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 22, 2020
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)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Common Stock, without Par Value |
MLP |
NYSE |
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)) |
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 22, 2020, the Company issued a press release, which sets forth the results of its operations for the quarter ended March 31, 2020. 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 April 22, 2020. |
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: April 22, 2020 |
By: |
/s/ SCOTT N. KODAMA |
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Scott N. Kodama |
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Controller |
Exhibit 99.1
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NEWS RELEASE |
Contact: |
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Scott N. Kodama |
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skodama@kapalua.com |
MAUI LAND & PINEAPPLE REPORTS 1st QUARTER 2020 RESULTS
KAPALUA RESORT, Hawaii, April 22, 2020 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $1.07 million, or $(0.06) per share, for the first quarter of 2020, compared to a net loss of $1.10 million, or $(0.06) per share, for the first quarter of 2019. The Company reported total operating revenues of $2.04 million and $2.33 million during the three months ended March 31, 2020 and 2019, respectively.
The Company did not have any real estate asset sales during the first quarters of 2020 or 2019.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 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, 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
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Three Months Ended March 31, |
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2020 |
2019 |
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(in thousands except |
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per share amounts) |
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OPERATING REVENUES |
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Real estate |
$ | 69 | $ | 157 | ||||
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Leasing |
1,736 | 1,916 | ||||||
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Resort amenities and other |
230 | 261 | ||||||
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Total operating revenues |
2,035 | 2,334 | ||||||
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OPERATING COSTS AND EXPENSES |
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Real estate |
175 | 264 | ||||||
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Leasing |
776 | 720 | ||||||
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Resort amenities and other |
570 | 311 | ||||||
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General and administrative |
760 | 864 | ||||||
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Share-based compensation |
425 | 598 | ||||||
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Depreciation |
323 | 361 | ||||||
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Total operating costs and expenses |
3,029 | 3,118 | ||||||
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OPERATING LOSS |
(994 | ) | (784 | ) | ||||
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Pension and other post-retirement expenses |
(117 | ) | (253 | ) | ||||
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Interest expense |
(46 | ) | (47 | ) | ||||
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LOSS FROM CONTINUING OPERATIONS |
$ | (1,157 | ) | $ | (1,084 | ) | ||
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Income (Loss) from discontinued operations, net |
83 | (11 | ) | |||||
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NET LOSS |
$ | (1,074 | ) | $ | (1,095 | ) | ||
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Pension, net |
206 | 211 | ||||||
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COMPREHENSIVE LOSS |
$ | (868 | ) | $ | (884 | ) | ||
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EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED |
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Loss from Continuing Operations |
$ | (0.06 | ) | $ | (0.06 | ) | ||
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Income (Loss) from Discontinued Operations |
$ | - | $ | - | ||||
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Net Loss |
$ | (0.06 | ) | $ | (0.06 | ) | ||