Maui Land & Pineapple Co. Inc. lost $4.6 million, or 57 cents per share, in the second quarter of 2010, the company said Monday.
The losses are significantly lower than the $54.2 million, or $6.75 per share, the company lost in the year-earlier period.
Maui Land recorded $8.3 million in revenue for the quarter, compared to $8.7 million in the second quarter of 2009.
In the first half of the year, the company’s net loss was $7.3 million, or 90 cents per share — an improvement from a loss of $67.4 million, or $8.40 per share, for the same period a year ago.
Revenue totaled $19 million from January through June, compared to $19.5 million for the first six months of 2009.
The net loss for the first half of the year includes a $3.4 million credit recognizing the termination of post-retirement benefits earlier this year and a profit before taxes of about $2.5 million from the sale of real estate and part of the company’s former administrative offices in Kahului on Maui.
Maui Land & Pine loses $4.6M in 2nd quarter – Hawaii News – Staradvertiser.com
Case boosts investment in ML&P
AOL founder could have majority stake after stock sale done
By ILIMA LOOMIS, Staff Writer
WAILUKU – AOL co-founder Steve Case added to his investment in Maui Land & Pineapple Co. this week by purchasing an additional 4.27 million shares under a rights offering by the company.
Case acquired the stock at a price of $3.85 per share, to invest another $16.5 million into the struggling company, according to a report filed with the federal Securities and Exchange Commission on Wednesday.
The sale was made under a plan by ML&P to raise cash by selling 10.4 million new shares to existing stockholders.
The company made a separate announcement this week that it had completed the sale on the New York Stock Exchange.
The proceeds will be used to retire $40 million in convertible notes, giving the company some relief from its significant debt.
Under the offering, each stockholder was offered the right to purchase a limited number of the new shares, in proportion to the size of their previous stake in the company. Case purchased all of the shares that were offered to him.
But he could have access to as many as 6.1 million additional shares if the company’s other stockholders don’t sign up for the rights offering and shares set aside for them are left unsold. The company reported that Case indicated his interest in potentially acquiring all those shares if they were available.
In its report filed with the SEC, the company said Wednesday that it had not yet determined how the unsold stock would be allocated among the investors who wished to purchase it.
With the 7.75 million shares he now owns, Case currently holds a 41.2 percent stake in ML&P, a controlling interest in the company.
But the company said that, depending on how many of the additional shares are allocated to Case, an additional purchase could increase his stake in the company to more than 50 percent.
That could give him even more decision-making power than he already has.
ML&P nears deal to pay off $40 million debt
Maui Land & Pineapple Co. has completed definitive agreements with all holders of $40 million of its debt to repurchase the notes.
In a filing with the Securities and Exchange Commission Tuesday, the company said it had reached agreement with the last remaining noteholders on July 22. It had earlier stated that four-fifths of the creditors had agreed to the deal.
As a result, debt-laden ML&P hopes to retire a large chunk of its obligations that otherwise would have required it to go to financial markets to refinance the $40 million as early as next year. Considering the company’s money-losing status, refinancing would have been difficult and expensive.
Inability to replace the debt with new debt or retire it could have triggered incidents of default with other corporate loans.
In May, the board of directors authorized an additional 20 million shares to be offered to the creditors.
Summary of MAUI LAND & PINEAPPLE CO INC | Form 8-K
Form 8-K for MAUI LAND & PINEAPPLE CO INC27-Jul-2010
Entry into a Material Definitive Agreement
Item 1.01 – Entry into a Material Definitive Agreement
Maui Land & Pineapple Company, Inc. (the “Company”) issued senior secured convertible notes in the aggregate principal amount of $40 million in July 2008 (the “Notes”). The Notes mature on July 15, 2013, bear interest at 5.875% per annum and are currently convertible into common stock of the Company at a conversion price of $30 per share.
As previously announced, the Company entered into Convertible Note Purchase Agreements, pursuant to which the Company has agreed to repurchase the Notes, with holders of Notes who hold, in the aggregate, $32.5 million of the principal amount of the Notes, or approximately 81% of all of the Notes currently outstanding.
On July 22, 2010, the Company entered into Convertible Note Purchase Agreements with the holders of the remaining outstanding Notes on the same terms. In total, the Company has entered into Convertible Note Purchase Agreements with the holders of Notes who hold, in the aggregate, 100% of all of the Notes currently outstanding.
ML&P goes ahead with plan to raise $40M
Maui Land & Pineapple Co. has filed registration documents to proceed with a previously announced plan to convert some of its debt into equity.
On Thursday, the company said it intends to pursue a rights offering for up to $40 million of its common stock. That means it will offer existing stockholders the right to purchase additional shares in the company, raising money that will be used to pay back lenders.
ML&P said shareholders have already subscribed to $27.5 million of the offering.
If the rights offering is sold out, ML&P will repurchase all of its outstanding senior secured convertible notes – a kind of debt that allows lenders to take what they’re owed in the form of stock, if they’re not paid off in cash.
Summary of MAUI LAND & PINEAPPLE CO INC – Yahoo! Finance
Form 8-K for MAUI LAND & PINEAPPLE CO INC
Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders
On May 13, 2010, Maui Land & Pineapple Company, Inc. (the "Company") held its 2010 annual meeting of shareholders, or the Annual Meeting. Proxies for the Annual Meeting were solicited pursuant to Regulation 14A under the Securities Exchange Act of 1934. The number of shares of the Company’s common stock, or the Common Stock that were outstanding as of March 12, 2010, which was the record date for the Annual Meeting, was approximately 8,518,033. The final results of the voting at the Annual Meeting are as follows:
Proposal 1: To amend the Company’s Restated Articles of Association to change the number of members of the Board of Directors to not less than five (5) nor more than nine (9), and to declassify the Board of Directors.
Shares voted for: 7,535,426 Shares voted against: 43,656 Shares abstained: 17,685 Broker Non-Votes: 0Proposal 2: Election of Directors to serve for a one-year term or until their successors are elected and qualified if Proposal No. 1 is approved:
Shares Voted Shares Broker For Withheld Non-Votes Stephen M. Case 5,972,951 60,694 1,563,122 Warren H. Haruki 5,971,766 61,879 1,563,122 David A. Heenan 5,575,123 458,522 1,563,122 Kent T. Lucien 5,971,401 62,244 1,563,122 Duncan MacNaughton 5,972,571 66,154 1,563,122 Arthur C. Tokin 5,972,571 61,074 1,563,122 Fred E. Trotter III 5,967,637 66,008 1,563,122Proposal 3: Election of Directors to serve for a three-year term or until their successors are elected and qualified if Proposal No. 1 is not approved:
Shares Voted Shares Broker For Withheld Non-Votes David A. Heenan 5,701,813 331,832 1,563,122 Kent T. Lucien 5,970,251 63,394 1,563,122 Arthur C. Tokin 5,966,446 67,199 1,563,122Proposal 4: To amend the Company’s Restated Articles of Association to authorize an additional 20,000,000 shares of the Common Stock:
Shares voted for: 7,139,064 Shares voted against: 416,117 Shares abstained: 41,586 Broker Non-Votes: 0Proposal 5: Ratification of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2010:
Shares voted for: 7,543,956 Shares voted against: 47,624 Shares abstained: 5,187 Broker Non-Vote: 0
Maui Land & Pineapple Reports 2010 1st Quarter Results – MarketWatch
KAHULUI, Hawaii, May 10, 2010 (BUSINESS WIRE) — Maui Land & Pineapple Company, Inc. reported a net loss of $2.7 million or $0.33 per share for the first quarter of 2010, compared to a net loss of $13.2 million or $1.65 per share for the first quarter of 2009. Consolidated revenues were $10.7 million for both the first quarter of 2010 and 2009. Better operating performance and overhead cost reductions, and $3.4 million of gains due to the termination of the Company’s post-retirement life insurance plan and the elimination of medical benefits for non-bargaining retirees resulted in improved financial performance in the first quarter of 2010. In addition, in December 2009, the Company ceased its Agriculture segment operations, which generated an operating loss of $2.5 million in the first quarter of 2009. The Company’s $50 million cash sale of the Plantation Golf Course in March 2009 was accounted for as a financing transaction and, accordingly, no gain was recognized in the first quarter of 2009 results.
SEC Filings for MLP – MAUI LAND & PINEAPPLE CO INC
Form 8-K for MAUI LAND & PINEAPPLE CO INC
19-Apr-2010
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.(e) On April 12, 2010, the Compensation Committee of the Board of Directors of Maui Land & Pineapple Company, Inc. (the "Company") approved an annual salary increase to $225,000 for Ryan L. Churchill. The compensation adjustment was made in recognition of Mr. Churchill’s February 8, 2010 appointment as the Company’s President and Chief Operating Officer.
MLP: MAUI LD & PINEAPPLE INC SEC Filings | SCHEDULE 14A Proxy Statement
MAUI LAND & PINEAPPLE COMPANY, INC.
April 19, 2010
To Our Shareholders:
We are pleased to invite you to our 2010 Annual Meeting of Shareholders, which will be held on Thursday, May 13, 2010 at 8:30 a.m. at the Kapalua Village Center Conference Room in Lahaina, Maui, Hawaii.
At the meeting, we will (1) vote upon an amendment to the Restated Articles of Association to change the minimum and maximum number of members of our Board of Directors to not less than five (5), nor more than nine (9), and to declassify the Board of Directors; (2) if Proposal No. 1 is approved, elect seven (7) members to our Board of Directors for a one-year term; (3) only if Proposal No. 1 is not approved, elect three Class Two directors for a three-year term; (4) vote upon an amendment to the Restated Articles of Association to authorize an additional 20,000,000 shares of the Company’s Common Stock; (5) ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm to serve for the 2010 fiscal year, and (6) transact such other business as may properly come before the meeting or any continuation, postponement or adjournment of the meeting. We know of no other matters to be brought up at the meeting.
This meeting is an opportunity to communicate with our shareholders and it is important that your shares be represented and voted whether or not you expect to attend the meeting in person. You may vote your shares by proxy using the Internet, by telephone, or by returning the enclosed proxy card or voting instruction form forwarded by your bank, broker or other holder of record. Please review the instructions on the enclosed proxy card or voting instruction form regarding each of these voting options. If you attend the meeting, you may withdraw your proxy and vote in person, if you wish.
We look forward to seeing you at the meeting should you be able to attend.
Sincerely,
WARREN H. HARUKI
Chairman
MAUI LAND & PINEAPPLE COMPANY, INC.
870 Haliimaile Road
Makawao, Maui, Hawaii 96768-9768
(808) 877-3351 begin_of_the_skype_highlighting (808) 877-3351 (808) 877-3351 (808) 877-3351 (808) 877-3351
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO THE SHAREHOLDERS OF
MAUI LAND & PINEAPPLE COMPANY, INC.:Notice is hereby given that the Annual Meeting of Shareholders of Maui Land & Pineapple Company, Inc. will be held on Thursday, May 13, 2010 at 8:30 a.m., local time, at the Kapalua Village Center Conference Room in Lahaina, Maui, Hawaii for the following purposes: