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KAPALUA RESORT, Hawaii, Nov. 02, 2022 (GLOBE NEWSWIRE) — Maui Land & Pineapple Company, Inc. (NYSE: MLP) (the “Company”) reported a web lack of $124,000, or $0.01 per share, for the third quarter of 2022, in comparison with a web lack of $139,000, or $0.01 per share, for the third quarter of 2021. Total working revenues of roughly $2.6 million and $2.4 million have been acknowledged through the three months ended September 30, 2022 and 2021, respectively.
For the 9 months ended September 30, 2022, the Company reported web earnings of $9.8 million, or $0.50 per share, in comparison with web earnings of $0.8 million, or $0.04 per share, for the 9 months ended September 30, 2021. Total working revenues of roughly $18.8 million and $9.4 million have been acknowledged through the 9 months ended September 30, 2022 and 2021, respectively.
In August 2022, a voluntary contribution of $5.7 million was made to fund the Company’s outlined profit pension plan to additional annuitize sure of the plan’s obligations.
Additional Information
Additional info with respect to Maui Land & Pineapple Company, Inc. and its working outcomes will probably be obtainable on its Form 10-Q filed with the Securities and Exchange Commission and its web site www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, business, agricultural and industrial actual property. The Company owns roughly 22,000 acres of land on Maui and manages properties, utilities, and a nature protect on the Kapalua Resort.
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
| Â | Â | Â | Â | Â | Â | Â | Â |
| Â | Three Months Ended September 30, |
||||||
| Â | Â | 2022 | Â | Â | Â | 2021 | Â |
| Â | (in 1000’s besides | ||||||
| Â | per share quantities) | ||||||
| OPERATING REVENUES | Â | Â | Â | Â | Â | Â | Â |
| Leasing | $ | 2,330 | Â | Â | $ | 2,184 | Â |
| Resort facilities and different | Â | 221 | Â | Â | Â | 253 | Â |
| Total working revenues | Â | 2,551 | Â | Â | Â | 2,437 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
| OPERATING COSTS AND EXPENSES | Â | Â | Â | Â | Â | Â | Â |
| Real property | Â | 117 | Â | Â | Â | 67 | Â |
| Leasing | Â | 869 | Â | Â | Â | 784 | Â |
| Resort facilities and different | Â | 330 | Â | Â | Â | 304 | Â |
| General and administrative | Â | 661 | Â | Â | Â | 612 | Â |
| Share-based compensation | Â | 302 | Â | Â | Â | 365 | Â |
| Depreciation | Â | 280 | Â | Â | Â | 300 | Â |
| Total working prices and bills | Â | 2,559 | Â | Â | Â | 2,432 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
| OPERATING INCOME (LOSS) | Â | (8 | ) | Â | Â | 5 | Â |
| Pension and different post-retirement bills | Â | (114 | ) | Â | Â | (116 | ) |
| Interest expense | Â | (2 | ) | Â | Â | (28 | ) |
| NET LOSS | $ | (124 | ) | Â | $ | (139 | ) |
| Other complete earnings – pension, web | Â | 156 | Â | Â | Â | 221 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
| TOTAL COMPREHENSIVE INCOME | $ | 32 | Â | Â | $ | 82 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
| NET LOSS PER COMMON SHARE-BASIC AND DILUTED | $ | (0.01 | ) | Â | $ | (0.01) | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
Â
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
| Â | Nine Months Ended September 30, |
||||||
| Â | Â | 2022 | Â | Â | Â | 2021 | Â |
| Â | (in 1000’s besides | ||||||
| Â | per share quantities) | ||||||
| OPERATING REVENUES | Â | Â | Â | Â | Â | Â | Â |
| Real property | $ | 11,600 | Â | Â | $ | 2,700 | Â |
| Leasing | Â | 6,559 | Â | Â | Â | 5,947 | Â |
| Resort facilities and different | Â | 628 | Â | Â | Â | 799 | Â |
| Total working revenues | Â | 18,787 | Â | Â | Â | 9,446 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
| OPERATING COSTS AND EXPENSES | Â | Â | Â | Â | Â | Â | Â |
| Real property | Â | 913 | Â | Â | Â | 618 | Â |
| Leasing | Â | 2,608 | Â | Â | Â | 2,495 | Â |
| Resort facilities and different | Â | 1,170 | Â | Â | Â | 994 | Â |
| General and administrative | Â | 2,177 | Â | Â | Â | 1,904 | Â |
| Share-based compensation | Â | 958 | Â | Â | Â | 1,084 | Â |
| Depreciation | Â | 830 | Â | Â | Â | 902 | Â |
| Total working prices and bills | Â | 8,656 | Â | Â | Â | 7,997 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
| OPERATING INCOME | Â | 10,131 | Â | Â | Â | 1,449 | Â |
| Other earnings | Â | – | Â | Â | Â | 13 | Â |
| Pension and different post-retirement bills | Â | (343 | ) | Â | Â | (348 | ) |
| Interest expense | Â | (5 | ) | Â | Â | (94 | ) |
| INCOME FROM CONTINUING OPERATIONS | Â | 9,783 | Â | Â | Â | 1,020 | Â |
| Loss from discontinued operations, web | Â | – | Â | Â | Â | (214 | ) |
| NET INCOME | $ | 9,783 | Â | Â | $ | 806 | Â |
| Other complete earnings – pension, web | Â | 468 | Â | Â | Â | 663 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
| TOTAL COMPREHENSIVE INCOME | $ | 10,251 | Â | Â | $ | 1,469 | Â |
| Â | Â | Â | Â | Â | Â | Â | Â |
| EARNINGS PER COMMON SHARE-BASIC AND DILUTED | Â | Â | Â | Â | Â | Â | Â |
| Income from Continuing Operations | $ | 0.50 | Â | Â | $ | 0.05 | Â |
| Loss from Discontinued Operations | $ | – | Â | Â | $ | (0.01 | ) |
| Net Income | $ | 0.50 | Â | Â | $ | 0.04 | Â |
Â
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| Â | September 30, | Â | December 31, | ||||
| Â | Â | 2022 | Â | Â | Â | 2021 | Â |
| Â | (unaudited) | Â | (audited) | ||||
| Â | (in 1000’s besides share knowledge) | ||||||
| ASSETS | Â | Â | Â | ||||
| CURRENT ASSETS | Â | Â | Â | ||||
| Cash | $ | 11,074 | Â | Â | $ | 5,596 | Â |
| Restricted money | Â | 241 | Â | Â | Â | – | Â |
| Accounts receivable, web | Â | 1,127 | Â | Â | Â | 1,103 | Â |
| Prepaid bills and different belongings | Â | 657 | Â | Â | Â | 333 | Â |
| Assets held on the market | Â | 3,019 | Â | Â | Â | 3,144 | Â |
| Total present belongings | Â | 16,118 | Â | Â | Â | 10,176 | Â |
| Â | Â | Â | Â | ||||
| PROPERTY & EQUIPMENT, NET | Â | 16,157 | Â | Â | Â | 16,998 | Â |
| Â | Â | Â | Â | ||||
| OTHER ASSETS | Â | Â | Â | ||||
| Deferred growth prices | Â | 9,566 | Â | Â | Â | 9,564 | Â |
| Other noncurrent belongings | Â | 1,189 | Â | Â | Â | 1,181 | Â |
| Total different belongings | Â | 10,755 | Â | Â | Â | 10,745 | Â |
| TOTAL ASSETS | $ | 43,030 | Â | Â | $ | 37,919 | Â |
| Â | Â | Â | Â | ||||
| LIABILITIES & STOCKHOLDERS’ EQUITY | Â | Â | Â | ||||
| LIABILITIES | Â | Â | Â | ||||
| CURRENT LIABILITIES | Â | Â | Â | ||||
| Accounts payable | $ | 629 | Â | Â | $ | 580 | Â |
| Payroll and worker advantages | Â | 813 | Â | Â | Â | 949 | Â |
| Accrued retirement advantages, present portion | Â | 142 | Â | Â | Â | 142 | Â |
| Deferred income, present portion | Â | 518 | Â | Â | Â | 217 | Â |
| Other present liabilities | Â | 476 | Â | Â | Â | 509 | Â |
| Total present liabilities | Â | 2,578 | Â | Â | Â | 2,397 | Â |
| Â | Â | Â | Â | ||||
| LONG-TERM LIABILITIES | Â | Â | Â | ||||
| Accrued retirement advantages, web of present portion | Â | 2,015 | Â | Â | Â | 7,937 | Â |
| Deferred income, web of present portion | Â | 1,533 | Â | Â | Â | 1,633 | Â |
| Deposits | Â | 2,185 | Â | Â | Â | 2,309 | Â |
| Other noncurrent liabilities | Â | 53 | Â | Â | Â | 53 | Â |
| Total long-term liabilities | Â | 5,786 | Â | Â | Â | 11,932 | Â |
| TOTAL LIABILITIES | Â | 8,364 | Â | Â | Â | 14,329 | Â |
| Â | Â | Â | Â | ||||
| COMMITMENTS AND CONTINGENCIES | Â | Â | Â | ||||
| Â | Â | Â | Â | ||||
| STOCKHOLDERS’ EQUITY | Â | Â | Â | ||||
| Preferred stock–$.0001 par worth; 5,000,000 shares licensed; no shares | Â | Â | Â | ||||
| Â Â Â Â issued and excellent | Â | – | Â | Â | Â | – | Â |
| Common stock–$.0001 par worth and no par worth at September 30, 2022 | Â | Â | |||||
| Â Â Â and December 31, 2021, respectively; 43,000,000 shares licensed; | Â | Â | Â | ||||
| Â Â Â 19,459,558 and 19,383,288 shares issued and excellent | Â | Â | Â | ||||
| at September 30, 2022 and December 31, 2021, respectively | Â | 83,203 | Â | Â | Â | 82,378 | Â |
| Additional paid-in-capital | Â | 9,184 | Â | Â | Â | 9,184 | Â |
| Accumulated deficit | Â | (42,541 | ) | Â | Â | (52,324 | ) |
| Accumulated different complete loss | Â | (15,180 | ) | Â | Â | (15,648 | ) |
| Total stockholders’ fairness | Â | 34,666 | Â | Â | Â | 23,590 | Â |
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 43,030 | Â | Â | $ | 37,919 | Â |
| Â | Â | Â | Â | ||||
Contact:
Wade Ok. Kodama
[email protected]
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