0001104659-12-015277.txt : 20120302 0001104659-12-015277.hdr.sgml : 20120302 20120302133316 ACCESSION NUMBER: 0001104659-12-015277 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120301 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120302 DATE AS OF CHANGE: 20120302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAUI LAND & PINEAPPLE CO INC CENTRAL INDEX KEY: 0000063330 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 990107542 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06510 FILM NUMBER: 12662008 BUSINESS ADDRESS: STREET 1: PO BOX 187 STREET 2: 120 KANE ST CITY: KAHULUI MAUI STATE: HI ZIP: 96733 BUSINESS PHONE: 8088773351 MAIL ADDRESS: STREET 1: PO BOX 187 CITY: KAHULUI STATE: HI ZIP: 96733 8-K 1 a12-6337_18k.htm 8-K

 

 

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):  March 1, 2012

 

MAUI LAND & PINEAPPLE COMPANY, INC.

 (Exact name of registrant as specified in its charter)

 

Hawaii

 

001-06510

 

99-0107542

(State of Incorporation)

 

 

(Commission File Number)

 

 

(IRS Employer
Identification Number)

 

870 Haliimaile Road, Makawao, Maui, Hawaii, 96768-9768

(Address of principal executive offices) (Zip Code)

 

(808) 877-3861

(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 March 1, 2012, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended December 31, 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

 

Exhibit Number

 

Description

99.1

 

Maui Land & Pineapple Company, Inc. Press Release dated March 1, 2012.

 

2


 

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.

 

 

 

MAUI LAND & PINEAPPLE COMPANY, INC.

 

 

 

 

Date: March 2, 2012

By:

/s/ TIM T. ESAKI

 

 

Tim T. Esaki

 

 

Chief Financial Officer

 

EXHIBIT INDEX

 

Exhibit
Number

 

Description

 

 

 

99.1

 

Maui Land & Pineapple Company, Inc. Press Release dated March 1, 2012.

 

3

 EX-99.1 2 a12-6337_1ex99d1.htm EX-99.1

Exhibit 99.1

 

NEWS RELEASE

 

Contact:

 

 

Tim T. Esaki

 

 

(808) 665-5480

 

 

tesaki@mlpmaui.com

 

MAUI LAND & PINEAPPLE REPORTS 2011 NET INCOME OF $5 MILLION

 

KAPALUA, Hawaii, March 1, 2012 (BUSINESS WIRE) —

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $5.1 million, or $0.27 per share, for 2011.  This compares to net income of $24.8 million, or $1.99 per share, for 2010.  Net income for 2011 includes a $15.1 million gain from the sale of the Kapalua Bay Golf Course.  Net income for 2010 includes a $26.7 million gain from the sale of the Kapalua Plantation Golf Course and a $16.6 million gain from the termination of postretirement health and life insurance benefits.

 

Revenues for 2011 were $14.5 million compared to $23.1 million for 2010.  Revenues for 2010 included $7.9 million of real estate sales.

 

For the fourth quarter of 2011, the Company reported a net loss of $3.5 million or ($0.19) per share, compared to net income of $12.0 million or $0.65 per share for the fourth quarter of 2010.  Revenues for the fourth quarter of 2011 were $3.5 million compared to $9.9 million for the fourth quarter of 2010.

 

“MLP achieved several major accomplishments in 2011 as we continued our restructuring efforts,” stated Warren H. Haruki, Chairman and CEO.  “We simplified our business model by exiting our non-core businesses, we resolved significant legacy issues, and significantly reduced our operating cash burn. Also, thanks to the Maui County Council, we secured the entitlements for our Pulelehua project near the Kapalua Airport. Although we still face significant challenges, our team remains committed to managing and caring of our Maui lands for the benefit of our various stakeholders.”

 

Additional Information

 

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2011 operating results will be available on our Form 10-K 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 23,400 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.

 

#          #          #

 


 

MAUI LAND & PINEAPPLE COMPANY, INC. & SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

 

(Unaudited)

 

 

 

Years Ended December 31,

 

 

 

2011

 

2010

 

 

 

(in thousands except

 

 

 

share amounts)

 

OPERATING REVENUES

 

 

 

 

 

Real estate

 

 

 

 

 

Sales

 

$

—

 

$

7,850

 

Commissions

 

1,070

 

1,461

 

Leasing

 

5,144

 

4,994

 

Utilities

 

3,418

 

3,254

 

Resort amenities and other

 

4,910

 

5,496

 

Total Operating Revenues

 

14,542

 

23,055

 

 

 

 

 

 

 

OPERATING COSTS AND EXPENSES

 

 

 

 

 

Real estate

 

 

 

 

 

Cost of sales

 

—

 

1,480

 

Other

 

1,060

 

1,567

 

Leasing

 

2,956

 

3,109

 

Utilities

 

2,225

 

2,016

 

Resort amenities and other

 

4,315

 

5,473

 

Selling and marketing

 

792

 

1,809

 

General and administrative

 

6,271

 

8,602

 

Depreciation

 

3,390

 

4,778

 

Impairment — long-lived assets

 

921

 

2,547

 

Pension and other postretirement expense

 

1,157

 

(838

)

Gain on asset dispositions

 

(1,263

)

(3,159

)

Total Operating Costs and Expenses

 

21,824

 

27,384

 

 

 

 

 

 

 

Operating Loss

 

(7,282

)

(4,329

)

Interest expense

 

(2,429

)

(7,391

)

Interest income

 

27

 

44

 

Loss from Continuing Operations Before Income Taxes

 

(9,684

)

(11,676

)

Income Tax Benefit

 

(134

)

(251

)

Loss from Continuing Operations

 

(9,550

)

(11,425

)

 

 

 

 

 

 

Income from Discontinued Operations net of income tax benefit of $211 and $0

 

14,628

 

36,177

 

NET INCOME

 

5,078

 

24,752

 

Pension Benefit Adjustment net of income taxes of $0

 

(6,675

)

(12,220

)

COMPREHENSIVE INCOME (LOSS)

 

$

(1,597

)

$

12,532

 

 

 

 

 

 

 

NET INCOME (LOSS) PER COMMON SHARE —BASIC AND DILUTED

 

 

 

 

 

Continuing Operations

 

$

(0.52

)

$

(0.92

)

Discontinued Operations

 

0.79

 

2.91

 

Net Income

 

$

0.27

 

$

1.99