Maui Land & Pineapple Co. Inc (MLP) Exchange: NYSE

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 Consolidated Statements of Operations and Comprehensive Income Three Months Ended September 30, 2021 2020 (in thousands except per share amounts) OPERATING REVENUES Real estate $ - $ 15 Leasing 2,184 1,448 Resort amenities and other 253 234 Total operating revenues 2,437 1,697 OPERATING COSTS AND EXPENSES Real estate 67 86 Leasing 784 671 Resort amenities and other 304 152 General and administrative 612 514 Share-based compensation 365 402 Depreciation 300 326 Total operating costs and expenses 2,432 2,151 OPERATING INCOME (LOSS) 5 (454 ) Pension and other post-retirement expenses (116 ) (125 ) Interest expense (28 ) (29 ) LOSS FROM CONTINUING OPERATIONS (139 ) (608 ) Loss from discontinued operations, net - (25 ) NET LOSS $ (139 ) $ (633 ) Other compreshensive income - pension, net 221 206 TOTAL COMPREHENSIVE INCOME (LOSS) $ 82 $ (427 ) LOSS PER COMMON SHARE-BASIC AND DILUTED Loss from Continuing Operations $ (0.01 ) $ (0.03 ) Loss from Discontinued Operations $ - $ - Net Loss $ (0.01 ) $ (0.03 ) Maui Land & Pineapple Company Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income Nine Months Ended September 30, 2021 2020 (in thousands except per share amounts) OPERATING REVENUES Real estate $ 2,700 $ 173 Leasing 5,947 4,620 Resort amenities and other 799 648 Total operating revenues 9,446 5,441 OPERATING COSTS AND EXPENSES Real estate 618 457 Leasing 2,495 2,278 Resort amenities and other 994 893 General and administrative 1,904 1,823 Share-based compensation 1,084 1,229 Depreciation 902 971 Total operating costs and expenses 7,997 7,651 OPERATING INCOME (LOSS) 1,449 (2,210 ) Other income 13 894 Pension and other post-retirement expenses (348 ) (359 ) Interest expense (94 ) (105 ) INCOME (LOSS) FROM CONTINUING OPERATIONS 1,020 (1,780 ) Loss from discontinued operations, net (214 ) (84 ) NET INCOME (LOSS) $ 806 $ (1,864 ) Other compreshensive income - pension, net 663 617 TOTAL COMPREHENSIVE INCOME (LOSS) $ 1,469 $ (1,247 ) EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED Income (Loss) from Continuing Operations $ 0.05 $ (0.09 ) Loss from Discontinued Operations $ (0.01 ) $ (0.01 ) Net Income (Loss) $ 0.04 $ (0.10 ) MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2021 2020 (unaudited) (audited) (in thousands) CURRENT ASSETS Cash $ 4,859 $ 869 Accounts receivable, net 1,228 1,362 Prepaid expenses and other assets 557 80 Assets held for sale 3,135 7,440 Total current assets 9,779 9,751 PROPERTY 51,412 51,956 Accumulated depreciation (34,089 ) (33,445 ) Property, net 17,323 18,511 OTHER ASSETS Deferred development costs 8,964 8,901 Other noncurrent assets 1,171 1,307 Total other assets 10,135 10,208 TOTAL ASSETS $ 37,237 $ 38,470 CURRENT LIABILITIES Accounts payable $ 331 $ 899 Payroll and employee benefits 810 970 Long-term debt, current portion - 200 Accrued retirement benefits, currernt portion 165 165 Deferred revenue, current portion 214 260 Other current liabilities 400 453 Total current liabilities 1,920 2,947 LONG-TERM LIABILITIES Accrued retirement benefits 8,949 10,926 Deferred revenue 1,667 1,767 Deposits 2,354 2,680 Other noncurrent liabilities 53 83 Total long-term liabilities 13,023 15,456 TOTAL LIABILITIES 14,943 18,403 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Common stock--no par value, 43,000,000 shares authorized, 19,372,803 and 19,301,288 shares issued and outstanding, respectively 82,243 81,485 Additional paid-in-capital 9,184 9,184 Accumulated deficit (48,098 ) (48,904 ) Accumulated other comprehensive loss (21,035 ) (21,698 ) Total stockholders' equity 22,294 20,067 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 37,237 $ 38,470 Contact: Wade K. Kodama wkodama@kapalua.com