Maui Land & Pineapple Company, Inc. (NYSE: MLP) has reported its financial results for the nine-month period ended September 30, 2024, showing significant changes compared to the same period in 2023.
Revenue for the company increased by 18.6% to $8,153,000, driven primarily by increases in leasing, resort amenities, and other segments. Leased area for commercial properties saw a 19% increase, leading to a rise in leasing revenues by $899,000 to $7,148,000. Additionally, revenue from resort amenities and other activities increased by $201,000 to $805,000.
On the other hand, operating costs and expenses totaled $13,669,000 for the nine months ended September 30, 2024, marking an increase of $2,895,000 compared to the same period in 2023. This increase was primarily driven by $4,676,000 in non-cash expenses related to share-based compensation, as well as increased expenses related to the lease-up on vacant spaces in the company's commercial properties.
The net loss for the nine-month period ended September 30, 2024, was $5,484,000, or ($0.28) per basic common share and ($0.27) per diluted common share, compared to a net loss of $3,673,000 or ($0.19) per basic and diluted common share in the same period in 2023.
Adjusted EBITDA for the nine months ended September 30, 2024, was ($138,000) after adjusting for net non-cash expenses totaling $5,346,000. The negative adjusted EBITDA was attributed to the former CEO severance, which will end after the first quarter of 2025.
In terms of liquidity, cash and investments convertible to cash totaled $9,239,000 on September 30, 2024, an increase of $404,000 compared to December 31, 2023. This increase includes a $3,000,000 draw on the company’s credit facility to invest in strategic improvements to the company’s portfolio of commercial properties and land.
The company also disclosed strategic investments in its land development and sales segment, with land development and sales revenue increasing to $200,000 during the nine months ended September 30, 2024, compared to $19,000 in 2023. Operating costs related to land development and sales increased by $161,000 year-over-year due to strategic land improvement efforts.
Additionally, the company has agreed to lease approximately 50 acres of vacant land to the state of Hawai‘i to construct temporary housing for individuals and families displaced by the Maui wildfires in August 2023, furthering its mission to meet the community's critical needs.
Maui Land & Pineapple Company continues to prioritize the revitalization of its commercial centers in West Maui and Hali‘imaile, with updates to existing tenancy and new leases for available commercial space.
Following these announcements, the company's shares moved 0.6%, and are now trading at a price of $22.85. If you want to know more, read the company's complete 8-K report here.
