8-K
Maui Land & Pineapple Co Inc (MLP)
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): August 12, 2021
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<br> Identification Number) |
| 200 Village Road, Lahaina, Maui, Hawaii 96761<br><br> <br>(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 August 12, 2021, the Company issued a press release, which sets forth the results of its operations for the six months ended June 30, 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
| Exhibit<br><br> <br>Number | Description |
|---|---|
| 99.1 | Maui Land & Pineapple Company, Inc. Press Release dated August 12, 2021. |
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: August 12, 2021 | By: | /s/ MICHAEL S. HOTTA |
| Michael S. Hotta | ||
| Chief Financial Officer |
ex_269526.htm
Exhibit 99.1
| NEWS RELEASE | Contact: |
|---|---|
| Michael S. Hotta | |
| [email protected] |
MAUI LAND & PINEAPPLE REPORTS 2^nd^ QUARTER 2021 RESULTS
KAPALUA RESORT, Hawaii, August 12, 2021 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $1.9 million, or $0.10 per share, for the second quarter of 2021, compared to a net loss of $0.2 million, or $(0.01) per share, for the second quarter of 2020. Total operating revenues of $5.0 million and $1.7 million were recognized during the three months ended June 30, 2021 and 2020, respectively.
For the six months ended June 30, 2021, the Company reported net income of $0.9 million, or $0.05 per share, compared to a net loss of $1.2 million, or $(0.06) per share, for the six months ended June 30, 2020. Total operating revenues of $7.0 million and $3.7 million were recognized during the six months ended June 30, 2021 and 2020, respectively.
During the quarter ended June 30, 2021, MLP completed real estate sales of the Steeple House in the Kapalua Resort and a conservation easement in Honolua Valley for $1.7 million and $0.9 million, respectively. There were no real estate asset sales in 2020.
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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
| Three Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| (in thousands except | ||||||
| per share amounts) | ||||||
| OPERATING REVENUES | ||||||
| Real estate | $ | 2,700 | $ | 90 | ||
| Leasing | 1,962 | 1,436 | ||||
| Resort amenities and other | 288 | 184 | ||||
| Total operating revenues | 4,950 | 1,710 | ||||
| OPERATING COSTS AND EXPENSES | ||||||
| Real estate | 454 | 192 | ||||
| Leasing | 876 | 827 | ||||
| Resort amenities and other | 278 | 169 | ||||
| General and administrative | 574 | 559 | ||||
| Share-based compensation | 370 | 402 | ||||
| Depreciation | 302 | 323 | ||||
| Total operating costs and expenses | 2,854 | 2,472 | ||||
| OPERATING INCOME (LOSS) | 2,096 | (762 | ) | |||
| Other income | - | 894 | ||||
| Pension and other post-retirement expenses | (116 | ) | (117 | ) | ||
| Interest expense | (32 | ) | (30 | ) | ||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,948 | (15 | ) | |||
| Loss from discontinued operations, net | (69 | ) | (142 | ) | ||
| NET INCOME (LOSS) | $ | 1,879 | $ | (157 | ) | |
| Other compreshensive income - pension, net | 221 | 206 | ||||
| TOTAL COMPREHENSIVE INCOME | $ | 2,100 | $ | 49 | ||
| EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED | ||||||
| Income (Loss) from Continuing Operations | $ | 0.10 | $ | - | ||
| Loss from Discontinued Operations | $ | - | $ | (0.01 | ) | |
| Net Income (Loss) | $ | 0.10 | $ | (0.01 | ) |
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| (in thousands except | ||||||
| per share amounts) | ||||||
| OPERATING REVENUES | ||||||
| Real estate | $ | 2,700 | $ | 158 | ||
| Leasing | 3,763 | 3,172 | ||||
| Resort amenities and other | 546 | 414 | ||||
| Total operating revenues | 7,009 | 3,744 | ||||
| OPERATING COSTS AND EXPENSES | ||||||
| Real estate | 552 | 367 | ||||
| Leasing | 1,716 | 1,603 | ||||
| Resort amenities and other | 691 | 740 | ||||
| General and administrative | 1,291 | 1,318 | ||||
| Share-based compensation | 719 | 827 | ||||
| Depreciation | 602 | 645 | ||||
| Total operating costs and expenses | 5,571 | 5,500 | ||||
| OPERATING INCOME (LOSS) | 1,438 | (1,756 | ) | |||
| Other income | 13 | 894 | ||||
| Pension and other post-retirement expenses | (232 | ) | (234 | ) | ||
| Interest expense | (65 | ) | (76 | ) | ||
| INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,154 | (1,172 | ) | |||
| Loss from discontinued operations, net | (209 | ) | (59 | ) | ||
| NET INCOME (LOSS) | $ | 945 | $ | (1,231 | ) | |
| Other compreshensive income - pension, net | 442 | 412 | ||||
| TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 1,387 | $ | (819 | ) | |
| EARNINGS (LOSS) PER COMMON SHARE-BASIC AND DILUTED | ||||||
| Income (Loss) from Continuing Operations | $ | 0.06 | $ | (0.06 | ) | |
| Loss from Discontinued Operations | $ | (0.01 | ) | $ | - | |
| Net Income (Loss) | $ | 0.05 | $ | (0.06 | ) |
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| (unaudited) | (audited) | |||||
| (in thousands except share data) | ||||||
| CURRENT ASSETS | ||||||
| Cash | $ | 6,005 | $ | 869 | ||
| Accounts receivable, net | 1,336 | 1,362 | ||||
| Prepaid expenses and other assets | 167 | 80 | ||||
| Assets held for sale | 3,134 | 7,440 | ||||
| Total current assets | 10,642 | 9,751 | ||||
| PROPERTY | 51,414 | 51,956 | ||||
| Accumulated depreciation | (33,789 | ) | (33,445 | ) | ||
| Property, net | 17,625 | 18,511 | ||||
| OTHER ASSETS | ||||||
| Deferred development costs | 8,964 | 8,901 | ||||
| Other noncurrent assets | 1,222 | 1,307 | ||||
| Total other assets | 10,186 | 10,208 | ||||
| TOTAL ASSETS | $ | 38,453 | $ | 38,470 | ||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts payable | $ | 441 | $ | 899 | ||
| Payroll and employee benefits | 699 | 970 | ||||
| Long-term debt, current portion | - | 200 | ||||
| Accrued retirement benefits, currernt portion | 165 | 165 | ||||
| Deferred revenue, current portion | 447 | 260 | ||||
| Other current liabilities | 407 | 453 | ||||
| Total current liabilities | 2,159 | 2,947 | ||||
| LONG-TERM LIABILITIES | ||||||
| Accrued retirement benefits | 10,091 | 10,926 | ||||
| Deferred revenue | 1,700 | 1,767 | ||||
| Deposits | 2,355 | 2,680 | ||||
| Other noncurrent liabilities | 75 | 83 | ||||
| Total long-term liabilities | 14,221 | 15,456 | ||||
| COMMITMENTS AND CONTINGENCIES | ||||||
| STOCKHOLDERS' EQUITY | ||||||
| Common stock--no par value, 43,000,000 shares authorized, 19,361,856 and 19,311,528 shares issued and outstanding | 82,104 | 81,485 | ||||
| Additional paid-in-capital | 9,184 | 9,184 | ||||
| Accumulated deficit | (47,959 | ) | (48,904 | ) | ||
| Accumulated other comprehensive loss | (21,256 | ) | (21,698 | ) | ||
| Total stockholders' equity | 22,073 | 20,067 | ||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 38,453 | $ | 38,470 |