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. Hottamhotta@kapalua.com

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

  Three Months EndedJune 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 EndedJune 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  
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