-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U6jVXvM7zSVbpgo/W2dj+0AyuJ3K+6ldWcBN55l8FkYnVEz5eGS/0ZVu5kFPJDz6 r2i/n4uxP1AiZ0/ymTHH8w== 0000063330-02-000008.txt : 20020806 0000063330-02-000008.hdr.sgml : 20020806 20020802173703 ACCESSION NUMBER: 0000063330-02-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020630 FILED AS OF DATE: 20020805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAUI LAND & PINEAPPLE CO INC CENTRAL INDEX KEY: 0000063330 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033] IRS NUMBER: 990107542 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06510 FILM NUMBER: 02718920 BUSINESS ADDRESS: STREET 1: PO BOX 187 STREET 2: 120 KANE ST CITY: KAHULUI MAUI STATE: HI ZIP: 96732 BUSINESS PHONE: 8088773351 MAIL ADDRESS: STREET 1: PO BOX 187 CITY: KAHULUI STATE: HI ZIP: 96732 10-Q 1 secondqtr10q.txt MAUI LAND & PINEAPPLE'S SECOND QUARTER 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JUNE 30, 2002 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-6510 MAUI LAND & PINEAPPLE COMPANY, INC. (Exact name of registrant as specified in its charter) HAWAII 99-0107542 (State or other jurisdiction (IRS Employer Identification No.) of incorporation or organization) P. O. BOX 187, KAHULUI, MAUI, HAWAII 96733-6687 (Address of principal executive offices) Registrant's telephone number, including area code: (808) 877- 3351 NONE Former name, former address and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x]No [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at August 2, 2002 Common Stock, no par value 7,195,800 shares MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Balance Sheets, June 30, 2002 (Unaudited) and December 31, 2001 3 Condensed Statements of Operations and Retained Earnings, Three Months Ended June 30, 2002 and 2001 (Unaudited) 4 Condensed Statements of Operations and Retained Earnings, Six Months Ended June 30, 2002 and 2001 (Unaudited) 5 Condensed Statements of Comprehensive Income (Loss), Three Months Ended June 30, 2002 and 2001 (Unaudited) 6 Condensed Statements of Comprehensive Income (Loss), Six Months Ended June 30, 2002 and 2001 (Unaudited) 6 Condensed Statements of Cash Flows, Six Months Ended June 30, 2002 and 2001 (Unaudited) 7 Notes to Condensed Financial Statements (Unaudited) 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3. Quantitative and Qualitative Disclosures About Market Risk 14 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security-Holders 15 Item 6. Exhibits and Reports on Form 8-K 15 PART I FINANCIAL INFORMATION Item 1. Financial Statements MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED BALANCE SHEETS Unaudited 6/30/02 12/31/01 (Dollars in Thousands) ASSETS Current Assets Cash and cash equivalents $ 908 $ 2,173 Accounts and notes receivable 13,728 15,992 Inventories 31,930 26,425 Other current assets 5,524 4,510 Total current assets 52,090 49,100 Investment and other assets 13,712 14,287 Property 260,563 255,306 Accumulated depreciation (147,729) (142,260) Property - net 112,834 113,046 Total 178,636 176,433 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current portion of long-term debt and capital lease obligations 5,407 3,759 Trade accounts payable 8,241 10,534 Other current liabilities 6,981 9,344 Total current liabilities 20,629 23,637 Long-Term Liabilities Long-term debt and capital lease obligations 44,262 39,581 Accrued retirement benefits 24,401 24,072 Equity in losses of joint venture 12,209 11,518 Other long-term liabilities 4,015 3,636 Total long-term liabilities 84,887 78,807 Minority Interest in Subsidiary 975 570 Stockholders' Equity Common stock, no par value - 7,200,000 shares authorized, 7,195,800 issued and outstanding 12,455 12,455 Retained earnings 59,776 61,066 Accumulated other comprehensive loss (86) (102) Stockholders' equity 72,145 73,419 Total $178,636 $ 176,433 See accompanying Notes to Condensed Financial Statements. MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (UNAUDITED) Three Months Ended 6/30/02 6/30/01 (Dollars in Thousands Except Share Amounts) Revenues Net sales $25,227 $29,367 Operating income 8,092 9,202 Other income 242 654 Total Revenues 33,561 39,223 Costs and Expenses Cost of goods sold 16,814 19,705 Operating expenses 8,316 8,677 Shipping and marketing 4,761 4,701 General and administrative 5,830 4,971 Interest 572 678 Equity in losses of joint ventures 388 73 Total Costs and Expenses 36,681 38,805 Income (Loss) Before Income Taxes (3,120) 418 Income Tax Expense (Credit) (1,054) 153 Net Income (Loss) (2,066) 265 Retained Earnings, Beginning of Period 61,842 54,277 Retained Earnings, End of Period 59,776 54,542 Per Common Share Net Income (Loss) $ (0.29) $ .04 See accompanying Notes to Condensed Financial Statements. MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (UNAUDITED) Six Months Ended 6/30/02 6/30/01 (Dollars in Thousands Except Share Amounts) Revenues Net sales $50,337 $56,784 Operating income 18,451 20,322 Other income 1,058 847 Total Revenues 69,846 77,953 Costs and Expenses Cost of goods sold 32,870 38,622 Operating expenses 16,660 17,509 Shipping and marketing 9,509 9,093 General and administrative 10,953 9,368 Interest 1,153 1,550 Equity in losses of joint ventures 628 141 Total Costs and Expenses 71,773 76,283 Income (Loss) Before Income Taxes (1,927) 1,670 Income Tax Expense (Credit) (637) 626 Net Income (Loss) (1,290) 1,044 Retained Earnings, Beginning of Period 61,066 53,498 Retained Earnings, End of Period 59,776 54,542 Per Common Share Net Income (Loss) $ (.18) $ .15 See accompanying Notes to Condensed Financial Statements. MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended 6/30/02 6/30/01 (Dollars in Thousands) Net Income (Loss) $(2,066) $ 265 Other Comprehensive Loss - Foreign Currency Translation Adjustment (8) (13) Comprehensive Income (Loss) $(2,074) $ 252 Six Months Ended 6/30/02 6/30/01 (Dollars in Thousands) Net Income (Loss) $(1,290) $ 1,044 Other Comprehensive Income (Loss) - Foreign Currency Translation Adjustment 16 (16) Comprehensive Income (Loss) $(1,274) $ 1,028 See accompanying Notes to Condensed Financial Statements. MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended 6/30/02 6/30/01 (Dollars in Thousands) Net Cash Provided by (Used in) Operating Activities $(2,217) $ 5,011 Investing Activities Purchases of property (5,416) (8,483) Proceeds from disposal of property 630 407 Increases in other assets (996) (57) Net Cash Used in Investing Activities (5,782) (8,133) Financing Activities Payments of long-term debt and capital lease obligations (8,823) (21,939) Proceeds from long-term debt 14,389 25,134 Proceeds from short-term debt 1,000 10 Other 168 212 Net Cash Provided by Financing Activities 6,734 3,417 Net Increase (Decrease) in Cash (1,265) 295 Cash and Cash Equivalents at Beginning of Period 2,173 351 Cash and Cash Equivalents at End of Period $ 908 $ 646 Supplemental Disclosure of Cash Flow Information - Interest (net of amounts capitalized) of $1,137,000 and $1,637,000 was paid during the six months ended June 30, 2002 and 2001, respectively. Income taxes of $1,483,000 and $627,000 were paid during the six months ended June 30, 2002 and 2001, respectively. See accompanying Notes to Condensed Financial Statements. MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 1. In the opinion of management, the accompanying condensed financial statements contain all normal and recurring adjustments necessary to fairly present that statement of financial position, results of operations and cash flows for the interim periods ended June 30, 2002 and 2001. 2. The Company's reports for interim periods utilize numerous estimates of production cost, general and administrative expenses, and other costs for the full year. Future actual amounts may differ from the estimates. Amounts in the interim reports are not necessarily indicative of results for the full year. 3. The effective tax rate for 2002 and 2001 differs from the statutory federal rate of 34% primarily because of the state tax provision and refundable state tax credits. 4. Accounts and notes receivable are reflected net of allowance for doubtful accounts of $694,000 and $689,000 at June 30, 2002 and December 31, 2001, respectively. 5. Inventories as of June 30, 2002 and December 31, 2001 were as follows (in thousands): 6/30/02 12/31/01 Pineapple products Finished goods $10,663 $13,968 Work in progress 9,334 663 Raw materials 1,936 1,191 Real estate held for sale 3,039 3,709 Merchandise, materials and supplies 6,958 6,894 Total Inventories $31,930 $26,425 6. Business Segment Information (in thousands): Three Months Ended Six Months Ended June 30 June 30 2002 2001 2002 2001 Revenues Pineapple $ 22,163 $ 22,043 $ 41,505 $ 43,149 Resort 10,309 16,005 25,529 32,349 Commercial & Property 1,088 1,169 2,811 2,448 Other 1 6 1 7 Total Revenues 33,561 39,223 69,846 77,953 Operating Profit (Loss) Pineapple (1,322) (989) (2,463) (1,956) Resort (400) 2,804 2,556 6,176 Commercial & Property (458) (404) (139) (378) Other (368) (315) (728) (622) Total Operating Profit (Loss) (2,548) 1,096 (774) 3,220 Interest Expense (572) (678) (1,153) (1,550) Income Tax (Expense) Credit 1,054 (153) 637 (626) Net Income (Loss) $ (2,066) $ 265 $ (1,290) $ 1,044 7. Average common shares outstanding for the interim periods ended June 30, 2002 and 2001 were 7,195,800. The Company has no securities outstanding that would potentially dilute common shares outstanding. 8. At June 30, 2002 and 2001, the Company did not hold derivative instruments and did not enter into hedging transactions. 9. The Company adopted FASB Statement No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," effective January 1, 2002. Such adoption did not have a material impact on the financial position, results of operations and cash flows of the Company for the interim period ended June 30, 2002. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS Consolidated The Company reported a consolidated net loss of $2.1 million for the second quarter of 2002 compared to net income of $265,000 for the second quarter of 2001. For the first half of 2002 the Company generated a net loss of $1,290,000 compared to net income of $1,044,000 for the first half of 2001. Consolidated revenues were lower by 14% and 10%, respectively, for the second quarter and first half of 2002 compared to the same periods in 2001. General and administrative expenses (including amounts allocated to the business segments) for the second quarter and first half of 2002 were higher by 17% for both periods as compared to the same periods in 2001. Increased payroll expenses primarily reflecting wage adjustments; higher pension costs largely due to poor investment results in 2001; increased legal fees related to lawsuits in the Pineapple segment; and increases in general insurance costs all contributed to the increased expense in 2002. Insurance costs have increased significantly in 2002 due in part to the impact of the events of September 11, 2001 on the insurance industry. Interest expense was lower by 16% and 26%, respectively, for the second quarter and first half of 2002 compared to the same periods in 2001 primarily because of lower average interest rates. Average borrowings were also lower in 2002 compared to 2001, because cash flows from operating activities in the fourth quarter of 2001 were used to reduce borrowings. Pineapple The Pineapple segment reported an operating loss of $1,322,000 for the second quarter of 2002 compared to an operating loss of $989,000 for the second quarter of 2001. For the first half of 2002, the Pineapple segment produced an operating loss of $2,463,000 compared to an operating loss of $1,956,000 for the first half of 2001. Revenues of $22.2 million for the second quarter of 2002 were slightly higher than the second quarter of 2001. For the first half of 2002, revenues of $41.5 million were 4% lower than the same period a year earlier. Case sales volume of canned pineapple was lower in the second quarter and first half of 2002 compared to the same periods in 2001 reflecting highly competitive market conditions. The Company's average cost per case sold was slightly lower in the second quarter and first half of 2002 compared with the same periods in 2001. Higher shipping and selling expenses primarily because of airfreight surcharges, which were effective as of December 2001, and the increased general and administrative costs discussed above contributed to the increased operating loss from the Pineapple segment. The average sales price for the Company's canned pineapple products for the second quarter of 2002 was comparable to the second quarter of 2001, but the average sales price for the first half of 2002 was lower than the same period in 2001. Revenues from fresh pineapple products were higher in the second quarter and the first half of 2002, which partially offset the reduction in revenues from canned product sales. For the first five months of 2002, the volume of imports of canned pineapple into the United States increased and the average unit value of these imports also increased as compared to the same period in 2001. While the increase in average unit value is consistent with the Company's understanding that the availability of canned pineapple from certain foreign countries may be tightening, the increase in volume continues to negatively affect the market for the Company's products. In June 2002, the tin-coated steel used by the Company to manufacture cans in its Kahului cannery was exempted from increased tariffs that the United States is currently imposing on steel imports. Resort Kapalua Resort reported an operating loss of $400,000 for the second quarter of 2002 compared an operating profit of $2.8 million for the second quarter of 2001. For the first half of 2002, the Resort segment produced an operating profit of $2.6 million as compared to an operating profit of $6.2 million for the first half of 2001. Revenues for the second quarter and first half of 2002 were lower by 36% and 21%, respectively, as compared to the same periods in 2001. The reduction in revenues and operating profit from the Resort segment was due to lower contributions from real estate sales, reduced golf play, lower merchandise sales and reductions in contributions from other Resort operations due to fewer visitors to Kapalua as reflected by lower room occupancies. Partially offsetting declines resulting from lower occupancies was a higher average room rate in 2002 at the Company's Kapalua Villas (short-term rental program). Also, real estate commissions on property resales increased in 2002, principally reflecting higher sales prices for the properties. Resort operating profit from the sale of real estate development projects for the second quarter and first half of 2002 was lower by $2.5 million and $2.2 million, respectively, as compared to the same periods in 2001. In the first half of 2002, the sale of two lots at Pineapple Hill Estates and two lots at Plantation Estates closed escrow. The aggregate sales price of these four lots was $2.8 million. In early July 2002, four additional Pineapple Hill Estates sales contracts with aggregate sales price of approximately $2.4 million were concluded and in escrow. These lot sales are expected to close in the third quarter. The first half of 2001 included the recognition of profit of $3.0 million for the sale of 18 lots at Pineapple Hill Estates, on the percentage-of-completion method. Construction of subdivision improvements for Pineapple Hill Estates began in March 2001 and was completed in November 2001. In June 2001, sales of units in The Coconut Grove luxury condominium project began to close escrow resulting in approximately $700,000 of operating profit recognized by the Resort segment in the second quarter of 2001. The closing of sales for all units in this condominium project were completed by year-end 2001. The Kapalua Coconut Grove LLC was a joint venture in which the Company had a 50% interest. Hotel room occupancies for the State of Hawaii increased in June 2002 for the second consecutive month since January 2001. However, for the first half of 2002 room occupancies for the State were lower than the same period a year ago. June 2002 hotel room occupancies for the island of Maui as well as for Kapalua continued to decline compared to the same periods in 2001. Resort real estate sales are cyclical and depend on a number of factors. Results of real estate sales activity for the second quarter of 2002 are not necessarily indicative of future performance trends for this segment. Commercial & Property The Commercial & Property segment reported an operating loss of $458,000 for the second quarter of 2002 compared to an operating loss of $404,000 for the second quarter of 2001. For the first half of 2002, the segment produced an operating loss of $139,000 compared to an operating loss of $378,000 for the same period a year earlier. Results for the first half of 2002 included a non- recurring $622,000 gain on the sale of a real estate parcel. Revenues of $1.1 million for the second quarter of 2002 were 7% lower than the second quarter of 2001. For the first half of 2002, revenues of $2.8 million were 15% higher than the comparable period in 2001. Excluding the foregoing land sale, lower results for this segment were primarily attributable to losses from the Queen Kaahumanu Center. The operating loss from Queen Kaahumanu Center for the second quarter and first half of 2002 increased as compared to the same periods in 2001, primarily due to lower tenant sales, higher insurance costs and increased bad debt expense. In the second quarter of 2002, the Company began construction of a 45-lot employee housing subdivision in West Maui with a total sales price of approximately $4.2 million. The Company has non- binding signed contracts of sale on all of the lots. The buyers will have a seven-day rescission period after receiving notice from the Company that it has the final subdivision registration from the State of Hawaii. The Company expects to receive the registration in October of 2002 and the sales are expected to close before year-end. LIQUIDITY, CAPITAL RESOURCES AND OTHER At June 30, 2002, total debt including capital leases was $49.7 million, an increase of $6.3 million from year-end 2001. The increased debt level primarily reflects the seasonal pineapple canning activity of the summer months. The Company's debt level is expected to increase through the third quarter of 2002, but should decrease in the fourth quarter, which is historically when canned pineapple revenues are highest and canning activity is relatively low. Unused long- and short-term credit lines totaled $9.7 million at June 30, 2002. These credit facilities and cash flows from operating activities are estimated to be sufficient to cover the Company's cash requirements through 2002. However, should additional funds become necessary, the Company anticipates that it would seek additional financing. For the six months ended June 30, 2002, net cash used by operating activities was $2.2 million compared to net cash of $5.0 million provided by operating activities for the same period in 2001. Apart from the net loss of $1.3 million for the first half of 2002 compared to net income of $1.0 million for the first half of 2001, the decreased cash flows is primarily due to normal variations in the timing of cash receipts and disbursements. The Company's capital expenditures and expenditures for general planning and land entitlements are expected to be approximately $11.8 million in 2002. Approximately $3.2 million is estimated to be for replacement of existing equipment and facilities. Some of these expenditures may be funded with capital leases or new equipment financing. In the second quarter of 2002 the Company closed $3 million in equipment financing. This report contains forward-looking statements, within the meaning of Private Securities Litigation Reform Act of 1995, which are provided to assist in the understanding of certain aspects of the Company's anticipated future financial performance. The words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements. Among other things, the forward-looking statements in this report address the Company's expectations regarding the closing of lot sales at Pineapple Hill Estates and an employee housing subdivision, and the adequacy of credit facilities and operating cash flows. Forward-looking statements contained in this report or otherwise made by the Company are subject to significant risks and uncertainties, many of which are outside of the Company's control. Although the Company believes that the assumptions underlying its forward- looking statements are reasonable, any assumption could prove to be inaccurate and that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, those risks and uncertainties as disclosed in the Company's Annual Report to Shareholders and Form 10-K filing with the Securities and Exchange Commission. Unless expressly stated, the Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Item 3. Quantitative and Qualitative Disclosures about Market Risk The Company's primary market risk exposure with regard to financial instruments is to changes in interest rates. The Company attempts to manage this risk by monitoring interest rates and future cash requirements, and evaluating opportunities to refinance borrowings at various maturities and interest rates. There were no material changes to the Company's market risk exposure during the first six months of 2002. Part II OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security-Holders On May 1, 2002, the annual meeting of the Company's shareholders was held. Proxies for the meeting were solicited pursuant to Regulation 14A under the Securities Exchange Act of 1934. The number of outstanding shares as of March 6, 2002, the record date of the annual meeting, was 7,195,800. The results of the voting were as follows: Election of Class Three Directors for a three-year term: Shares Voted For Shares Withheld Richard H. Cameron 6,680,793 6,020 John H. Agee 6,681,024 5,789 Election of the firm Deloitte & Touche LLP as auditor of the Company for the fiscal year 2002: Shares voted for: 6,601,463 Shares voted against: 52,026 Shares abstained: 33,324 There were no broker non-votes on the matters voted upon at the meeting. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 99.1 - Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 Of The Sarbanes-Oxley Act Of 2002 Exhibit 99.2 - Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 Of The Sarbanes-Oxley Act Of 2002 (b) Reports on Form 8-K The Company filed no reports on Form 8-K for the period covered by this report. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MAUI LAND & PINEAPPLE COMPANY, INC. August 2, 2002 /S/ PAUL J. MEYER Date Paul J. Meyer Executive Vice President/Finance (Principal Financial Officer) EX-99.1 3 certif_glg.txt CERTIFICATION PURSUANT TO SECTION 906-CEO Exhibit 99.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Maui Land & Pineapple Company, Inc. (the "Company") on Form 10-Q for the period ending June 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Gary L. Gifford, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /S/GARY L. GIFFORD Gary L. Gifford President & Chief Executive Officer August 2, 2002 EX-99.2 4 certif_pjm.txt CERTIFICATION PURSUANT TO SECTION 906-CFO Exhibit 99.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Maui Land & Pineapple Company, Inc. (the "Company") on Form 10-Q for the period ending June 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Paul J. Meyer, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /S/PAUL J. MEYER Paul J. Meyer Executive Vice President/Finance (Chief Financial Officer) August 2, 2002 -----END PRIVACY-ENHANCED MESSAGE-----