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): November 6, 2013
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) 877-3351
(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 November 6, 2013, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended September 30, 2013. 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 November 6, 2013. |
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: November 7, 2013 |
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 |
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Contact: |
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Tim T. Esaki |
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(808) 665-5480 |
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tesaki@kapalua.com |
MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2013 RESULTS
KAPALUA RESORT, Hawaii, November 6, 2013 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.6 million, or $(0.08) per share, for the third quarter of 2013, compared to a net loss of $1.6 million, or $(0.09) per share for the third quarter of 2012. The Company reported revenues of $2.8 million and $3.6 million during the third quarters of 2013 and 2012, respectively.
For the nine months ended September 30, 2013, the Company reported a net loss of $2.5 million, or $(0.14) per share, compared to a net loss of $2.9 million, or $(0.16) per share, for the nine months ended September 30, 2012. The Company reported revenues of $9.3 million and $12.4 million during the nine months ended September 30, 2013 and 2012, respectively.
In June 2013, the Company sold a 7-acre parcel that was the last of its former agricultural processing facilities in central Maui for $4.0 million. The sale resulted in a gain of $1.9 million. In January 2012, the Company sold an 89-acre former agricultural parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd quarter 2013 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
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Three Months Ended September 30, |
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2013 |
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2012 |
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(in thousands except |
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share amounts) |
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OPERATING REVENUES |
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Real estate |
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Commissions |
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$ |
206 |
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$ |
90 |
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Leasing |
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1,315 |
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1,413 |
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Utilities |
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1,010 |
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1,085 |
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Resort amenities and other |
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303 |
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1,034 |
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Total Operating Revenues |
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2,834 |
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3,622 |
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Other |
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613 |
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396 |
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Leasing |
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726 |
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707 |
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Utilities |
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588 |
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791 |
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Resort amenities and other |
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266 |
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996 |
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General and administrative |
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685 |
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667 |
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Loss on asset dispositions |
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61 |
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5 |
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Depreciation |
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583 |
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719 |
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Pension and other postretirement expense |
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222 |
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266 |
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Total Operating Costs and Expenses |
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3,744 |
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4,547 |
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Operating Loss |
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(910 |
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(925 |
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Interest expense, net |
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(641 |
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(759 |
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Loss from Continuing Operations, net of income taxes of $0 |
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(1,551 |
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(1,684 |
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Income (Loss) from Discontinued Operations, net of income taxes of $0 |
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(13 |
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68 |
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NET LOSS |
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(1,564 |
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(1,616 |
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Pension, net of income taxes of $0 |
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228 |
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185 |
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COMPREHENSIVE LOSS |
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$ |
(1,336 |
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$ |
(1,431 |
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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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$ |
(0.08 |
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$ |
(0.09 |
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Discontinued Operations |
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— |
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— |
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Net Loss |
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$ |
(0.08 |
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$ |
(0.09 |
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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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Nine Months Ended September 30, |
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2013 |
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2012 |
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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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$ |
— |
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$ |
1,500 |
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Commissions |
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397 |
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653 |
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Leasing |
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3,838 |
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4,394 |
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Utilities |
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2,793 |
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2,628 |
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Resort amenities and other |
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2,266 |
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3,209 |
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Total Operating Revenues |
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9,294 |
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12,384 |
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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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— |
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149 |
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Other |
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1,452 |
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1,270 |
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Leasing |
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2,115 |
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2,022 |
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Utilities |
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1,682 |
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1,673 |
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Resort amenities and other |
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2,180 |
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3,093 |
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General and administrative |
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2,156 |
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2,525 |
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Loss (Gain) on asset dispositions |
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61 |
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(229 |
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Depreciation |
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1,958 |
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2,183 |
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Pension and other postretirement expense |
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666 |
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798 |
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Total Operating Costs and Expenses |
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12,270 |
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13,484 |
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Operating Loss |
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(2,976 |
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(1,100 |
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Interest expense, net |
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(1,841 |
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(1,859 |
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Loss from Continuing Operations, net of income taxes of $0 |
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(4,817 |
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(2,959 |
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Income from Discontinued Operations, net of income taxes of $116 and $0 |
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2,269 |
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65 |
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NET LOSS |
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(2,548 |
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(2,894 |
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Pension, net of income taxes of $0 |
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618 |
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555 |
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COMPREHENSIVE LOSS |
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$ |
(1,930 |
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$ |
(2,339 |
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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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$ |
(0.26 |
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$ |
(0.16 |
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Discontinued Operations |
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0.12 |
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— |
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Net Loss |
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$ |
(0.14 |
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$ |
(0.16 |
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