Wed, May 15, 10:30 AM (72 days ago)
Kaanapali Land, LLC reported a significant decline in financial performance for Q1 2024. Revenue decreased to $541,000 from $1,495,000 in Q1 2023, primarily due to a reduction in coffee sales following the Lahaina wildfire, which destroyed key facilities. Total costs and expenses rose slightly to $2,015,000 from $1,949,000, leading to an operating loss of $1,474,000, compared to $454,000 in the prior year. The net loss widened to $1,034,000 from $336,000. Cash and cash equivalents decreased to $23,567,000 from $26,260,000 at year-end 2023. Significant cash outflows included $1,330,000 for property additions and $837,000 for retirement plan contributions. The company received a $1,000,000 insurance advance but anticipates further losses due to the wildfire. The company continues to face uncertainties regarding its development plans and water use permits, which could impact future operations and financial stability.