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): October 24, 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 |
200 Village Road, Lahaina, Maui, Hawaii 96761
(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 October 24, 2012, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended September 30, 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
|
Exhibit Number |
|
Description |
|
99.1 |
|
Maui Land & Pineapple Company, Inc. Press Release dated October 24, 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.
|
|
MAUI LAND & PINEAPPLE COMPANY, INC. | ||
|
|
|
| |
|
Date: |
October 24, 2012 |
By: |
/s/ TIM T. ESAKI |
|
|
|
Tim T. Esaki | |
|
|
|
Chief Financial Officer | |
EXHIBIT INDEX
|
Exhibit |
|
Description |
|
|
|
|
|
99.1 |
|
Maui Land & Pineapple Company, Inc. Press Release dated October 24, 2012. |
Exhibit 99.1
|
NEWS RELEASE |
Contact: |
|
|
Tim T. Esaki |
|
|
(808) 665-5480 |
|
|
tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2012 RESULTS
KAPALUA, Hawaii, October 24, 2012 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.6 million, or $(0.09) per share, for the third quarter of 2012, compared to a net loss of $1.3 million, or $(0.07) per share for the third quarter of 2011. The Company reported revenues of $3.6 million and $3.4 million during the third quarters of 2012 and 2011, respectively.
For the nine months ended September 30, 2012, the Company reported a net loss of $2.9 million, or $(0.16) per share, compared to net income of $8.6 million, or $0.47 per share, for the nine months ended September 30, 2011. Included in net income for the nine months ended September 30, 2011 was a $15.1 million gain recognized from the sale of the Kapalua Bay Golf Course. The Company reported revenues of $12.4 million and $11.0 million for the first nine months of 2012 and 2011, respectively. Revenues in 2012 were higher than 2011 primarily due to a sale in January 2012 of an 89-acre parcel for $1.5 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd 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.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
|
|
|
Three Months Ended September 30, |
| ||||
|
|
|
2012 |
|
2011 |
| ||
|
|
|
(in thousands except |
| ||||
|
|
|
share amounts) |
| ||||
|
OPERATING REVENUES |
|
|
|
|
| ||
|
Real estate |
|
|
|
|
| ||
|
Sales |
|
$ |
— |
|
$ |
— |
|
|
Commissions |
|
90 |
|
75 |
| ||
|
Leasing |
|
1,413 |
|
1,380 |
| ||
|
Utilities |
|
1,085 |
|
935 |
| ||
|
Resort amenities and other |
|
1,034 |
|
981 |
| ||
|
Total Operating Revenues |
|
3,622 |
|
3,371 |
| ||
|
|
|
|
|
|
| ||
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
| ||
|
Real estate |
|
|
|
|
| ||
|
Cost of sales |
|
— |
|
— |
| ||
|
Other |
|
396 |
|
129 |
| ||
|
Leasing |
|
707 |
|
796 |
| ||
|
Utilities |
|
791 |
|
527 |
| ||
|
Resort amenities and other |
|
996 |
|
950 |
| ||
|
Selling and marketing |
|
38 |
|
47 |
| ||
|
General and administrative |
|
629 |
|
678 |
| ||
|
Loss on asset dispositions |
|
5 |
|
— |
| ||
|
Depreciation |
|
719 |
|
766 |
| ||
|
Pension and other postretirement expense |
|
266 |
|
281 |
| ||
|
Total Operating Costs and Expenses |
|
4,547 |
|
4,174 |
| ||
|
|
|
|
|
|
| ||
|
Operating Loss |
|
(925 |
) |
(803 |
) | ||
|
Interest expense, net |
|
(759 |
) |
(624 |
) | ||
|
Loss from Continuing Operations Before Income Taxes |
|
(1,684 |
) |
(1,427 |
) | ||
|
Income Tax Benefit |
|
— |
|
(67 |
) | ||
|
Loss from Continuing Operations |
|
(1,684 |
) |
(1,360 |
) | ||
|
Income from Discontinued Operations, net of income taxes of $0 |
|
68 |
|
21 |
| ||
|
NET LOSS |
|
$ |
(1,616 |
) |
$ |
(1,339 |
) |
|
Pension, net of income taxes of $0 |
|
185 |
|
203 |
| ||
|
COMPREHENSIVE LOSS |
|
$ |
(1,431 |
) |
$ |
(1,136 |
) |
|
|
|
|
|
|
| ||
|
NET LOSS PER COMMON SHARE |
|
|
|
|
| ||
|
—BASIC AND DILUTED |
|
|
|
|
| ||
|
Continuing Operations |
|
$ |
(0.09 |
) |
$ |
(0.07 |
) |
|
Discontinued Operations |
|
— |
|
— |
| ||
|
Net Loss |
|
$ |
(0.09 |
) |
$ |
(0.07 |
) |
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
|
|
|
Nine Months Ended September 30, |
| ||||
|
|
|
2012 |
|
2011 |
| ||
|
|
|
(in thousands except |
| ||||
|
|
|
share amounts) |
| ||||
|
OPERATING REVENUES |
|
|
|
|
| ||
|
Real estate |
|
|
|
|
| ||
|
Sales |
|
$ |
1,500 |
|
$ |
— |
|
|
Commissions |
|
653 |
|
695 |
| ||
|
Leasing |
|
4,394 |
|
3,827 |
| ||
|
Utilities |
|
2,628 |
|
2,651 |
| ||
|
Resort amenities and other |
|
3,209 |
|
3,858 |
| ||
|
Total Operating Revenues |
|
12,384 |
|
11,031 |
| ||
|
|
|
|
|
|
| ||
|
OPERATING COSTS AND EXPENSES |
|
|
|
|
| ||
|
Real estate |
|
|
|
|
| ||
|
Cost of sales |
|
149 |
|
— |
| ||
|
Other |
|
1,270 |
|
740 |
| ||
|
Leasing |
|
2,022 |
|
2,157 |
| ||
|
Utilities |
|
1,673 |
|
1,714 |
| ||
|
Resort amenities and other |
|
3,093 |
|
3,386 |
| ||
|
Selling and marketing |
|
122 |
|
749 |
| ||
|
General and administrative |
|
2,403 |
|
5,113 |
| ||
|
Gain on asset dispositions |
|
(229 |
) |
(1,376 |
) | ||
|
Depreciation |
|
2,183 |
|
2,648 |
| ||
|
Pension and other postretirement expense |
|
798 |
|
879 |
| ||
|
Total Operating Costs and Expenses |
|
13,484 |
|
16,010 |
| ||
|
|
|
|
|
|
| ||
|
Operating Loss |
|
(1,100 |
) |
(4,979 |
) | ||
|
Interest expense, net |
|
(1,859 |
) |
(1,758 |
) | ||
|
Loss from Continuing Operations Before Income Taxes |
|
(2,959 |
) |
(6,737 |
) | ||
|
Income Tax Benefit |
|
— |
|
(67 |
) | ||
|
Loss from Continuing Operations |
|
(2,959 |
) |
(6,670 |
) | ||
|
Income from Discontinued Operations, net of income taxes of $0 |
|
65 |
|
15,294 |
| ||
|
NET INCOME (LOSS) |
|
$ |
(2,894 |
) |
$ |
8,624 |
|
|
Pension, net of income taxes of $0 |
|
555 |
|
626 |
| ||
|
COMPREHENSIVE INCOME (LOSS) |
|
$ |
(2,339 |
) |
$ |
9,250 |
|
|
|
|
|
|
|
| ||
|
NET INCOME (LOSS) PER COMMON SHARE |
|
|
|
|
| ||
|
—BASIC AND DILUTED |
|
|
|
|
| ||
|
Continuing Operations |
|
$ |
(0.16 |
) |
$ |
(0.36 |
) |
|
Discontinued Operations |
|
— |
|
0.83 |
| ||
|
Net Income (Loss) |
|
$ |
(0.16 |
) |
$ |
0.47 |
|