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 22, 2017
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 |
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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 February 22, 2017, the Company issued a press release, which sets forth the results of its operations for the year ended December 31, 2016. 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 February 22, 2017. |
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: February 23, 2017 |
By: |
/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 Number |
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Description |
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99.1 |
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Maui Land & Pineapple Company, Inc. Press Release dated February 22, 2017.
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3
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@kapalua.com |
MAUI LAND & PINEAPPLE REPORTS 2016 NET INCOME OF $21.8 MILLION
KAPALUA RESORT, Hawaii, February 22, 2017 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $21.8 million, or $1.15 per share, for 2016. This compares to net income of $6.8 million, or $0.36 per share, for 2015. The Company reported revenues of $47.4 million and $22.8 million for 2016 and 2015, respectively.
For the fourth quarter of 2016, the Company recognized net income of $7.4 million or $0.39 per share. For the fourth quarter of 2015, the Company recognized a net loss of $0.9 million or $(0.05) per share. Operating revenues totaled $20.3 million and $2.7 million during the fourth quarters of 2016 and 2015, respectively.
In December 2016, the Company sold a 3.4-acre property with an approximately 26,000 square foot building, commonly referred to as the Kapalua Village Center for $18.0 million. The sale resulted in a gain of $12.9 million. Proceeds from the sale were used to pay down the Company’s long-term debt.
“We are pleased with the many significant accomplishments over the past several years in strengthening our Company’s financial condition and refocusing our business,” stated Warren H. Haruki, Chairman and CEO. “In addition, we are very appreciative of the continued support of our shareholders, creditors and the community as we further our efforts in pivoting MLP for sustained growth.”
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2016 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, agricultural 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
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
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Years Ended December 31, |
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2016 |
2015 |
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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 |
$ | 36,000 | $ | 12,000 | ||||
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Commissions |
1,116 | 501 | ||||||
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Leasing |
5,324 | 5,546 | ||||||
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Utilities |
3,345 | 3,335 | ||||||
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Resort amenities and other |
1,579 | 1,404 | ||||||
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Total Operating Revenues |
47,364 | 22,786 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
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Cost of sales |
6,188 | 1,759 | ||||||
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Other |
1,272 | 756 | ||||||
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Leasing |
2,971 | 2,208 | ||||||
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Utilities |
2,325 | 2,260 | ||||||
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Resort amenities and other |
947 | 925 | ||||||
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General and administrative |
2,204 | 2,181 | ||||||
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Share-based compensation |
984 | 955 | ||||||
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Depreciation |
1,984 | 2,115 | ||||||
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Pension and other post-retirement expenses |
5,019 | 295 | ||||||
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Total Operating Costs and Expenses |
23,894 | 13,454 | ||||||
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OPERATING INCOME |
23,470 | 9,332 | ||||||
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Interest expense |
(1,656 | ) | (2,519 | ) | ||||
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NET INCOME |
21,814 | 6,813 | ||||||
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Pension, net of income taxes of $0 |
6,372 | (3,093 | ) | |||||
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COMPREHENSIVE INCOME |
$ | 28,186 | $ | 3,720 | ||||
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NET INCOME PER COMMON SHARE --BASIC AND DILUTED |
$ | 1.15 | $ | 0.36 | ||||