EX-99.1 2 ex_342194.htm EXHIBIT 99.1 ex_342194.htm

 

Exhibit 99.1

 

 

MAUI LAND & PINEAPPLE COMPANY, INC. REPORTS FOURTH QUARTER AND FISCAL 2021 RESULTS

 

KAPALUA RESORT, Hawaii, March 1, 2022 (BUSINESS WIRE)

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) today announced financial results for the fourth quarter and year ended December 31, 2021.

 

Results for Year Ended December 31, 2021

 

Net loss increased to $(3.4) million, or $(0.18) per share, compared to a net loss of $(2.6) million, or $(0.14) per share, for the year ended December 31, 2020.

 

Operating revenues increased to $12.4 million, compared to $7.5 million for the year ended December 31, 2020.

 

Total comprehensive income increased to $2.6 million, or $0.13 per share,, compared to a comprehensive loss of $(3.5) million, or $(0.19) per share, for the year ended December 31, 2020.

 

The Company recorded a pension gain adjustment of $6.0 million, or $0.31 per share, compared to a pension loss adjustment of $(0.9) million, or $(0.05) per share, for the year ended December 31, 2020. This comprehensive pension gain/(loss) impacts equity, and therefore is reported below net income. This adjustment accounts for the variance between net income/(loss) and comprehensive income/(loss).

 

   

Year Ended December 31, 2021

  

Year Ended December 31, 2020

Net income/(loss)

   $ (3.4M )

$ (0.18) per share

   $ (2.6M )

$ (0.14) per share

Pension gain/(loss), net of taxes

   $ 6.0M  

$ 0.31 per share

   $ (0.9M )

$ (0.05) per share

Comprehensive income/(loss)

   $ 2.6M  

$ 0.13 per share

   $ (3.5M )

$ (0.19) per share

 

Results for the Three Months Ended December 31, 2021

 

Net loss increased to $(4.2) million, or $(0.22) per share, compared to a net loss of $(0.7) million, or $(0.04) per share, for the same period in 2020.

 

Operating revenues increased to $3.0 million compared to $2.1 million during the same period in 2020.

 

Total comprehensive income increased to $1.2 million, or $0.06 per share, compared to a comprehensive loss of $(2.25) million, or $(0.12) per share, for the same period in 2020.

 

The Company recorded a pension gain adjustment of $5.4 million, or $0.28 per share, compared to a pension loss adjustment of $(1.5) million, or $(0.08) per share, for the same period in 2020. This comprehensive pension gain/(loss) impacts equity, and therefore is reported below net income. This adjustment accounts for the variance between net income/(loss) and comprehensive income/(loss).

 

   

3 Months Ended December 31, 2021

  

3 Months Ended December 31, 2020

Net income/(loss)

   $ (4.2M )

$ (0.22) per share

   $ (0.7M )

$ (0.04) per share

Pension gain/(loss), net of taxes

   $ 5.4M  

$ 0.28 per share

   $ (1.5M )

$ (0.08) per share

Comprehensive income/(loss)

   $ 1.2M  

$ 0.06 per share

   $ (2.2M )

$ (0.12) per share

 

 
 

 

COVID-19 Update

 

Beginning in March 2020, the emergence of the COVID-19 pandemic and its variants impacted global and national economies and resulted in restrictions on and less demand for travel and public gatherings, which significantly impacted tourism and resort activity on the island of Maui. As restrictions on and attitudes toward travel began to relax during the year ended December 31, 2021, our real estate, leasing, and resort amenities segments experienced increased operating revenues. The Company anticipates demand for real estate on the island of Maui will remain strong in 2022.

 

Pension Lift-Out

 

In the fourth quarter of 2021, the Company successfully completed a pension lift-out of 384 plan participants, representing approximately 51% of its total pension plan participants. The lift-out annuitized pension benefits utilizing a 3rd party insurer at a cost of $10.4 million. The Company incurred and recognized a non-cash settlement charge of $4.3 million as a result of the lift-out.

 

Anticipated Sale of Kapalua Central Resort

 

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 no later than March 31, 2022.

 

Anticipated Sale of Omaopio Parcel

 

In February 2022, the Company entered into a purchase contract in an amount of $9.7 million for a 646-acre parcel located in Kula, Maui known as Omaopio. The transaction is subject to customary closing conditions and a 30-day due diligence period with closing anticipated within 30 days of the end of such period.

 

 

 

Additional Information

 

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2021 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 23,000 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 disruptions and impacts caused by the COVID-19 pandemic on our business and operations, our ability to drive future growth and success; anticipated demand for travel, and our 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, 2021, 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. In addition, readers are cautioned that we may make future changes to our business and operations in response to the challenges and impacts of COVID-19, or in response to other business developments, which changes may be inconsistent with our prior forward-looking statements, and which may not be disclosed in future public announcements.

 

# # #

 

 
 

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)

 

   

Years Ended December 31,

    

Three Months Ended December 31,

  
   

2021

    

2020

    

2021 (unaudited)

    

2020 (unaudited)

  
   

(in thousands except per share amounts)

  

OPERATING REVENUES

                                

Real estate

   $ 3,400     $ 772     $ 700     $ 599  

Leasing

     8,103       5,948       2,156       1,328  

Resort amenities and other

     940       820       141       172  

Total Operating Revenues

     12,443       7,540       2,997       2,099  
                                 

OPERATING COSTS AND EXPENSES

                                

Real estate

     750       600       131       143  

Leasing

     3,495       2,933       1,002       655  

Resort amenities and other

     1,355       1,193       361       300  

General and administrative

     2,569       2,445       666       622  

Share-based compensation

     1,449       1,632       365       403  

Depreciation

     1,188       1,289       286       318  

Total Operating Costs and Expenses

     10,806       10,092       2,811       2,441  
                                 

OPERATING INCOME (LOSS)

     1,637       (2,552

)

     186       (342

)

Other income

     13       894       -       -  

Pension and other post-retirement expenses

     (4,732

)

     (475

)

     (4,384

)

     (116

)

Interest expense

     (122

)

     (134

)

     (28

)

     (29

)

LOSS FROM CONTINUING OPERATIONS

     (3,204

)

     (2,267

)

     (4,226

)

     (487

)

Loss from Discontinued Operations, net of income taxes of $0

     (216

)

     (337

)

     -       (253

)

NET LOSS

     (3,420

)

     (2,604

)

     (4,226

)

     (740

)

Pension, net of income taxes of $0

     6,050       (900

)

     5,387       (1,517

)

TOTAL COMPREHENSIVE INCOME (LOSS)

   $ 2,630     $ (3,504

)

   $ 1,161     $ (2,257

)
                                 

LOSS PER COMMON SHARE -- BASIC AND DILUTED

                          

Continuing Operations

   $ (0.17

)

   $ (0.12

)

   $ (0.22

)

   $ (0.03

)

Discontinued Operations

   $ (0.01

)

   $ (0.02

)

   $ -     $ (0.01

)

Net Loss

   $ (0.18

)

   $ (0.14

)

   $ (0.22

)

   $ (0.04

)

 

 
 

 

MAUI LAND & PINEAPPLE COMPANY, INC. & SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 

   

December 31,

  
   

2021

    

2020

  
   

(in thousands except share data)

  

CURRENT ASSETS

                

Cash

   $ 5,596     $ 869  

Accounts receivable, net

     1,103       1,362  

Prepaid expenses and other assets

     333       80  

Assets held for sale

     3,144       7,440  

Total Current Assets

     10,176       9,751  

PROPERTY & EQUIPMENT

                

Land

     5,063       5,072  

Land improvements

     12,943       12,943  

Buildings

     22,869       23,465  

Machinery and equipment

     10,360       10,476  

Total Property & Equipment

     51,235       51,956  

Less accumulated depreciation

     (34,237

)

     (33,445

)

Property, net

     16,998       18,511  

OTHER ASSETS

                

Deferred development costs

     9,564       8,901  

Other noncurrent assets

     1,181       1,307  

Total Other Assets

     10,745       10,208  

TOTAL ASSETS

   $ 37,919     $ 38,470  
                 

CURRENT LIABILITIES

                

Accounts payable

   $ 623     $ 899  

Payroll and employee benefits

     949       970  

Long-term debt, current portion

     -       200  

Accrued retirement benefits, current portion

     142       165  

Deferred revenue, current portion

     217       260  

Other current liabilities

     466       453  

Total Current Liabilities

     2,397       2,947  

LONG-TERM LIABILITIES

                

Accrued retirement benefits

     7,937       10,926  

Deferred revenue

     1,633       1,767  

Deposits

     2,309       2,680  

Other noncurrent liabilities

     53       83  

Total Long-Term Liabilities

     11,932       15,456  

TOTAL LIABILITIES

     14,329       18,403  
                 

COMMITMENTS & CONTINGENCIES

                
                 
STOCKHOLDERS' EQUITY                

Common stock--no par value, 43,000,000 shares authorized; 19,383,288 and 19,311,528 shares issued and outstanding at December 31, 2021 and 2020, respectively

     82,378       81,485  

Additional paid in capital

     9,184       9,184  

Accumulated deficit

     (52,324

)

     (48,904

)

Accumulated other comprehensive loss

     (15,648

)

     (21,698

)

Total Stockholders' Equity

     23,590       20,067  

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

   $ 37,919     $ 38,470