Maui Land & Pineapple Co. reported a net loss of $900,000, or 5 cents a share, in the first quarter of the year and that the company obtained a critical extension of two loans totaling more than $50 million that had been due Thursday.
The loans with Wells Fargo, a $32.7 million revolving line of credit with $30.6 million drawn as of March 31, and with American AgCredit for $20 million have been extended to Aug. 1, 2016, the company reported.
ML&P has pledged nearly 4,000 acres, "a significant portion of its real estate holdings," as security for the loans, an audit of the company said. The audit in the company's 2013 annual report filed earlier this year with the Securities and Exchange Commission indicated that those loan extensions were critical to the future viability of company.
For the January-to-March period, ML&P reported revenues of $2.5 million, compared to $2.6 million in 2013. The $900,000 net loss for the first quarter this year was lower than recorded in 2013, which was $1.8 million, or 20 cents a share.
The company reported no real estate sales for the quarter, but a 4-acre parcel and building, the maintenance facility for the Kapalua Plantation Golf Course, are currently being held for sale.
The company's first quarter filing with the SEC also reported no further progress in the sale of the 270-acre Lipoa Point. The company and the state Department of Land and Natural Resources, in consultation with the Hawaiian Islands Land Trust, are currently negotiating the sale of the parcel. Last year, the state Legislature approved $20 million for the purchase.
On April 23, shareholders reappointed the company's directors and approved the compensation package for executive officers of the company at its annual meeting.
The directors are Stephen Case, Warren Haruki, David Heenan, Duncan MacNaughton and Arthur C. Tokin.