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 3, 2014
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 March 3, 2014, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth the results of operations for the quarter ended December 31, 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 March 3, 2014. |
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: |
March 4, 2014 |
By: |
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/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 March 3, 2014. |
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 2013 NET LOSS OF $1.2 MILLION
KAPALUA RESORT, Hawaii, March 3, 2014 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.2 million, or $(0.06) per share, for 2013. This compares to a net loss of $4.6 million, or $(0.25) per share, for 2012.
In November 2013, the Company sold a 10-acre parcel in West Maui for $5.4 million. The sale resulted in a gain of $2.1 million. In June 2013, the Company sold a 7-acre parcel that was the last of its pineapple cannery facilities in Kahului for $4.0 million. The sale resulted in a gain from discontinued operations 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 $1.4 million.
Operating revenues totaled $15.2 million and $13.6 million in 2013 and 2012, respectively.
For the fourth quarter of 2013, the Company recognized net income of $1.4 million or $0.07 per share. For the fourth quarter of 2012, the Company recognized a net loss of $1.7 million or $(0.09) per share. Operating revenues totaled $7.2 million and $3.1 million during the fourth quarters of 2013 and 2012, respectively.
“With the progress made on resolving our legacy issues and the completion of the restructuring of our operations, we are now focused on the development and marketing of our real estate assets here on Maui,” stated Warren H. Haruki, Chairman and CEO. “We believe the efforts of the past several years have strengthened our ability to manage and care for our Maui landholdings for the benefit of our stakeholders and the community.”
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2013 operating results will be available on our Form 10-K filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. & SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
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Years Ended December 31, |
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2013 |
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2012 |
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(in thousands except per |
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share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
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$ |
4,513 |
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$ |
1,500 |
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Commissions and Other |
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921 |
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1,045 |
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Leasing |
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4,862 |
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5,806 |
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Utilities |
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3,686 |
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3,541 |
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Resort amenities and other |
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1,230 |
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1,679 |
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Total Operating Revenues |
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15,212 |
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13,571 |
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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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2,420 |
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149 |
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Other |
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2,084 |
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2,135 |
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Leasing |
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2,906 |
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2,852 |
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Utilities |
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2,225 |
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2,280 |
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Resort amenities and other |
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725 |
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624 |
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General and administrative |
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2,937 |
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3,073 |
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Land Transferred in Settlement of Contract Terminations |
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(773 |
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— |
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Contract Terminations |
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(265 |
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— |
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Depreciation |
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2,550 |
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2,878 |
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Pension and other post-retirement expenses |
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888 |
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1,064 |
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Loss (Gain) on asset dispositions |
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55 |
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(232 |
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Total Operating Costs and Expenses |
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15,752 |
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14,823 |
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Operating Loss |
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(540 |
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(1,252 |
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Interest expense |
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(2,501 |
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(2,577 |
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Interest income |
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10 |
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14 |
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Loss from Continuing Operations before income taxes |
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(3,031 |
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(3,815 |
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Income tax benefit |
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— |
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— |
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Loss from Continuing Operations |
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(3,031 |
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(3,815 |
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Income (Loss) from Discontinued Operations net of income tax benefit of $144 and $88 |
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1,867 |
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(787 |
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NET LOSS |
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(1,164 |
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(4,602 |
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Pension Benefit Adjustment net of income taxes of $0 |
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7,887 |
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(4,010 |
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COMPREHENSIVE INCOME (LOSS) |
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$ |
6,723 |
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$ |
(8,612 |
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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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$ |
(0.16 |
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$ |
(0.20 |
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Discontinued Operations |
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0.10 |
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(0.05 |
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Net Loss |
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$ |
(0.06 |
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$ |
(0.25 |
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