Maui Land & Pineapple Co., Inc. Files 2023 Annual Report

TL;DR

<b>Maui Land & Pineapple Co., Inc. has filed its 2023 10-K report, detailing segment information and financial performance over the past three fiscal years.</b>

AI Summary

MAUI LAND & PINEAPPLE CO INC (MLP) filed a Annual Report (10-K) with the SEC on March 28, 2024. Maui Land & Pineapple Co., Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's Land Development and Sales segment includes a $1.6 million equity method investment. Segment assets are primarily located in the United States. The filing details financial information for the fiscal years 2023, 2022, and 2021. The company is incorporated in Hawaii and its principal business address is in Lahaina, HI.

Why It Matters

For investors and stakeholders tracking MAUI LAND & PINEAPPLE CO INC, this filing contains several important signals. The filing provides a comprehensive overview of the company's financial health and operational segments for the fiscal year 2023, allowing investors to assess performance and strategic direction. Key financial data and segment-specific information, including an equity method investment in the Land Development and Sales segment, are disclosed, offering insights into the company's asset allocation and revenue streams.

Risk Assessment

Risk Level: — MAUI LAND & PINEAPPLE CO INC shows moderate risk based on this filing. The filing is a standard annual report (10-K) with no immediate red flags or significant negative disclosures, indicating a routine update on the company's financial status.

Analyst Insight

Review the detailed financial statements and segment performance in the 10-K to understand Maui Land & Pineapple Co., Inc.'s operational results and asset base for fiscal year 2023.

Revenue Breakdown

Key Numbers

• 1.6 million — Equity Method Investment (Land Development and Sales segment)
• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-28 — Filing Date (10-K submission)

Key Players & Entities

• MAUI LAND & PINEAPPLE CO INC (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-03-28 (date) — Filed as of date
• LAHAINA (location) — Business address city
• HI (location) — Business address state
• 808-877-1608 (phone) — Business phone

FAQ

Risk Factors

• Land Development and Sales Segment [medium — operational]: The Land Development and Sales segment includes a $1.6 million equity method investment, indicating potential reliance on this specific segment for value.
• Segment Assets Location [medium — financial]: Segment assets are principally located in the United States, which could expose the company to specific regional economic factors.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for Maui Land & Pineapple Co., Inc.)

Equity Method Investment

An accounting method where an investor uses the equity method to report its share of the earnings or losses of an investee company. (Indicates a significant investment in another entity within the Land Development and Sales segment.)

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value MLP New York Stock Exchan
• $1.6 m — es from our Real Estate segment totaled $1.6 million, or approximately 15% of our tota
• $40.0 million — the Kapalua Central Resort property for $40.0 million. On April 11, 2023, we allowed terms of
• $8.5 m — venues from our Leasing segment totaled $8.5 million, or approximately 78% of our tota
• $0.8 m — om our Resort Amenities segment totaled $0.8 million, or approximately 7% of our total

Filing Documents

• mlp20231231c_10k.htm (10-K) — 1203KB
• ex_642785.htm (EX-10.11) — 52KB
• ex_609349.htm (EX-21.1) — 6KB
• ex_609350.htm (EX-23.1) — 3KB
• ex_609351.htm (EX-31.1) — 12KB
• ex_609352.htm (EX-31.2) — 12KB
• ex_609353.htm (EX-32.1) — 4KB
• ex_609354.htm (EX-32.2) — 4KB
• 0001437749-24-009834.txt (&nbsp;) — 6255KB
• mlp-20231231.xsd (EX-101.SCH) — 51KB
• mlp-20231231_cal.xml (EX-101.CAL) — 45KB
• mlp-20231231_def.xml (EX-101.DEF) — 380KB
• mlp-20231231_lab.xml (EX-101.LAB) — 345KB
• mlp-20231231_pre.xml (EX-101.PRE) — 411KB
• mlp20231231c_10k_htm.xml (XML) — 901KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 3 Item 1B. Unresolved Staff Comments 10 Item 1C. Cybersecurity 10 Item 2.

Properties

Properties 11 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 12 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12 Item 6.

Selected Financial Data

Selected Financial Data 12 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 19 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 39 Item 9A.

Controls and Procedures

Controls and Procedures 39 Item 9B. Other Information 40 PART III Item 10. Directors, Executive Officers and Corporate Governance 40 Item 11.

Executive Compensation

Executive Compensation 40 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 40 Item 13. Certain Relationships and Related Transactions, and Director Independence 41 Item 14. Principal Accountant Fees and Services 41 PART IV Item 15. Exhibits, Financial Statement Schedules 41

SIGNATURES

SIGNATURES 43 ii Table of Contents PART I Item 1.

BUSINESS

BUSINESS Overview Maui Land & Pineapple Company, Inc. is a Delaware corporation and the successor to a business organized in 1909 as a Hawaii corporation. The Company reincorporated from Hawaii to Delaware pursuant to a plan of conversion completed on July 18, 2022. Total authorized capital stock of the Company includes 48,000,000 shares, consisting of 43,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share. Shares of the Company's common stock are listed on the New York Stock Exchange ("NYSE") under the ticker symbol "MLP." Depending upon the context, the terms "Company," "we," "our," and "us," refer to either Maui Land & Pineapple Company, Inc. alone, or to Maui Land & Pineapple Company, Inc. and its subsidiaries collectively. The Company consists of a landholding and operating parent company, has a principal subsidiary, Kapalua Land Company, Ltd., and certain other subsidiaries. We own approximately 22,300 acres of land and 268,000 square feet of commercial property on the island of Maui, Hawaii which we put into productive use by planning, managing, developing, and selling residential, resort, commercial, agricultural, and industrial real estate through three business segments: Land Development & Sales : Our land development and sales operations consist of land planning and entitlement, development, and sales activities. Leasing : Our leasing operations include commercial, agricultural, and industrial land and property leases, licensing of our registered trademarks and trade names, management of potable and non-potable water systems in West and Upcountry Maui, and stewardship of conservation areas. Resort Amenities : We manage the operations of the Kapalua Club, a private, non-equity club program providing our members special programs, access, and other privileges at certain amenities in the Kapalua Resort. For additional information and operating results related to the a

RISK FACTORS

RISK FACTORS Our short and long-term success is subject to numerous risks and uncertainties, many of which involve factors that are difficult to predict or beyond our control. As a result, investing in our common stock involves substantial risk. Our stockholders should carefully consider the risks and uncertainties described below, in addition to the other information contained in or incorporated by reference into this Annual Report, as well as the other information we file with the Securities and Exchange Commission (the "SEC") from time to time. If any of these risks are realized, our business, financial condition, results of operations, liquidity and prospects could be materially and adversely affected. In that case, the value of our common stock could decline, and stockholders may lose all or part of their investment. Furthermore, additional risks and uncertainties of which we are currently unaware, or which we currently consider to be immaterial, could have a material adverse effect on our business. Certain statements made in this section constitute "forward-looking statements," which are subject to numerous risks and uncertainties including those described in this section. For additional information, refer to the section entitled "Cautionary Note Regarding Forward-Looking Statements" within this Annual Report. 3 Table of Contents Risks Related to our Business Unstable macroeconomic market conditions could materially and adversely affect our operating results. Our operations and performance depend on worldwide economic conditions. Uncertainty about global economic conditions poses a risk to our business as consumers, tourists and real estate investors postpone or reduce spending in response to tighter credit markets, energy costs, negative financial news, reduced consumer confidence, and/or declines in income or asset values, which could have a material negative effect on the demand for our products and services. Other factors that could influence dem

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View this 10-K filing on SEC EDGAR