SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1999
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number 0-6510
MAUI LAND & PINEAPPLE COMPANY, INC.
(Exact name of registrant as specified in its charter)
HAWAII 99-0107542
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
P. O. BOX 187, KAHULUI, MAUI, HAWAII 96733-6687
(Address of principal executive offices)
Registrant's telephone number, including area code: (808) 877-3351
NONE
Former name, former address and former fiscal year, if changed
since last report
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [x] No [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at November 5, 1999
Common Stock, no par value 7,188,500 shares
MAUI LAND & PINEAPPLE COMPANY, INC.
AND SUBSIDIARIES
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets,
September 30, 1999 (Unaudited) and December 31, 1998 3
Condensed Statements of Operations and Retained Earnings,
Three Months Ended September 30, 1999 and 1998 (Unaudited) 4
Condensed Statements of Operations and Retained Earnings,
Nine Months Ended September 30, 1999 and 1998 (Unaudited) 5
Condensed Statements of Cash Flows,
Nine Months Ended September 30, 1999 and 1998 (Unaudited) 6
Notes to Condensed Financial Statements (Unaudited) 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
Item 3. Quantitative and Qualitative Disclosures About Market
Risk 13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 13
Item 4. Submission of Matters to a Vote of Security-Holders 15
Item 6. Exhibits and Reports on Form 8-K 15
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED BALANCE SHEETS
Unaudited
9/30/99 12/31/98
(Dollars in Thousands)
ASSETS
Current Assets
Cash and cash equivalents $ 1,272 $ 3,447
Accounts and notes receivable 17,440 13,005
Inventories 20,015 15,520
Other current assets 3,964 3,659
Total current assets 42,691 35,631
Property 220,764 209,967
Accumulated depreciation (126,277) (120,046)
Property - net 94,487 89,921
Other Assets 12,242 10,695
Total 149,420 136,247
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt
and capital lease obligations 5,340 2,753
Trade accounts payable 4,919 6,613
Other current liabilities 9,411 7,280
Total current liabilities 19,670 16,646
Long-Term Liabilities
Long-term debt and capital lease obligations 30,908 23,592
Accrued retirement benefits 23,050 22,920
Equity in losses of joint venture 8,745 7,969
Other long-term liabilities 2,179 2,628
Total long-term liabilities 64,882 57,109
Stockholders' Equity
Common stock, no par value - 7,200,000 shares
authorized, 7,188,500 issued and outstanding 12,318 12,318
Retained earnings 52,550 50,174
Stockholders' equity 64,868 62,492
Total $149,420 $ 136,247
See accompanying Notes to Condensed Financial Statements.
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(UNAUDITED)
Three Months Ended
9/30/99 9/30/98
(Dollars in Thousands
Except Share Amounts)
Revenues
Net sales $31,277 $30,717
Operating income 8,077 6,890
Other income 305 100
Total Revenues 39,659 37,707
Costs and Expenses
Cost of goods sold 21,592 21,458
Operating expenses 6,769 6,447
Shipping and marketing 4,484 4,437
General and administrative 4,089 3,758
Interest 457 793
Equity in losses of joint ventures 237 167
Total Costs and Expenses 37,628 37,060
Income Before Income Taxes 2,031 647
Income Tax Expense 761 246
Net Income 1,270 401
Retained Earnings, Beginning of Period 51,280 46,395
Retained Earnings, End of Period 52,550 46,796
Per Common Share
Net income $ .18 $ .06
See accompanying Notes to Condensed Financial Statements.
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(UNAUDITED)
Nine Months Ended
9/30/99 9/30/98
(Dollars in Thousands
Except Share Amounts)
Revenues
Net sales $76,574 $73,138
Operating income 26,273 22,298
Other income 830 876
Total Revenues 103,677 96,312
Costs and Expenses
Cost of goods sold 50,110 50,860
Operating expenses 20,191 19,449
Shipping and marketing 13,851 11,605
General and administrative 12,309 10,926
Interest 1,349 2,301
Equity in losses of joint ventures 654 814
Total Costs and Expenses 98,464 95,955
Income Before Income Taxes 5,213 357
Income Tax Expense 1,938 139
Net Income 3,275 218
Retained Earnings, Beginning of Period 50,174 46,578
Cash Dividends (899) --
Retained Earnings, End of Period 52,550 46,796
Per Common Share
Net income .46 .03
Dividends $ .125 $ --
See accompanying Notes to Condensed Financial Statements.
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
9/30/99 9/30/98
(Dollars in Thousands)
Net Cash Provided by (Used in)
Operating Activities $ 1,331 $ (933)
Investing Activities
Purchases of property (10,713) (5,354)
Proceeds from disposal of property 418 601
Contributions to joint ventures (575) (275)
Increases in deferred costs and other (1,979) (1,518)
Net Cash Used in Investing Activities (12,849) (6,546)
Financing Activities
Payments of long-term debt and capital
lease obligations (1,726) (6,662)
Proceeds from long-term debt 11,131 13,100
Proceeds from short-term debt 498 --
Dividend paid (899) --
Other 339 --
Net Cash Provided by Financing Activities 9,343 6,438
Net Decrease in Cash (2,175) (1,041)
Cash and Cash Equivalents
at Beginning of Period 3,447 1,611
Cash and Cash Equivalents
at End of Period $ 1,272 $ 570
Supplemental Disclosure and Cash Flow Information - Interest (net
of amounts capitalized) of $1,235,000 and $2,727,000 was paid
during the nine months ended September 30, 1999 and 1998,
respectively. Income taxes of $1,493,000 and $516,000 were paid
during the nine months ended September 30, 1999 and 1998,
respectively.
See accompanying Notes to Condensed Financial Statements.
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
1. In the opinion of management, the accompanying condensed
financial statements contain all normal and recurring adjustments
necessary to present a fair statement of financial position,
results of operations and cash flows for the interim periods
ended September 30, 1999 and 1998.
2. The Company's reports for interim periods utilize numerous
estimates of production cost, general and administrative
expenses, and other costs for the full year. Consequently,
amounts in the interim reports are not necessarily indicative of
results for the full year.
3. The effective tax rate for 1999 and 1998 differs from the
statutory federal rate of 34% primarily because of the state tax
provision and refundable state tax credits.
4. Accounts and notes receivable are reflected net of allowance
for doubtful accounts of $746,000 and $493,000 at September 30,
1999 and December 31, 1998, respectively.
5. Inventories as of September 30, 1999 and December 31, 1998
were as follows
(in thousands):
9/30/99 12/31/98
Pineapple products
Finished goods $10,915 $ 5,979
Work in progress 1,246 839
Raw materials 1,211 1,562
Real estate held for sale 343 1,083
Merchandise, materials and supplies 6,300 6,057
Total Inventories $20,015 $15,520
6. Business Segment Information (in thousands):
Three Months Ended Nine Months Ended
September 30 September 30
1999 1998 1999 1998
Revenues
Pineapple $ 28,337 $ 28,235 $ 67,505 $ 65,261
Resort 10,118 8,472 32,919 27,908
Commercial
& Property 1,201 1,000 3,155 3,127
Other 3 -- 98 16
Total Revenues 39,659 37,707 103,677 96,312
Operating Profit (Loss)
Pineapple 2,034 1,625 5,276 1,425
Resort 799 131 3,558 2,457
Commercial
& Property (76) (59) (457) (459)
Other (269) (257) (1,815) (765)
Total Operating
Profit 2,488 1,440 6,562 2,658
Interest Expense 457 793 1,349 2,301
Income Before
Income Taxes $ 2,031 $ 647 $ 5,213 $ 357
7. Average common shares outstanding for the interim periods
ended September 30, 1999 and 1998 were 7,188,500.
8. In December of 1998, the presentation of "operating profit
(loss)" was modified to include allocated expenses of centralized
functions and the part of corporate administration attributable
to the business segment. Operating profits for prior periods
have been restated to conform to the current presentation.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
RESULTS OF OPERATIONS
Consolidated
Consolidated net income for the third quarter of 1999 was
$1,270,000 compared to $401,000 for the third quarter of 1998.
Revenues of $40 million for the third quarter of 1999 were 5%
higher than the third quarter of 1998.
For the first nine months of 1999, the Company produced net
income of $3,275,000 compared to net income of $218,000 for the
first nine months of 1998. Revenues for the first nine months of
1999 were 8% higher than the same period in 1998.
General and administrative expenses increased by 9% and 13%,
respectively, for the third quarter and first nine months of 1999
as compared to the same periods in 1998. General and
administrative expense for 1999 includes a second quarter write-
off of $1.1 million of previously deferred costs for consultants
engaged to analyze and develop potential strategic plans for the
Company. For the third quarter and the first nine months of
1999, higher payroll costs, increased expense for outside
consultants and write-offs of previously deferred costs were
partially offset by reductions in pension and other
postretirement expenses.
Interest expense was lower by over 40% for the third quarter and
first nine months of 1999, compared to the same periods in 1998
due to lower average borrowings, lower average interest rates and
a larger amount of interest capitalized in 1999 compared to 1998.
Borrowings were lower in 1999 because of the retirement of
certain debt in December 1998 and higher cash flows from
operating activities during 1999.
Pineapple
Revenues from Pineapple operations were slightly higher for the
third quarter of 1999 compared to the third quarter of 1998. For
the first nine months of 1999, revenues were 3% higher than the
same period in 1998. Pineapple operations produced an operating
profit of $2 million for the third quarter of 1999 compared to
$1.6 million for the third quarter of 1998. For the first nine
months of 1999, the Pineapple segment reported operating profit
of $5.3 million compared to $1.4 million for the first nine
months in 1998.
These results primarily reflect higher average prices for canned
pineapple in 1999, which more than offset lower case sales volume
and higher average cost of sales per case. Higher average prices
in 1999 were largely the result of a lower volume of imports of
canned pineapple products into the United States that began in
late 1998. The lower volume of imports was caused by various
factors including adverse weather in the Far East, which reduced
the quality and quantity of pineapple available. More normal
growing conditions are being experienced in the Far East and
imports of canned pineapple products and competitive pressure on
prices increased during the third quarter of 1999.
In late July 1999, the United States Court of Appeals for the
Federal Circuit reversed the decision of the United States Court
of International Trade (USCIT) on the Company's 1994 antidumping
petition against canned pineapple fruit from Thailand. The USCIT
decision if upheld, would have substantially reduced the duties
currently being imposed. The Appeals Court decision, in effect,
affirms the existing duties on imports established by the
Department of Commerce.
The Department of Commerce has begun its fourth annual review of
the pineapple antidumping duties. The results of this review are
important to the Company because a "Sunset Review" of the duties
will take place in summer 2000. For a continuation of existing
duties, the Company must convince the International Trade
Commission during the Sunset Review that elimination of the
duties will potentially cause injury to the Company. Elimination
of the import duties could have a material adverse effect on the
Company's operating results.
Resort
Revenues from the Company's Kapalua Resort segment were $10.1
million for the third quarter of 1999 compared to $8.5 million
for the third quarter of 1998. For the first nine months of
1999, Resort revenues were $32.9 million compared to $27.9
million for the first nine months of 1998. The operating profit
from the Resort was $799,000 for the third quarter of 1999
compared to $131,000 for the third quarter of 1998. For the
first nine months of 1999, Resort operating profit was $3.6
million compared to $2.5 million for the first nine months of
1998. Approximately 36% of the increase in revenues for the
first nine months of 1999 was due to tournament operations fees
received as a result of hosting the Mercedes Championships held
in January of 1999. Costs and expenses to host the tournament
more than offset the tournament operations fees and were charged
primarily to marketing expense in the first quarter of 1999.
Higher Resort marketing expense is largely the reason for the
increase in consolidated Shipping and Marketing expenses for the
first nine months of 1999 compared to the same period in 1998.
The increase in revenues and operating profit in the third
quarter and first nine months of 1999 were primarily attributable
to improved results from golf, retail, villa rental operations
and the hotel ground leases. Higher average green fees, an
increase in the number of paid rounds of golf, increased
merchandise sales volume and higher room occupancies throughout
Kapalua Resort contributed to the improved results.
Construction of 14 single-family lots in Plantation Estates Phase
II began the first week in November and is expected to be
completed during the first quarter of 2000. Sales contracts have
been executed for 13 of the lots. For sales that close prior to
completion of construction, the Company will recognize profit on
a percentage-of-completion method. Construction cost for this
project will be funded with the proceeds of lot sales.
Commercial & Property
Revenues from the Commercial & Property segment was $1.2 million
for the third quarter of 1999 compared to $1 million for the
third quarter of 1998. For the first nine months of 1999
Commercial & Property revenues of $3.2 million were $28,000
higher than the same period in 1998. Increased revenues in the
third quarter of 1999 was the result of a land sale in September
of 1999. The segment generated an operating loss of $76,000 for
the third quarter of 1999 compared to $59,000 for the third
quarter of 1998. For the first nine months of 1999 the operating
loss from this segment was $457,000 compared to $459,000 for the
first nine months of 1998.
The Company's loss from its investment in Kaahumanu Center was
$251,000 for the third quarter of 1999 compared to $198,000 for
the third quarter of 1998. For the first nine months of 1999 the
Company's loss from Kaahumanu Center was $720,000 compared to
$849,000 for the first nine months of 1998. Higher employment
costs as a result of increased personnel and wage increases were
primarily responsible for the lower results for the third
quarter. Improved results for the first nine months of 1999 was
attributable to lower bad debt expense.
LIQUIDITY, CAPITAL RESOURCES AND OTHER
Total debt including capital leases was $36.2 million at
September 30, 1999, compared to $26.3 million at December 31,
1998. The increase in outstanding debt at the end of September
primarily reflects the seasonal investment in finished goods
inventory from the pineapple canning season that peaks in
September, cash outflows for capital expenditures and reduced
cash flows from accounts receivable. A large part of the
increase in consolidated accounts and notes receivable reflects
the normal pattern of pineapple sales activity during the third
quarter.
Outstanding debt is expected to decrease in the last quarter of
the year as pineapple inventory levels are reduced by sales.
Unused short- and long-term lines of credit available to the
Company at September 30, 1999, including the $15 million
development line of credit for construction of the Village
Clubhouse and Kapalua Golf Academy, totaled $23.9 million.
Expenditures for fixed assets and deferred development costs are
estimated to be approximately $22.5 million in 1999. This amount
includes approximately $10.6 million for the clubhouse and golf
academy at Kapalua and approximately $7.6 million for replacement
of existing equipment and facilities for Pineapple and Resort
operations.
In November 1999, Kapalua Coconut Grove LLC expects to conclude a
24 month $33 million interim construction financing loan for the
construction of 36 luxury beachfront condominiums on the parcel
adjacent to the Kapalua Bay Hotel. The Company, as a 50% member
of the limited liability company, will under certain
circumstances be required to guarantee a portion of the
construction loan. Presales of the project began in August 1999
and mass grading and site work began in November 1999.
Year 2000
All of the Company's business critical information technology and
non-information technology systems have been reviewed and to the
extent necessary successfully modified and tested for the Year
2000 capability. Testing and monitoring to maintain Year 2000
readiness and programming of non-critical Year 2000 issues will
continue through the first quarter of 2000.
It is anticipated the Company's Information Services personnel
will spend approximately 50% of their time on continued testing
and monitoring and on non-critical Year 2000 programming issues
during the last quarter of 1999 and the first quarter of 2000.
The Company initiated correspondence with vendors, suppliers and
trading partners during 1998 and through the first quarter of
1999 to assess risk of business interruption by noncompliance of
third parties. The Company received responses from all of those
businesses whose noncompliance would have a material impact on
the Company. The responses indicate that these companies' data
processing systems would all be compliant by September 30, 1999.
Substantially all program modifications, upgrade installations
and testing was performed by the Company's Information Services
personnel. The Company does not separately track internal costs
incurred for Year 2000 issues. Such costs are principally
payroll and related costs for the Company's Information Services
personnel. The Company has incurred approximately $250,000 of
external costs for Year 2000 compliance to date. Based on
current information, no material future expenditures have been
identified.
This report contains forward-looking statements, within the
meaning of Private Securities Litigation Reform Act of 1995, as
to the Company's expectations for continuation of the pineapple
antidumping duties, pricing of pineapple, reduction of debt, the
development of Plantation Estates Phase II and Kapalua Coconut
Grove, Year 2000 readiness and other matters. Forward-looking
statements contained in this report or otherwise made by the
Company are subject to certain risks and uncertainties that could
cause actual results to differ materially from those in the
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, those risks and uncertainties as
disclosed in the Company's Form 10-K filing with the Securities
and Exchange Commission.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
The Company's primary market risk exposure with regard to
financial instruments is to changes in interest rates. The
Company manages this risk by monitoring interest rates and future
cash requirements, and evaluating opportunities to refinance
borrowings at various maturities and interest rates. During the
second quarter of 1999, the Company's conversion of its $15
million bridge loan into a term loan did not have a material
impact on the Company's market risk exposure due to changes in
interest rates. There were no other material changes to the
Company's market risk exposure during the first nine months of
1999.
PART II OTHER INFORMATION
Item 1. Legal Proceedings
Chemical Litigation
On August 31, 1999, a Settlement Agreement and Release of All
Claims (the "Settlement Agreement") was executed among the
Defendants and the County of Maui in Board of Water Supply of the
County of Maui vs. Shell Oil Company, et al. (the "DBCP
Litigation"). The Defendants include Dow Chemical Company
("Dow"), Occidental Chemical Corporation, Occidental Petroleum
Corporation (collectively "Occidental"), Shell Oil Company, AMVAC
Chemical Corporation, American Vanguard Corporation, Brewer
Environmental Industries, LLC, and as Third Party Defendants,
Maui Pineapple Company, Ltd. and Maui Land & Pineapple Company,
Inc. ("the Company"). Under the Settlement Agreement, the
Defendants as a group agreed to pay $3,000,000 in cash for the
installation of a charcoal filter system for one water well, the
temporary installation of a charcoal filter system for two water
wells, and other related costs. The Company's portion of this
cash payment as detailed in following paragraphs is $450,000.
The Defendants also agreed to pay 100% of the capital costs to
install charcoal filter systems and to pay ongoing operational
and maintenance costs on four other water wells specified in the
Settlement Agreement in the event that water from these wells
consistently contains levels of DBCP exceeding certain specified
levels and the water from the wells is needed by the County. In
addition, the Defendants have agreed to pay 90% of the capital
costs to install charcoal filter systems and to pay ongoing
operation and maintenance costs for wells that may be acquired by
or that may be drilled by the County if water from these wells
consistently contain levels of DBCP exceeding specified levels
and the water from these wells is needed for use by the County.
There are procedures in the Settlement Agreement under which the
Defendants can attempt to minimize the DBCP impact on future
wells by relocating the wells to areas unaffected by DBCP or by
using less costly methods to remove DBCP from the water.
Defendants are obligated to pay for these capital costs and
operation and maintenance costs through December 1, 2039, and the
obligation is limited to a maximum of fifty wells. The liability
of the Defendants under the Settlement Agreement is joint and
several.
The Settlement Agreement requires the Defendants to post as
security for their obligations a letter of credit in the amount
of $20,000,000, and to maintain the letter of credit, subject to
possible reductions in amount by virtue of payments, for the
forty-year term of the Settlement Agreement. In the event that a
claim for payment by the County is not paid on a timely basis or
in the event that the letter of credit is not renewed by the
Defendants on a timely basis, the County may draw against the
letter of credit. The letter of credit is issued on behalf of
Dow in accordance with the terms of a Contribution Agreement,
referenced below. The County has released Defendants from all
liability to the County for DBCP affecting County water wells on
the island of Maui. In addition, the Company has released
potential claims against the County for past transfers of land to
the County for well sites and for potential rental claims for
property upon which wells are situated.
Also on August 31, 1999, a Compromise and Settlement Agreement
(the "Contribution Agreement") was executed among the Defendants
in the DBCP litigation. The Defendants agreed in the Contribution
Agreement to share in various proportions the liability for the
settlement of the DBCP litigation referenced above. The Company
and Occidental agreed to pay in cash a total of $600,000 of the
$3,000,000 cash payment and to each bear 11.25% of all future costs
under the Settlement Agreement. By virtue of an additional agreement
between the Company and Occidental (referenced in the Company's
Form 10-Q for the quarter ended June 30, 1999) the Company agreed
to pay 75% of the cash costs (or $450,000 of the $600,000). The
Company also agreed to pay an additional $100,000 directly to
Occidental in reimbursement of certain legal costs and to pay one-half of
Occidental's obligations for future costs. With respect to
future costs, this means the Company is required to pay a total
of 16.875% of the future costs under the Settlement Agreement.
Under the Contribution Agreement, each of the Defendants agreed
to fund their respective proportion of the obligations under the
Settlement Agreement. In the event any of the Defendants fails
to do so, then the remaining Defendants must fund the defaulting
defendant's deficiency in order to avoid a potential default
under the Settlement Agreement. Also under the Contribution
Agreement, Dow has agreed to obtain the $20,000,000 letter of
credit required by the Settlement Agreement on behalf of all the
Defendants, which will each share in their respective proportion
of the cost of the letter of credit. In addition, in the event
that the letter of credit is drawn upon, either in whole or in
part, each Defendant is required to pay to Dow its proportionate
share of the drawing. The Contribution Agreement releases all
claims of the Defendants against each other for contribution with
respect to claims raised in the DBCP litigation.
There has been no change to the Hawaiian Insurance and Guaranty
litigation referenced in Form 10-Q for the period ended June 30,
1999. The Company established a reserve in June 1999 of
$250,000 against identifiable net liability arising out of the
foregoing cases.
Item 4. Submission of Matters to a Vote of Security-Holders
On August 23, 1999, a special meeting of the Company's
shareholders was held. Proxies for the meeting were solicited
pursuant to Regulation 14A under the Securities Exchange Act of
1934. The number of outstanding shares as of July 15, 1999, the
record date of the special meeting, was 7,188,500.
The meeting was held to vote on the following proposal:
Approval of the proposed acquisition by Stephen M. Case
of 2,962,036 shares of Common Stock of the Company
constituting approximately 41.2% of the outstanding
shares of Common stock of the Company.
The results of the voting were as follows:
Shares voted for: 6,233,693
Shares voted against: 53,645
Shares abstained: 7,890
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27) *Financial Data Schedule
As of September 30, 1999 and for the nine months then ended.
*Filed Herewith
(b) Reports on Form 8-K
The Company filed no reports on Form 8-K for the period
covered by this report.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
MAUI LAND & PINEAPPLE COMPANY, INC.
November 12, 1999 /S/ PAUL J. MEYER
Date Paul J. Meyer
Executive Vice President/Finance
(Principal Financial Officer)
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Statement of Operations for the nine months then ended, and is qualified in its
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