Maui Land & Pineapple Company Reports Third Quarter 2023 Results
2023年11月14日 - 6:57AM
Maui Land & Pineapple Company, Inc. (NYSE: MLP) today reported
financial results covering the 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.
Nearly all our current tenants have reopened their businesses
following the fires; however, the impacts from their temporary
closures and reduced sales caused a decrease in lease revenue for
the company in the third quarter. This, combined with one-time
costs related to our leadership transition in 2023 and a strategic
pause on land sales, has resulted in a loss for the quarter.
As we look ahead, our team is advancing the utilization of our
entitled properties, filling existing vacancies in our commercial
properties, and leasing available agricultural lands for productive
use.” – Race Randle, CEO of Maui Land & Pineapple Company.
Third Quarter 2023 Highlights
- Revenues - Excluding land sales, the total
operating revenues decreased by $334,000 for the nine months ended
September 30, 2023, compared to the nine months ended September 30,
2022 primarily due to a reduction in percentage rent as a result of
the Maui wildfires impact on the local economy. Including land
sales, for the nine months ended September 30, 2023, the total
operating revenues decreased by $11,915,000 to $6,872,000 compared
to the same period last year as a direct result of two land sales
closed in the prior year in the amount of $11,600,000.
- Costs and expenses – Operating costs and expenses totaled
$10,774,000 for the nine months ended September 30, 2023, an
increase of $2,118,000 compared to the nine-month period ended
September 30, 2022. The operating costs for the nine months ended
September 30, 2023, included $1,508,000 of the operating costs and
expenses were related to one-time costs of the leadership
transition due to $1,258,000 for severance, accelerated vesting of
incentive stock for departing executives and related legal and
consulting fees for document preparation, and $250,000 for
onboarding costs of new executive team. These costs are not
anticipated to recur in the upcoming quarters with the exception of
the monthly severance paid to the former CEO monthly through March
31, 2025. Other costs incurred in the nine months ended September
30, 2023 that were not incurred previously included $916,000 due to
stock option valuation recognized for issued options recognized for
the Board of Directors.
- Net loss – Net loss was $3,673,000, or $0.19 per common share,
in the nine months ended September 30, 2023, compared to net income
of $9,783,000, or $0.50 per common share, in the nine months of
2022, as a direct result of land sales of $11,600,000 during the
same period last year, versus no land sales in the current year,
and increased operating costs.
- Adjusted EBITDA (Non-GAAP) – For the nine months ending
September 30, 2023, after adjusting for non-cash expenses of
$3,524,000, Adjusted EBITDA was ($149,000).
- Cash and Investments Convertible to Cash (Non-GAAP) – Cash and
investments convertible to cash totaled $9,856,000 on September 30,
2023, a decrease of $1,636,000 compared to $11,492,000 at September
30, 2022. $778,000 of the decrease in cash is attributable to
one-time expenses due to employment separations of the former CEO
and Vice President and onboarding transition of the new CEO and
Board Chairman realized in the nine months ended September 30,
2023.
Non-GAAP Financial Measures
Certain non-GAAP financial measures are presented in this press
release, including Adjusted EBITDA, to provide information that may
assist investors in understanding the Company's financial results
and assessing its prospects for future performance. We believe we
believe that Adjusted EBITDA is an important indicator of our
operating performance because it excludes items that are unrelated
to, and may not be indicative of, our core operating results. We
believe cash and investments convertible to cash is an important
indicator of liquidity because it includes items that are
convertible into cash in the short term. These non-GAAP financial
results are not intended to represent and should not be considered
more meaningful measures than, or alternatives to, measures of
operating performance or liquidity as determined in accordance with
GAAP. To the extent we utilize such non-GAAP financial measures in
the future, we expect to calculate them using a consistent method
from period to period.
EBITDA is a non-GAAP financial measure defined as net income
(loss) excluding interest, taxes, and depreciation and
amortization. Adjusted EBITDA is further adjusted for non-cash
stock-based compensation expense and pension and post-retirement
expenses. Adjusted EBITDA is a key measure used by the Company to
evaluate operating performance, generate future operating plans and
make strategic decisions for the allocation of capital. The Company
presents Adjusted EBITDA to provide information that may assist
investors in understanding its financial results. However, Adjusted
EBITDA is not intended to be a substitute for net income (loss). A
reconciliation of Adjusted EBITDA to the most directly comparable
GAAP financial measure is provided further below.
Cash and investments convertible to cash is a non-GAAP financial
measure defined as cash and cash equivalents plus restricted cash
and investments. Cash and cash investments convertible to cash is a
key measure used by the Company to evaluate internal liquidity.
Additional InformationMore information about Maui Land &
Pineapple Company’s second quarter 2023 operating results is
available in the Form 10-Q filed with the Securities and Exchange
Commission and posted at mauiland.com/.
About Maui Land & Pineapple Company Maui Land &
Pineapple Company, Inc. (NYSE: MLP) is dedicated to the thoughtful
stewardship of over 22,000 acres of land along with approximately
260,000 square feet where Maui residents thrive in more resilient
communities with additional housing opportunities, food and water
security, and renewed connections of people and place. For over a
century MLP has built a legacy of authentic innovation through
conservation, agriculture, community building and land management.
Our mission is to carefully maximize the use of our assets in
a way that honors the past, meets the critical needs of the
present, and enables a thriving future.
Company assets include land for future residential communities
within the world-renowned Kapalua Resort, home to luxury hotels
such as The Ritz-Carlton Maui and Montage Kapalua Bay, two
championship golf courses, pristine beaches, a network of walking
and hiking trails and the Pu‘u Kukui Watershed, the largest private
nature preserve in Hawai‘i.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to
statements regarding the utilization of our entitled properties,
filling the vacancies on our commercial properties, the Company's
ability to lease its agricultural lands, and the recurrence of
severance costs. These forward-looking statements are based upon
the current beliefs and expectations of management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
beyond the control of the Company. In addition, these
forward-looking statements are subject to assumptions with respect
to future business strategies and decisions that are subject to
change. Actual results may differ materially from the anticipated
results discussed in these forward-looking statements because of
possible uncertainties. Factors that could cause actual results to
differ materially from those expressed in the forward-looking
statements are discussed in the Company's reports (such as Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K) filed with the SEC and available on the SEC's
Internet site (http://www.sec.gov). We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
CONTACT |
|
Investors: |
Wade Kodama | Chief Financial Officer | Maui Land &
Pineapple Company |
|
e: wkodama@kapalua.com |
|
|
Media: |
Ashley Takitani Leahey | Vice President | Maui Land &
Pineapple Company |
|
e: ashley@mauiland.com |
|
|
|
Dylan Beesley | Senior Vice President | Bennet Group
Strategic |
|
Communications |
|
e: dylan@bennetgroup.com |
|
|
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME |
(LOSS) |
|
(UNAUDITED) |
|
|
|
|
|
|
|
Nine Months Ended September
30, |
|
|
2023 |
|
|
2022 |
|
|
(in thousands
except |
|
|
per share
amounts) |
|
OPERATING REVENUES |
|
|
|
|
|
Real estate |
$ |
19 |
|
|
$ |
11,600 |
|
Leasing |
6,249 |
|
|
6,559 |
|
Resort amenities and
other |
604 |
|
|
628 |
|
Total operating revenues |
6,872 |
|
|
18,787 |
|
|
|
|
|
|
|
OPERATING COSTS AND
EXPENSES |
|
|
|
|
|
Real estate |
526 |
|
|
913 |
|
Leasing |
2,984 |
|
|
2,608 |
|
Resort amenities and
other |
1,113 |
|
|
1,170 |
|
General and
administrative |
2,996 |
|
|
2,177 |
|
Share-based compensation |
2,472 |
|
|
958 |
|
Depreciation |
683 |
|
|
830 |
|
Total operating costs and expenses |
10,774 |
|
|
8,656 |
|
|
|
|
|
|
|
OPERATING INCOME (LOSS) |
(3,902 |
) |
|
10,131 |
|
|
|
|
|
|
|
Other income |
598 |
|
|
- |
|
Pension and other
post-retirement expenses |
(364 |
) |
|
(343 |
) |
Interest expense |
(5 |
) |
|
(5 |
) |
NET INCOME (LOSS) |
$ |
(3,673 |
) |
|
$ |
9,783 |
|
Other comprehensive income -
pension, net |
247 |
|
|
468 |
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME
(LOSS) |
$ |
(3,426 |
) |
|
$ |
10,251 |
|
|
|
|
|
|
|
NET INCOME (LOSS) PER COMMON
SHARE-BASIC AND DILUTED |
$ |
(0.19 |
) |
|
$ |
0.50 |
|
|
|
|
|
|
|
MAUI LAND &
PINEAPPLE COMPANY, INC. AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
September
30, 2023 |
|
December 31,
2022 |
|
(unaudited) |
|
(audited) |
|
(in
thousands except share data) |
ASSETS |
|
|
|
CURRENT
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
6,771 |
|
|
$ |
8,499 |
|
Restricted cash |
|
- |
|
|
|
10 |
|
Accounts receivable, net |
|
869 |
|
|
|
892 |
|
Investments, current portion |
|
2,752 |
|
|
|
2,432 |
|
Prepaid expenses and other assets |
|
739 |
|
|
|
368 |
|
Assets held for sale |
|
3,131 |
|
|
|
3,019 |
|
Total current assets |
|
14,262 |
|
|
|
15,220 |
|
|
|
|
|
PROPERTY
& EQUIPMENT, NET |
|
16,049 |
|
|
|
15,878 |
|
|
|
|
|
OTHER
ASSETS |
|
|
|
Investments, net of current portion |
|
333 |
|
|
|
551 |
|
Deferred development costs |
|
9,585 |
|
|
|
9,566 |
|
Other noncurrent assets |
|
1,217 |
|
|
|
1,191 |
|
Total other assets |
|
11,135 |
|
|
|
11,308 |
|
TOTAL
ASSETS |
$ |
41,446 |
|
|
$ |
42,406 |
|
|
|
|
|
LIABILITIES
& STOCKHOLDERS' EQUITY |
|
|
|
LIABILITIES |
|
|
|
CURRENT
LIABILITIES |
|
|
|
Accounts payable |
$ |
1,129 |
|
|
$ |
589 |
|
Payroll and employee benefits |
|
783 |
|
|
|
869 |
|
Accrued retirement benefits, current portion |
|
142 |
|
|
|
142 |
|
Deferred revenue, current portion |
|
289 |
|
|
|
227 |
|
Other current liabilities |
|
467 |
|
|
|
480 |
|
Total current liabilities |
|
2,810 |
|
|
|
2,307 |
|
|
|
|
|
LONG-TERM
LIABILITIES |
|
|
|
Accrued retirement benefits, net of current portion |
|
2,633 |
|
|
|
2,612 |
|
Deferred revenue, net of current portion |
|
1,400 |
|
|
|
1,500 |
|
Deposits |
|
2,148 |
|
|
|
2,185 |
|
Other noncurrent liabilities |
|
17 |
|
|
|
30 |
|
Total long-term liabilities |
|
6,198 |
|
|
|
6,327 |
|
TOTAL
LIABILITIES |
|
9,008 |
|
|
|
8,634 |
|
|
|
|
|
COMMITMENTS
AND CONTINGENCIES |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
Preferred stock--$0.0001 par value; 5,000,000 shares
authorized; |
|
|
|
no shares issued and outstanding |
|
- |
|
|
|
- |
|
Common stock--$0.0001 par value; 43,000,000 shares authorized; |
|
|
|
19,604,509 and 19,476,671 shares issued and
outstanding |
|
|
|
at September 30, 2023 and December 31, 2022,
respectively |
|
84,570 |
|
|
|
83,392 |
|
Additional paid-in-capital |
|
10,098 |
|
|
|
9,184 |
|
Accumulated deficit |
|
(54,210 |
) |
|
|
(50,537 |
) |
Accumulated other comprehensive loss |
|
(8,020 |
) |
|
|
(8,267 |
) |
Total stockholders' equity |
|
32,438 |
|
|
|
33,772 |
|
TOTAL
LIABILITIES & STOCKHOLDERS' EQUITY |
$ |
41,446 |
|
|
$ |
42,406 |
|
|
|
|
|
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES |
|
SUPPLEMENTAL FINANCIAL INFORMATION (NON-GAAP) UNAUDITED |
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
(in thousands) |
|
|
|
|
|
NET INCOME (LOSS) |
$ |
(3,673 |
) |
|
$ |
9,783 |
|
|
|
|
|
|
Add: Non-cash expenses |
|
|
Interest expense |
|
5 |
|
|
|
5 |
|
Depreciation |
|
683 |
|
|
|
830 |
|
Share-based compensation |
|
|
|
Vesting of Incentive Stock for former CEO and Vice President upon
separation |
|
730 |
|
|
|
|
Vesting of Stock Options granted to Board Chair and Directors |
|
915 |
|
|
|
|
Vesting of Stock Compensation granted to Board Chair and
Directors |
|
478 |
|
|
|
641 |
|
Vesting of employee Incentive Stock |
|
349 |
|
|
|
317 |
|
Pension and other post-retirement expenses |
|
364 |
|
|
|
343 |
|
|
|
|
|
|
ADJUSTED EBITDA (LOSS) |
$ |
(149 |
) |
|
$ |
11,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
|
(unaudited) |
|
(audited) |
|
(in thousands) |
CASH AND LIQUID INVESTMENTS CONVERTIBLE TO CASH |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
6,771 |
|
|
$ |
8,499 |
|
Restricted cash |
|
- |
|
|
|
10 |
|
Investments, current portion |
|
2,752 |
|
|
|
2,432 |
|
Investments, net of current portion |
|
333 |
|
|
|
551 |
|
|
|
|
|
|
TOTAL CASH AND INVESTMENTS CONVERTIBLE TO CASH |
$ |
9,856 |
|
|
$ |
11,492 |
|
|
|
|
|
|
Maui Land and Pineapple (NYSE:MLP)
過去 株価チャート
から 9 2024 まで 10 2024
Maui Land and Pineapple (NYSE:MLP)
過去 株価チャート
から 10 2023 まで 10 2024