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maui land & pineapple co (MLP) Key Developments

Maui Land & Pineapple Company, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Maui Land & Pineapple Company, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported a net income of $0.477 million or $0.03 per basic and diluted share compared to $0.831 million or $0.04 per basic and diluted share a year ago. Total operating revenues were $5.009 million against $2.556 million a year ago. Operating income was $1.094 million against loss of $0.768 million a year ago. Income from continuing operations, net of income taxes was $0.502 million, or $0.03 per basic and diluted share compared to loss of $1.274 million or $0.07 per basic and diluted share a year ago. For the six months, the company reported a net loss of $0.432 million or $0.02 per basic and diluted share compared to $0.984 million or $0.05 per basic and diluted share a year ago. Total operating revenues were $7.478 million against $5.185 million a year ago. Operating income was $0.718 million against loss of $1.680 million a year ago. Loss from continuing operations, net of income taxes was $0.351 million, or $0.02 per basic and diluted share compared to $2.880 million or $0.15 per basic and diluted share a year ago.

Maui Land & Pineapple Company, Inc. Enters into Loan Agreement with First Hawaiian Bank

On June 6, 2014, Maui Land & Pineapple Company, Inc. entered into a loan agreement with First Hawaiian Bank providing the company with a $3.5 million revolving line of credit for general working capital and corporate purposes. The loan agreement matures on June 5, 2015. Borrowings under the revolving line of credit bear interest at the bank’s prime rate and the credit facility is secured by an approximately 1.1 acre property and building in the Kapalua Resort commonly known as the Honolua Store. In connection with entering into the loan agreement, the company made a $1.9 million pay down to release the Honolua Store from the collateral held under its Wells Fargo Bank credit facility.

Maui Land & Pineapple Company, Inc. Extends Maturity Dates of its Credit Facilities from May 1, 2014 to August 1, 2016

Maui Land & Pineapple Company, Inc. announced that it has extended the maturity dates of its credit facilities with both of its banks from May 1, 2014 to August 1, 2016.

Maui Land & Pineapple Company, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

Maui Land & Pineapple Company, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. The company reported a net loss of $0.9 million, or $0.05 per diluted share, for the first quarter of 2014, compared to a net loss of $1.8 million, or $0.10 per diluted share for the first quarter of 2013. The company reported revenues of $2.5 million and $2.6 million during the first quarters of 2014 and 2013, respectively. The company reported loss from continuing operations of $0.853 million, or $0.05 per diluted share, for the first quarter of 2014, compared to $1.606 million or $0.09 per diluted share for the first quarter of 2013. Operating loss was $0.376 million against $0.912 million a year ago.

Maui Land & Pineapple Company, Inc., Annual General Meeting, Apr 23, 2014

Maui Land & Pineapple Company, Inc., Annual General Meeting, Apr 23, 2014., at 09:30 Hawaiian Standard. Location: Kapalua Village Center Conference Room. Agenda: To elect Stephen M. Case, Warren H. Haruki, David A. Heenan, Duncan MacNaughton, and Arthur C. Tokin as directors to serve for a one-year term or until their successors are elected and qualified; to approve, on a non-binding advisory basis, the compensation paid to its named executive officers; to ratify the appointment of Accuity LLP as its independent registered public accounting firm for fiscal year 2014; and to transact such other business as may be properly brought before the meeting or any postponement or adjournment thereof.

 

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