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): February 23, 2015

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)
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:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	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 February 23, 2015, the Company issued a press release, which sets forth the results of its operations for the year ended December 31, 2014. 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 February 23, 2015.

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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:     February 24, 2015	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 February 23, 2015.

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EX-99.1

Exhibit 99.1

NEWS RELEASE	Contact:
	Tim T. Esaki
	(808) 665-5480
	tesaki@kapalua.com

MAUI LAND & PINEAPPLE REPORTS 2014 NET INCOME OF $17.6 MILLION

KAPALUA RESORT, Hawaii, February 23, 2015 (BUSINESS WIRE) --

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $17.6 million, or $0.94 per share, for 2014. This compares to a net loss of $1.2 million, or $(0.06) per share, for 2013. The Company reported revenues of $33.0 million and $15.2 million for 2014 and 2013, respectively.

For the fourth quarter of 2014, the Company recognized net income of $18.8 million or $1.00 per share. For the fourth quarter of 2013, the Company recognized net income of $1.4 million or $0.07 per share. Operating revenues totaled $22.8 million and $7.2 million during the fourth quarters of 2014 and 2013, respectively.

In October 2014, the Company sold an unimproved 244-acre parcel of former agricultural land located in West Maui, commonly known as Lipoa Point, to the State of Hawaii for $19.8 million. The sale resulted in a gain of approximately $19.3 million with the proceeds from the sale designated for the benefit of the Company’s pension plans.

In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a gain of $1.5 million.

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 former agricultural processing facilities in Central Maui for $4.0 million. The sale resulted in a gain of $1.9 million.

“We are very pleased with the substantial progress the Company has made over the past year, particularly with sales of our non-core assets and funding of our pension plan obligations,” stated Warren H. Haruki, Chairman and CEO. “We continue to work diligently toward strengthening our financial position and in managing our Maui landholdings for the long-term benefit of our stakeholders and the community.”

200 Village Road • Lahaina, Maui, Hawai‘i 96761 • 808-665-5480 • Fax 808-665-0641

tesaki@kapalua.com • www.mauiland.com

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2014 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. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

	Years Ended December 31,
	2014			2013
	(in thousands except per
	share amounts)
OPERATING REVENUES
Real estate
Sales	$	22,687		$	4,513
Commissions and Other		617			921
Leasing		5,147			4,862
Utilities		3,310			3,686
Resort amenities and other		1,246			1,230
Total Operating Revenues		33,007			15,212
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales		1,294			2,420
Other		1,218			2,084
Leasing		2,244			2,906
Utilities		2,375			2,225
Resort amenities and other		900			725
General and administrative		2,379			2,992
Gain from settlement of contract termination		-			(1,038	)
Depreciation		2,301			2,550
Pension and other post-retirement expenses		391			888
Total Operating Costs and Expenses		13,102			15,752
Operating Income (Loss)		19,905			(540	)
Interest expense		(2,270	)		(2,491	)
Income (Loss) from Continuing Operations net of income taxes of $0		17,635			(3,031	)
Income from Discontinued Operations net of income tax benefit of $0 and $144		-			1,867
NET INCOME (LOSS)		17,635			(1,164	)
Pension Benefit Adjustment net of income taxes of $0		(5,882	)		7,887
COMPREHENSIVE INCOME	$	11,753		$	6,723
NET INCOME (LOSS) PER COMMON SHARE
--BASIC AND DILUTED
Continuing Operations	$	0.94		$	(0.16	)
Discontinued Operations		-			0.10
Net Income (Loss)	$	0.94		$	(0.06	)