GlobeNewswire Inc | Aug 11, 2020 08:45PM EDT

August 12, 2020

KAPALUA RESORT, Hawaii, Aug. 11, 2020 (GLOBE NEWSWIRE) --

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $157,000, or $(0.01) per share, for the second quarter of 2020, compared to a net loss of $181,000 million, or $(0.01) per share, for the second quarter of 2019. The Company reported total operating revenues of $1.7 million and $2.5 million during the three months ended June 30, 2020 and 2019, respectively.

For the six months ended June 30, 2020, the Company reported a net loss of $1.2 million, or $(0.06) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the six months ended June 30, 2019. The Company reported total operating revenues of $3.7 million and $4.8 million during the six months ended June 30, 2020 and 2019, respectively.

The Company did not have any real estate asset sales during the first two quarters of 2020 or 2019.

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.

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, December 31, 2020 2019 (unaudited) (audited) (in thousands except share data)ASSETS CURRENT ASSETS Cash $ 340 $ 683 Accounts receivable, less allowance for doubtful 1,726 1,173 accounts of $114 and $35, respectivelyPrepaid expenses and other assets 146 101 Assets held for sale 7,615 7,597 Total current assets 9,827 9,554 PROPERTY 52,215 52,164 Accumulated depreciation (33,091 ) (32,445 )Property, net 19,124 19,719 OTHER ASSETS Deferred development costs 8,504 8,504 Other noncurrent assets 1,253 1,342 Total other assets 9,757 9,846 TOTAL ASSETS $ 38,708 $ 39,119 LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 521 $ 1,356 Payroll and employee benefits 559 928 Current portion of accrued retirement benefits 165 165 Deferred club membership revenue 312 35 Other current liabilities 633 468 Total current liabilities 2,190 2,952 LONG-TERM LIABILITIES Long-term debt - 1,035 Accrued retirement benefits, net of current 9,453 9,702 portionDeferred license fee revenue 1,834 - Deposits 2,649 2,674 Other noncurrent liabilities 64 64 Total long-term liabilities 14,000 13,475 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Common stock--no par value, 43,000,000 shares authorized,19,291,102 and 19,238,081 shares issued and 81,251 80,606 outstandingAdditional paid-in-capital 9,184 9,184 Accumulated deficit (47,531 ) (46,300 )Accumulated other comprehensive loss (20,386 ) (20,798 )Total stockholders' equity 22,518 22,692 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 38,708 $ 39,119



MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended June 30, 2020 2019 (in thousands except per share amounts)OPERATING REVENUES Real estate $ 90 $ 209 Leasing 1,436 2,038 Resort amenities and other 184 248 Total operating revenues 1,710 2,495 OPERATING COSTS AND EXPENSES Real estate 192 255 Leasing 827 714 Resort amenities and other 169 208 General and administrative 559 510 Share-based compensation 402 374 Depreciation 323 360 Total operating costs and expenses 2,472 2,421 OPERATING INCOME (LOSS) (762 ) 74 Gain on investment 894 - Pension and other post-retirement expenses (117 ) (256 )Interest expense (30 ) (63 )LOSS FROM CONTINUING OPERATIONS $ (15 ) $ (245 )Income (Loss) from discontinued operations, net (142 ) 64 NET LOSS $ (157 ) $ (181 )Pension, net 206 211 COMPREHENSIVE INCOME $ 49 $ 30 EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED Loss from Continuing Operations $ - $ (0.01 )Income (Loss) from Discontinued Operations $ (0.01 ) $ - Net Loss $ (0.01 ) $ (0.01 )

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

Six Months Ended June 30, 2020 2019 (in thousands except per share amounts)OPERATING REVENUES Real estate $ 158 $ 366 Leasing 3,172 3,954 Resort amenities and other 414 509 Total operating revenues 3,744 4,829 OPERATING COSTS AND EXPENSES Real estate 367 521 Leasing 1,603 1,439 Resort amenities and other 740 533 General and administrative 1,318 1,350 Share-based compensation 827 972 Depreciation 645 722 Total operating costs and expenses 5,500 5,537 OPERATING LOSS (1,756 ) (708 )Gain on investment 894 - Pension and other post-retirement expenses (234 ) (509 )Interest expense (76 ) (110 )LOSS FROM CONTINUING OPERATIONS $ (1,172 ) $ (1,327 )Income (Loss) from discontinued operations, net (59 ) 52 NET LOSS $ (1,231 ) $ (1,275 )Pension, net 412 423 COMPREHENSIVE LOSS $ (819 ) $ (852 ) EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED Loss from Continuing Operations $ (0.06 ) $ (0.07 )Income (Loss) from Discontinued Operations $ - $ - Net Loss $ (0.06 ) $ (0.07 )

Contact:Michael S. Hottamhotta@kapalua.com