A Closer Look at Maui Land & Pineapple Company’s 2023 Financial Results

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Written By Dean McHugh

Maui Land & Pineapple Company, Inc. (NYSE: MLP), a longstanding stalwart in the real estate and agriculture sectors, announced its financial results for the fiscal year ending December 31, 2023. Additionally, MLP disclosed plans for its Annual Meeting of Stockholders, set to occur virtually on Wednesday, May 15, 2024, at 10:00 a.m. Hawai‘i Standard Time, accessible via conference call.

Maui’s Zero Debt Approach

Under the fresh leadership of CEO Race Randle, MLP is ushering in an era of revitalization and strategic development, marking the beginning of 2024 debt-free and infused with new energy and direction.

Credit: DepositPhotos

“After a century of contributing to Maui’s growth and following a period dedicated to financial stabilization, we’re navigating into 2024 with zero debt, bolstered by a visionary leadership team eager to steer MLP into its next evolutionary phase,” Randle stated.

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MLP’s Strategic Moves

The past year saw MLP conducting an extensive analysis of its prime land and commercial assets, laying the groundwork for initiatives aimed at enhancing Maui’s housing situation, rejuvenating Kapalua Village and Hali‘imaile Town Centers, and seizing emerging growth opportunities.

Steve Case, a major MLP shareholder with deep roots in Hawai‘i, expressed his excitement over the progress achieved under the new leadership. He highlighted MLP’s strengthened position to leverage its potential, delivering shareholder value and contributing significantly to Maui’s community, particularly in the wake of the devastating wildfires.

2023 Fiscal Year Overview

The year 2023 marked a strategic pivot for MLP, pausing land sales to focus on unlocking the potential of its developable land. This shift aimed at generating shareholder value and addressing the community’s immediate and future needs.

Despite the challenges posed by the August 2023 wildfires, which indirectly impacted MLP’s lease revenue due to temporary tenant displacements and a dip in tourism, the company is optimistic about revenue recovery fueled by heightened demand for its Kapalua Village and Hali‘imaile initiatives.

In 2023, MLP began its shift from selling unimproved land and has focused efforts to master plan and add value to the land directly and through working with proven partners. Land sale revenue of $1,626,000 in 2023 includes recognition of a land contribution to our first development joint venture in many years on 31 acres in Hali‘imaile.

Including land sales, for the year ended December 31, 2023, the total operating revenues decreased by $10,045,000 compared to the same period last year as a direct result of two unimproved land sales closed in 2022 in the amount of $11,600,000.

The remaining narrative details the financial specifics, underscoring operating costs and the net loss attributable to the aftermath of the wildfires and unforeseen expenses, juxtaposed with the prior year’s net income bolstered by significant land sales.

The comprehensive financial analysis, including Non-GAAP Financial Measures like Adjusted EBITDA and Cash and Investments Convertible to Cash, elucidates MLP’s fiscal health and operational performance in a year fraught with challenges yet.

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About Maui Land & Pineapple Company

Rooted in a rich history of over a century, MLP stands as a paragon of innovative stewardship over its vast land holdings and commercial properties in Maui.

Credit: DepositPhotos

The company is committed to fostering resilient communities through sustainable practices, ensuring food and water security, and cultivating meaningful connections between people and their environment.

Through its strategic initiatives, MLP aims to honor its heritage while addressing present needs and facilitating a prosperous future for the Maui community.

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