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 4, 2015
MAUI LAND & PINEAPPLE COMPANY, INC.
(Exact name of registrant as specified in its charter)
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Hawaii |
001-06510 |
99-0107542 |
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(State of Incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 4, 2015, the Company issued a press release, which sets forth the results of its operations for the quarter ended September 30, 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
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Exhibit Number |
Description |
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99.1 |
Maui Land & Pineapple Company, Inc. Press Release dated November 4, 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.
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MAUI LAND & PINEAPPLE COMPANY, INC. |
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Date: November 5, 2015 |
By: |
/s/ TIM T. ESAKI |
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Tim T. Esaki |
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Chief Financial Officer |
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EXHIBIT INDEX
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Exhibit Number |
Description |
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99.1 |
Maui Land & Pineapple Company, Inc. Press Release dated November 4, 2015. |
4
Exhibit 99.1
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NEWS RELEASE |
Contact: |
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Tim T. Esaki (808) 665-5480 tesaki@kapalua.com |
MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2015 RESULTS
KAPALUA RESORT, Hawaii, November 4, 2015 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported income of $9.7 million, or $0.51 per share, for the third quarter of 2015, compared to a net loss of $0.7 million, or $(0.04) per share for the third quarter of 2014. The Company reported revenues of $14.5 million and $2.7 million during the third quarters of 2015 and 2014, respectively.
For the nine months ended September 30, 2015, the Company reported net income of $7.7 million, or $0.41 per share, compared to a net loss of $1.2 million, or $(0.07) per share, for the nine months ended September 30, 2014. The Company reported revenues of $20.0 million and $10.2 million during the nine months ended September 30, 2015 and 2014, respectively.
In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The sale resulted in a gain of approximately $10.5 million.
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.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 3rd 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.
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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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2015 |
2014 |
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(in thousands except per share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
$ | 12,000 | $ | - | ||||
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Commissions |
54 | 249 | ||||||
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Leasing |
1,311 | 1,246 | ||||||
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Utilities |
785 | 924 | ||||||
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Resort amenities and other |
330 | 320 | ||||||
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Total operating revenues |
14,480 | 2,739 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
1,487 | - | ||||||
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Other |
129 | 355 | ||||||
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Leasing |
456 | 547 | ||||||
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Utilities |
579 | 600 | ||||||
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Resort amenities and other |
207 | 219 | ||||||
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General and administrative |
609 | 556 | ||||||
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Share-based compensation |
52 | 30 | ||||||
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Depreciation |
491 | 573 | ||||||
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Pension and other postretirement expenses |
76 | 10 | ||||||
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Total operating costs and expenses |
4,086 | 2,890 | ||||||
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OPERATING INCOME (LOSS) |
10,394 | (151 | ) | |||||
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Interest expense |
(731 | ) | (598 | ) | ||||
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NET INCOME (LOSS) |
$ | 9,663 | $ | (749 | ) | |||
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Pension, net of income taxes of $0 |
210 | 163 | ||||||
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COMPREHENSIVE INCOME (LOSS) |
$ | 9,873 | $ | (586 | ) | |||
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NET INCOME (LOSS) PER COMMON SHARE |
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--BASIC AND DILUTED |
$ | 0.51 | $ | (0.04 | ) | |||
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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2015 |
2014 |
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(in thousands except per share amounts) |
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OPERATING REVENUES |
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Real estate |
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Sales |
$ | 12,000 | $ | 2,300 | ||||
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Commissions |
377 | 485 | ||||||
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Leasing |
4,148 | 3,967 | ||||||
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Utilities |
2,409 | 2,475 | ||||||
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Resort amenities and other |
1,105 | 990 | ||||||
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Total operating revenues |
20,039 | 10,217 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
1,487 | 835 | ||||||
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Other |
546 | 993 | ||||||
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Leasing |
1,610 | 1,683 | ||||||
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Utilities |
1,774 | 1,745 | ||||||
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Resort amenities and other |
686 | 690 | ||||||
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General and administrative |
1,677 | 1,383 | ||||||
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Share-based compensation |
745 | 366 | ||||||
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Depreciation |
1,604 | 1,744 | ||||||
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Pension and other postretirement expenses |
229 | 292 | ||||||
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Total operating costs and expenses |
10,358 | 9,731 | ||||||
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OPERATING INCOME |
9,681 | 486 | ||||||
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Interest expense |
(1,944 | ) | (1,667 | ) | ||||
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NET INCOME (LOSS) |
$ | 7,737 | $ | (1,181 | ) | |||
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Pension, net of income taxes of $0 |
632 | 455 | ||||||
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COMPREHENSIVE INCOME (LOSS) |
$ | 8,369 | $ | (726 | ) | |||
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NET INCOME (LOSS) PER COMMON SHARE |
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--BASIC AND DILUTED |
$ | 0.41 | $ | (0.07 | ) | |||