Current Report Filing (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): August 6, 2015

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)

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))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 6, 2015, the Company issued a press release, which sets forth the results of its operations for the quarter ended June 30, 2015. 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 August 6, 2015.

SIGNATURES

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 7, 2015	By:	/s/ TIM T. ESAKI
		Tim T. Esaki
		Chief Financial Officer

EXHIBIT INDEX


Exhibit Number		Description

99.1		Maui Land & Pineapple Company, Inc. Press Release dated August 6, 2015.

Exhibit 99.1

NEWS RELEASE

Contact:

Tim T. Esaki

(808) 665-5480

tesaki@kapalua.com

MAUI LAND & PINEAPPLE REPORTS 2^nd QUARTER 2015 RESULTS

KAPALUA RESORT, Hawaii, August 6, 2015 (BUSINESS WIRE) --

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $818,000, or $(0.04) per share, for the second quarter of 2015, compared to a net income of $477,000 or $0.03 per share for the second quarter of 2014. The Company reported revenues of $2.8 million and $5.0 million during the second quarters of 2015 and 2014, respectively.

In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a gain of $1.5 million.

For the six months ended June 30, 2015, the Company reported a net loss of $1.9 million or $(0.10) per share, compared to a net loss of $432,000, or $(0.02) per share, for the six months ended June 30, 2014. The Company reported revenues of $5.6 million and $7.5 million during the six months ended June 30, 2015 and 2014, respectively.

Additional Information

Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2^nd quarter 2015 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, 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 COMPREHENSIVE INCOME

(UNAUDITED)

	Three Months Ended June 30,
	2015			2014
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate
Sales	$	-		$	2,300
Commissions		211			153
Leasing		1,422			1,409
Utilities		807			829
Resort amenities and other		325			318
Total operating revenues		2,765			5,009

OPERATING COSTS AND EXPENSES
Real estate
Cost of sales		-			835
Other		248			333
Leasing		611			586
Utilities		582			572
Resort amenities and other		265			190
General and administrative		487			543
Share-based compensation		143			153
Depreciation		555			587
Pension and other postretirement expenses		76			141
Total operating costs and expenses		2,967			3,940

OPERATING (LOSS) INCOME		(202	)		1,069
Interest expense		(616	)		(592	)
NET (LOSS) INCOME	$	(818	)	$	477
Pension, net of income taxes of $0		211			146

COMPREHENSIVE (LOSS) INCOME	$	(607	)	$	623

NET (LOSS) INCOME PER COMMON SHARE --BASIC AND DILUTED	$	(0.04	)	$	0.03

Page 2

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

	Six Months Ended June 30,
	2015			2014
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate
Sales	$	-		$	2,300
Commissions		323			236
Leasing		2,837			2,721
Utilities		1,623			1,551
Resort amenities and other		776			670
Total operating revenues		5,559			7,478

OPERATING COSTS AND EXPENSES
Real estate
Cost of sales		-			835
Other		417			638
Leasing		1,149			1,136
Utilities		1,194			1,145
Resort amenities and other		479			471
General and administrative		1,069			868
Share-based compensation		692			295
Depreciation		1,113			1,171
Pension and other postretirement expenses		152			282
Total operating costs and expenses		6,265			6,841

OPERATING (LOSS) INCOME		(706	)		637
Interest expense		(1,213	)		(1,069	)
NET LOSS	$	(1,919	)	$	(432	)
Pension, net of income taxes of $0		422			292
COMPREHENSIVE LOSS	$	(1,497	)	$	(140	)

NET (LOSS) INCOME PER COMMON SHARE --BASIC AND DILUTED	$	(0.10	)	$	(0.02	)