Maui Land & Pineapple Reports 1st Quarter 2021 Results

Rhea-AI Summary

Maui Land & Pineapple Company (MLP) reported a net loss of $934,000 or $(0.05) per share for Q1 2021, an improvement from a net loss of $1,074,000 or $(0.06) per share in Q1 2020. Total operating revenues slightly rose to $2.06 million compared to $2.04 million in 2020. Notably, MLP sold its regulated utility assets on May 1, 2021, generating $4.2 million in net proceeds. The company continues to own approximately 23,000 acres in Maui and manages various properties and utilities.

Positive

• Improved net loss from $1,074,000 in Q1 2020 to $934,000 in Q1 2021.
• Total operating revenues increased slightly from $2.04 million in Q1 2020 to $2.06 million in Q1 2021.
• Completion of the sale of utility assets provided $4.2 million in net proceeds.

Negative

• Operating loss remained significant at $658,000, though improved from $994,000 in Q1 2020.
• Continued absence of real estate asset sales in both Q1 2021 and Q1 2020.

KAPALUA RESORT, Hawaii, May 03, 2021 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. “MLP” (NYSE: MLP) reported a net loss of $934,000, or $(0.05) per share, for the first quarter of 2021, compared to a net loss of $1,074,000, or $(0.06) per share, for the first quarter of 2020. The Company reported total operating revenues of $2.06 million and $2.04 million during the three months ended March 31, 2021 and 2020, respectively.

The Company did not have any real estate asset sales during the first quarters of 2021 or 2020.

MLP completed the sale of its regulated utility assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. on May 1, 2021. The sale results in net proceeds of $4.2 million from Hawaii Water Service (HWS), a subsidiary of California Water Service Group (NYSE: CWT). As part of the Hawaii Public Utilities Commission approval of this transaction in March 2021, the water and wastewater service areas have been expanded in order to serve future developments within the Kapalua resort.

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.

Contact:
Michael S. Hotta
mhotta@kapalua.com

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(UNAUDITED)
	Three Months Ended March 31,
		2021				2020
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	-			$	69
Leasing		1,801				1,736
Resort amenities and other		258				230
Total operating revenues		2,059				2,035
OPERATING COSTS AND EXPENSES
Real estate		97				175
Leasing		840				776
Resort amenities and other		412				570
General and administrative		719				760
Share-based compensation		349				425
Depreciation		300				323
Total operating costs and expenses		2,717				3,029
OPERATING LOSS		(658	)			(994	)
Other income		13				-
Pension and other post-retirement expenses		(116	)			(117	)
Interest expense		(33	)			(46	)
LOSS FROM CONTINUING OPERATIONS	$	(794	)		$	(1,157	)
Income (Loss) from discontinued operations, net		(140	)			83
NET LOSS	$	(934	)		$	(1,074	)
Pension, net		221				206
TOTAL COMPREHENSIVE LOSS	$	(713	)		$	(868	)
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED
Loss from Continuing Operations	$	(0.04	)		$	(0.06	)
Income (Loss) from Discontinued Operations	$	(0.01	)		$	-
Net Loss	$	(0.05	)		$	(0.06	)

 

FAQ

What was Maui Land & Pineapple Company's net loss in Q1 2021?

Maui Land & Pineapple Company reported a net loss of $934,000 in Q1 2021.

How did MLP's operating revenues change in Q1 2021?

Operating revenues for MLP slightly increased to $2.06 million in Q1 2021 from $2.04 million in Q1 2020.

What were the earnings per share for MLP in Q1 2021?

The earnings per share for MLP in Q1 2021 was $(0.05).

What significant asset sale did MLP complete in May 2021?

MLP completed the sale of its regulated utility assets, resulting in $4.2 million in net proceeds.

How many acres of land does MLP own?

Maui Land & Pineapple Company owns approximately 23,000 acres of land on Maui.