Tag: Maui Land & Pineapple Co

May 5, 2012 General Ag News and Notes, Maui Gold Pineapple Post a Comment

ML&P reports doubts about its ability to continue

KAPALUA – Financial challenges facing Maui Land & Pineapple Co. are raising a “substantial doubt about the company’s ability to continue as a going concern,” the company reports in its latest filing with the U.S. Securities & Exchange Commission.

Among a number of disclosures in the filing, a group of lenders has declared that a $280.5 million loan for the Kapalua Bay Holdings’ construction of the The Ritz-Carlton Club and Residences, Kapalua Bay is in default. ML&P has invested more than $50 million in cash and $25 million in land for the development project and has 51 percent ownership in the Bay Holdings company.

“The company’s cash outlook for the next 12 months and its ability to continue to meet its financial covenants is highly dependent on selling certain real estate assets in a difficult market,” the filing says. “If the company is unable to meet its financial covenants resulting in the borrowings becoming immediately due, the company would not have sufficient liquidity to repay such outstanding borrowings.”

While the company’s future appears ominous in its SEC filing, Tim Esaki, the company’s financial officer, said Friday that company officials “remain optimistic.”

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February 24, 2011 General Ag News and Notes Post a Comment

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

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.

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January 31, 2011 General Ag News and Notes Post a Comment

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

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

January 2, 2011 General Ag News and Notes Post a Comment

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

(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)

January 1, 2011 General Ag News and Notes Post a Comment

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

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.

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

December 31, 2010 General Ag News and Notes Post a Comment

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

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