On November 13, 2023, Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported financial results covering the third quarter and nine months ended September 30, 2023.
“Following the August wildfires on Maui, we continue to focus on resiliency by supporting current and future needs of the community through an increased housing supply, food and water security, and renewed connections of people and place. As the stewards of land and commercial property on Maui, our mission is to meet these critical needs by carefully ensuring our assets are actively used to their fullest potential.” – Race Randle, CEO of Maui Land & Pineapple Company.
Third Quarter 2023 Highlights
Excluding land sales, the total operating revenues decreased by $334,000 primarily due to a reduction in percentage rent as a result of the Maui wildfires’ impact on the local economy.
Operating costs and expenses totaled $10,774,000, an increase of $2,118,000 compared to the same period last year.
Net loss was $3,426,000, or $0.17 per common share, as a direct result of land sales last year versus no land sales in the current year and increased operating costs.
Adjusted EBITDA (Non-GAAP) was $146,000.
Cash and liquid investments convertible to cash totaled $9,856,000, a decrease of $1,636,000 attributable to one-time expenses due to leadership transitions.