Maui Land & Pineapple Reports 1st Quarter 2021 Results
May 03 2021 - 5:15PM
Maui Land & Pineapple Company, Inc. “MLP” (NYSE: MLP) reported
a net loss of $934,000, or $(0.05) per share, for the first quarter
of 2021, compared to a net loss of $1,074,000, or $(0.06) per
share, for the first quarter of 2020. The Company reported total
operating revenues of $2.06 million and $2.04 million during the
three months ended March 31, 2021 and 2020, respectively.
The Company did not have any real estate asset sales during the
first quarters of 2021 or 2020.
MLP completed the sale of its regulated utility assets of
Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company,
Ltd. on May 1, 2021. The sale results in net proceeds of $4.2
million from Hawaii Water Service (HWS), a subsidiary of California
Water Service Group (NYSE: CWT). As part of the Hawaii Public
Utilities Commission approval of this transaction in March 2021,
the water and wastewater service areas have been expanded in order
to serve future developments within the Kapalua resort.
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 LOSS |
|
|
|
(UNAUDITED) |
|
|
|
|
|
| |
|
|
|
| |
Three Months Ended March 31, |
|
|
|
2021 |
|
|
|
2020 |
|
| |
|
| |
(in thousands except |
| |
per share amounts) |
| OPERATING REVENUES |
|
|
|
| Real estate |
$ |
- |
|
|
$ |
69 |
|
| Leasing |
|
1,801 |
|
|
|
1,736 |
|
| Resort amenities and
other |
|
258 |
|
|
|
230 |
|
|
Total operating revenues |
|
2,059 |
|
|
|
2,035 |
|
| |
|
|
|
| OPERATING COSTS AND
EXPENSES |
|
|
|
| Real estate |
|
97 |
|
|
|
175 |
|
| Leasing |
|
840 |
|
|
|
776 |
|
| Resort amenities and
other |
|
412 |
|
|
|
570 |
|
| General and
administrative |
|
719 |
|
|
|
760 |
|
| Share-based compensation |
|
349 |
|
|
|
425 |
|
| Depreciation |
|
300 |
|
|
|
323 |
|
|
Total operating costs and expenses |
|
2,717 |
|
|
|
3,029 |
|
| |
|
|
|
| OPERATING LOSS |
|
(658 |
) |
|
|
(994 |
) |
| Other income |
|
13 |
|
|
|
- |
|
| Pension and other
post-retirement expenses |
|
(116 |
) |
|
|
(117 |
) |
| Interest expense |
|
(33 |
) |
|
|
(46 |
) |
| LOSS FROM CONTINUING
OPERATIONS |
$ |
(794 |
) |
|
$ |
(1,157 |
) |
| Income (Loss) from
discontinued operations, net |
|
(140 |
) |
|
|
83 |
|
| NET LOSS |
$ |
(934 |
) |
|
$ |
(1,074 |
) |
| Pension, net |
|
221 |
|
|
|
206 |
|
| TOTAL COMPREHENSIVE LOSS |
$ |
(713 |
) |
|
$ |
(868 |
) |
| |
|
|
|
| EARNINGS (LOSS) PER COMMON
SHARE-BASIC AND DILUTED |
|
|
|
|
Loss from Continuing Operations |
$ |
(0.04 |
) |
|
$ |
(0.06 |
) |
|
Income (Loss) from Discontinued Operations |
$ |
(0.01 |
) |
|
$ |
- |
|
|
Net Loss |
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
| |
|
|
|
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