Maui Land & Pineapple Company, Inc. Reports 2nd Quarter 2022 Results
Maui Land & Pineapple Company (NYSE: MLP) reported a substantial net income of $10.5 million ($0.54 per share) for Q2 2022, up from $1.9 million ($0.10 per share) in Q2 2021.
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Rhea-AI Summary
Maui Land & Pineapple Company (NYSE: MLP) reported a substantial net income of $10.5 million ($0.54 per share) for Q2 2022, up from $1.9 million ($0.10 per share) in Q2 2021. Total operating revenues grew to approximately $14.0 million from $5.0 million year-over-year. For the first half of 2022, net income reached $9.9 million ($0.51 per share), compared to $0.9 million ($0.05 per share) in the same period last year. The company finalized the sale of 646 acres in Upcountry Maui for $9.6 million in May 2022, bolstering its revenue stream.
Positive
- Net income increased to $10.5 million in Q2 2022, compared to $1.9 million in Q2 2021.
- Total operating revenues rose to $14.0 million in Q2 2022 from $5.0 million in Q2 2021.
- Net income for the first six months of 2022 was $9.9 million, up from $0.9 million in 2021.
- Successful sale of 646 acres for $9.6 million enhances liquidity.
Negative
- None.
Details
News Market Reaction – MLP
The recorded move for MLP in the trading session of this news was +0.95%.
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KAPALUA RESORT, Hawaii, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of
For the six months ended June 30, 2022, the Company reported net income of
On May 20, 2022, the Company finalized the sale of 646 acres in Upcountry Maui for
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 22,000 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 STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
| Three Months Ended June 30, | ||||||
| 2022 | 2021 | |||||
| (in thousands except | ||||||
| per share amounts) | ||||||
| OPERATING REVENUES | ||||||
| Real estate | $ | 11,600 | $ | 2,700 | ||
| Leasing | 2,198 | 1,962 | ||||
| Resort amenities and other | 189 | 288 | ||||
| Total operating revenues | 13,987 | 4,950 | ||||
| OPERATING COSTS AND EXPENSES | ||||||
| Real estate | 707 | 454 | ||||
| Leasing | 997 | 876 | ||||
| Resort amenities and other | 330 | 278 | ||||
| General and administrative | 759 | 574 | ||||
| Share-based compensation | 276 | 370 | ||||
| Depreciation | 277 | 302 | ||||
| Total operating costs and expenses | 3,346 | 2,854 | ||||
| OPERATING INCOME | 10,641 | 2,096 | ||||
| Pension and other post-retirement expenses | (114) | (116) | ||||
| Interest expense | (2) | (32) | ||||
| INCOME FROM CONTINUING OPERATIONS | 10,525 | 1,948 | ||||
| Loss from discontinued operations, net | - | (69) | ||||
| NET INCOME | $ | 10,525 | $ | 1,879 | ||
| Other comprehensive income - pension, net | 156 | 221 | ||||
| TOTAL COMPREHENSIVE INCOME | $ | 10,681 | $ | 2,100 | ||
| EARNINGS PER COMMON SHARE-BASIC AND DILUTED | ||||||
| Income from Continuing Operations | $ | 0.54 | $ | 0.10 | ||
| Loss from Discontinued Operations | $ | - | $ | - | ||
| Net Income | $ | 0.54 | $ | 0.10 | ||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
| Six Months Ended June 30, | ||||||
| 2022 | 2021 | |||||
| (in thousands except | ||||||
| per share amounts) | ||||||
| OPERATING REVENUES | ||||||
| Real estate | $ | 11,600 | $ | 2,700 | ||
| Leasing | 4,228 | 3,763 | ||||
| Resort amenities and other | 406 | 546 | ||||
| Total operating revenues | 16,234 | 7,009 | ||||
| OPERATING COSTS AND EXPENSES | ||||||
| Real estate | 796 | 552 | ||||
| Leasing | 1,739 | 1,716 | ||||
| Resort amenities and other | 840 | 691 | ||||
| General and administrative | 1,516 | 1,291 | ||||
| Share-based compensation | 654 | 719 | ||||
| Depreciation | 550 | 602 | ||||
| Total operating costs and expenses | 6,095 | 5,571 | ||||
| OPERATING INCOME | 10,139 | 1,438 | ||||
| Other income | - | 13 | ||||
| Pension and other post-retirement expenses | (229) | (232) | ||||
| Interest expense | (3) | (65) | ||||
| INCOME FROM CONTINUING OPERATIONS | 9,907 | 1,154 | ||||
| Loss from discontinued operations, net | - | (209) | ||||
| NET INCOME | $ | 9,907 | $ | 945 | ||
| Other comprehensive income - pension, net | 312 | 442 | ||||
| TOTAL COMPREHENSIVE INCOME | $ | 10,219 | $ | 1,387 | ||
| EARNINGS PER COMMON SHARE-BASIC AND DILUTED | ||||||
| Income from Continuing Operations | $ | 0.51 | $ | 0.06 | ||
| Loss from Discontinued Operations | $ | - | $ | (0.01) | ||
| Net Income | $ | 0.51 | $ | 0.05 | ||
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |||||
| 2022 | 2021 | |||||
| (unaudited) | (audited) | |||||
| (in thousands except share data) | ||||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash | $ | 16,949 | $ | 5,596 | ||
| Restricted cash | 273 | - | ||||
| Accounts receivable, net | 1,093 | 1,103 | ||||
| Prepaid expenses and other assets | 394 | 333 | ||||
| Assets held for sale | 3,017 | 3,144 | ||||
| Total current assets | 21,726 | 10,176 | ||||
| PROPERTY & EQUIPMENT, NET | 16,437 | 16,998 | ||||
| OTHER ASSETS | ||||||
| Deferred development costs | 9,566 | 9,564 | ||||
| Other noncurrent assets | 1,184 | 1,181 | ||||
| Total other assets | 10,750 | 10,745 | ||||
| TOTAL ASSETS | $ | 48,913 | $ | 37,919 | ||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||
| LIABILITIES | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts payable | $ | 845 | $ | 580 | ||
| Payroll and employee benefits | 671 | 949 | ||||
| Accrued retirement benefits, current portion | 142 | 142 | ||||
| Deferred revenue, current portion | 704 | 217 | ||||
| Other current liabilities | 493 | 509 | ||||
| Total current liabilities | 2,855 | 2,397 | ||||
| LONG-TERM LIABILITIES | ||||||
| Accrued retirement benefits, net of current portion | 7,789 | 7,937 | ||||
| Deferred revenue, net of current portion | 1,567 | 1,633 | ||||
| Deposits | 2,193 | 2,309 | ||||
| Other noncurrent liabilities | 53 | 53 | ||||
| Total long-term liabilities | 11,602 | 11,932 | ||||
| TOTAL LIABILITIES | 14,457 | 14,329 | ||||
| COMMITMENTS AND CONTINGENCIES | ||||||
| STOCKHOLDERS' EQUITY | ||||||
| Common stock--no par value, 43,000,000 shares authorized, | ||||||
| 19,443,623 and 19,383,288 shares issued and outstanding | 83,025 | 82,378 | ||||
| at June 30, 2022 and December 31, 2021, respectively | ||||||
| Additional paid-in-capital | 9,184 | 9,184 | ||||
| Accumulated deficit | (42,417) | (52,324) | ||||
| Accumulated other comprehensive loss | (15,336) | (15,648) | ||||
| Total stockholders' equity | 34,456 | 23,590 | ||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 48,913 | $ | 37,919 | ||
Contact:
Wade K. Kodama
wkodama@kapalua.com
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