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): May 2, 2012
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 |
200 Village Road, Lahaina, Maui, Hawaii 96761
(Address of principal executive offices) (Zip Code)
(808) 877-1608
(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 May 2, 2012, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended March 31, 2012. 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 May 2, 2012. |
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: May 3, 2012 |
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By: |
/s/ TIM T. ESAKI |
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Tim T. Esaki |
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Chief Financial Officer |
Exhibit 99.1
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NEWS RELEASE |
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 1st QUARTER 2012 RESULTS
KAPALUA, Hawaii, May 2, 2012 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $244,000, or $(0.01) per share, for the first quarter of 2012, compared to net income of $12.4 million, or $0.67 per share for the first quarter of 2011. The Company reported revenues of $5.3 million and $3.8 million during the first quarters of 2012 and 2011, respectively.
Included in the first quarter of 2012 was a $1.4 million gain recognized from the sale of a real estate parcel in Upcountry Maui. Included in the first quarter of 2011 was a $15.1 million gain recognized from the 2010 sale of the Kapalua Bay Course.
“Our first quarter results reflect our continuing efforts to streamline our operations and reduce our ongoing cash burn. Our team remains focused on building shareholder value by resolving our legacy issues and developing and managing our Maui lands,” said Tim Esaki, Chief Financial Officer.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2012 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
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Three Months Ended March 31, |
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2012 |
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2011 |
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(in thousands except | |||||
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share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
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$ |
1,500 |
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$ |
— |
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Commissions |
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319 |
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293 |
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Leasing |
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1,502 |
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1,347 |
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Utilities |
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829 |
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786 |
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Resort amenities and other |
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1,160 |
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1,419 |
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Total Operating Revenues |
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5,310 |
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3,845 |
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
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149 |
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— |
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Other |
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443 |
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266 |
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Leasing |
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679 |
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695 |
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Utilities |
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624 |
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613 |
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Resort amenities and other |
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1,097 |
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1,479 |
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Selling and marketing |
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62 |
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254 |
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General and administrative |
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1,052 |
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2,945 |
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Gain on asset dispositions |
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(203 |
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(1,363 |
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Depreciation |
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734 |
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986 |
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Pension and other postretirement expense |
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266 |
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313 |
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Total Operating Costs and Expenses |
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4,903 |
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6,188 |
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Operating Income (Loss) |
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407 |
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(2,343 |
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Interest expense, net |
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(634 |
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(671 |
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Loss from Continuing Operations, net of income taxes of $0 |
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(227 |
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(3,014 |
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Income (Loss) from Discontinued Operations, net of income taxes of $0 |
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(17 |
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15,439 |
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NET INCOME (LOSS) |
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$ |
(244 |
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$ |
12,425 |
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Pension, net of income taxes of $0 |
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185 |
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216 |
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COMPREHENSIVE INCOME (LOSS) |
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$ |
(59 |
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$ |
12,641 |
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NET INCOME (LOSS) PER COMMON SHARE—BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.01 |
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$ |
(0.16 |
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Discontinued Operations |
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— |
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0.83 |
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Net Income (Loss) |
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$ |
(0.01 |
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$ |
0.67 |
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