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, 2020

  

 

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 November 4, 2020, the Company issued a press release, which sets forth the results of its operations for the three and nine months ended September 30, 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

 

Exhibit

Number

Description

99.1

Maui Land & Pineapple Company, Inc. Press Release dated November 4, 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.

 

 

MAUI LAND & PINEAPPLE COMPANY, INC.

 

 

 

Date: November 4, 2020

By:

/s/ MICHAEL S. HOTTA

 

 

Michael S. Hotta

 

 

Chief Financial Officer

 

 

Exhibit 99.1

 

NEWS RELEASE

Contact:

 

Michael S. Hotta

 

mhotta@kapalua.com

 

 

MAUI LAND & PINEAPPLE REPORTS 3rd QUARTER 2020 RESULTS

 

KAPALUA RESORT, Hawaii, November 4, 2020 (BUSINESS WIRE) --

 

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $633,000, or $(0.03) per share, for the third quarter of 2020, compared to a net loss of $9,000, or $(0.00) per share, for the third quarter of 2019. The Company reported total operating revenues of $1.7 million and $2.7 million during the three months ended September 30, 2020 and 2019, respectively.

 

For the nine months ended September 30, 2020, the Company reported a net loss of $1.9 million, or $(0.10) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the nine months ended September 30, 2019. The Company reported total operating revenues of $5.4 million and $7.5 million during the nine months ended September 30, 2020 and 2019, respectively.

 

The Company did not have any real estate asset sales during the first three 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.

 

 

# # #

 

 
 

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   

September 30,

    

December 31,

  
   

2020

    

2019

  
   

(unaudited)

    

(audited)

  
   

(in thousands except share data)

  

ASSETS

                
                 

CURRENT ASSETS

                

Cash

   $ 324     $ 683  

Accounts receivable, less allowance for doubtful accounts of $223 and $35, respectively

     1,680       1,173  

Prepaid expenses and other assets

     244       101  

Assets held for sale

     7,633       7,597  

Total current assets

     9,881       9,554  
                 

PROPERTY

     52,267       52,164  

Accumulated depreciation

     (33,407 )     (32,445 )

Property, net

     18,860       19,719  
                 

OTHER ASSETS

                

Deferred development costs

     8,504       8,504  

Other noncurrent assets

     1,206       1,342  

Total other assets

     9,710       9,846  
                 

TOTAL ASSETS

   $ 38,451     $ 39,119  
                 

LIABILITIES & STOCKHOLDERS' EQUITY

                
                 

CURRENT LIABILITIES

                

Accounts payable

   $ 707     $ 1,356  

Payroll and employee benefits

     783       928  

Accrued retirement benefits

     165       165  

Deferred club membership revenue

     131       35  

Other current liabilities

     615       468  

Total current liabilities

     2,401       2,952  
                 

LONG-TERM LIABILITIES

                

Long-term debt

     -       1,035  

Accrued retirement benefits, net of current portion

     9,328       9,702  

Deferred license fee revenue

     1,800       -  

Deposits

     2,649       2,674  

Other noncurrent liabilities

     64       64  

Total long-term liabilities

     13,841       13,475  
                 

COMMITMENTS AND CONTINGENCIES

                
                 

STOCKHOLDERS' EQUITY

                

Common stock--no par value, 43,000,000 shares authorized, 19,301,288 and 19,238,081 shares issued and outstanding

     81,369       80,606  

Additional paid-in-capital

     9,184       9,184  

Accumulated deficit

     (48,164 )     (46,300 )

Accumulated other comprehensive loss

     (20,180 )     (20,798 )

Total stockholders' equity

     22,209       22,692  

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

   $ 38,451     $ 39,119  

 

 
 

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 

(UNAUDITED)

 

   

Three Months Ended
September 30,

  
   

2020

    

2019

  
   

(in thousands except

  
   

per share amounts)

  

OPERATING REVENUES

                

Real estate

   $ 15     $ 305  

Leasing

     1,448       2,167  

Resort amenities and other

     234       242  

Total operating revenues

     1,697       2,714  
                 

OPERATING COSTS AND EXPENSES

                

Real estate

     86       352  

Leasing

     671       793  

Resort amenities and other

     152       219  

General and administrative

     514       466  

Share-based compensation

     402       374  

Depreciation

     326       345  

Total operating costs and expenses

     2,151       2,549  
                 

OPERATING INCOME (LOSS)

     (454 )     165  

Pension and other post-retirement expenses

     (125 )     (258 )

Interest expense

     (29 )     (50 )

LOSS FROM CONTINUING OPERATIONS

   $ (608 )   $ (143 )

Income (Loss) from discontinued operations, net

     (25 )     134  

NET LOSS

   $ (633 )   $ (9 )

Other comprehensive income - pension, net

     206       211  

COMPREHENSIVE INCOME (LOSS)

   $ (427 )   $ 202  
                 

EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED

                

Loss from Continuing Operations

   $ (0.03 )   $ (0.01 )

Income (Loss) from Discontinued Operations

   $ -     $ 0.01  

Net Loss

   $ (0.03 )   $ -  

 

 
 

 

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 

(UNAUDITED)

 

   

Nine Months Ended
September 30,

  
   

2020

    

2019

  
   

(in thousands except

  
   

per share amounts)

  

OPERATING REVENUES

                

Real estate

   $ 173     $ 671  

Leasing

     4,620       6,121  

Resort amenities and other

     648       751  

Total operating revenues

     5,441       7,543  
                 

OPERATING COSTS AND EXPENSES

                

Real estate

     457       873  

Leasing

     2,278       2,233  

Resort amenities and other

     893       751  

General and administrative

     1,823       1,816  

Share-based compensation

     1,229       1,346  

Depreciation

     971       1,067  

Total operating costs and expenses

     7,651       8,086  
                 

OPERATING LOSS

     (2,210 )     (543 )

Other income

     894       -  

Pension and other post-retirement expenses

     (359 )     (768 )

Interest expense

     (105 )     (160 )

LOSS FROM CONTINUING OPERATIONS

   $ (1,780 )   $ (1,471 )

Income (Loss) from discontinued operations, net

     (84 )     187  

NET LOSS

   $ (1,864 )   $ (1,284 )

Other comprehensive income - pension, net

     617       634  

COMPREHENSIVE LOSS

   $ (1,247 )   $ (650 )
                 

EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED

                

Loss from Continuing Operations

   $ (0.09 )   $ (0.08 )

Income (Loss) from Discontinued Operations

   $ (0.01 )   $ 0.01  

Net Loss

   $ (0.10 )   $ (0.07 )