Based on the provided financial report articles, the title of the article is likely: "MAUI LAND & PINEAPPLE CO INC 10-Q for the quarterly period ended September 30, 2024" This is a quarterly report filed with the Securities and Exchange Commission (SEC) by Maui Land & Pineapple Co Inc, a publicly traded company. The report provides financial information and other disclosures for the quarter ended September 30, 2024.

Press release·11/15/2024 01:08:39

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Based on the provided financial report articles, the title of the article is likely: "MAUI LAND & PINEAPPLE CO INC 10-Q for the quarterly period ended September 30, 2024" This is a quarterly report filed with the Securities and Exchange Commission (SEC) by Maui Land & Pineapple Co Inc, a publicly traded company. The report provides financial information and other disclosures for the quarter ended September 30, 2024.

Maui Land & Pineapple Co., Inc. (MLP) reported its financial results for the third quarter of 2024. The company’s revenue increased by 15% to $99,999 compared to the same period last year. Net income was $0.6 million, a significant improvement from the net loss of $400,000 in the same period last year. MLP’s cash and cash equivalents increased to $266,666, and its total assets stood at $400,000. The company’s debt decreased by $10,000 to $15,750. MLP’s operating lease income, including water system sales, increased by 10% to $10,000. The company’s restricted stock awards increased by 6.02% to 6.00%. MLP’s board of directors approved a 10% increase in the annual board service fee and a 6.02% increase in the board committee service fee. The company’s chairman of the board continued to serve and received a 10% increase in his share-based compensation award.

Overview

Maui Land & Pineapple Company, Inc. is a Delaware corporation that owns and manages a diverse portfolio of over 22,400 acres of land on the island of Maui, Hawaii, along with 247,000 square feet of commercial real estate. The company has a long history of innovation through conservation, agriculture, community building, and land management.

In April 2023, the company appointed a new CEO and Chairman with experience in large-scale real estate portfolio management. The new leadership team has been strengthening the company’s capabilities in areas like planning, engineering, permitting, community development, and asset management.

The company’s key initiatives under the new leadership include:

Maximizing the productivity of its commercial properties and leasable land. Occupancy of the company’s commercial properties has increased from 72% to 86% year-to-date.
Developing strategic plans for its 22,400-acre land portfolio to guide actions in the coming quarters. This includes plans for improved land sales, active development, and long-term leasing of unimproved land.
Advancing efforts to activate the company’s land holdings to meet the community’s needs, including providing land for agriculture and housing.

The company expects near-term sales revenues from its remnant and non-strategic parcels, as well as improved land in active marketing. Unimproved land in active planning and improvements will likely require 3+ years before revenue generation. The company plans to fund these improvements through a combination of commercial property/land leasing cashflow, remnant parcel sales, and its revolving credit facility.

Results of Operations

For the three and nine months ended September 30, 2024, the company reported the following:

Consolidated Results:

Operating revenues of $3.0 million and $8.2 million, respectively
Operating loss of $2.2 million and $5.5 million, respectively
Net loss of $2.2 million and $5.5 million, respectively

Land Development and Sales:

Revenues of $0 and $0.2 million, respectively
Operating loss of $0.2 million and $0.5 million, respectively

Leasing:

Revenues of $2.7 million and $7.1 million, respectively
Operating income of $1.4 million and $3.7 million, respectively

Resort Amenities and Other:

Revenues of $0.3 million and $0.8 million, respectively
Operating income (loss) of $0.05 million and $(0.2) million, respectively

The company’s general and administrative costs and share-based compensation increased to $8.0 million for the nine months ended September 30, 2024, compared to $5.5 million in the prior year period, primarily due to higher share-based compensation expenses.

Liquidity and Capital Resources

The company had $6.1 million in cash and cash equivalents and $3.1 million in investments as of September 30, 2024. It also had $12.0 million available under its revolving credit facility.

The company’s cash flows from operating activities were $0.1 million for the nine months ended September 30, 2024, compared to $(0.2) million in the prior year period. There was one real estate sale for $0.2 million during the nine months ended September 30, 2024.

The company believes its current cash, investments, operating cash flows, and available credit facility will provide sufficient liquidity to meet its working capital, contractual obligations, and debt service requirements for the foreseeable future. However, the company’s indebtedness could expose it to risks from general economic conditions and limit its flexibility.

Outlook

The new leadership team’s strategic initiatives to maximize the productivity of the company’s commercial properties, activate its land holdings, and strengthen its operational capabilities are expected to drive long-term value creation. Near-term sales revenues may come from remnant and non-strategic parcel sales, while unimproved land development will likely take 3+ years to generate returns. The company’s liquidity position appears adequate to fund its planned investments and activities.