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 3, 2021

MAUI LAND & PINEAPPLE COMPANY, INC.

(Exact name of registrant as specified in its charter)

(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:

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:

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 3, 2021, the Company issued a press release, which sets forth the results of its operations for the three months ended March 31, 2021. 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

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.

ex_243500.htm

Exhibit 99.1

MAUI LAND & PINEAPPLE REPORTS 1st QUARTER 2021 RESULTS

KAPALUA RESORT, Hawaii, May 3, 2021 (BUSINESS WIRE) --

Maui Land & Pineapple Company, Inc. “MLP” (NYSE: MLP) reported a net loss of $934,000, or $(0.05) per share, for the first quarter of 2021, compared to a net loss of $1,074,000, or $(0.06) per share, for the first quarter of 2020. The Company reported total operating revenues of $2.06 million and $2.04 million during the three months ended March 31, 2021 and 2020, respectively.

The Company did not have any real estate asset sales during the first quarters of 2021 or 2020.

MLP completed the sale of its regulated utility assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. on May 1, 2021. The sale results in net proceeds of $4.2 million from Hawaii Water Service (HWS), a subsidiary of California Water Service Group (NYSE: CWT).  As part of the Hawaii Public Utilities Commission approval of this transaction in March 2021, the water and wastewater service areas have been expanded in order to serve future developments within the Kapalua resort.

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)