Maui Land & Pineapple Company Reports First Quarter 2023 Results
11 Maggio 2023 - 11:00PM
Maui Land & Pineapple Company, Inc. (NYSE: MLP) today reported
financial results for the quarter ended March 31, 2023.
“Maui Land & Pineapple Company owns and operates a portfolio
of over 22,000 acres of land, iconic commercial assets, and world
class resort properties,” said Race
Randle, CEO, Maui Land & Pineapple
Company. “I am honored to be leading this company with
such a rich history into its next chapter. In the coming days and
months, I will continue to meet with community stakeholders to
complete a comprehensive review of our business to develop a clear
path forward to improve asset utilization, create added value for
our residents, visitors, and shareholders, and grow our positive
impact on Maui.”
First Quarter 2023 Highlights
- Revenue increased by 2% year-over-year to
$2,298,000.
- Costs and expenses totaled $3,668,000 – an
increase of $918,000 compared to the first quarter of 2022 – due to
one-time events associated with MLP’s recent leadership transition
amounting to $900,000.
- Net losses amounted to $1,364,000 or $0.07 per
common share, compared to a net loss of $618,000 or $0.03 per
common share in the first three months of 2022.
- Cash on hand grew by $154,000
year-over-year to $8.653 million.
Leadership TransitionMaui Land & Pineapple
Company completed a leadership transition effective April 1,
2023, by appointing Race Randle as chief executive officer and
Scot Sellers as chairperson of the board of directors.
Race Randle, is a Hawai‘i real estate leader with decades of
experience creating mixed-use master-planned communities. Most
recently, Randle was an Executive Vice President at Lendlease (ASX:
LLC), leading a partnership with Google on a $15 billion
undertaking to transform Google’s landholdings in San Jose,
Sunnyvale and Mountain View into innovative mixed-use communities.
Randle previously served as Senior Vice President of The Howard
Hughes Corporation, where he played a pivotal role in redeveloping
Ward Village in Honolulu.
Scot Sellers, has built homes and thriving residential
communities for over 40 years. As chairman and chief executive
officer of Archstone, one of the world’s largest multi-family
housing companies, Sellers oversaw the development, acquisition and
operation of housing in over 50 cities. Sellers serves as a
director for several innovative real estate companies, including
The Howard Hughes Corporation, Milhaus and The Irvine Company.
State of Hawai‘i Extends Partnership with MLP on West
Maui’s Pu‘u Kukui Watershed Preserve On April 14, 2023,
the State of Hawai‘i Board of Land and Natural Resources
unanimously approved a long-range management plan for conservation
activities at Pu‘u Kukui Watershed Preserve for Fiscal Years
2024-2030. As part of the Natural Area Partnership Program, the
Hawai‘i Department of Land and Natural Resources will provide 2:1
matching funding totaling $2,080,000, with Maui Land &
Pineapple Company contributing $1,040,000, toward efforts to manage
and conserve the Pu‘u Kukui Watershed Preserve.
Maui Land & Pineapple Company established the Pu‘u Kukui
Watershed Preserve in 1988, committing to protect in perpetuity
significant watershed, endangered species, and native ecosystem
resources. Pu‘u Kukui Watershed Preserve encompasses more than
8,600 acres stretching from an elevation of 480 feet to the summit
of Mauna Kahālāwai (West Maui Mountains) at 5,788 feet. A critical
public benefit provided by Pu‘u Kukui Watershed Preserve is
recharging the aquifer responsible for supplying a significant
amount of the fresh water used by West Maui residents and
businesses.
As part of ongoing conservation efforts, Maui Land &
Pineapple Company and its nonprofit partners, Living Pono Project
and The Nature Conservancy Hawaiʻi, continuously complete campaigns
to remove invasive plants and propagate native species, and have
installed 35 strategically located fences to help prevent the entry
of pigs, goats and deer into Pu‘u Kukui Watershed Preserve. These
efforts contribute toward preventing erosion into nearshore waters,
protecting fisheries and water supplies, and conserving native
Hawaiian plants and wildlife.
Additional InformationMore information about
Maui Land & Pineapple Company’s first quarter 2023 operating
results is available in the Form 10-Q filed with the Securities and
Exchange Commission and posted at mauiland.com/.
About Maui Land & Pineapple
Company Maui Land & Pineapple Company, Inc.
(NYSE: MLP) develops, manages, and sells real estate on the island
of Maui, where the company stewards 22,000 acres, including the
world-renowned Kapalua Resort. Kapalua is home to the luxury
hotels, The Ritz-Carlton Maui and Montage Kapalua Bay, residential
communities, two championship golf courses, three pristine beaches,
a network of walking and hiking trails, and the Pu‘u Kukui
Watershed Preserve, one of the largest private nature preserves in
Hawai‘i. Founded in 1909, Maui Land & Pineapple Company
cultivated pineapple on Maui plantations for nearly a century and
has been a source of economic opportunity for more than 114 years.
Learn more about Maui Land & Pineapple Company’s commitment to
supporting the Maui community, protecting the island’s natural
resources, and perpetuating resilient and thriving communities at
mauiland.com.
ContactsInvestors: Wade Kodama
| Chief Financial Officer | Maui Land & Pineapple Company e:
wkodama@kapalua.com
Media: Dylan Beesley | Senior
Vice President | Bennet Group Strategic Communications p: (808)
285-7272 e: dylan@bennetgroup.com
MAUI LAND & PINEAPPLE COMPANY, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE
LOSS(UNAUDITED) |
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(in thousands except per share amounts) |
OPERATING REVENUES |
|
|
|
Leasing |
$ |
2,077 |
|
|
$ |
2,031 |
|
Resort amenities and other |
|
221 |
|
|
|
217 |
|
Total operating revenues |
|
2,298 |
|
|
|
2,248 |
|
|
|
|
|
OPERATING COSTS AND EXPENSES |
|
|
|
Real estate |
|
83 |
|
|
|
90 |
|
Leasing |
|
794 |
|
|
|
741 |
|
Resort amenities and other |
|
549 |
|
|
|
510 |
|
General and administrative |
|
1,025 |
|
|
|
756 |
|
Share-based compensation |
|
964 |
|
|
|
379 |
|
Depreciation |
|
253 |
|
|
|
274 |
|
Total operating costs and expenses |
|
3,668 |
|
|
|
2,750 |
|
|
|
|
|
OPERATING LOSS |
|
(1,370 |
) |
|
|
(502 |
) |
Other income |
|
129 |
|
|
|
- |
|
Pension and other post-retirement
expenses |
|
(121 |
) |
|
|
(114 |
) |
Interest expense |
|
(2 |
) |
|
|
(2 |
) |
NET LOSS |
$ |
(1,364 |
) |
|
$ |
(618 |
) |
Other comprehensive income -
pension, net |
|
82 |
|
|
|
156 |
|
|
|
|
|
TOTAL COMPREHENSIVE LOSS |
$ |
(1,282 |
) |
|
$ |
(462 |
) |
|
|
|
|
NET LOSS PER COMMON SHARE-BASIC
AND DILUTED |
$ |
(0.07 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
MAUI LAND & PINEAPPLE COMPANY, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS |
|
March 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
|
(audited) |
|
(in thousands except share data) |
ASSETS |
|
|
|
CURRENT ASSETS |
|
|
|
Cash and cash equivalents |
$ |
8,653 |
|
|
$ |
8,499 |
|
Restricted cash |
|
10 |
|
|
|
10 |
|
Accounts receivable, net |
|
918 |
|
|
|
892 |
|
Investments, current portion |
|
2,956 |
|
|
|
2,432 |
|
Prepaid expenses and other assets |
|
340 |
|
|
|
368 |
|
Assets held for sale |
|
3,021 |
|
|
|
3,019 |
|
Total current assets |
|
15,898 |
|
|
|
15,220 |
|
|
|
|
|
PROPERTY & EQUIPMENT, NET |
|
15,625 |
|
|
|
15,878 |
|
|
|
|
|
OTHER ASSETS |
|
|
|
Investments, net of current portion |
|
58 |
|
|
|
551 |
|
Deferred development costs |
|
9,566 |
|
|
|
9,566 |
|
Other noncurrent assets |
|
1,180 |
|
|
|
1,191 |
|
Total other assets |
|
10,804 |
|
|
|
11,308 |
|
TOTAL ASSETS |
$ |
42,327 |
|
|
$ |
42,406 |
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
|
LIABILITIES |
|
|
|
CURRENT LIABILITIES |
|
|
|
Accounts payable |
$ |
650 |
|
|
$ |
589 |
|
Payroll and employee benefits |
|
903 |
|
|
|
869 |
|
Accrued retirement benefits, current portion |
|
142 |
|
|
|
142 |
|
Deferred revenue, current portion |
|
506 |
|
|
|
227 |
|
Other current liabilities |
|
478 |
|
|
|
480 |
|
Total current liabilities |
|
2,679 |
|
|
|
2,307 |
|
|
|
|
|
LONG-TERM LIABILITIES |
|
|
|
Accrued retirement benefits, net of current portion |
|
2,619 |
|
|
|
2,612 |
|
Deferred revenue, net of current portion |
|
1,467 |
|
|
|
1,500 |
|
Deposits |
|
2,154 |
|
|
|
2,185 |
|
Other noncurrent liabilities |
|
21 |
|
|
|
30 |
|
Total long-term liabilities |
|
6,261 |
|
|
|
6,327 |
|
TOTAL LIABILITIES |
|
8,940 |
|
|
|
8,634 |
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
Preferred stock--$0.0001 par value; 5,000,000 shares
authorized; |
|
|
|
no shares issued and outstanding |
|
- |
|
|
|
- |
|
Common stock--$0.0001 par value; 43,000,000 shares authorized; |
|
|
|
19,576,304 and 19,476,671 shares issued and outstanding |
|
|
|
at March 31, 2023 and December 31, 2022, respectively |
|
84,289 |
|
|
|
83,392 |
|
Additional paid-in-capital |
|
9,184 |
|
|
|
9,184 |
|
Accumulated deficit |
|
(51,901 |
) |
|
|
(50,537 |
) |
Accumulated other comprehensive loss |
|
(8,185 |
) |
|
|
(8,267 |
) |
Total stockholders' equity |
|
33,387 |
|
|
|
33,772 |
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
42,327 |
|
|
$ |
42,406 |
|
|
|
|
|
Grafico Azioni Maui Land and Pineapple (NYSE:MLP)
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Da Mag 2024 a Giu 2024
Grafico Azioni Maui Land and Pineapple (NYSE:MLP)
Storico
Da Giu 2023 a Giu 2024