Maui Land & Pineapple Company, Inc. Reports Fiscal 2022 Results
Maui Land & Pineapple Company (NYSE: MLP) reported its financial results for the year ending December 31, 2022. The company achieved a net income of $1.8 million or $0.09 per share, compared to a net loss of $(3.4 million) or $(0.18) per share in 2021. Operating revenues surged to $21.0 million, up from $12.4 million the previous year. Total comprehensive income also rose to $9.2 million or $0.47 per share, from $2.6 million or $0.13 per share. Notably, pension adjustments contributed $7.4 million to comprehensive income. The company maintains a debt-free status, with total stockholders' equity increasing by $10.3 million to $33.8 million.
- Net income increased to $1.8 million, reversing a loss of $3.4 million in 2021.
- Operating revenues rose to $21.0 million, a significant increase from $12.4 million.
- Total comprehensive income improved to $9.2 million, up from $2.6 million in the previous year.
- Total stockholders' equity increased by $10.3 million to $33.8 million.
- The company retained a debt-free status for 2022.
- The company recognized a non-cash settlement charge of $7.5 million due to pension plan lift-out.
KAPALUA RESORT, Hawaii, March 23, 2023 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) today announced financial results for the year ended December 31, 2022.
Results for Year Ended December 31, 2022
The Company’s net income was
Operating revenues increased to
Total comprehensive income increased to
The Company recorded pension adjustments of
| Year Ended December 31, 2022 | Year Ended December 31, 2021 | |||||
| Net income/(loss) | | | | | ||
| Pension gain, net of taxes | | | | | ||
| Comprehensive income | | | | | ||
In the third quarter of 2022, the Company funded its defined benefit pension plan in the amount of
As a result of these 2022 pension-related initiatives, the Company’s accrued retirement benefits decreased by
In December 2021, the Company entered into a purchase and sale agreement (“PSA”) in an amount of
In May 2022, the Company sold a 646-acre parcel located in Kula, known as Omaopio, in the amount of
In June 2022, the Company completed a sale in the amount of
Based on these collective 2022 results, total stockholders’ equity increased by
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2022 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 22,000 acres of land on Maui.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding the potential sale of our properties. We have attempted to identify forward-looking statements by using words such as "anticipate," “expect” and similar expressions or the negative of these expressions.
Forward-looking statements represent our management's current expectations and predictions about trends affecting our business and industry and are based on information available as of the time such statements are made. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as well as in our Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable law or the listing rules of the New York Stock Exchange, we expressly disclaim any intent or obligation to update any forward-looking statements, or to update the reasons actual results could differ materially from those expressed or implied by these forward-looking statements, whether to conform such statements to actual results or changes in our expectations, or as a result of the availability of new information.
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
| Years Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| (in thousands except per | ||||||||
| share amounts) | ||||||||
| OPERATING REVENUES | ||||||||
| Real estate | $ | 11,600 | $ | 3,400 | ||||
| Leasing | 8,513 | 8,103 | ||||||
| Resort amenities and other | 847 | 940 | ||||||
| Total Operating Revenues | 20,960 | 12,443 | ||||||
| OPERATING COSTS AND EXPENSES | ||||||||
| Real estate | 1,026 | 750 | ||||||
| Leasing | 3,598 | 3,495 | ||||||
| Resort amenities and other | 1,547 | 1,355 | ||||||
| General and administrative | 2,795 | 2,569 | ||||||
| Share-based compensation | 1,278 | 1,449 | ||||||
| Depreciation | 1,109 | 1,188 | ||||||
| Total Operating Costs and Expenses | 11,353 | 10,806 | ||||||
| OPERATING INCOME | 9,607 | 1,637 | ||||||
| Other income | 71 | 13 | ||||||
| Pension and other post-retirement expenses | (7,885 | ) | (4,732 | ) | ||||
| Interest expense | (6 | ) | (122 | ) | ||||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,787 | (3,204 | ) | |||||
| Loss from discontinued operations, net of income taxes of | - | (216 | ) | |||||
| NET INCOME (LOSS) | 1,787 | (3,420 | ) | |||||
| Pension, net of income taxes of | 7,381 | 6,050 | ||||||
| TOTAL COMPREHENSIVE INCOME | $ | 9,168 | $ | 2,630 | ||||
| INCOME (LOSS) PER COMMON SHARE--BASIC AND DILUTED | ||||||||
| Continuing Operations | $ | 0.09 | $ | (0.17 | ) | |||
| Discontinued Operations | $ | - | $ | (0.01 | ) | |||
| Net Income (Loss) | $ | 0.09 | $ | (0.18 | ) | |||
MAUI LAND & PINEAPPLE COMPANY, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| December 31, | ||||||||
| 2022 | 2021 | |||||||
| (in thousands except share data) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 8,499 | $ | 5,596 | ||||
| Cash, restricted | 10 | - | ||||||
| Accounts receivable, net | 892 | 1,103 | ||||||
| Investments, current portion | 2,432 | - | ||||||
| Prepaid expenses and other assets | 368 | 333 | ||||||
| Assets held for sale | 3,019 | 3,144 | ||||||
| Total Current Assets | 15,220 | 10,176 | ||||||
| PROPERTY & EQUIPMENT | ||||||||
| Land | 5,052 | 5,063 | ||||||
| Land improvements | 12,943 | 12,943 | ||||||
| Buildings | 22,869 | 22,869 | ||||||
| Machinery and equipment | 10,360 | 10,360 | ||||||
| Total Property & Equipment | 51,224 | 51,235 | ||||||
| Less accumulated depreciation | (35,346 | ) | (34,237 | ) | ||||
| Property, net | 15,878 | 16,998 | ||||||
| OTHER ASSETS | ||||||||
| Investments | 551 | - | ||||||
| Deferred development costs | 9,566 | 9,564 | ||||||
| Other noncurrent assets | 1,191 | 1,181 | ||||||
| Total Other Assets | 11,308 | 10,745 | ||||||
| TOTAL ASSETS | $ | 42,406 | $ | 37,919 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| LIABILITIES | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 589 | $ | 580 | ||||
| Payroll and employee benefits | 869 | 949 | ||||||
| Accrued retirement benefits, current portion | 142 | 142 | ||||||
| Deferred revenue, current portion | 227 | 217 | ||||||
| Other current liabilities | 480 | 509 | ||||||
| Total Current Liabilities | 2,307 | 2,397 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Accrued retirement benefits | 2,612 | 7,937 | ||||||
| Deferred revenue | 1,500 | 1,633 | ||||||
| Deposits | 2,185 | 2,309 | ||||||
| Other noncurrent liabilities | 30 | 53 | ||||||
| Total Long-Term Liabilities | 6,327 | 11,932 | ||||||
| TOTAL LIABILITIES | 8,634 | 14,329 | ||||||
| COMMITMENTS & CONTINGENCIES | ||||||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Common stock--$.0001 par value and no par value at December 31, 2022 and 2021, respectively; 43,000,000 shares authorized; 19,476,671 and 19,383,288 shares issued and outstanding at December 31, 2022 and 2021, respectively | 83,392 | 82,378 | ||||||
| Additional paid in capital | 9,184 | 9,184 | ||||||
| Accumulated deficit | (50,537 | ) | (52,324 | ) | ||||
| Accumulated other comprehensive loss | (8,267 | ) | (15,648 | ) | ||||
| Total Stockholders’ Equity | 33,772 | 23,590 | ||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 42,406 | $ | 37,919 | ||||
Contact:
Wade K. Kodama
wkodama@kapalua.com
FAQ
What were Maui Land & Pineapple Company's earnings for 2022?
How did the operating revenues change for MLP in 2022?
What is the total comprehensive income for MLP in 2022?
Did Maui Land & Pineapple Company take on any debt in 2022?
What significant pension-related adjustments were reported?
