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Maui Land & Pineapple Company, Inc. (MLP+0.25%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing operating revenues of $3,028,000, compared to $2,101,000 in the same quarter of the previous year. The increase is attributed to higher leasing revenues.
Operating costs and expenses for the quarter were $5,260,000, up from $3,290,000 in the same quarter of the previous year. This increase is primarily due to higher share-based compensation expenses.
The company reported an operating loss of $2,232,000 for the quarter, compared to $1,189,000 in the previous year.
Net loss for the quarter was $2,237,000, compared to $1,192,000 in the previous year. Net loss per common share was $0.11, compared to $0.06 in the previous year.
Cash and cash equivalents at the end of the period were $6,138,000, up from $5,700,000 at the end of 2023.
Maui Land & Pineapple Company, Inc. had a working capital of $11,449,000 as of September 30, 2024.
The filing also details a Memorandum of Agreement with the State of Hawai‘i Department of Transportation to lease land for temporary housing for individuals displaced by the Maui wildfires.
The company continues to focus on maximizing the productivity of its leasable land and commercial properties, with occupancy increasing from 72% to 86% year-to-date.
Maui Land & Pineapple Company, Inc. plans to continue its strategic initiatives to utilize its land holdings to meet community needs, including housing and agriculture.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Maui Land & Pineapple Company Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.