Maui Land & Pineapple Company Reports Increased Revenues but Higher Losses in 2024

Maui Land & Pineapple Company Financial Overview for 2024

Maui Land & Pineapple Company, Inc. has released its financial results for the nine months ending September 30, 2024. The company reported total operating revenues of $8.153 million, an increase from $6.872 million in the same period in 2023. This growth was driven by higher revenues in land development and sales, which rose to $200,000 from $19,000, and leasing, which increased to $7.148 million from $6.249 million. However, resort amenities and other revenues slightly increased to $805,000 from $604,000.

Despite the revenue growth, the company faced an operating loss of $5.516 million, compared to a loss of $3.902 million in the previous year. This was due to increased operating costs and expenses, which totaled $13.669 million, up from $10.774 million. Key expense increases included share-based compensation, which rose significantly to $4.676 million from $2.472 million, and general and administrative expenses, which increased to $3.336 million from $2.996 million.

The net loss for the period was $5.484 million, up from $3.673 million in 2023. The company's total comprehensive loss was $5.280 million, compared to $3.426 million in the previous year. Net loss per common share was $0.28, up from $0.19.

As of September 30, 2024, Maui Land & Pineapple Company's total assets were valued at $45.916 million, an increase from $42.223 million at the end of December 2023. Current assets rose to $11.449 million from $10.004 million, while property and equipment net value increased to $17.061 million from $16.059 million.

The company’s liabilities also increased, with total liabilities reaching $11.926 million, up from $7.519 million. This included a rise in current liabilities to $4.006 million from $2.480 million and long-term liabilities to $7.920 million from $5.039 million. Notably, the line of credit increased to $3 million, and long-term debt rose to $189,000.

Stockholders' equity decreased slightly to $33.990 million from $34.704 million. The company’s cash and investments convertible to cash were $9.239 million, up from $8.835 million.

Evaluation of Impact

The financial results indicate that while Maui Land & Pineapple Company experienced revenue growth, increased expenses have significantly impacted profitability. The rise in share-based compensation and general administrative costs suggests strategic investments in human resources and management, potentially aimed at future growth. However, the increase in liabilities, particularly the line of credit and long-term debt, may pose financial challenges if not managed effectively. The company's ability to convert cash and investments to cash remains stable, which could support operational needs and strategic initiatives. The overall financial health of the company will depend on its ability to manage expenses and leverage its assets effectively for future growth.