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): April 27, 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 |
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 April 27, 2015, the Company issued a press release, which sets forth the results of its operations for the quarter ended March 31, 2015. 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 April 27, 2015. |
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: April 28, 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 April 27, 2015. |
3
Exhibit 99.1
NEWS RELEASE |
Contact: |
|
Tim T. Esaki |
|
(808) 665-5480 |
tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 1st QUARTER 2015 RESULTS |
KAPALUA RESORT, Hawaii, April 27, 2015 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.1 million, or $(0.06) per share, for the first quarter of 2015, compared to a net loss of $0.9 million, or $(0.05) per share for the first quarter of 2014. The Company reported revenues of $2.8 million and $2.5 million during the first quarters of 2015 and 2014, respectively.
The Company had no sales of real estate assets during the first quarters of 2015 or 2014.
The Company also announced that it recently amended its American AgCredit loan agreement, eliminating mandatory principal reduction payments, modifying interest rates and payments, and pledging additional collateral as security for the loan. The Company’s lenders also reduced the minimum liquidity level required from $3 million to $2 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 1st quarter 2015 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 March 31, |
||||||||
2015 |
2014 |
|||||||
(in thousands except |
||||||||
per share amounts) |
||||||||
OPERATING REVENUES |
||||||||
Real estate |
$ | 112 | $ | 83 | ||||
Leasing |
1,415 | 1,312 | ||||||
Utilities |
817 | 722 | ||||||
Resort amenities and other |
450 | 352 | ||||||
Total operating revenues |
2,794 | 2,469 | ||||||
OPERATING COSTS AND EXPENSES |
||||||||
Real estate |
168 | 279 | ||||||
Leasing |
532 | 550 | ||||||
Utilities |
612 | 573 | ||||||
Resort amenities and other |
213 | 281 | ||||||
General and administrative |
582 | 351 | ||||||
Share-based compensation |
549 | 142 | ||||||
Depreciation |
558 | 584 | ||||||
Pension and other postretirement expenses |
76 | 141 | ||||||
Total operating costs and expenses |
3,290 | 2,901 | ||||||
OPERATING LOSS |
(496 | ) | (432 | ) | ||||
Interest expense |
(597 | ) | (477 | ) | ||||
NET LOSS |
$ | (1,093 | ) | $ | (909 | ) | ||
Pension, net of income taxes of $0 |
211 | 146 | ||||||
COMPREHENSIVE LOSS |
$ | (882 | ) | $ | (763 | ) | ||
NET LOSS PER COMMON SHARE |
||||||||
--BASIC AND DILUTED |
$ | (0.06 | ) | $ | (0.05 | ) |
Page 2