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): April 28, 2017

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 28, 2017, the Company issued a press release, which sets forth the results of its operations for the quarter ended March 31, 2017. 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 28, 2017

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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:     April 28, 2017	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 28, 2017.

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EX-99.1

Exhibit 99.1

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

MAUI LAND & PINEAPPLE REPORTS 1^st QUARTER 2017 RESULTS

KAPALUA RESORT, Hawaii, April 28, 2017 (BUSINESS WIRE) --

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $5.8 million, or $0.31 per share, for the first quarter of 2017, compared to a net loss of $1.4 million, or $(0.07) per share for the first quarter of 2016. The Company reported revenues of $9.7 million and $3.0 million during the first quarters of 2017 and 2016, respectively.

In February 2017, the Company sold the 15-acre Kapalua Golf Academy three-hole practice course for $7.0 million. The property was sold to the owner of the Kapalua Plantation and Bay Golf Courses, resulting in a gain of approximately $6.4 million. The Company applied $5.6 million of the sale proceeds to reduce its total debt to $1.2 million, as of March 31, 2017.

Additional Information

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

1^st quarter 2017 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 OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months Ended March 31,
	2017			2016
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate
Sales	$	7,000		$	-
Commissions		139			168
Leasing		1,586			1,615
Utilities		676			847
Resort amenities and other		282			346
Total operating revenues		9,683			2,976
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales		576			-
Other		160			300
Leasing		469			712
Utilities		553			631
Resort amenities and other		333			197
General and administrative		489			754
Share-based compensation		559			380
Depreciation		416			495
Pension and other postretirement expenses		202			284
Total operating costs and expenses		3,757			3,753
OPERATING INCOME (LOSS)		5,926			(777	)
Interest expense		(94	)		(581	)
NET INCOME (LOSS)	$	5,832		$	(1,358	)
Pension, net of income taxes of $0		204			253
COMPREHENSIVE INCOME (LOSS)	$	6,036		$	(1,105	)
NET INCOME (LOSS) PER COMMON SHARE --BASIC AND DILUTED	$	0.31		$	(0.07	)