Tag Archive for 'Maui Land & Pineapple Co'

Summary of MAUI LAND & PINEAPPLE CO INC | Entry into a Material Definitive Agreement

Published on February 24, 2011 in General Ag News and Notes.


Item 1.01 Entry into a Material Definitive Agreement.

On February 23, 2011, Maui Land & Pineapple Company, Inc. (the “Company”) entered into a Third Modification Agreement (the “Third Modification”) with Wells Fargo Bank, National Association (“Wells Fargo”). The Third Modification further amended the terms of the Company’s $30 million revolving line of credit agreement with Wells Fargo, which was modified on December 22, 2010. Significant terms of the Third Modification are as follows:

* Extends the maturity date from May 1, 2012 to May 1, 2013.

* Provides the Company with the option to further extend the maturity date to May 1, 2014, subject to the satisfactory achievement of certain pre-defined conditions as described in the Third Modification.

* Increases the revolving credit commitment from $30 million to $34.5 million and availability under the loan facility from $25 million to $34.5 million.

* Sets forth pre-established minimum release prices for each of the real property parcels pledged as collateral under the credit agreement.

Upon entry into the Third Modification, the maturity date of the Company’s $25 million term loan with American AgCredit, FLCA was automatically extended from May 1, 2012 to May 1, 2013. Continue reading ‘Summary of MAUI LAND & PINEAPPLE CO INC | Entry into a Material Definitive Agreement’

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Maui Land & Pineapple loses management of golf course and may lay off workers

Published on January 31, 2011 in General Ag News and Notes and Golf.


The owner of the two Kapalua Resort golf courses on Maui won’t retain Maui Land & Pineapple Co. to manage the facilities after March 31.

Maui Land notified employees last week that they may be terminated as part of the change, though Maui Land said in a statement today that it hasn’t determined how many employees will lose their jobs.

Troon Golf of Scottsdale, Ariz., will assume management of the Kapalua Bay Golf Course and Plantation Course.

Maui Land, in an effort to raise cash and pay down debt, sold both courses over the last two years to an affiliate of Japan-based retailer Fast Retailing Co. Ltd. with agreements to lease back and manage the properties until March 31

Maui Land & Pineapple loses management of golf course and may lay off workers – Hawaii News – Staradvertiser.com

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Planet News World – Top 5 weekly winners of NYSE (MLP, PULS, FBP, AMBO, CBC)

Published on January 2, 2011 in General Ag News and Notes and Golf.

(NYSE:MLP) Maui Land & Pineapple Company, Inc. belonging to Real Estate Development industry is currently trading at a price of $4.98, a dramatic change of 9.69% from its previous day’s close. MLP is currently trading at a volume of 55377 shares compared to its daily average volume of 16.79K shares. The stock is trading with a gain of 10.67% from its open . Maui Land & Pineapple Company, Inc. has done quite well being up more than 19.14% since the beginning of the week and has a market capital of approximately 93.42M. Maui Land & Pineapple Company, Inc. engages in the resort and community development businesses. The company’s Community Development segment provides real estate entitlement, development, construction, sales, leasing, real estate brokerage, and water and sewage transmission services. It leases commercial and residential properties; and provides license and lease arrangements for the use of buildings, facilities, land, and trade names. Maui Land & Pineapple Company’s Resort segment operates 2 championship golf courses, a tennis facility, a spa, retail outlets, a hotel, residences and clubs, a bay, 8 residential neighborhoods, a commercial space, and restaurants, as well as approximately 700 single-family residential lots, condominiums, and homes. The company was founded in 1909 and is based in Maui, Hawaii

Planet News World – Top 5 weekly winners of NYSE (MLP, PULS, FBP, AMBO, CBC)

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Top 10 Leisure Services Stocks of the Week: MLP, PRXI, LONG, STNR, FUN, RDI, TZOO, BWL.A, ISCA, LTM – China Analyst

Published on January 1, 2011 in General Ag News and Notes.

Below are the top 10 best-performing Leisure Services stocks for the past week. One Chinese company (LONG) is on the list.

Maui Land & Pineapple Co. (NYSE:MLP) is the 1st best-performing stock last week in this segment of the market. It was up 19.14% for the past week. Its price percentage change is -10.27% year-to-date.

Top
10 Leisure Services Stocks of the Week: MLP, PRXI, LONG, STNR, FUN,
RDI, TZOO, BWL.A, ISCA, LTM (Jan 01, 2011) – China Analyst

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Maui Land & Pineapple Co Inc Closes Above 200-Day Moving Average, Hits $4.95 – American Banking News

Published on December 31, 2010 in General Ag News and Notes.

Shares of Maui Land & Pineapple Co Inc (NYSE: MLP) closed above its 200-day moving average on Friday. The stock has a 200-day moving average of $4.50 and last traded at $4.95.

Maui Land & Pineapple Company, Inc. consists of a landholding and operating parent company and its principal subsidiaries, including Maui Pineapple Company, Ltd. (MPC) and Kapalua Land Company, Ltd. As of March 29, 2010, the Company operated in two segments: Community Development and Resort. Revenues from its two segments, Community Development segment and Resort segment accounted for approximately 39% and 59% of its consolidated revenues respectively during the year ended December 31, 2009. On November 2, 2009, the Company ceased its agriculture operations.

Maui Land & Pineapple Co Inc (NYSE: MLP) traded up 10.13% during mid-day trading on Friday. The stock has a 52 week low of $2.05 and a 52 week high of $8.20. The company has a market cap of $93.8 million and a price-to-earnings ratio of N/A.

Maui Land & Pineapple Co Inc (NYSE: MLP) Closes Above 200-Day Moving Average, Hits $4.95 – American Banking News

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Maui Land & Pineapple books first quarterly profit in two years

Published on November 1, 2010 in General Ag News and Notes.


Maui Land & Pineapple Co. booked its first quarterly profit in two years, during the three months ended Sept. 30, though the achievement was due to recognizing a previously deferred gain from the sale of a golf course last year.

The owner of Kapalua Resort earned $20 million in the third quarter, which contrasted with a $25.5 million net loss in the same period last year.

The gain ended a string of losses that amounted to $210 million over the previous eight quarters for the Lahaina-based company.

But the turnaround in earnings was the result of Maui Land booking a $25.7 million gain from the March 2009 sale of its Plantation Golf Course.

Fundamental operations — running Kapalua Resort and developing and selling real estate around the West Maui resort — continued to be a drag on earnings.

Tim Esaki, Maui Land’s chief financial officer, said in a statement that the company continues to make progress streamlining operations and strengthening its financial position.

“While we still need to work through a number of challenges, we have a sound business plan and a solid team that is focused on building shareholder value,” he said.

Excluding the contribution from the golf course sale, Maui Land’s resort division had an operating loss of $2.2 million in the third quarter, which was an improvement from a $3.4 million operating loss in the same period a year earlier. The company’s real estate development division had an operating loss of $499,000 in the third quarter, an improvement from a $16.2 million operating loss a year earlier.

Maui Land & Pineapple books first quarterly profit in two years – Hawaii News – Staradvertiser.com

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MAUI LAND & PINEAPPLE CO INC – 10-Q – 20101102 – FORM

Published on November 1, 2010 in General Ag News and Notes, Haliimaile Pineapple, Maui Gold Pineapple and Pineapple.


Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview of the Company

MAUI LAND &amp Pineapple Company, Inc. is a Hawaii corporation and the successor to a business organized in 1909. We are a landholding company. Our principal subsidiary is Kapalua Land Company, Ltd., the operator and developer of Kapalua Resort, a master-planned community in West Maui. Our reportable operating segments are Resort and Community Development. In December 2009, all of our Agriculture segment operations were ceased and the segment is reported as discontinued operations. Continue reading ‘MAUI LAND & PINEAPPLE CO INC – 10-Q – 20101102 – FORM’

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Maui Nei – Hali’imaile Pineapple Co.

Published on October 14, 2010 in General Ag News and Notes, Haliimaile Pineapple, Maui Gold Pineapple and Pineapple.


BY RON YOUNGBLOOD

Doug Schenk met the visitors with the kind of smile that radiates from a father showing off his newborn. In the background, Hali’imaile Pineapple Co. employees ate lunch after polishing off the morning’s work two hours ahead of schedule.

At the door of the old parts warehouse, two men who look younger than their years stood in dirty boots and T-shirts.

“These are the guys who run the operation,” Schenk said with affection. The company president is Darren Strand. Rudy Balala is the vice president. They are also partners in the farm, along with Schenk and Doug MacCluer. All are Maui Land & Pineapple Co. veterans. The other partners are Pardee Erdman and Ed Chenchin.

The aroma of plate lunches wafted out of the tin-sided warehouse. In the back of the picnic tables there’s a conference table.

“We meet every Monday to decide that week’s goals,” Strand said.

“All of our employees asked to come to work for Hali’imaile,” Schenk said. All were part of the work force when Maui Pine closed down Dec. 31, 2009. “We were still working out the details (of leasing ML&P equipment and fields) on the last day of the year. We took New Year’s Day off and were on the job the next day.”

“We’ve got the greatest people in the world,” Schenk said. “There’s no division of labor. Everyone does everything.” Continue reading ‘Maui Nei – Hali’imaile Pineapple Co.’

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NYSE stocks posting largest volume increases

Published on October 11, 2010 in General Ag News and Notes.


NEW YORK (AP) — A look at the 10 biggest volume gainers on New York Stock Exchange at the close of trading:

Maui Land & Pineapple Co. : Approximately 122,800 shares changed hands, a 655.5 percent increase over its 65-day average volume. The shares rose $.02 or .4 percent to $4.56. Continue reading ‘NYSE stocks posting largest volume increases’

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ML&P still pushing for Pulelehua

Published on October 1, 2010 in General Ag News and Notes.


LAHAINA – Maui Land & Pineapple Co. executives told Maui County Council members Wednesday night that the bad days are behind them and as soon as the housing market shows firm signs of improvement, they will be ready to move forward with long-planned developments, such as Pulelehua.

But first, they need the county to give them the land entitlements, said Ryan Churchill, ML&P president and chief operating officer.

However, Churchill was met with some skeptical members of the council’s Land Use Committee. Council Chairman Danny Mateo and Vice Chairman Mike Molina both pointed out that they went out on a limb five years ago to grant ML&P’s Kapalua Mauka development all the zoning and other land classification requirements it needed to move forward, but not one shovel of dirt has been turned on the project. Continue reading ‘ML&P still pushing for Pulelehua’

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AR-Cal inks Maui Gold deal

Published on October 1, 2010 in General Ag News and Notes, Haliimaile Pineapple and Pineapple.


by Tim Linden

AR-Cal Distributing in Arvin, CA, has taken over as the exclusive North American sales agent for the Maui Gold pineapple, which is now being grown and packed by the Haliimaile Pineapple Co. Ltd. in Halliimaile, HI.

AR-Cal is the marketing and distribution arm of Trino Packing & Cold Storage Inc., which is also headquartered in Arvin and owned by longtime produce industry veteran John Trino.

Mr. Trino said that he has long had an affinity for Hawaii and became well acquainted with the Maui Gold pineapple when it was being marketed by the Maui Land & Pineapple Co.

That company, which owns and operates resort properties and golf courses in addition to its agricultural division, has had well-publicized financial issues during the past couple of years.

Maui Land & Pineapple Co. has sold off several golf courses and also sold the rights to the “Maui Gold” brand name.

Mr. Trino said that backers of the new pineapple company have pumped a good deal of money into the operation over the past year and have secured significant land for production.

Since Jan. 1, Haliimaile has been shoring up the sales of pineapples in Hawaii and has been mostly using Calavo for its mainland sales. Mr. Trino has been consulting for the firm on an informal basis since 2009 while it was under development, and recently agreed to the exclusive marketing agreement.

“I am basically going to be acting as a broker and a sales agent,” he said. “Haliimaile will do billing and invoicing.”

Mr. Trino said that the key to successful sales of the Maui Gold pineapple on the mainland is to limit supplies to the extent that there is demand.

“I told them to build up their sales in Hawaii and to grow slowly in North America,” Mr. Trino said. “You cannot flood the market. No longer will there be consignment sales. Everything will be an f.o.b. sale.”

AR-Cal’s agreement was slated to begin officially Oct. 1, but on Sept. 29, when Mr. Trino spoke with The Produce News, he said, “We have cans on the water and are taking orders.”

He said that the f.o.b. price Long Beach, CA, or Seattle, which are the two ports to which the product is being shipped and unloaded via ocean freighter, was $11.50 on that day.

“There has been about a five- or six-week gap in supplies, which has made for a good transition,” he added.

Although the Maui Gold has typically enjoyed better sales on the West Coast because of its proximity to Hawaii, Mr. Trino said that the company is selling nationwide and will air freight to the East Coast when appropriate.

But he added that Mexican pineapples are typically $2-$4 cheaper and enjoy a freight rate advantage to the East Coast, so the demand is limited.

“But it is the best-tasting pineapple there is,” he stated.

Handling sales of the product for AR-Cal is Harold Stein, another longtime produce sales veteran.

The Produce News AR-Cal inks Maui Gold deal

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Maui Land & Pine sells Kapalua Bay Golf Course

Published on September 22, 2010 in General Ag News and Notes.


Maui Land & Pineapple Co. Inc. is selling the Kapalua Bay Golf Course to TY Management Corp. for $24.1 million.

The sale of the course and its maintenance facility at the Kapalua Resort on Maui’s northwest shore is expected to close by the end of September.

Maui Land will operate the golf course under a lease that runs through March 31.

“With this transaction, we are able to consolidate the ownership of both Kapalua golf courses with an esteemed partner,” said Warren Haruki, Maui Land’s chairman and interim chief executive officer, in a statement.

Maui Land sold last year the Plantation Course, also at the Kapalua Resort, to TY Management Corp., a Hawaii-based company.

The 6,600-yard, par 72 Bay Course, which opened in 1975, was designed by Arnold Palmer and Francis Duane.

The course has hosted many high-profile golf tournaments, including the Lincoln Mercury Kapalua International and the 2008 LPGA Kapalua Classic.

Maui Land & Pine sells Kapalua Bay Golf Course – Hawaii News – Staradvertiser.com

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Debt due for Ritz Kapalua

Published on September 11, 2010 in General Ag News and Notes.


Estate now seeks resort foreclosure
By HARRY EAGAR, Staff Writer

In April 2009, the owners of The Ritz-Carlton, Kapalua defaulted on the loans they had taken out to rebuild the hotel in 2007.

The amount owed, principal and interest, approached $300 million, but the lender, Lehman Brothers Holdings Inc., in bankrupty itself, did not press the issue for another 16 months. This week, the Lehman estate in bankruptcy filed for foreclosure against Gencom Group and Whitehall Street Global Real Estate, claiming it is owed $255 million.

The move was reported by The Wall Street Journal.

How the principal was reduced over the past year is unknown. Many resorts in Hawaii are in default, but most do it in privacy. The Ritz-Carlton’s trouble became known because Maui Land & Pineapple Co. was a 16 percent partner, and as a regulated public company, had to disclose the default in its reports, which it did in May 2009. Continue reading ‘Debt due for Ritz Kapalua’

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Well offers chance to clear most of meter waiting list

Published on September 6, 2010 in General Ag News and Notes and Water.

WAILUKU – Maui County will be offered a chance Tuesday to buy a water well in Makawao that could make deep inroads into the Upcountry meter waiting list.

The well, known as Piiholo South, already exists, and it has been tested to produce 1.7 million gallons per day of water pure enough to drink without further treatment, according to Zachary Franks and Cynthia Warner, the developers.

But to finance the proposed $8 million price (including infrastructure), the county would likely have to find funds outside the Department of Water Supply. In the past, water source development has been paid for with department funds, not county general funds, supplemented by grants and borrowing through bond sales.

Only recently has the county budget supplemented the finances of the water department, with $1 million for a study of storage in the current budget. But until now, the department has had to pay for its own wells and reservoirs, unless it could get the state to cover the bill, as it did with the Kahakapao reservoirs.

The County Council Water Resources Committee will take up the issue during a meeting beginning at 9 a.m. Tuesday in the Council Chambers. Panel Chairman Mike Victorino said discussion of the matter would be preliminary.

“The focus of the committee meeting will be simply to gather information,” he said. “But there is possible public use of this privately owned well, and I’m eager to explore this potential.” Continue reading ‘Well offers chance to clear most of meter waiting list’

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Garden teachers cultivate new ideas

Published on August 22, 2010 in General Ag News and Notes.

maui-news-ad

A single harvest of corn yielded many lessons for Sacred Hearts School students last week.

After picking hybrid Indian corn from the school garden, the students were counting kernels that came in yellow, blue, dark brown and a rainbow of other colors.

“Today we were doing math with corn. Corn math,” science enrichment teacher Ed Mahoney said Thursday.

The lessons also involved a discussion of genetics, the history of corn used by Native Americans as well as a taste test of their bounty – without the greasy additives found on movie theater popcorn.

Mahoney and three other Maui teachers were able to learn more about how to use school gardens in their daily curriculum, and shared ideas with other teachers from schools with garden programs, at the 3rd annual Summer School Garden Teacher Conference, supported by The Kohala Center, in Waimea on the Big Island in July.

Mahoney was joined by Kathy Becklin of Kihei Elementary School, Lisa Daily of Haiku Elementary School and Craig Eckert of Montessori School of Maui. The four were selected for the conference by Lehn Huff, University of Hawaii Maui College Sustainable Living Institute of Maui interim director.

SLIM was established by the college and Maui Land & Pineapple Co. as a center for gathering information, generating new knowledge, developing applications and validating appropriate technologies for eco-effectiveness and sustainable living. Continue reading ‘Garden teachers cultivate new ideas’

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Maui Land & Pineapple Company, Inc. Announces Completion of Repurchase of Senior Secured Convertible Notes

Published on August 5, 2010 in General Ag News and Notes.


LAHAINA, Hawaii–(BUSINESS WIRE)–Maui Land & Pineapple Company, Inc. (NYSE:MLP – News) today announced that it has successfully retired all of its $40 million of senior secured convertible notes. The Company repurchased the notes at 90% of face value, inclusive of a 2% lock-up fee previously paid to the note holders, utilizing proceeds from its just completed, over-subscribed, $40 million shareholder rights offering.

The Company plans to use the remaining proceeds from the rights offering for general working capital purposes in its resort and real estate development operations.

“The rights offering and retirement of our convertible notes represent significant steps in our continuing efforts to strengthen our financial condition,” said Warren H. Haruki, Chairman and Interim Chief Executive Officer of MLP. “We are grateful for the confidence demonstrated by our shareholders in the long-term prospects of the Company,” he added.

Maui Land & Pineapple Company, Inc. Announces Completion of Repurchase of Senior Secured Convertible Notes – Yahoo! Finance

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