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 |
| mhotta@kapalua.com |
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