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): May 10, 2022

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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
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:

☐	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 May 10, 2022, the Company issued a press release, which sets forth the results of its operations for the three months ended March 31, 2022. 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 May 10, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: May 10, 2022	By:	/s/ WADE K. KODAMA
		Wade K. Kodama
		Chief Financial Officer

EX-99.1

Exhibit 99.1

NEWS RELEASE	Contact:
	Wade K. Kodama
	wkodama@kapalua.com

MAUI LAND & PINEAPPLE, INC. REPORTS 1st QUARTER 2022 RESULTS

KAPALUA RESORT, Hawaii, May 10, 2022 (BUSINESS WIRE) --

Maui Land & Pineapple Company, Inc. “MLP” (NYSE: MLP) reported a net loss of $618,000, or $(0.03) per share, for the first quarter of 2022, compared to a net loss of $934,000, or $(0.05) per share, for the first quarter of 2021. The Company reported total operating revenues of $2.25 million and $2.06 million during the three months ended March 31, 2022 and 2021, respectively.

The Company did not have any real estate asset sales during the first quarters of 2022 or 2021.

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.

# # #

Page 2

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

	Three Months Ended March 31,
	2022			2021
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate	$	-		$	-
Leasing		2,031			1,801
Resort amenities and other		217			258
Total operating revenues		2,248			2,059
OPERATING COSTS AND EXPENSES
Real estate		90			97
Leasing		741			840
Resort amenities and other		510			412
General and administrative		756			719
Share-based compensation		379			349
Depreciation		274			300
Total operating costs and expenses		2,750			2,717
OPERATING LOSS		(502	)		(658	)
Other income		-			13
Pension and other post-retirement expenses		(114	)		(116	)
Interest expense		(2	)		(33	)
LOSS FROM CONTINUING OPERATIONS	$	(618	)	$	(794	)
Loss from discontinued operations, net		-			(140	)
NET LOSS	$	(618	)	$	(934	)
Pension, net		156			221
TOTAL COMPREHENSIVE LOSS	$	(462	)	$	(713	)
LOSS PER COMMON SHARE-BASIC AND DILUTED
Loss from Continuing Operations	$	(0.03	)	$	(0.04	)
Loss from Discontinued Operations	$	-		$	(0.01	)
Net Loss	$	(0.03	)	$	(0.05	)

Page 3

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	2022			2021
	(unaudited)			(audited)
	(in thousands except share data)
ASSETS
CURRENT ASSETS
Cash	$	5,831		$	5,596
Restricted cash		2,300			-
Accounts receivable, net		1,187			1,103
Prepaid expenses and other assets		278			333
Assets held for sale		3,157			3,144
Total current assets		12,753			10,176
PROPERTY & EQUIPMENT		51,235			51,235
Accumulated depreciation		(34,510	)		(34,237	)
Property & equipment, net		16,725			16,998
OTHER ASSETS
Deferred development costs		9,566			9,564
Other noncurrent assets		1,181			1,181
Total other assets		10,747			10,745
TOTAL ASSETS	$	40,225		$	37,919
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	774		$	580
Payroll and employee benefits		591			949
Accrued retirement benefits, current portion		142			142
Deferred revenue, current portion		2,796			217
Other current liabilities		503			509
Total current liabilities		4,806			2,397
LONG-TERM LIABILITIES
Accrued retirement benefits, net of current portion		7,862			7,937
Deferred revenue, net of current portion		1,600			1,633
Deposits		2,278			2,309
Other noncurrent liabilities		53			53
Total long-term liabilities		11,793			11,932
TOTAL LIABILITIES		16,599			14,329
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock--no par value, 43,000,000 shares authorized, 19,430,409 and 19,383,288 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively		82,876			82,378
Additional paid-in-capital		9,184			9,184
Accumulated deficit		(52,942	)		(52,324	)
Accumulated other comprehensive loss		(15,492	)		(15,648	)
Total stockholders' equity		23,626			23,590
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	40,225		$	37,919

XML

Document And Entity Information	May 10, 2022
Document Information [Line Items]
Entity, Registrant Name	MAUI LAND & PINEAPPLE COMPANY, INC.
Document, Type	8-K
Document, Period End Date	May 10, 2022
Entity, Incorporation, State or Country Code	HI
Entity, File Number	001-06510
Entity, Tax Identification Number	99-0107542
Entity, Address, Address Line One	200 Village Road
Entity, Address, Address Line Two	Lahaina
Entity, Address, City or Town	Maui
Entity, Address, State or Province	HI
Entity, Address, Postal Zip Code	96761
City Area Code	808
Local Phone Number	877-3351
Title of 12(b) Security	Common Stock, without Par Value
Trading Symbol	MLP
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000063330