Revenue Performance - Operating revenues for fiscal 2024 totaled $11,565,000, an increase of $2,276,000 or 25% compared to $9,289,000 in 2023[4] - Land development and sales revenues amounted to $520,000, attributed to $320,000 from the Honokeana Homes Relief Housing Project[4] - Leasing revenues increased by $1,160,000 or 14%, totaling $9,621,000 in 2024 compared to $8,461,000 in 2023[4] - Resort amenities revenues rose by $596,000 or 72%, reaching $1,424,000 in 2024[4] Net Loss and EBITDA - Net loss for 2024 was ($7,391,000), or ($0.38) per share, compared to a net loss of ($3,080,000) or ($0.15) per share in 2023[5] - Adjusted EBITDA for 2024 was $492,000, an increase of $1,154,000 from the reported Adjusted EBITDA of ($662,000) in 2023[5] - Adjusted EBITDA improved to a loss of $492,000 in 2024 from a loss of $662,000 in 2023, showing a positive trend[17] Cash and Investments - Cash and investments convertible to cash totaled $9,522,000, an increase of $687,000 from $8,835,000 at the end of 2023[5] - Cash and cash equivalents increased to $6,835,000 in 2024 from $5,700,000 in 2023, reflecting a growth of 19.9%[17] - Total cash and investments convertible to cash reached $9,522,000 in 2024, compared to $8,835,000 in 2023, an increase of 7.8%[17] Operating Costs and Expenses - Operating costs and expenses increased by $4,659,000 to $18,919,000 in 2024, primarily due to a $3,466,000 rise in non-cash stock compensation costs[4] Assets and Liabilities - Total assets increased to $50,139,000 in 2024 from $42,223,000 in 2023, representing a growth of 18.5%[16] - Current assets rose to $15,127,000 in 2024, up from $10,004,000 in 2023, marking a 51.3% increase[16] - Total current liabilities surged to $11,197,000 in 2024, up from $2,480,000 in 2023, an increase of 351.6%[16] - Total stockholders' equity decreased to $33,181,000 in 2024 from $34,704,000 in 2023, a decline of 4.4%[16] - Investments in joint ventures decreased to $968,000 in 2024 from $1,608,000 in 2023, a drop of 39.7%[16] - Long-term liabilities increased to $5,761,000 in 2024 from $5,039,000 in 2023, an increase of 14.3%[16] Strategic Initiatives - The company has identified twelve non-strategic assets for sale, with a combined listing price of $10.9 million for three actively listed parcels[4] - The company aims to maximize the productive use of its landholdings to address housing inventory needs and community development in Maui[3]
Maui Land & Pineapple pany(MLP) - 2024 Q4 - Annual Results