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): March 1 , 202 1
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 March 1, 2021, the Company issued a press release, which sets forth the results of its operations for the three months and year ended December 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
| Exhibit<br><br> <br>Number | Description |
|---|---|
| 99.1 | Maui Land & Pineapple Company, Inc. Press Release dated March 1, 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: March 1, 2021 | By: | /s/ MICHAEL S. HOTTA |
| Michael S. Hotta | ||
| Chief Financial Officer |
ex_227715.htm
Exhibit 99.1
MAUI LAND & PINEAPPLE COMPANY, INC. REPORTS 2020 RESULTS
KAPALUA RESORT, Hawaii, March 1, 2021 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $2.6 million, or $(0.14) per share, for the year ended December 31, 2020. This compares to a net loss of $10.4 million, or $(0.54) per share, for 2019. The Company reported revenues of $7.5 million and $10.0 million for 2020 and 2019, respectively.
For the fourth quarter of 2020, the Company recognized a net loss of $0.7 million, or $(0.04) per share. In 2019, the Company recognized a net loss of $9.1 million or $(0.47) per share for the fourth quarter. Operating revenues totaled $ 2.1 million and $2.5 million during the fourth quarters of 2020 and 2019, respectively.
In 2020, the disruption of the COVID-19 pandemic on global and national economies, as well as restrictions on travel and public gatherings, significantly impacted tourism activity on the island of Maui. As a result, operating revenues from our real estate leases and club membership program declined for the year and quarter ended December 31, 2020. The reduction in commercial rental income and club revenues were offset by the recovery of cash collateral related to an owner-controlled insurance program held by a dissolved investment entity and the sale of a 5.1-acre parcel in West Maui to the County of Maui for expanded storage capacity for its Lahaina wastewater system.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2020 operating results will be available on our Form 10-K filed with the Securities and Exchange Commission and our website www.mauiland.com.
About MAUI LAND & PINEAPPLE COMPANY, INC. (NYSE:MLP)
Maui Land & Pineapple Company, Inc. is a landholding and operating company. The Company’s segments include Real Estate, which consists of land planning and entitlement, development and sales activities of its landholdings on Maui; Leasing, which includes residential, resort, agricultural, commercial, and industrial land and property leases, licensing of its registered trademarks and trade names, management of potable and non-potable water systems, and stewardship and conservation efforts; and Resort Amenities, which includes the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort. The Company owns approximately 23,000 acres of land on Maui on which it operates the Kapalua Resort community.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONSOLIDAT ED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
| Three Months Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2019 | 2020 (unaudited) | 2019 (unaudited) | |||||||||
| OPERATING REVENUES | |||||||||||
| Real estate | 772 | $ | 915 | $ | 599 | $ | 244 | ||||
| Leasing | 5,948 | 8,148 | 1,328 | 2,027 | |||||||
| Resort amenities and other | 820 | 982 | 172 | 231 | |||||||
| Total Operating Revenues | 7,540 | 10,045 | 2,099 | 2,502 | |||||||
| OPERATING COSTS AND EXPENSES | |||||||||||
| Real estate | 600 | 1,185 | 143 | 282 | |||||||
| Leasing | 2,933 | 3,228 | 655 | 995 | |||||||
| Resort amenities and other | 1,193 | 1,030 | 300 | 278 | |||||||
| General and administrative | 2,445 | 2,254 | 622 | 470 | |||||||
| Share-based compensation | 1,632 | 1,732 | 403 | 386 | |||||||
| Depreciation | 1,289 | 1,412 | 318 | 345 | |||||||
| Total Operating Costs and Expenses | 10,092 | 10,841 | 2,441 | 2,756 | |||||||
| OPERATING LOSS | (2,552 | ) | (796 | ) | (342 | ) | (254 | ) | |||
| Other income | 894 | - | - | - | |||||||
| Pension and other post-retirement expenses | (475 | ) | (1,016 | ) | (116 | ) | (248 | ) | |||
| Interest expense | (134 | ) | (198 | ) | (29 | ) | (38 | ) | |||
| Income tax expense | - | (4,999 | ) | - | (4,999 | ) | |||||
| LOSS FROM CONTINUING OPERATIONS | (2,267 | ) | (7,009 | ) | (487 | ) | (5,539 | ) | |||
| Loss from Discontinued Operations, net of income taxes of 0 | (337 | ) | (3,357 | ) | (253 | ) | (3,544 | ) | |||
| NET LOSS | (2,604 | ) | (10,366 | ) | (740 | ) | (9,083 | ) | |||
| Pension, net of income taxes of 0 | (900 | ) | 1,006 | (1,517 | ) | 372 | |||||
| TOTAL COMPREHENSIVE LOSS | (3,504 | ) | $ | (9,360 | ) | $ | (2,257 | ) | $ | (8,711 | ) |
| LOSS PER COMMON SHARE -- BASIC AND DILUTED | |||||||||||
| Continuing Operations | (0.12 | ) | $ | (0.37 | ) | $ | (0.03 | ) | $ | (0.29 | ) |
| Discontinued Operations | (0.02 | ) | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.18 | ) |
| Net Loss | (0.14 | ) | $ | (0.54 | ) | $ | (0.04 | ) | $ | (0.47 | ) |
All values are in US Dollars.