• Maui Land & Pineapple Company, Inc. Reports Fiscal 2022 Results

    ソース: Nasdaq GlobeNewswire / 23 3 2023 18:25:28   America/New_York

    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 $1.8M or $0.09 per share, compared to a net loss of $(3.4) million, or $(0.18) per share, for the years ended December 31, 2022 and 2021, respectively.

    Operating revenues increased to $21.0 million, compared to $12.4 million for the years ended December 31, 2022 and 2021, respectively.

    Total comprehensive income increased to $9.2 million, or $0.47 per share, compared to comprehensive income of $2.6 million, or $0.13 per share, for the years ended December 31, 2022 and 2021, respectively.

    The Company recorded pension adjustments of $7.4 million, or $0.38 per share, and $6.0 million, or $0.31 per share, for the years ended December 31, 2022 and 2021, respectively. Pension adjustments are reported below net income. These adjustments account for the variance between net income/(loss) and comprehensive income.

     Year Ended December 31, 2022 Year Ended December 31, 2021 
    Net income/(loss)       $ 1.8M $ 0.09 per share        $ (3.4M) $ (0.18) per share 
    Pension gain, net of taxes       $ 7.4M $ 0.38 per share        $ 6.0M $ 0.31 per share 
    Comprehensive income       $ 9.2M $ 0.47 per share        $ 2.6M $ 0.13 per share 
           

    In the third quarter of 2022, the Company funded its defined benefit pension plan in the amount of $5.7 million. In the fourth quarter of 2022, the Company successfully completed a pension lift-out of approximately 45% of its total pension plan participants. The lift-out annuitized pension benefits utilizing a third-party insurer at a cost of $14.5 million. The Company recognized a non-cash settlement charge of $7.5 million as a result of the lift-out. This was the second tranche of participants lifted out from the Company’s defined benefit pension plan.

    As a result of these 2022 pension-related initiatives, the Company’s accrued retirement benefits decreased by $5.3 million to $2.8 million from $8.1 million for the years ended December 31, 2022 and 2021, respectively.

    In December 2021, the Company entered into a purchase and sale agreement (“PSA”) in an amount of $40.0 million for a 46-acre parcel located within Kapalua Central Resort. Subject to customary diligence and closing conditions, the Company anticipates the PSA to close in 2023.

    In May 2022, the Company sold a 646-acre parcel located in Kula, known as Omaopio, in the amount of $9.6 million. The parcel was sold to Hoopono, LLC.

    In June 2022, the Company completed a sale in the amount of $2.0 million for a 50-acre parcel located in the Pulelehua area of West Maui. The parcel was sold to the County of Maui for use in the development of a regional park. The sale of this parcel satisfied the impact fee requirement for the future development of the Company’s 800-acre parcel above Honoapiilani Highway, commonly known as Kapalua Mauka.

    Based on these collective 2022 results, total stockholders’ equity increased by $10.3 million to $33.8 million from $23.6 million for the years ended December 31, 2022 and 2021, respectively. The Company retained its debt-free status for 2022.

    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 $0  -   (216)
    NET INCOME (LOSS)  1,787   (3,420)
    Pension, net of income taxes of $0  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 


    Primary Logo

シェアする