Reported Late Thursday March 23, Maui Land & Pineapple Company, Inc. Reports FY22 Results; FY22 EPS $0.09 Vs $(0.18) YoY; FY22 Revenue $21M Vs $12.4M YoY
Maui Land & Pineapple Company, Inc. (NYSE:MLP) today announced financial results for the year ended December 31, 2022.
Results for Year Ended December 31, 2022
The Company's net income was $1.8M or $0.09 per share, compared to a net loss of $(3.4) million, or $(0.18) per share, for the years ended December 31, 2022 and 2021, respectively.
Operating revenues increased to $21.0 million, compared to $12.4 million for the years ended December 31, 2022 and 2021, respectively.
Total comprehensive income increased to $9.2 million, or $0.47 per share, compared to comprehensive income of $2.6 million, or $0.13 per share, for the years ended December 31, 2022 and 2021, respectively.
The Company recorded pension adjustments of $7.4 million, or $0.38 per share, and $6.0 million, or $0.31 per share, for the years ended December 31, 2022 and 2021, respectively. Pension adjustments are reported below net income. These adjustments account for the variance between net income/(loss) and comprehensive income.
| Year Ended December 31, 2022 | Year Ended December 31, 2021 | |||
| Net income/(loss) | $ 1.8M | $ 0.09 per share | $ (3.4M) | $ (0.18) per share |
| Pension gain, net of taxes | $ 7.4M | $ 0.38 per share | $ 6.0M | $ 0.31 per share |
| Comprehensive income | $ 9.2M | $ 0.47 per share | $ 2.6M | $ 0.13 per share |
In the third quarter of 2022, the Company funded its defined benefit pension plan in the amount of $5.7 million. In the fourth quarter of 2022, the Company successfully completed a pension lift-out of approximately 45% of its total pension plan participants. The lift-out annuitized pension benefits utilizing a third-party insurer at a cost of $14.5 million. The Company recognized a non-cash settlement charge of $7.5 million as a result of the lift-out. This was the second tranche of participants lifted out from the Company's defined benefit pension plan.
As a result of these 2022 pension-related initiatives, the Company's accrued retirement benefits decreased by $5.3 million to $2.8 million from $8.1 million for the years ended December 31, 2022 and 2021, respectively.
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 in 2023.
In May 2022, the Company sold a 646-acre parcel located in Kula, known as Omaopio, in the amount of $9.6 million. The parcel was sold to Hoopono, LLC.
In June 2022, the Company completed a sale in the amount of $2.0 million for a 50-acre parcel located in the Pulelehua area of West Maui. The parcel was sold to the County of Maui for use in the development of a regional park. The sale of this parcel satisfied the impact fee requirement for the future development of the Company's 800-acre parcel above Honoapiilani Highway, commonly known as Kapalua Mauka.
Based on these collective 2022 results, total stockholders' equity increased by $10.3 million to $33.8 million from $23.6 million for the years ended December 31, 2022 and 2021, respectively. The Company retained its debt-free status for 2022.