UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 2011
MAUI LAND & PINEAPPLE COMPANY, INC.
(Exact name of registrant as specified in its charter)
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Hawaii |
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001-06510 |
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99-0107542 |
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(State of Incorporation) |
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(Commission File Number) |
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(IRS Employer |
870 Haliimaile Road, Makawao, Maui, Hawaii, 96768-9768
(Address of principal executive offices) (Zip Code)
(808) 877-3351
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On August 3, 2011, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended June 30, 2011. A copy of the press release is filed herewith as Exhibit 99.1 and incorporated herein by reference.
Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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Exhibit Number |
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Description |
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99.1 |
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Maui Land & Pineapple Company, Inc. Press Release dated August 3, 2011. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MAUI LAND & PINEAPPLE COMPANY, INC. | |
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Date: August 4, 2011 |
By: |
/s/ TIM T. ESAKI |
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Tim T. Esaki |
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Chief Financial Officer |
EXHIBIT INDEX
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Exhibit |
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Description |
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99.1 |
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Maui Land & Pineapple Company, Inc. Press Release dated August 3, 2011. |
Exhibit 99.1
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NEWS RELEASE |
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Contact: |
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Tim T. Esaki |
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(808) 665-5480 |
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tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 2nd QUARTER 2011 RESULTS
KAPALUA, Hawaii, August 3, 2011 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $2.5 million, or $(0.13) per share, for the second quarter of 2011, compared to a net loss of $4.6 million, or $(0.57) per share for the second quarter of 2010. The Company reported revenues of $5.2 million and $6.3 million during the second quarters of 2011 and 2010, respectively.
For the first six months of 2011, the Company reported net income of $10.0 million, or $0.54 per share, compared to a net loss of $7.3 million, or $(0.90) per share, for the first six months of 2010. Included in net income for the first six months of 2011 was a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Golf Course. The Company reported revenues of $11.6 million and $13.9 million for the first six months of 2011 and 2010, respectively.
During the second quarter of 2011, the Company sold a portion of its former pineapple cannery site in Kahului for approximately $9.8 million. Part of the proceeds was used for working capital and to pay down debt. In addition, the Company set aside approximately $4.1 million from the sale proceeds for use in settling obligations related to former operations.
“While the Company still faces many challenges, we continue to make steady progress towards resolving our legacy issues, and restructuring and streamlining our operations,” said Tim Esaki, Chief Financial Officer.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2011 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and operates retail, utility operations, and a nature preserve at the Kapalua Resort.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and
Comprehensive Loss
(Unaudited)
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Three Months Ended June 30, |
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2011 |
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2010 |
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(in thousands except |
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share amounts) |
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OPERATING REVENUES |
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Retail sales |
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$ |
1,277 |
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$ |
2,034 |
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Lease income |
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1,104 |
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1,213 |
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Resort services |
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1,155 |
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1,262 |
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Utility revenues and other |
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1,696 |
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1,774 |
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Total Operating Revenues |
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5,232 |
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6,283 |
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OPERATING COSTS AND EXPENSES |
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Retail |
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1,315 |
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1,842 |
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Leasing |
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663 |
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721 |
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Resort services |
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748 |
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1,115 |
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Utility operations and other |
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874 |
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877 |
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Selling and marketing |
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473 |
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462 |
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General and administrative |
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1,867 |
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1,975 |
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Depreciation |
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955 |
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1,395 |
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Gain on asset dispositions |
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— |
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(999 |
) | ||
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Total Operating Costs and Expenses |
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6,895 |
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7,388 |
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Operating Loss |
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(1,663 |
) |
(1,105 |
) | ||
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Interest expense, net |
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(463 |
) |
(1,956 |
) | ||
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Loss from Continuing Operations net of income taxes of $0 |
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(2,126 |
) |
(3,061 |
) | ||
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Loss from Discontinued Operations net of income taxes of $0 |
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(336 |
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(1,526 |
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NET LOSS |
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(2,462 |
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(4,587 |
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Pension Benefit Adjustment net of income taxes of $0 |
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— |
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(807 |
) | ||
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COMPREHENSIVE LOSS |
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$ |
(2,462 |
) |
$ |
(5,394 |
) |
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NET LOSS PER COMMON SHARE |
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— BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.11 |
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$ |
(0.38 |
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Discontinued Operations |
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(0.02 |
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(0.19 |
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Net Loss |
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$ |
(0.13 |
) |
$ |
(0.57 |
) |
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and
Comprehensive Income (Loss)
(Unaudited)
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Six Months Ended June 30, |
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2011 |
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2010 |
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(in thousands except |
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share amounts) |
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OPERATING REVENUES |
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Real estate sales |
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$ |
— |
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$ |
1,650 |
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Retail sales |
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4,075 |
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4,678 |
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Lease income |
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2,471 |
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2,396 |
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Resort services |
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2,188 |
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2,296 |
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Utility revenues and other |
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2,914 |
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2,851 |
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Total Operating Revenues |
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11,648 |
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13,871 |
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OPERATING COSTS AND EXPENSES |
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Real estate |
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— |
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154 |
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Retail |
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3,308 |
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3,971 |
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Leasing |
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1,348 |
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1,651 |
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Resort services |
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1,961 |
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2,218 |
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Utility operations and other |
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1,785 |
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1,646 |
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Selling and marketing |
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809 |
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1,629 |
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General and administrative |
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3,568 |
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3,260 |
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Depreciation |
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2,000 |
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2,723 |
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(Gain) loss on asset dispositions |
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193 |
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(978 |
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Total Operating Costs and Expenses |
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14,972 |
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16,274 |
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Operating Loss |
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(3,324 |
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(2,403 |
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Interest expense, net |
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(1,134 |
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(4,711 |
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Loss from Continuing Operations Before Income Taxes |
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(4,458 |
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(7,114 |
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Income Tax Expense |
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— |
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85 |
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Loss from Continuing Operations |
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(4,458 |
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(7,199 |
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Income from Discontinued Operations net of income taxes of $0 |
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14,421 |
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(93 |
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NET INCOME (LOSS) |
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9,963 |
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(7,292 |
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Pension Benefit Adjustment net of income taxes of $0 |
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— |
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615 |
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COMPREHENSIVE INCOME (LOSS) |
|
$ |
9,963 |
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$ |
(6,677 |
) |
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NET INCOME (LOSS) PER COMMON SHARE |
|
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— BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.24 |
) |
$ |
(0.89 |
) |
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Discontinued Operations |
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0.78 |
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(0.01 |
) | ||
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Net Income (Loss) |
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$ |
0.54 |
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$ |
(0.90 |
) |