10-Q - MAUI LAND & PINEAPPLE CO INC (0000063330) (Filer)

Mon, Aug 19, 9:07 PM (154 days ago)

Maui Land & Pineapple Company, Inc. reported a net loss of $1.9 million for Q2 2024, compared to a $1.1 million loss in Q2 2023, reflecting ongoing challenges post-Maui wildfires. Year-to-date, the company recorded a net loss of $3.2 million versus $2.5 million in the prior year. Operating revenues increased by 7.5% to $2.6 million for Q2 2024, driven by improved occupancy rates in commercial properties, despite a significant increase in share-based compensation expenses which rose to $1.6 million from $0.8 million. Cash and cash equivalents decreased to $3.7 million from $5.7 million at year-end 2023. The company's revolving credit facility remains untapped, maintaining compliance with financial covenants. Future operations may benefit from land sales and leasing strategies, with an ongoing focus on optimizing asset utilization and addressing housing shortages exacerbated by recent events. The sale of an 11.883-acre parcel for $7 million is anticipated to further strengthen cash flow. Overall, while short-term earnings may fluctuate, long-term revenue growth is expected as occupancy and land utilization improve.