MLP on NYSE

Maui Land & Pineapple Company

Major Maui, Hawaii real estate enterprise

Maui Land & Pineapple Company, Inc. (ML&P, NYSE: MLP) is a land holding and operating company founded in 1909 and based in Kapalua, Hawaii, United States. It owns approximately 24,300 acres (100 km2) on the island of Maui. It develops, sells, and manages residential, resort, commercial and industrial real estate; and operates retail and utility operations at the Kapalua Resort.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

1903Founded1

Compare with CaliberCos Inc., Sky Harbour Group Corp or Mobile Infrastructure Corp, or pick any stock.

  • TickerMLP on NYSE1
  • IndustryReal Estate1
  • HeadquartersLahaina1
  • Websitewww.mauiland.com
  • Incorporated inHI4
  • Business address500 Office Road, Lahaina, Hi 967614
  • Filer categoryNon-accelerated filer, Smaller reporting company4

Maui Land & Pineapple Company, Inc. (ML&P, NYSE: MLP) is a land holding and operating company founded in 1909 and based in Kapalua, Hawaii, United States. It owns approximately 24,300 acres (100 km2) on the island of Maui. It develops, sells, and manages residential, resort, commercial and industrial real estate; and operates retail and utility operations at the Kapalua Resort. ML&P also owns and manages the 8,304-acre (33.61 km2) Puʻu Kukui Watershed Preserve, one of the largest private nature preserves in the state of Hawaii. It formerly grew pineapples.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-23.4%Operating margin6
-54.4%Net margin6
68.2%Revenue growth, 20256
-32.0%Return on equity6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Land and Development Sales brought in 87% of the revenue Maui Land & Pineapple Company broke down this way in fiscal 2025.

  1. Land and Development Sales$5.8M687%up 1018% from 2024
  2. Resort Amenities and Other$847.0K613%down 41% from 2024
Products and services by year
Products and services20242025
Land and Development Sales$520.0K$5.8M
Resort Amenities and Other$1.4M$847.0K

Business segments

Leasing brought in 66% of the revenue Maui Land & Pineapple Company broke down this way in fiscal 2025.

  1. Leasing$12.8M666%up 33% from 2024
  2. Land Development and Sales$5.8M630%up 1018% from 2024
  3. Resort Amenities$847.0K64%down 41% from 2024
Business segments by year
Business segments20242025
Leasing$9.6M$12.8M
Land Development and Sales$520.0K$5.8M
Resort Amenities$1.4M$847.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$19.5M

Out of $19.5M in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$2.1M

Out of $2.1M of cash from operations.6

Financial statements

Revenue78910116$19.5M in 2025+94% since 2019
0$10.0M$20.0M$30.0M2019: $10.0M$10.0M20192020: $7.5M$7.5M2020−25%2021: $12.4M$12.4M2021+65%2022: $21.0M$21.0M2022+68%2023: $9.3M$9.3M2023−56%2024: $11.6M$11.6M2024+25%2025: $19.5M$19.5M2025+68%
Operating income78910116-$4.5M in 2025+471% since 2019
-$10.0M-$5.0M0$5.0M$10.0M2019: -$796.0K-$796.0K20192020: -$2.6M-$2.6M2020+221%2021: $1.6M$1.6M20212022: $9.6M$9.6M2022+487%2023: -$5.0M-$5.0M20232024: -$7.4M-$7.4M2024+48%2025: -$4.5M-$4.5M2025−38%
Net income78910116-$10.6M in 2025+2% since 2019
-$15.0M-$10.0M-$5.0M0$5.0M2019: -$10.4M-$10.4M20192020: -$2.6M-$2.6M2020−75%2021: -$3.4M-$3.4M2021+31%2022: $1.8M$1.8M20222023: -$3.1M-$3.1M20232024: -$7.4M-$7.4M2024+140%2025: -$10.6M-$10.6M2025+43%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Operating Lease, Lease Income$12.8M$9.6M
Total operating revenues$19.5M$11.6M
Leasing$8.5M$5.0M
General and administrative$4.7M$4.3M
Share-based compensation$4.3M$6.3M
Depreciation$1.1M$723.0K
Total operating costs and expenses$24.0M$18.9M
OPERATING LOSS-$4.5M-$7.4M
Gain (loss) on assets disposal-$15.0K$48.0K
Other income, net$1.1M$924.0K
Pension and other post-retirement expenses-$6.9M-$948.0K
Interest expense-$216.0K-$61.0K
NET LOSS-$10.6M-$7.4M
Other comprehensive income - pension, net$6.6M$7.0K
TOTAL COMPREHENSIVE LOSS-$4.0M-$7.4M
NET LOSS PER COMMON SHARE-BASIC AND DILUTED (in dollars per share)-$0.54-$0.38

Compare Maui Land & Pineapple Company with another company

Corporate structure

Maui Land & Pineapple Company sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Maui Land & Pineapple Company

  • TSP Capital Management Group, LLC Filed SCHEDULE 13G/A on Maui Land & Pineapple Company, latest Jul 2, 2026 (6 filings since Jan 14, 2022)
  • VALUEWORKS LLC Filed SCHEDULE 13G/A on Maui Land & Pineapple Company, latest Feb 17, 2026 (2 filings since Dec 8, 2025)
  • Stephen M. Case Filed SCHEDULE 13D/A on Maui Land & Pineapple Company, latest Mar 17, 2025
  • Maui Land & Pineapple Company Lahaina

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Maui Land & Pineapple Company reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$49.1M6 Dec 31, 2025$47.3M6 Dec 31, 2024+3.9%
Accumulated depreciation$30.9M6 Dec 31, 2025$29.9M6 Dec 31, 2024+3.4%
Property and equipment, net$18.2M6 Dec 31, 2025$17.4M6 Dec 31, 2024+4.8%
Finance-lease assets$302.0K6 Dec 31, 2025$06 Dec 31, 2024
Operating-lease assets (leased space)$216.0K6 Dec 31, 2025$24.0K6 Dec 31, 2024+800.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.3M6 Dec 31, 2025$6.8M6 Dec 31, 2024−22.5%
Stakes in other companies (equity method)$06 Dec 31, 2025$968.0K6 Dec 31, 2024−100.0%

Properties, in its own words

Most of our land was acquired from 1911 to 1932 and, accordingly, has a relatively low-cost basis. The following is a summary of the approximate acreage of our landholdings as of December 31, 2025:

Acres

The rest of Item 2

West Maui · 20,801

Upcountry Maui · 1,485

Total · 22,286

Our West Maui landholdings are comprised of several, largely contiguous parcels that extend from the sea to the top of the second largest mountain on Maui, at an elevation of approximately 5,700 feet. It includes approximately 900 acres of land entitled for commercial, residential, hotel, or other mixed-use development within the Kapalua Resort. Leasing revenue is generated from restaurants, retail outlets, office buildings, warehouses, and other resort activities. The remaining lands consist of former pineapple fields, gulches, undeveloped coastal and forest areas, and our 9,000-acre conservation watershed preserve. These properties generate leasing revenue from agricultural and industrial leases, management of water systems, sales of potable and non-potable water, and stewardship and conservation grants.

Our Upcountry Maui landholdings are situated at elevations between 1,000 and 2,000 feet above sea level on the slopes of Haleakala, a volcanic-formed mountain on the island that rises above 10,000 feet in elevation. These properties generate leasing revenue from commercial, industrial, and agricultural leasing.

We have pledged certain of our real estate properties in the Kapalua Resort as security for borrowings under our credit facility.

We own our corporate offices located in the Kapalua Resort in West Maui and in Upcountry Maui. We believe our facilities are suitable and adequate for our business and have sufficient capacity for the purposes for which they are currently being used or intended to be used. For additional information, refer to the section entitled “Business” in this Annual Report.

Item 2 of the 10-K filed Apr 1, 2026.15

The story

Company history started in 1903 with Henry Perrine Baldwin and David Dwight Baldwin, sons of medical missionary Rev. Dwight Baldwin. The family acquired land in East and West Maui, and over the next 100 years, they began ranching and their primary business of cultivating pineapples. The family expanded their land holdings, owning 22,600 acres (91 km2) of land on Maui island by 1933.

In 1962, it merged with Baldwin Packers. In 1969, Maui Land & Pineapple Company, Inc. was created by combining Alexander & Baldwin and J. Walter Cameron family holdings and went public, the Maui Pineapple Company, Ltd. being a subsidiary devoted to agricultural operations. Colin Campbell Cameron, a fifth-generation descendant of the Baldwin family, became its first president and CEO until his death in 1992.

Harry Weinberg became an investor, but the Cameron family prevented him from getting a board seat.

In 1975 ML&P incorporated Kapalua Land Company, Ltd. as its subsidiary dedicated to resort development. Maui Pineapple Company, Ltd. was established as its subsidiary devoted to pineapple and other agricultural operations. In 1975 the company opened its first golf course. Two other golf courses, homes, luxury condos, and another hotel (The Ritz-Carlton, Kapalua) followed over the next two decades. In 1978, ML&P dedicated 3,307 acres (13.38 km2) of coastal land to establish the Honolua-Mokule'ia Marine Life Conservation District. In 1988, ML&P committed 8,304 acres (33.61 km2) of its West Maui land, including Puʻu Kukui, the summit of the West Maui mountain range, to conservation. This area eventually became the Puʻu Kukui Watershed Preserve, one of the largest private nature preserves in Hawaii.

In 1989 hundreds of remains of ancient Hawaiians were discovered when excavating for a new hotel.

Colin Cameron's son Richard Cameron (born circa 1955) served as executive and chairman when the pineapple cannery (the last in the United States) shut down, and only fresh fruit was marketed.

When Weinberg died and the Harry and Jeanette Weinberg Foundation inherited his stock shares, lawyer Daniel H. Case arranged a sale of the shares to keep the company intact.

Gary L. Gifford announced he would resign May 27, 2003, and was temporarily replaced by Donald Young. A shopping center in Kahului was sold later that year.

Read the full text

Former AOL executive Steve Case (Daniel Case's son) became an investor in 1999 buying the former Weinberg stake. Richard Cameron resigned as chairman, and stepped down as director in 2005.

Cole started an ambitious expansion program for the resort.

The original Kapalua Bay Hotel was torn down in 2006, and replaced by a "club" with memberships reportedly sold for $375,000.

After rising fuel costs, a real estate price drop, and reduced tourism caused losses, layoffs were announced in 2008.

Case joined the board in 2008 and Cole left at the end of that year.

On December 31, 2009, MPC ceased pineapple operations after 97 years. The move briefly put Maui out of the pineapple business, and left only a small pineapple operation run by Dole Food Company on Oʻahu growing one of Hawaii's signature crops. A group of former Maui Pineapple Company executives and local investors assumed pineapple operations on January 1, 2010. The new company, Haliʻimaile Pineapple Company, Ltd. (HPC), continued to grow and market fresh pineapple under the Maui Gold Brand to the Hawaii market. HPC purchased and licensed key assets, and leased farm land, equipment, and buildings from ML&P. The new company kept 65 of the old employees.

The Kapalua Farms organic pineapple operation was taken over by Ulupono Sustainable Agriculture Development, backed by investor Pierre Omidyar in early 2010.

In July and August 2010 Case increased his holdings in the company to over 60%, as the company retired some debt.

In 2009 the Plantation golf course at Kapalua was sold to TY Management Corporation, and in September 2010 the Kapalua Bay course was sold to the same investors.

From Wikipedia’s article on Maui Land & Pineapple Company, shared under CC BY-SA 4.0.5

Leadership

Who has led Maui Land & Pineapple Company, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (32)

Timeline

  1. Aug 14, 20268-K Results of operations62
  2. Jun 9, 20268-K Executive or director change63
  3. Jun 2, 20268-K Entered a material agreement64
  4. May 27, 20268-K Shareholder vote65
  5. May 19, 20268-K Regulation FD disclosure66
  6. May 15, 20268-K Results of operations67
  7. Apr 1, 20268-K Results of operations68
  8. Feb 3, 20268-K Entered a material agreement69
  9. Dec 29, 20258-K Entered a material agreement70
  10. Dec 9, 20258-K Entered a material agreement71
  11. Nov 14, 20258-K Results of operations72
  12. Sep 10, 20258-K Regulation FD disclosure73
  13. Apr 10, 2023New chief executive Race A. Randle becomes CEO16
  14. Oct 2, 2009New chief executive Warren H. Haruki becomes CEO18
  15. May 18, 2009New chief executive Robert I. Webber becomes CEO17
  16. Dec 3, 2003New chief executive David Clayton Cole becomes CEO19
  17. 1903Founded Founded1

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/202674

When it reported results

  1. Aug 14, 2026Reported quarterly or annual results62
  2. May 15, 2026Reported quarterly or annual results67
  3. Apr 1, 2026Reported quarterly or annual results68
  4. Nov 14, 2025Reported quarterly or annual results72
  5. Aug 14, 2025Reported quarterly or annual results75
  6. May 15, 2025Reported quarterly or annual results76
  7. Mar 31, 2025Reported quarterly or annual results77
  8. Nov 14, 2024Reported quarterly or annual results78

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

267 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 51 major events, 165 insider forms, 9 large holders, 20 other. The latest 20:

  1. Oct 15, 20264 EDGAR
  2. Oct 15, 20264 EDGAR
  3. Aug 14, 20268-K EDGAR
  4. Aug 14, 202610-Q EDGAR
  5. Jul 7, 20264 EDGAR
  6. Jul 7, 20264 EDGAR
  7. Jul 2, 2026SCHEDULE 13G/A EDGAR
  8. Jun 12, 20263 EDGAR
  9. Jun 9, 20268-K EDGAR
  10. Jun 2, 20268-K EDGAR
  11. May 27, 20268-K EDGAR
  12. May 22, 20264 EDGAR
  13. May 22, 20264 EDGAR
  14. May 19, 20268-K EDGAR
  15. May 15, 20268-K EDGAR
  16. May 15, 202610-Q EDGAR
  17. Apr 9, 2026DEF 14A EDGAR
  18. Apr 7, 20264 EDGAR
  19. Apr 7, 20264 EDGAR
  20. Apr 1, 2026NT 10-K EDGAR

The 267 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

41 open-market trades by officers, directors and large owners since October 2021: 38 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 12, 2025CASE STEPHEN MDirectorBuy300$17.00$5.1KForm 4
Dec 11, 2025CASE STEPHEN MDirectorBuy5,000$16.79$84.0KForm 4
Dec 9, 2025CASE STEPHEN MDirectorBuy450$16.29$7.3KForm 4
Dec 8, 2025CASE STEPHEN MDirectorBuy3,000$16.38$49.1KForm 4
Dec 3, 2025CASE STEPHEN MDirectorBuy2,630$15.99$42.1KForm 4
Dec 2, 2025CASE STEPHEN MDirectorBuy5,000$15.94$79.7KForm 4
Dec 1, 2025CASE STEPHEN MDirectorBuy5,000$15.91$79.5KForm 4
Nov 28, 2025CASE STEPHEN MDirectorBuy400$15.47$6.2KForm 4
Nov 26, 2025CASE STEPHEN MDirectorBuy2,109$15.48$32.6KForm 4
Nov 25, 2025CASE STEPHEN MDirectorBuy5,000$15.36$76.8KForm 4
Nov 24, 2025CASE STEPHEN MDirectorBuy5,000$15.13$75.7KForm 4
Nov 21, 2025Randle Race A.CEOBuy2,000$14.48$29.0KForm 4
Nov 21, 2025CASE STEPHEN MDirectorBuy5,000$14.29$71.5KForm 4
Nov 20, 2025Randle Race A.CEOBuy3,000$14.24$42.7KForm 4
Nov 20, 2025CASE STEPHEN MDirectorBuy5,000$14.46$72.3KForm 4
Nov 19, 2025CASE STEPHEN MDirectorBuy2,500$14.48$36.2KForm 4
Sep 10, 2025CASE STEPHEN MDirectorBuy967$17.00$16.4KForm 4
Sep 9, 2025CASE STEPHEN MDirectorBuy2,500$16.96$42.4KForm 4
Sep 8, 2025CASE STEPHEN MDirectorBuy2,500$16.91$42.3KForm 4
Sep 4, 2025CASE STEPHEN MDirectorBuy132$16.99$2.2KForm 4

All 41 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Race A. Randle44$551.2K$1.4M82
2025Wade K. Kodama61$246.8K$494.7K82
2024Chief Executive Officer (Principal Executive Officer)$2.9M82
2024Chief Financial Officer (Principal Financial Officer )$235.0K$383.2K82

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 66. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Valueworks LLC1,237,759$22.0M4.6%+40,424
TSP Capital Management Group, LLC1,098,901$19.5M4.7%New
BlackRock, Inc.562,105$10.0M0.0%+17,061
Vanguard Capital Management LLC317,170$5.6M0.0%−8,691
Oppenheimer & Co Inc191,558$3.4M0.0%−2,725
Nokomis Capital, L.L.C.175,598$3.1M1.1%−36,620
Geode Capital Management, LLC166,205$3.0M0.0%+13,170
Dimensional Fund Advisors LP148,180$2.6M0.0%−17,360
State Street Corp109,227$1.9M0.0%−772
Renaissance Technologies LLC92,549$1.6M0.0%−4,200
Crawford Fund Management, LLC77,633$1.4M0.4%−600
Vanguard Fiduciary Trust Co56,027$996.2K0.0%+3,298
Northern Trust Corp55,262$982.6K0.0%+139
Lanark Financial, Inc.44,140$784.8K0.1%No change
Vanguard Portfolio Management LLC43,924$781.0K0.0%+3,447
CastleKnight Management LP31,500$560.1K0.0%No change
Nuveen, LLC28,866$513.2K0.0%No change
Alliancebernstein L.P.27,264$419.6K0.0%New
Cannell & Spears LLC22,770$404.9K0.0%No change
Bridgeway Capital Management, LLC22,208$394.9K0.0%No change
Dauntless Investment Group, LLC19,362$344.3K0.6%+13,965
Charles Schwab Investment Management Inc18,124$322.2K0.0%−69
Steinberganna Wealth Management16,840$299.4K0.1%+523
Goldman Sachs Group Inc15,480$275.2K0.0%+2,081
Bank of New York Mellon Corp14,074$250.2K0.0%−734

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Maui Land & Pineapple Company is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMAUI LAND & PINEAPPLE CO INC2
  • CIK0000063330
  • Employer ID (EIN)99-010754215
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company15
  • Incorporated inDelaware15
  • Fiscal year endsDecember 312
  • Industry code (SIC)6500 Real Estate2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address500 Office Road, Lahaina, HI 967612
  • Phone808-500-83762
  • Shares outstanding19,859,155 as of Aug 6, 202613
  • Public float$137.4M as of Jun 30, 202515
  • AuditorACCUITY LLP, Honolulu, Hawaii PCAOB ID 2866; no auditor attestation of internal control over financial reporting15
  • On EDGAR sinceFeb 8, 19952
  • Filings1,131 in all: 4 (525), 8-K (211), 10-Q (95), SC 13G/A (54), DEF 14A (34), 3 (31), 10-K (29), 5 (27)2
    All 44 form types

    UPLOAD (15), CORRESP (11), 4/A (9), ARS (9), S-8 (7), SC 13G (7), PRE 14A (6), SC 13D/A (6), 424B3 (4), EFFECT (4), SC 13D (4), SCHEDULE 13G/A (4), 10-K/A (3), 10-K405 (3), 8-K/A (3), S-3 (3), S-3/A (3), 8-A12B (2), CT ORDER (2), NT 10-K (2), NT 10-Q (2), PRER14A (2), 25 (1), 424B4 (1), 8-A12B/A (1), CERTNYS (1), DEF 14C (1), DEFA14A (1), POS AM (1), PRE 14C (1), REGDEX (1), RW (1), S-1 (1), S-1/A (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Apr 1, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 9, 2026
    Latest 8-K (8-K) Aug 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 par valueMLPNew York Stock Exchange

From the cover page of the 10-K filed Apr 1, 2026 (Section 12(b) of the Exchange Act).15

Risk factors and legal proceedings

The risks Maui Land & Pineapple Company names in Item 1A of its 10-K filed Apr 1, 2026: 20 risks under these headings, as written.15

  • Risks Related to our Business
  • Unstable macroeconomic market conditions could materially and adversely affect our operating results.
  • Real estate investments are subject to numerous risks and we are negatively impacted by downturns in the real estate market.
  • Because we are located in Hawai‘i and therefore apart from the mainland United States, our financial results are more sensitive to certain economic factors, such as spending on tourism and increased fuel and travel costs, which may adversely impact and materially affect our business, financial condition and results of operations.
  • We have previously been involved in joint ventures and may be subject to risks associated with future joint venture relationships.
  • If we are unable to complete land development projects within forecasted time and budget expectations, if at all, our financial results may be negatively affected.
  • If we are unable to obtain required land use approvals at reasonable costs, or at all, our operating results would be adversely affected.
  • If we are unable to successfully compete with other developers of real estate in Maui, our financial results could be materially adversely affected.
  • We may be subject to certain environmental regulations under which we may have additional liability and experience additional costs for land development.
  • Changes in weather conditions or natural disasters could adversely impact and materially affect our business, financial condition, and results of operations.
  • Our insurance coverages may be inadequate to cover any losses we incur.
  • Unauthorized use of our trademarks could negatively impact our businesses.
The other 9 risks
  • Market volatility of asset values and interest rates affect the funded status of our defined benefit pension plans and could, under certain circumstances, have a material adverse effect on our financial condition.
  • Changes in U.S. Accounting Standards may adversely impact us.
  • Security incidents through cyber-attacks, cyber intrusions, or other methods could disrupt our information technology networks and related systems, cause a loss of assets or loss of data, give rise to remediation or other expenses, expose us to liability under federal and state laws, and subject us to litigation and investigations, which could result in substantial reputational damage and materially and adversely affect our business, financial condition, results of operations, cash flows, and the market price of our common stock.
  • Risks Related to Indebtedness
  • We have entered into a credit agreement for a $25.0 million revolving line of credit facility with a bank. The credit facility has a maturity date of December 31, 2030 and its terms include certain financial and operating covenants, which if we fail to satisfy, could accelerate our repayment obligations, and adversely affect our operations and financial results.
  • Risks Relating to our Stock
  • Our stock price has been subject to significant volatility.
  • Share ownership by our affiliates make it more difficult for third parties to acquire us or effectuate a change of control that might be viewed favorably by other stockholders.
  • Trading in our stock over the last twelve months has been limited, so investors may not be able to sell as much stock as they want at prevailing prices.
  • We do not anticipate declaring any cash dividends on our common stock.
  • We may need additional funds which, if available, could result in significant dilution to our stockholders, have superior rights to our common stock and contain covenants that restrict our operations.

Legal proceedings

DOH Order

On December 31, 2018, the State of Hawai‘i Department of Health (“DOH”) issued a Notice and Finding of Violation and Order (“Order”) for alleged wastewater effluent violations related to our Upcountry Maui wastewater treatment facility. The facility was built in the 1960s to serve approximately 200 single-family homes developed for workers in our former agricultural operations. The facility is made up of two 1.5-acre wastewater stabilization ponds and surrounding disposal leach fields. The Order includes, among other requirements, payment of a $230,000 administrative penalty and improvements to the wastewater treatment plant.

The DOH agreed to defer the Order while we implement an approved corrective action plan to address the facility’s wastewater effluent issues. The construction of additional leach fields and installations of a surface aerator, sludge removal system, and natural pond cover using water plants were completed. Test results from wastewater monitoring indicate effluent concentration amounts within allowable ranges. A feasibility study was prepared and submitted identifying various technical solutions that could be implemented to resolve the Order. We submitted a plan and proposed solution to resolve the Order. The plan included the installation of an additional pond that will be lined and installed with aerators. One of the existing ponds will be lined and renovated as necessary and the other pond will be taken offline and used as a backup pond if needed. The Company continues to make progress with the DOH and was, as of the date of this Annual Report, awaiting approval of submitted engineering and design drawings from the State of Hawai‘i.

The opening of Item 3, Legal Proceedings.15

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73
  74. 74
  75. 75
  76. 76
  77. 77
  78. 78
  79. 79
  80. 80
  81. 81
  82. 82