, agricultural, commercial, and industrial land and property leases, licensing of its registered trademarks and trade names, management of potable and non-potable water systems, and stewardship and conservation efforts; and Resort Amenities, which includes the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort. The Company owns approximately 23,000 acres of land on Maui on which it operates the Kapalua Resort community.

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS

	Years Ended December 31,								Three Months Ended December 31,
		2020				2019				2020 (unaudited)				2019 (unaudited)
								(in thousands except per share amounts)
OPERATING REVENUES
Real estate	$	772			$	915			$	599			$	244
Leasing		5,948				8,148				1,328				2,027
Resort amenities and other		820				982				172				231
Total Operating Revenues		7,540				10,045				2,099				2,502
OPERATING COSTS AND EXPENSES
Real estate		600				1,185				143				282
Leasing		2,933				3,228				655				995
Resort amenities and other		1,193				1,030				300				278
General and administrative		2,445				2,254				622				470
Share-based compensation		1,632				1,732				403				386
Depreciation		1,289				1,412				318				345
Total Operating Costs and Expenses		10,092				10,841				2,441				2,756
OPERATING LOSS		(2,552	)			(796	)			(342	)			(254	)
Other income		894				-				-				-
Pension and other post-retirement expenses		(475	)			(1,016	)			(116	)			(248	)
Interest expense		(134	)			(198	)			(29	)			(38	)
Income tax expense		-				(4,999	)			-				(4,999	)
LOSS FROM CONTINUING OPERATIONS		(2,267	)			(7,009	)			(487	)			(5,539	)
Loss from Discontinued Operations, net of income taxes of $0		(337	)			(3,357	)			(253	)			(3,544	)
NET LOSS		(2,604	)			(10,366	)			(740	)			(9,083	)
Pension, net of income taxes of $0		(900	)			1,006				(1,517	)			372
TOTAL COMPREHENSIVE LOSS	$	(3,504	)		$	(9,360	)		$	(2,257	)		$	(8,711	)
LOSS PER COMMON SHARE -- BASIC AND DILUTED
Continuing Operations	$	(0.12	)		$	(0.37	)		$	(0.03	)		$	(0.29	)
Discontinued Operations	$	(0.02	)		$	(0.17	)		$	(0.01	)		$	(0.18	)
Net Loss	$	(0.14	)		$	(0.54	)		$	(0.04	)		$	(0.47	)

Contact:
Michael S. Hotta
mhotta@kapalua.com

FAQ

What was Maui Land & Pineapple Company's net loss for 2020?

Maui Land & Pineapple Company reported a net loss of $2.6 million for 2020.

How did Maui Land & Pineapple Company perform in Q4 2020 compared to Q4 2019?

In Q4 2020, the company reported a net loss of $0.7 million, compared to a net loss of $9.1 million in Q4 2019.

What were the total revenues for Maui Land & Pineapple Company in 2020?

The total revenues for Maui Land & Pineapple Company in 2020 were $7.5 million.

How did the COVID-19 pandemic affect Maui Land & Pineapple Company's revenues?

The COVID-19 pandemic significantly reduced tourism activity, impacting the company's operating revenues from real estate leases and club memberships.