Maui Land & Pineapple Reports 2nd Quarter 2021 Results

Rhea-AI Summary

Maui Land & Pineapple Company (NYSE: MLP) reported a net income of $1.9 million ($0.10 per share) for Q2 2021, contrasting with a net loss of $0.2 million ($0.01 per share) in Q2 2020. Total operating revenues increased to $5.0 million from $1.7 million year-over-year. For the first half of 2021, net income was $0.9 million ($0.05 per share), compared to a loss of $1.2 million ($0.06 per share) in the same period of 2020. The company executed real estate sales worth $2.6 million during Q2 2021, with no sales recorded in the previous year.

Positive

• Net income for Q2 2021 increased to $1.9 million, showing a recovery from a loss of $0.2 million in Q2 2020.
• Total operating revenues for Q2 2021 rose to $5.0 million, significantly higher than $1.7 million in Q2 2020.
• Real estate sales contributed $2.6 million in Q2 2021, compared to no sales in Q2 2020.

Negative

• Operating income for the first half of 2021 was still lower than the previous year due to high operating costs.

KAPALUA RESORT, Hawaii, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $1.9 million, or $0.10 per share, for the second quarter of 2021, compared to a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2020. Total operating revenues of $5.0 million and $1.7 million were recognized during the three months ended June 30, 2021 and 2020, respectively.

For the six months ended June 30, 2021, the Company reported net income of $0.9 million, or $0.05 per share, compared to a net loss of $1.2 million, or $(0.06) per share, for the six months ended June 30, 2020. Total operating revenues of $7.0 million and $3.7 million were recognized during the six months ended June 30, 2021 and 2020, respectively.

During the quarter ended June 30, 2021, MLP completed real estate sales of the Steeple House in the Kapalua Resort and a conservation easement in Honolua Valley for $1.7 million and $0.9 million, respectively. There were no real estate asset sales in 2020.

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 INCOME

(UNAUDITED)

	Three Months Ended June 30,
		2021				2020
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	2,700			$	90
Leasing		1,962				1,436
Resort amenities and other		288				184
Total operating revenues		4,950				1,710
OPERATING COSTS AND EXPENSES
Real estate		454				192
Leasing		876				827
Resort amenities and other		278				169
General and administrative		574				559
Share-based compensation		370				402
Depreciation		302				323
Total operating costs and expenses		2,854				2,472
OPERATING INCOME (LOSS)		2,096				(762	)
Other income		-				894
Pension and other post-retirement expenses		(116	)			(117	)
Interest expense		(32	)			(30	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		1,948				(15	)
Loss from discontinued operations, net		(69	)			(142	)
NET INCOME (LOSS)	$	1,879			$	(157	)
Other comprehensive income - pension, net		221				206
TOTAL COMPREHENSIVE INCOME	$	2,100			$	49
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED
Income (Loss) from Continuing Operations	$	0.10			$	-
Loss from Discontinued Operations	$	-			$	(0.01	)
Net Income (Loss)	$	0.10			$	(0.01	)

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Six Months Ended June 30,
		2021				2020
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	2,700			$	158
Leasing		3,763				3,172
Resort amenities and other		546				414
Total operating revenues		7,009				3,744
OPERATING COSTS AND EXPENSES
Real estate		552				367
Leasing		1,716				1,603
Resort amenities and other		691				740
General and administrative		1,291				1,318
Share-based compensation		719				827
Depreciation		602				645
Total operating costs and expenses		5,571				5,500
OPERATING INCOME (LOSS)		1,438				(1,756	)
Other income		13				894
Pension and other post-retirement expenses		(232	)			(234	)
Interest expense		(65	)			(76	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		1,154				(1,172	)
Loss from discontinued operations, net		(209	)			(59	)
NET INCOME (LOSS)	$	945			$	(1,231	)
Other compreshensive income - pension, net		442				412
TOTAL COMPREHENSIVE INCOME (LOSS)	$	1,387			$	(819	)
EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED
Income (Loss) from Continuing Operations	$	0.06			$	(0.06	)
Loss from Discontinued Operations	$	(0.01	)		$	-
Net Income (Loss)	$	0.05			$	(0.06	)

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,				December 31,
		2021				2020
	(unaudited)				(audited)
	(in thousands except share data)
CURRENT ASSETS
Cash	$	6,005			$	869
Accounts receivable, net		1,336				1,362
Prepaid expenses and other assets		167				80
Assets held for sale		3,134				7,440
Total current assets		10,642				9,751
PROPERTY		51,414				51,956
Accumulated depreciation		(33,789	)			(33,445	)
Property, net		17,625				18,511
OTHER ASSETS
Deferred development costs		8,964				8,901
Other noncurrent assets		1,222				1,307
Total other assets		10,186				10,208
TOTAL ASSETS	$	38,453			$	38,470
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	441			$	899
Payroll and employee benefits		699				970
Long-term debt, current portion		-				200
Accrued retirement benefits, currernt portion		165				165
Deferred revenue, current portion		447				260
Other current liabilities		407				453
Total current liabilities		2,159				2,947
LONG-TERM LIABILITIES
Accrued retirement benefits		10,091				10,926
Deferred revenue		1,700				1,767
Deposits		2,355				2,680
Other noncurrent liabilities		75				83
Total long-term liabilities		14,221				15,456
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock--no par value, 43,000,000 shares authorized,
19,361,856 and 19,311,528 shares issued and outstanding		82,104				81,485
Additional paid-in-capital		9,184				9,184
Accumulated deficit		(47,959	)			(48,904	)
Accumulated other comprehensive loss		(21,256	)			(21,698	)
Total stockholders' equity		22,073				20,067
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	38,453			$	38,470

FAQ

What is the net income of Maui Land & Pineapple Company for Q2 2021?

Maui Land & Pineapple Company reported a net income of $1.9 million for Q2 2021.

How much did Maui Land & Pineapple Company earn per share in Q2 2021?

The company earned $0.10 per share in Q2 2021.

What were the total operating revenues for Maui Land & Pineapple Company in Q2 2021?

The total operating revenues for Q2 2021 were $5.0 million.

Did Maui Land & Pineapple Company have any real estate sales in 2020?

No, Maui Land & Pineapple Company did not record any real estate sales in 2020.

What was the net income for the first half of 2021 for Maui Land & Pineapple Company?

The net income for the first half of 2021 was $0.9 million.