MAUI LAND & PINEAPPLE CO INC Segments Disclosure
| 13. | SEGMENT INFORMATION |
The Company’s operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer, its chief operating decision maker, and the Board of Directors in assessing performance and determining the allocation of resources. Reportable operating segments in 2025 were as follows:
| • | Land development and sales operations consist of land planning and entitlement, development, development related construction, and sales of land assets. |
| • | Leasing primarily includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third parties, and the cost of maintaining the Company’s real estate assets, including conservation activities. The operating segment also includes the management of ditch, reservoir and well systems that provide potable and non-potable water to West and Upcountry Maui areas. |
| • | Resort Amenities include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. |
The Company’s reportable operating segment results were measured based on operating income, exclusive of interest, pension and other postretirement expenses.
Condensed consolidated financial information for each of the Company’s reportable segments for the years ended December 31, 2025 and 2024 (in thousands) were as follows:
| Land Development & Sales | Leasing | Resort Amenities | Other | Consolidated | ||||||||||||||||
| 2025 | ||||||||||||||||||||
| Operating revenues (1) | $ | 5,811 | $ | 12,799 | $ | 847 | $ | - | $ | 19,457 | ||||||||||
| Operating costs and expenses | (3,963 | ) | (8,456 | ) | (1,388 | ) | - | (13,807 | ) | |||||||||||
| Depreciation expense | (18 | ) | (955 | ) | (11 | ) | (151 | ) | (1,135 | ) | ||||||||||
| General and administrative expenses | (712 | ) | (949 | ) | (237 | ) | (7,164 | ) | (9,062 | ) | ||||||||||
| Operating income (loss) | 1,118 | 2,439 | (789 | ) | (7,315 | ) | (4,547 | ) | ||||||||||||
| Pension and other postretirement expenses | (6,912 | ) | ||||||||||||||||||
| Interest expense | (216 | ) | ||||||||||||||||||
| Loss on asset disposal, net | (15 | ) | ||||||||||||||||||
| Other income, net | 1,111 | |||||||||||||||||||
| Income from continuing operations | (10,579 | ) | ||||||||||||||||||
| Capital expenditures (2) | $ | 4,473 | $ | 2,143 | $ | - | $ | 111 | $ | 6,727 | ||||||||||
| Assets (3) | $ | 20,150 | $ | 17,927 | $ | 1,062 | $ | 8,829 | $ | 47,968 | ||||||||||
| (1) | Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. |
| (2) | Includes expenditures for property and deferred costs. |
| (3) | Segment assets are located in the United States. |
| Land Development & Sales | Leasing | Resort Amenities | Other | Consolidated | ||||||||||||||||
| 2024 | ||||||||||||||||||||
| Operating revenues (1) | $ | 520 | $ | 9,621 | $ | 1,424 | $ | - | $ | 11,565 | ||||||||||
| Operating costs and expenses | (1,104 | ) | (5,006 | ) | (1,477 | ) | - | (7,587 | ) | |||||||||||
| Depreciation expense | - | (668 | ) | - | (55 | ) | (723 | ) | ||||||||||||
| General and administrative expenses | (645 | ) | (859 | ) | (215 | ) | (8,890 | ) | (10,609 | ) | ||||||||||
| Operating income (loss) | (1,229 | ) | 3,088 | (268 | ) | (8,945 | ) | (7,354 | ) | |||||||||||
| Pension and other postretirement expenses | (948 | ) | ||||||||||||||||||
| Interest expense | (61 | ) | ||||||||||||||||||
| Loss on asset disposal, net | 48 | |||||||||||||||||||
| Other income | 924 | |||||||||||||||||||
| Income from continuing operations | (7,391 | ) | ||||||||||||||||||
| Capital expenditures (2) | $ | 1,661 | $ | 1,871 | $ | - | $ | - | $ | 3,532 | ||||||||||
| Assets (3) | $ | 21,695 | (4) | $ | 16,672 | $ | 1,323 | $ | 10,449 | $ | 50,139 | |||||||||
| (1) | Amounts are principally revenues from external customers and exclude equity in earnings of affiliates. |
| (2) | Includes expenditures for property and deferred costs. |
| (3) | Segment assets are located in the United States. |
| (4) | The Land Development and Sales segment includes a $1.0 million equity method investment as of December 31, 2024. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 1, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 28, 2024 | |
| 2022 | Mar 24, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Mar 3, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.