Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 15, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MAUI LAND & PINEAPPLE CO INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 18,779,127 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000063330 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $479 | $359 |
Accounts receivable, less allowance of $163 for doubtful accounts | 1,493 | 1,203 |
Prepaid expenses and other assets | 538 | 596 |
Assets held for sale | 778 | 744 |
Total Current Assets | 3,288 | 2,902 |
PROPERTY | 77,266 | 77,266 |
Accumulated depreciation | -37,668 | -37,084 |
Net Property | 39,598 | 40,182 |
OTHER ASSETS | ' | ' |
Deferred development costs | 7,733 | 7,727 |
Other noncurrent assets | 2,760 | 2,942 |
Total Other Assets | 10,493 | 10,669 |
TOTAL | 53,379 | 53,753 |
CURRENT LIABILITIES | ' | ' |
Current portion of long-term debt | ' | 49,000 |
Trade accounts payable | 749 | 995 |
Payroll and employee benefits | 221 | 362 |
Current portion of accrued retirement benefits | 420 | 443 |
Income taxes payable | 999 | 1,421 |
Current portion of accrued contract terminations | 159 | 159 |
Other accrued liabilities, including deferred revenue | 2,503 | 2,216 |
Total Current Liabilities | 5,051 | 54,596 |
Long-term debt | 50,600 | ' |
Accrued retirement benefits | 20,307 | 20,867 |
Accrued contract terminations | 316 | 475 |
Other noncurrent liabilities | 4,932 | 5,046 |
Total Long-Term Liabilities | 76,155 | 26,388 |
COMMITMENTS AND CONTINGENCIES (Note 14) | ' | ' |
STOCKHOLDERS' DEFICIENCY | ' | ' |
Common stock--no par value, 43,000,000 shares authorized, 18,766,246 and 18,737,384 shares issued and outstanding | 76,976 | 76,810 |
Additional paid in capital | 9,246 | 9,245 |
Accumulated deficit | -94,503 | -93,594 |
Accumulated other comprehensive loss | -19,546 | -19,692 |
Stockholders' Deficiency | -27,827 | -27,231 |
TOTAL | $53,379 | $53,753 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance (in Dollars) | $163 | $163 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 43,000,000 | 43,000,000 |
Common stock, shares issued | 18,766,246 | 18,737,384 |
Common stock, shares outstanding | 18,766,246 | 18,737,384 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Real estate | ' | ' | ||
Commissions | $83 | $96 | ||
Leasing | 1,312 | 1,326 | ||
Utilities | 722 | 827 | ||
Resort amenities and other | 352 | 380 | ||
Total Operating Revenues | 2,469 | 2,629 | ||
Real estate | ' | ' | ||
Other | 305 | 397 | ||
Leasing | 550 | 780 | ||
Utilities | 573 | 555 | ||
Resort amenities and other | 281 | 190 | ||
General and administrative | 411 | 711 | ||
Depreciation | 584 | 686 | ||
Pension and other postretirement expenses (Note 11) | 141 | 222 | ||
Total Operating Costs and Expenses | 2,845 | 3,541 | ||
Operating Loss | -376 | [1] | -912 | [1] |
Interest expense, net | -477 | -694 | ||
Loss from Continuing Operations, net of income taxes of $0 | -853 | -1,606 | ||
Loss from Discontinued Operations (Note 7), net of income taxes of $0 | -56 | -209 | ||
NET LOSS | -909 | -1,815 | ||
Pension, net of income taxes of $0 | 146 | 228 | ||
COMPREHENSIVE LOSS | ($763) | ($1,587) | ||
--BASIC AND DILUTED | ' | ' | ||
Continuing Operations (in Dollars per share) | ($0.05) | ($0.09) | ||
Discontinued Operations (in Dollars per share) | ' | ($0.01) | ||
Net Loss (in Dollars per share) | ($0.05) | ($0.10) | ||
[1] | Includes allocations of general and administrative expenses. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Continuing Operations, income taxes | $0 | $0 |
Discontinued Operations, income taxes | 0 | 0 |
Pension, income taxes | $0 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Deficiency (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Beginning balance | ($27,231) | ($34,363) |
Beginning balance (in Shares) | 18,737,384 | ' |
Share-based compensation expense | 99 | 108 |
Issuance of shares for incentive plan | 218 | 133 |
Shares cancelled to pay tax liability | -150 | -70 |
Other comprehensive income-pension | 146 | 228 |
Net loss | -909 | -1,815 |
Ending balance | -27,827 | -35,845 |
Ending balance (in Shares) | 18,766,246 | ' |
Common Stock [Member] | ' | ' |
Beginning balance | 76,810 | 76,410 |
Beginning balance (in Shares) | 18,737,000 | 18,664,000 |
Issuance of shares for incentive plan | 218 | 133 |
Issuance of shares for incentive plan (in Shares) | 36,000 | 33,000 |
Vested restricted stock issued | 98 | 106 |
Vested restricted stock issued (in Shares) | 17,000 | 19,000 |
Shares cancelled to pay tax liability | -150 | -70 |
Shares cancelled to pay tax liability (in Shares) | -24,000 | -17,000 |
Ending balance | 76,976 | 76,579 |
Ending balance (in Shares) | 18,766,000 | 18,699,000 |
Additional Paid-in Capital [Member] | ' | ' |
Beginning balance | 9,245 | 9,236 |
Share-based compensation expense | 99 | 108 |
Vested restricted stock issued | -98 | -106 |
Ending balance | 9,246 | 9,238 |
Retained Earnings [Member] | ' | ' |
Beginning balance | -93,594 | -92,430 |
Net loss | -909 | -1,815 |
Ending balance | -94,503 | -94,245 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Beginning balance | -19,692 | -27,579 |
Other comprehensive income-pension | 146 | 162 |
Ending balance | ($19,546) | ($27,417) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NET CASH USED IN OPERATING ACTIVITIES | ($1,287) | ($1,759) |
INVESTING ACTIVITIES | ' | ' |
Purchases of property | ' | -4 |
Payments for other assets | -34 | -39 |
NET CASH USED IN INVESTING ACTIVITIES | -34 | -43 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from long-term debt | 1,600 | 1,700 |
Debt and common stock issuance cost and other | -159 | -270 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,441 | 1,430 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 120 | -372 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 359 | 829 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 479 | 457 |
Cash paid during the period: | ' | ' |
Interest (net of amounts capitalized) | 426 | 566 |
Income taxes | $150 | ' |
Supplemental_NonCash_Investing
Supplemental Non-Cash Investing and Financing Activities | 3 Months Ended | |
Mar. 31, 2014 | ||
Supplemental Cash Flow Elements [Abstract] | ' | |
Cash Flow, Supplemental Disclosures [Text Block] | ' | |
Supplemental Non-Cash Investing and Financing Activities— | ||
● | Funds related to the sale of property that were held in escrow pending the completion of post-closing obligations were $0 and $150,000 at March 31, 2014 and 2013, respectively. | |
● | $218,000 and $133,100 of common stock was issued to certain members of the Company’s management at March 31, 2014 and 2013, respectively. | |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization Consolidation And Presentation Of Financial Statements Liquidity Disclosure [Abstract] | ' |
Organization Consolidation And Presentation Of Financial Statements Liquidity Disclosure [Text Block] | ' |
1. Basis of Presentation | |
The accompanying interim unaudited condensed consolidated financial statements have been prepared by Maui Land & Pineapple Company, Inc. (together with its subsidiaries, the “Company”) in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information that are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, and pursuant to the instructions to Form 10-Q and Article 8 promulgated by Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes to financial statements required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows for the interim periods ended March 31, 2014 and 2013. The condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2013. | |
LIQUIDITY | |
The Company reported a net loss of $0.9 million for the three months ended March 31, 2014. The Company reported negative cash flows from operations of $1.3 million for the three months ended March 31, 2014. The Company had an excess of current liabilities over current assets of $1.8 million and a stockholders’ deficiency of $27.8 million at March 31, 2014. | |
The Company has two primary credit facilities that have financial covenants requiring among other things, a minimum of $3 million in liquidity (as defined), a maximum of $175 million in total liabilities, and a limitation on new indebtedness. The Company has pledged a significant portion of its real estate holdings as collateral for borrowings under these credit facilities. Both facilities were scheduled to mature in May 2014. In April 2014, the Company extended the maturity date of both credit facilities to August 1, 2016. | |
The Company’s cash outlook for the next twelve months and its ability to continue to meet its loan covenants is highly dependent on selling certain real estate assets at acceptable prices. If the Company is unable to meet its loan covenants, borrowings under the Company’s credit facilities may become immediately due, and the Company would not have sufficient liquidity to repay such outstanding borrowings. In addition, the Company is subject to several commitments and contingencies that could negatively impact its future cash flows, including required funding of the Company’s defined benefit pension plans and ongoing legal disputes related to The Residences of Kapalua Bay project. These matters are further described in Notes 11 and 14. | |
The aforementioned circumstances raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the Company will be able to successfully achieve its initiatives summarized below in order to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result should the Company be unable to continue as a going concern. | |
In response to these circumstances, the Company continues to undertake efforts to generate cash flow by employing its real estate assets in leasing and other arrangements, by the sale of several real estate assets, and by continued cost reduction efforts. |
Note_2_Use_of_Estimates
Note 2 - Use of Estimates | 3 Months Ended |
Mar. 31, 2014 | |
Use Of Estimates Disclosure [Abstract] | ' |
Use Of Estimates Disclosure [Text Block] | ' |
2. Use of Estimates | |
The Company’s reports for interim periods utilize numerous estimates of general and administrative expenses and other costs for the full year. Future actual amounts may differ from the estimates. Amounts in the interim reports are not necessarily indicative of results for the full year. |
Note_3_Average_Common_Shares_O
Note 3 - Average Common Shares Outstanding Used to Compute Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
3. Average Common Shares Outstanding Used to Compute Loss Per Share | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted | 18,747,529 | 18,673,220 | |||||||
Potentially dilutive | 74,397 | 134,989 | |||||||
Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued. | |||||||||
Potentially dilutive shares arise from non-qualified stock options to purchase common stock and non-vested restricted stock. The treasury stock method is applied to determine the number of potentially dilutive shares for non-vested restricted stock and stock options assuming that the shares of non-vested restricted stock are issued for an amount based on the grant date market price of the shares and that the outstanding stock options are exercised. These amounts were excluded because the effect would be anti-dilutive. |
Note_4_Property
Note 4 - Property | 3 Months Ended |
Mar. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Property, Plant and Equipment Disclosure [Text Block] | ' |
4. Property | |
Land | |
Most the Company’s 23,300 acres of land were acquired between 1911 and 1932 and is carried on the consolidated balance sheet at cost. Approximately 21,300 acres of land are located in West Maui and comprise a largely contiguous parcel that extends from the sea to an elevation of approximately 5,700 feet and includes approximately 900 acres within the Kapalua Resort. | |
Land Improvements and Buildings | |
Land improvements and buildings are largely comprised of restaurants, commercial retail and light industrial buildings located at the Kapalua Resort and used in the Company’s leasing operations. Some of the buildings and land improvements were constructed and placed in service in the mid-to-late 1970s. Depreciation expense would be considerably higher if fixed assets were stated at current cost. | |
Machinery and Equipment | |
Machinery and equipment are mainly comprised of zipline course equipment installed in late 2000 at the Kapalua Resort and used in the Company’s leasing operations. | |
Construction in Progress | |
Construction in progress is comprised primarily of a potable water well that was drilled and tested in Upcountry Maui but has not been placed into service. |
Note_5_Assets_Held_for_Sale
Note 5 - Assets Held for Sale | 3 Months Ended |
Mar. 31, 2014 | |
Assets Held For Sale And Real Estate Sales Disclosure [Abstract] | ' |
Assets Held For Sale And Real Estate Sales Disclosure [Text Block] | ' |
5. Assets Held for Sale | |
At March 31, 2014, assets held for sale consists of a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course. | |
At March 31, 2013, assets held for sale included a 7-acre parcel in Kahului and a 630-acre parcel in Upcountry Maui. |
Note_6_LongTerm_Debt
Note 6 - Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
6. Long-Term Debt | |||||||||
Long-term debt at March 31, 2014 and December 31, 2013 consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Wells Fargo revolving loans, 3.99% | $ | 30,600 | $ | 29,000 | |||||
American AgCredit term loan, 5.00% | 20,000 | 20,000 | |||||||
Total | 50,600 | 49,000 | |||||||
Less current portion | - | 49,000 | |||||||
Long-term debt | $ | 50,600 | $ | - | |||||
WELLS FARGO | |||||||||
The Company has a $32.7 million revolving line of credit with Wells Fargo that was scheduled to mature on May 1, 2014. In April 2014, the Company extended the maturity date to August 1, 2016. Interest rates on borrowings are at LIBOR plus 3.65% and the line of credit is collateralized by approximately 880 acres of the Company’s real estate holdings at the Kapalua Resort. The line of credit agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million, and a limitation on new indebtedness. The credit agreement includes predetermined release prices for the real property securing the credit facility. There are no commitment fees on the unused portion of the revolving facility. Absent the sale of some of its real estate holdings or refinancing, the Company does not expect to be able to pay the outstanding balance of the revolving line of credit on the maturity date. | |||||||||
AMERICAN AGCREDIT | |||||||||
The Company has a $20 million term loan with American AgCredit that was scheduled to mature on May 1, 2014. In April 2014, the Company amended its term loan agreement to extend the maturity date to August 1, 2016. The interest rate on this credit facility is based on the greater of 1.00% or the 30-day LIBOR rate, plus an applicable spread of 4.00% and provides for a reduction in the applicable spread to 3.75%, if the principal balance of the loan is reduced to $15 million. The loan agreement requires a mandatory principal repayment of $3 million by May 1, 2015 and an additional $2 million by May 1, 2016. The loan agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million and a limitation on new indebtedness. It also requires mandatory principal repayments of 100% of the net proceeds of the sale of any real property pledged as collateral for the loan and mandatory principal repayments based on predetermined percentages of 60% to 75% of the net proceeds from the sale of non-collateralized real property. The loan is collateralized by approximately 3,100 acres of the Company’s real estate holdings in West Maui and Upcountry Maui. Absent the sale of some of its real estate holdings or refinancing, the Company does not expect to be able to pay the outstanding balance under the term loan on the maturity date. | |||||||||
As of March 31, 2014, the Company believes it is in compliance with the covenants under the Wells Fargo and American AgCredit credit facilities. |
Note_7_Discontinued_Operations
Note 7 - Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||
7. Discontinued Operations | |||||||||
The Company ceased spa operations in June 2013 and beach club operations in September 2013 in conjunction with the conclusion of The Residences at Kapalua Bay foreclosure proceedings and settlement. In September 2011, the Company ceased all retail operations at the Kapalua Resort. In March 2011, the Company ceased operating the two championship golf courses at the Kapalua Resort. In December 2009, the Company ceased all agriculture operations. Accordingly, the operating results including any gains or losses from the disposal of assets related to these former operations have been reported as discontinued operations in the accompanying consolidated financial statements. | |||||||||
The revenues and income (loss) before income tax benefits for the discontinued operations were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Revenues | |||||||||
Spa & Beach Club | $ | - | $ | 725 | |||||
Total | $ | - | $ | 725 | |||||
Income (loss) from Discontinued Operations | |||||||||
Spa & Beach Club | $ | - | $ | (201 | ) | ||||
Golf courses | - | - | |||||||
Retail | (24 | ) | (1 | ) | |||||
Agriculture | (32 | ) | (7 | ) | |||||
Total | $ | (56 | ) | $ | (209 | ) | |||
Note_8_Recently_Issued_Account
Note 8 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
8. Recently Issued Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standards Update (ASU) No. 2013-11, Income Taxes (Topic 740)— Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires unrecognized tax benefits, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except when such a loss or credit carryforward is not available at the reporting date, in which case the unrecognized tax benefit should be presented as a liability. The amendments in this ASU should be applied prospectively, and are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360)— Reporting Discontinued Operations and Disclosures of Disposals of an Entity. This ASU changes the criteria for reporting discontinued operations where only disposals representing a strategic shift in operations should be presented as discontinued operations. Additionally, the new guidance requires expanded disclosures that will provide financial statement users with more information about the discontinued operations assets, liabilities, income, expenses and pre-tax income. The amendments in this ASU may be early adopted, but only for disposals (or classifications held for sale) that have not been reported in financial statements previously issued. The amendments in the ASU should be applied prospectively for annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements. |
Note_9_Accrued_Contract_Termin
Note 9 - Accrued Contract Terminations | 3 Months Ended |
Mar. 31, 2014 | |
Accrued Contract Termination Disclosure [Abstract] | ' |
Accrued Contract Termination Disclosure [Text Block] | ' |
9. Accrued Contract Terminations | |
In November 2013, the Company and the other parties involved in The Residences at Kapalua Bay development project reached a comprehensive settlement with respect to numerous issues and disputes surrounding the project. As part of its portion of the settlement, the Company committed to pay $0.6 million over the next four years for the annual dues of the 132 releasing fractional owners, of which $0.5 million remained outstanding as of March 31, 2014. In addition, the Company agreed to pay $29,000 monthly for continued access to the Kapalua Spa and Beach Club for its Kapalua Club members. |
Note_10_ShareBased_Compensatio
Note 10 - Share-Based Compensation | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||
10. Share-Based Compensation | |||||||||||||||||||||
The total compensation expense recognized for share-based compensation was $99,000 and $108,000 for the three months ended March 31, 2014 and 2013, respectively. There was no tax benefit or expense related thereto for each period presented. Recognized stock compensation was reduced for estimated forfeitures prior to vesting primarily based on historical annual forfeiture rates of approximately 0% and 3.1%, as of March 31, 2014 and 2013, respectively. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. Executive officers and management were awarded an incentive bonus of $218,000 and $133,100 in February 2014 and 2013, respectively, based on meeting certain performance metrics included in the Executive and Key Management Compensation Plan. In accordance with the plan, the incentive award was settled through the issuance of 35,917 and 33,187 shares of common stock in February 2014 and 2013, respectively. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
A summary of stock option award activity as of and for the three months ended March 31, 2014 is as follows: | |||||||||||||||||||||
Shares | Weighted | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Grant-Date | Remaining | Value | ||||||||||||||||||
Price | Fair Value | Contractual | $(000)(1) | ||||||||||||||||||
Term (years) | |||||||||||||||||||||
Outstanding at December 31, 2013 | 60,000 | $ | 19.63 | ||||||||||||||||||
Forfeited or cancelled | — | $ | — | $ | — | ||||||||||||||||
Outstanding at March 31, 2014 | 60,000 | $ | 19.63 | $ | 7.33 | 3.1 | $ | — | |||||||||||||
Exercisable at March 31, 2014 | 60,000 | $ | 19.63 | $ | 7.33 | 3.1 | $ | — | |||||||||||||
Expected to vest at March 31, 2014 (2) | — | $ | — | $ | — | — | $ | — | |||||||||||||
(1) | For in-the-money options | ||||||||||||||||||||
-2 | Options expected to vest reflect estimated forfeitures | ||||||||||||||||||||
There were no stock options granted or exercised in the three months ended March 31, 2014 or 2013. The fair values of shares vested were $12,000 for the three months ended March 31, 2014 and 2013. As of March 31, 2014, there was no unamortized compensation expense for awards granted under the stock option plans that is expected to be recognized over a weighted average period of 1 year. | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||
During the three months ended March 31, 2014, 17,398 shares of restricted stock vested as directors’ and management service requirements were met. | |||||||||||||||||||||
A summary of the activity for nonvested restricted stock awards as of and for the three months ended March 31, 2014 is as follows: | |||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
Average | |||||||||||||||||||||
Grant-Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Nonvested balance at December 31, 2013 | 31,795 | $ | 5.79 | ||||||||||||||||||
Vested | (17,398 | ) | $ | 4.81 | |||||||||||||||||
Nonvested balance at March 31, 2014 | 14,397 | $ | 5.97 | ||||||||||||||||||
Note_11_Components_of_Net_Peri
Note 11 - Components of Net Periodic Benefit Cost | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||
11. Components of Net Periodic Benefit Cost | |||||||||
The net periodic benefit costs for pension benefits for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Interest cost | $ | 772 | $ | 720 | |||||
Expected return on plan assets | (777 | ) | (726 | ) | |||||
Recognized actuarial loss | 146 | 228 | |||||||
Net expense | $ | 141 | $ | 222 | |||||
The Company’s cessation of its pineapple operations at the end of 2009 and the corresponding reduction in the active participant count for the Pension Plan for Bargaining Unit and Hourly Employees (Bargaining Plan) triggered the requirement that the Company provide security to the Pension Benefits Guaranty Corporation (PBGC) of approximately $5.2 million to support the unfunded liabilities of the Bargaining Plan. In April 2011, the Company executed a settlement agreement with the PBGC and pledged security of approximately 1,400 acres in West Maui that will be released in five years if the Company does not otherwise default on the agreement. | |||||||||
The Company was advised in October 2011 that the cessation of its golf operations and the corresponding reduction in the active participant count for the Bargaining Plan and the Pension Plan for Non-Bargaining Unit Employees triggered the requirement that the Company provide additional security to the PBGC of approximately $18.7 million to support the unfunded liabilities of the two pension plans or to make contributions to the plans in excess of the minimum required amounts. In November 2012, the Company executed a settlement agreement with the PBGC and pledged security of approximately 7,000 acres in West Maui that will be released in five years if the Company does not otherwise default on the agreement. No formal appraisal or determination of the fair value of the 7,000 acres was performed by the Company in connection with the settlement agreement with the PBGC. | |||||||||
In June 2013, the State of Hawaii enacted a bill directing the Department of Land and Natural Resources (DLNR), in consultation with the Hawaiian Islands Land Trust, to engage in the purchase of an approximately 270-acre parcel of former agricultural land in West Maui, known as Lipoa Point, from the Company. The bill further requires the DLNR to ensure to the maximum extent practicable that the Company uses the proceeds of the sale to benefit the Company’s defined benefit pension plans. As of March 31, 2014, the Company had unfunded pension fund liabilities of $20.7 million. The unfunded obligations are secured by approximately 8,400 acres in West Maui with a carrying value of $1.8 million, which includes Lipoa Point. The passage of the bill does not obligate the DLNR to purchase the property or obligate the Company to sell the property. Any such sale would be subject to negotiation between the parties, including the purchase price. There is no certainty that any such sale will take place, and even if it does, the amount by which the Company’s unfunded pension fund liabilities would be reduced is uncertain. Any such reduction may not be sufficient to release the security interest on any of the Company’s other West Maui real estate holdings securing the Company’s unfunded pension fund liabilities. | |||||||||
The minimum required contributions to the Company’s defined benefit pension plans in 2014 are expected to be $2.8 million, of which $0.5 million has been funded through March 31, 2014. |
Note_12_Income_Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
12. Income Taxes | |
The effective tax rate for 2014 and 2013 reflects the recognition of expected federal alternative minimum tax liabilities and interim period tax benefits and changes to the tax valuation allowance. | |
The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Interest accrued related to unrecognized tax benefits is recognized as interest expense and penalties are recognized in general and administrative expense in the Company’s condensed consolidated statements of operations and comprehensive loss; and such amounts are included in income taxes payable on the Company’s condensed consolidated balance sheets. | |
In April 2013, the Company and the IRS arrived at a settlement which concluded the IRS examination of the Company’s federal income tax returns for 2003 through 2008. Under terms of the settlement, the Company agreed to pay $1.8 million to the IRS, of which $0.9 million was paid as of March 31, 2014. |
Note_13_Operating_Segment_Info
Note 13 - Operating Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||
13. Operating Segment Information | |||||||||
The Company’s presentation of its reportable operating segments is consistent with how the Company’s chief operating decision maker determines the allocation of resources. Reportable segments are as follows: | |||||||||
• | Real Estate includes the development and sale of real estate inventory and the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort. | ||||||||
• | Leasing primarily includes revenues and expenses from real property leasing activities, license fees and royalties for the use of certain of the Company’s trademarks and brand names by third parties, and the cost of maintaining the Company’s real estate assets, including conservation activities. | ||||||||
• | Utilities primarily include the operations of Kapalua Water Company and Kapalua Waste Treatment Company, the Company’s water and sewage transmission operations (regulated by the Hawaii Public Utilities Commission) servicing the Kapalua Resort. The operating segment also includes the management of ditch, reservoir and well systems that provide non-potable irrigation water to West and Upcountry Maui areas. | ||||||||
• | Resort Amenities include a membership program that provides certain benefits and privileges within the Kapalua Resort for its members. | ||||||||
Financial results for each of the Company’s reportable segments for the three months ended March 31, 2014 and 2013 were as follows: | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Operating Revenues | |||||||||
Real Estate | $ | 83 | $ | 96 | |||||
Leasing | 1,312 | 1,326 | |||||||
Utilities | 722 | 827 | |||||||
Resort Amenities | 327 | 376 | |||||||
Other | 25 | 4 | |||||||
Total Operating Revenues | $ | 2,469 | $ | 2,629 | |||||
Operating Income (Loss) (1) | |||||||||
Real Estate | $ | (336 | ) | $ | (491 | ) | |||
Leasing | 224 | (141 | ) | ||||||
Utilities | 12 | 109 | |||||||
Resort Amenities | 9 | 114 | |||||||
Other (2) | (285 | ) | (503 | ) | |||||
Total Operating Loss | (376 | ) | (912 | ) | |||||
Interest Expense, net | (477 | ) | (694 | ) | |||||
Loss from Continuing Operations | (853 | ) | (1,606 | ) | |||||
Loss from Discontinued Operations (Note 7) | (56 | ) | (209 | ) | |||||
Net Loss | $ | (909 | ) | $ | (1,815 | ) | |||
-1 | Includes allocations of general and administrative expenses. | ||||||||
-2 | Consists primarily of miscellaneous transactions and unallocated general and administrative, pension and other post-retirement expenses. | ||||||||
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
14. Commitments and Contingencies | |
Discontinued Operations | |
On April 19, 2011, a lawsuit was filed against the Company’s wholly owned subsidiary Maui Pineapple Company, Ltd. (MPC) and several other Hawaii based farms by the Equal Employment Opportunity Commission (EEOC). The lawsuit alleges the farms should be held liable for illegal acts by Global Horizons, Inc., a company that had hired Thai workers to work at the farms. The lawsuit was filed in the United States District Court, District of Hawaii, as Civil Action No. 11-00257. On June 13, 2013, the EEOC filed a motion to add as defendants Maui Land & Pineapple Company, Inc. and Hali’imaile Pineapple Company, Ltd. On September 10, 2013, the Court denied the EEOC’s motion. MPC believes it was not involved in any wrongdoing, disagrees with the charges and is defending itself. Because this lawsuit is in its early stages and has not gone to trial, MPC is presently unable to estimate the amount, or range of amounts, of any probable liability, if any, related to this matter and no provision has been made in the accompanying condensed consolidated financial statements. | |
Pursuant to a 1999 settlement agreement with the County of Maui, the Company and several chemical manufacturers have agreed that until December 1, 2039, they will pay for 90% of the capital costs to install filtration systems in any future water wells if the presence of a nematocide, commonly known as DBCP, exceeds specified levels, and for the ongoing maintenance and operating cost for filtration systems on existing and future wells. The Company estimated its share of the cost to operate and maintain the filtration systems for the existing wells, and its share of the cost of a letter of credit used to secure its obligations, and as of March 31, 2014 has recorded a reserve for environmental liability of $59,000. The Company is presently not aware of any plans by the County of Maui to install other filtration systems or to drill any water wells in areas affected by agricultural chemicals. Accordingly, a reserve for costs relating to any future wells has not been recorded because the Company is not able to reasonably estimate the amount of liability, if any. | |
Kapalua Bay | |
On May 23, 2011, a lawsuit was filed against multiple parties including the Company by purchasers of two units at the project formerly known as The Ritz-Carlton Residences at Kapalua Bay. The lawsuit was filed in the Circuit Court of the Second Circuit, State of Hawaii pursuant to Civil No. 11-1-0216-(3). The lawsuit alleges deceptive acts, intentional misrepresentation, concealment, and negligent misrepresentation, among other allegations with regard to the sale of the two residential units and seeks unspecified damages, treble damages and other relief. The Company disagrees with the allegations and plans to vigorously defend itself. Because this lawsuit is in its early stages and has not gone to trial, the Company is presently unable to estimate the amount, or range of amounts, of any probable liability, if any, related to this matter and no provision has been made in the accompanying condensed consolidated financial statements. | |
On June 7, 2012, a group of owners of 12 whole-ownership units at the project formerly known as The Ritz-Carlton Club and Residences, Kapalua Bay filed a lawsuit against multiple parties including the Company. The Company believes it has not been involved in any wrongdoing, disagrees with the charges and plans to vigorously defend itself. Because this lawsuit is in its early stages and has not gone to trial, the Company is presently unable to estimate the amount, or range of amounts, of any probable liability, if any, related to this matter and no provision has been made in the accompanying condensed consolidated financial statements. | |
On June 19, 2013, a lawsuit was filed against multiple parties including the Company by several owners of timeshare condominium interests in the project formerly known as The Ritz-Carlton Residences at Kapalua Bay (Fractional Interests). The lawsuit was filed in the Circuit Court of the Second Circuit, State of Hawaii, pursuant to Civil No. 13-1-0640-(2). The lawsuit alleges unfair and deceptive trade practices, negligent misrepresentations, omissions, concealment, and fraud in the inducement among other allegations with regards to the marketing and sales of certain Fractional Interests and seeks unspecified damages, treble damages and other relief. The Company disagrees with the allegations and plans to vigorously defend itself. Because this lawsuit is in its early stages and has not gone to trial, the Company is presently unable to estimate the amount, or range of amounts, of any probable liability, if any, related to this matter and no provision has been made in the accompanying condensed consolidated financial statements. | |
In addition to the matters noted above, there are various other claims and legal actions pending against the Company. In the opinion of management, after consultation with legal counsel, the resolution of these other matters is not expected to have a material adverse effect on the Company’s financial position or results of operations. |
Note_15_Fair_Value_Measurement
Note 15 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' |
15. Fair Value Measurements | |
GAAP establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements to enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. GAAP requires that financial assets and liabilities be classified and disclosed in one of the following three categories: | |
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | |
Level 3: Unobservable inputs that are not corroborated by market data. | |
The fair value of cash, receivables and payables approximate their carrying value due to the short-term nature of the instruments. The valuation is based on settlements of similar financial instruments all of which are short-term in nature and are generally settled at or near cost. The fair value of debt was estimated based on borrowing rates currently available to the Company for debt with similar terms and maturities. The carrying amount of debt at March 31, 2014 and December 31, 2013 was $50,600,000 and $49,000,000, respectively, which approximated fair value. The fair value of cash and debt has been classified as level 1 and level 2 measurements, respectively. |
Note_3_Average_Common_Shares_O1
Note 3 - Average Common Shares Outstanding Used to Compute Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Basic and diluted | 18,747,529 | 18,673,220 | |||||||
Potentially dilutive | 74,397 | 134,989 |
Note_6_LongTerm_Debt_Tables
Note 6 - Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Wells Fargo revolving loans, 3.99% | $ | 30,600 | $ | 29,000 | |||||
American AgCredit term loan, 5.00% | 20,000 | 20,000 | |||||||
Total | 50,600 | 49,000 | |||||||
Less current portion | - | 49,000 | |||||||
Long-term debt | $ | 50,600 | $ | - |
Note_7_Discontinued_Operations1
Note 7 - Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Revenues | |||||||||
Spa & Beach Club | $ | - | $ | 725 | |||||
Total | $ | - | $ | 725 | |||||
Income (loss) from Discontinued Operations | |||||||||
Spa & Beach Club | $ | - | $ | (201 | ) | ||||
Golf courses | - | - | |||||||
Retail | (24 | ) | (1 | ) | |||||
Agriculture | (32 | ) | (7 | ) | |||||
Total | $ | (56 | ) | $ | (209 | ) |
Note_10_ShareBased_Compensatio1
Note 10 - Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
Shares | Weighted | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Average | Intrinsic | ||||||||||||||||||
Exercise | Grant-Date | Remaining | Value | ||||||||||||||||||
Price | Fair Value | Contractual | $(000)(1) | ||||||||||||||||||
Term (years) | |||||||||||||||||||||
Outstanding at December 31, 2013 | 60,000 | $ | 19.63 | ||||||||||||||||||
Forfeited or cancelled | — | $ | — | $ | — | ||||||||||||||||
Outstanding at March 31, 2014 | 60,000 | $ | 19.63 | $ | 7.33 | 3.1 | $ | — | |||||||||||||
Exercisable at March 31, 2014 | 60,000 | $ | 19.63 | $ | 7.33 | 3.1 | $ | — | |||||||||||||
Expected to vest at March 31, 2014 (2) | — | $ | — | $ | — | — | $ | — | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
Average | |||||||||||||||||||||
Grant-Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Nonvested balance at December 31, 2013 | 31,795 | $ | 5.79 | ||||||||||||||||||
Vested | (17,398 | ) | $ | 4.81 | |||||||||||||||||
Nonvested balance at March 31, 2014 | 14,397 | $ | 5.97 |
Note_11_Components_of_Net_Peri1
Note 11 - Components of Net Periodic Benefit Cost (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Interest cost | $ | 772 | $ | 720 | |||||
Expected return on plan assets | (777 | ) | (726 | ) | |||||
Recognized actuarial loss | 146 | 228 | |||||||
Net expense | $ | 141 | $ | 222 |
Note_13_Operating_Segment_Info1
Note 13 - Operating Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Operating Revenues | |||||||||
Real Estate | $ | 83 | $ | 96 | |||||
Leasing | 1,312 | 1,326 | |||||||
Utilities | 722 | 827 | |||||||
Resort Amenities | 327 | 376 | |||||||
Other | 25 | 4 | |||||||
Total Operating Revenues | $ | 2,469 | $ | 2,629 | |||||
Operating Income (Loss) (1) | |||||||||
Real Estate | $ | (336 | ) | $ | (491 | ) | |||
Leasing | 224 | (141 | ) | ||||||
Utilities | 12 | 109 | |||||||
Resort Amenities | 9 | 114 | |||||||
Other (2) | (285 | ) | (503 | ) | |||||
Total Operating Loss | (376 | ) | (912 | ) | |||||
Interest Expense, net | (477 | ) | (694 | ) | |||||
Loss from Continuing Operations | (853 | ) | (1,606 | ) | |||||
Loss from Discontinued Operations (Note 7) | (56 | ) | (209 | ) | |||||
Net Loss | $ | (909 | ) | $ | (1,815 | ) |
Supplemental_NonCash_Investing1
Supplemental Non-Cash Investing and Financing Activities (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Escrow Deposits Related to Property Sales | $0 | $150,000 |
Stock Issued | $218,000 | $133,100 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 1 - Basis of Presentation (Details) [Line Items] | ' | ' | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | ($909,000) | ($1,815,000) | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -1,287,000 | -1,759,000 | ' | ' |
Negative Working Capital | 1,800,000 | ' | ' | ' |
Stockholders' Equity Attributable to Parent | -27,827,000 | -35,845,000 | -27,231,000 | -34,363,000 |
Minimum [Member] | ' | ' | ' | ' |
Note 1 - Basis of Presentation (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Covenant Required Liquidity | 3,000,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Note 1 - Basis of Presentation (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Covenant Required Liabilities | $175,000,000 | ' | ' | ' |
Note_3_Average_Common_Shares_O2
Note 3 - Average Common Shares Outstanding Used to Compute Loss Per Share (Details) - Earnings (Loss) Per Share Computation | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings (Loss) Per Share Computation [Abstract] | ' | ' |
Basic and diluted | 18,747,529 | 18,673,220 |
Potentially dilutive | 74,397 | 134,989 |
Note_4_Property_Details
Note 4 - Property (Details) (Land [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
ft | |
acre | |
Note 4 - Property (Details) [Line Items] | ' |
Area of Land | 23,300 |
West Maui [Member] | ' |
Note 4 - Property (Details) [Line Items] | ' |
Area of Land | 21,300 |
Area of Elevation from Sea (in Feet) | 5,700 |
Area of Land Designated | 900 |
Note_5_Assets_Held_for_Sale_De
Note 5 - Assets Held for Sale (Details) (Real Estate [Member]) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
Kapalua Plantation Golf Course [Member] | Central Maui [Member] | Upcountry Maui [Member] | |
acre | acre | acre | |
Note 5 - Assets Held for Sale (Details) [Line Items] | ' | ' | ' |
Area of Real Estate Property | 4 | 7 | 630 |
Note_6_LongTerm_Debt_Details
Note 6 - Long-Term Debt (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
acre | ||
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Long-term Debt | $50,600,000 | $49,000,000 |
May 1, 2015 [Member] | American AgCredit Term Loan [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Debt Instrument Amount of Principal Balance that could be Outstanding at Specified Date | 3,000,000 | ' |
May 1, 2016 [Member] | American AgCredit Term Loan [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Debt Instrument Amount of Principal Balance that could be Outstanding at Specified Date | 2,000,000 | ' |
London Interbank Offered Rate (LIBOR) [Member] | Wells Fargo Revolving Loans [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.65% | ' |
London Interbank Offered Rate (LIBOR) [Member] | American AgCredit Term Loan [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ' |
Wells Fargo Revolving Loans [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 32,700,000 | ' |
Pledged Assets Not Separately Reported Area of Real Estate (in Acres) | 880 | ' |
Debt Instrument, Covenant Required Liabilities | 175,000,000 | ' |
Line of Credit Facility, Commitment Fee Amount | 0 | ' |
Long-term Debt | 30,600,000 | 29,000,000 |
American AgCredit Term Loan [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Pledged Assets Not Separately Reported Area of Real Estate (in Acres) | 3,100 | ' |
Long-term Debt | 20,000,000 | 20,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% |
Debt Instrument Basis Spread on Variable Rate after Tiered Reduction | 0.0375 | ' |
Debt Instrument Mandatory Principal Repayments as Percentage Net Proceeds of Sale of Real Estate Property Pledged as Collateral | 100.00% | ' |
Minimum [Member] | Wells Fargo Revolving Loans [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Debt Instrument, Covenant Required Liabilities | 3,000,000 | ' |
Minimum [Member] | American AgCredit Term Loan [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Long-term Debt | 15,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ' |
Debt Instrument, Covenant Required Liquidity | 3,000,000 | ' |
Debt Instrument Mandatory Principal Repayments as Percentage Net Proceeds of Sale of Non Collateralized Real Property | 60.00% | ' |
Minimum [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Debt Instrument, Covenant Required Liquidity | 3,000,000 | ' |
Maximum [Member] | American AgCredit Term Loan [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Debt Instrument, Covenant Required Liabilities | 175,000,000 | ' |
Debt Instrument Mandatory Principal Repayments as Percentage Net Proceeds of Sale of Non Collateralized Real Property | 75.00% | ' |
Maximum [Member] | ' | ' |
Note 6 - Long-Term Debt (Details) [Line Items] | ' | ' |
Debt Instrument, Covenant Required Liabilities | $175,000,000 | ' |
Note_6_LongTerm_Debt_Details_S
Note 6 - Long-Term Debt (Details) - Summary of Long-term Debt (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | $50,600,000 | $49,000,000 |
Less current portion | ' | 49,000,000 |
Long-term debt | 50,600,000 | ' |
Wells Fargo Revolving Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | 30,600,000 | 29,000,000 |
American AgCredit Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | $20,000,000 | $20,000,000 |
Note_6_LongTerm_Debt_Details_S1
Note 6 - Long-Term Debt (Details) - Summary of Long-term Debt (Parentheticals) | Mar. 31, 2014 | Dec. 31, 2013 |
Wells Fargo Revolving Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Wells Fargo revolving loans, interest rate | 3.99% | 3.99% |
American AgCredit Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
American AgCredit term loan, interest rate | 5.00% | 5.00% |
Note_7_Discontinued_Operations2
Note 7 - Discontinued Operations (Details) | Mar. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Number of Championship Golf Courses Ceased Operating | 2 |
Note_7_Discontinued_Operations3
Note 7 - Discontinued Operations (Details) - Income (Loss) from Discontinued Operations (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
Revenues | ' | $725 |
Income (loss) from Discontinued Operations | ' | ' |
Income (Loss) from Discontinued Operations | -56 | -209 |
Spa and Beach Club [Member] | ' | ' |
Revenues | ' | ' |
Revenues | ' | 725 |
Income (loss) from Discontinued Operations | ' | ' |
Income (Loss) from Discontinued Operations | ' | -201 |
Retail [Member] | ' | ' |
Income (loss) from Discontinued Operations | ' | ' |
Income (Loss) from Discontinued Operations | -24 | -1 |
Agriculture [Member] | ' | ' |
Income (loss) from Discontinued Operations | ' | ' |
Income (Loss) from Discontinued Operations | ($32) | ($7) |
Note_9_Accrued_Contract_Termin1
Note 9 - Accrued Contract Terminations (Details) (Kapalua Bay Holdings LLC [Member], USD $) | 1 Months Ended | |
Nov. 30, 2013 | Mar. 31, 2014 | |
Kapalua Bay Holdings LLC [Member] | ' | ' |
Note 9 - Accrued Contract Terminations (Details) [Line Items] | ' | ' |
Commitment to be Paid for Contract Termination | $600,000 | ' |
Term of Commitment to Pay for Contract Termination | '4 years | ' |
Commitment for Contract Termination, Amount Outstanding | 500,000 | ' |
Monthly Usage Fee Payable | ' | $29,000 |
Note_10_ShareBased_Compensatio2
Note 10 - Share-Based Compensation (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Mar. 31, 2014 | |
Incentive Award [Member] | Incentive Award [Member] | Restricted Stock [Member] | |||
Note 10 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $99,000 | $108,000 | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | 0 | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Historical Annual Forfeiture Rates | 0.00% | 3.10% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | ' | ' | 218,000 | 133,100 | ' |
Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares) | ' | ' | 35,917 | 33,187 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 12,000 | 12,000 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $0 | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 17,398 | ' | ' | ' | 17,398 |
Note_10_ShareBased_Compensatio3
Note 10 - Share-Based Compensation (Details) - Stock Option Award Activity (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | |
Stock Option Award Activity [Abstract] | ' | |
Outstanding at December 31, 2013 (in Shares) | 60,000 | |
Outstanding at December 31, 2013 | $19.63 | |
Forfeited or cancelled (in Shares) | 0 | |
Forfeited or cancelled | $0 | |
Forfeited or cancelled | $0 | |
Outstanding at March 31, 2014 (in Shares) | 60,000 | |
Outstanding at March 31, 2014 | $19.63 | |
Outstanding at March 31, 2014 | $7.33 | |
Outstanding at March 31, 2014 | '3 years 36 days | |
Outstanding at March 31, 2014 (in Dollars) | $0 | [1] |
Exercisable at March 31, 2014 (in Shares) | 60,000 | |
Exercisable at March 31, 2014 | $19.63 | |
Exercisable at March 31, 2014 | $7.33 | |
Exercisable at March 31, 2014 | '3 years 36 days | |
Exercisable at March 31, 2014 (in Dollars) | 0 | [1] |
Expected to vest at March 31, 2014 (2) (in Shares) | 0 | [2] |
Expected to vest at March 31, 2014 (2) | $0 | [2] |
Expected to vest at March 31, 2014 (2) | $0 | [2] |
Expected to vest at March 31, 2014 (2) | '0 years | [2] |
Expected to vest at March 31, 2014 (2) (in Dollars) | $0 | [1],[2] |
[1] | For in-the-money options | |
[2] | Options expected to vest reflect estimated forfeitures |
Note_10_ShareBased_Compensatio4
Note 10 - Share-Based Compensation (Details) - Restricted Stock Activity (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Activity [Abstract] | ' |
Nonvested balance at December 31, 2013 | 31,795 |
Nonvested balance at December 31, 2013 | $5.79 |
Vested | -17,398 |
Vested | $4.81 |
Nonvested balance at March 31, 2014 | 14,397 |
Nonvested balance at March 31, 2014 | $5.97 |
Note_11_Components_of_Net_Peri2
Note 11 - Components of Net Periodic Benefit Cost (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Nov. 30, 2012 | Apr. 30, 2011 | Mar. 31, 2014 | Oct. 31, 2011 | Dec. 31, 2009 |
acre | acre | acre | acre | |||
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Security to Support Unfunded Liabilities | ' | ' | ' | ' | ' | $5.20 |
Area of Real Estate Property Pledged as Security (in Acres) | ' | 7,000 | 1,400 | ' | ' | ' |
Defined Benefit Plan, Period for Release of Real Estate Property Pledged as Security | ' | '5 years | '5 years | ' | ' | ' |
Defined Benefit Plan, Additional Security to Support Unfunded Liabilities | ' | ' | ' | ' | 18.7 | ' |
Defined Benefit Plan Number of Pension Plans Provided Security | ' | ' | ' | ' | 2 | ' |
Area of Real Estate Property Proposed to be Sold (in Acres) | 270 | ' | ' | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | ' | ' | ' | 20.7 | ' | ' |
Area of Real Estate Property Held as Collateral for Unfunded Pension Obligations (in Acres) | ' | ' | ' | 8,400 | ' | ' |
Real Estate Property Held as Collateral for Unfunded Pension Obligations | ' | ' | ' | 1.8 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | ' | 2.8 | ' | ' |
Defined Benefit Plan, Contributions by Employer | ' | ' | ' | $0.50 | ' | ' |
Note_11_Components_of_Net_Peri3
Note 11 - Components of Net Periodic Benefit Cost (Details) - Net Periodic Benefit Cost (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Periodic Benefit Cost [Abstract] | ' | ' |
Interest cost | $772 | $720 |
Expected return on plan assets | -777 | -726 |
Recognized actuarial loss | 146 | 228 |
Net expense | $141 | $222 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Apr. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income Tax Examination Tax Penalties and Interest Accrued | ' | $1.80 |
Income Taxes Paid | $0.90 | ' |
Note_13_Operating_Segment_Info2
Note 13 - Operating Segment Information (Details) - Financial Results for Reportable Segments (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Operating Revenues | ' | ' | ||
Operating Revenues | $2,469 | $2,629 | ||
Operating Income (Loss) (1) | ' | ' | ||
Operating Income (Loss) | -376 | [1] | -912 | [1] |
Interest Expense, net | -477 | -694 | ||
Loss from Continuing Operations | -853 | -1,606 | ||
Loss from Discontinued Operations (Note 7) | -56 | -209 | ||
Net Loss | -909 | -1,815 | ||
Operating Segments [Member] | Real Estate Segment [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Operating Revenues | 83 | 96 | ||
Operating Income (Loss) (1) | ' | ' | ||
Operating Income (Loss) | -336 | [1] | -491 | [1] |
Operating Segments [Member] | Leasing Segment [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Operating Revenues | 1,312 | 1,326 | ||
Operating Income (Loss) (1) | ' | ' | ||
Operating Income (Loss) | 224 | [1] | -141 | [1] |
Operating Segments [Member] | Utilities Segment [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Operating Revenues | 722 | 827 | ||
Operating Income (Loss) (1) | ' | ' | ||
Operating Income (Loss) | 12 | [1] | 109 | [1] |
Operating Segments [Member] | Resort Amenities Segment [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Operating Revenues | 327 | 376 | ||
Operating Income (Loss) (1) | ' | ' | ||
Operating Income (Loss) | 9 | [1] | 114 | [1] |
Operating Segments [Member] | Other Segments [Member] | ' | ' | ||
Operating Revenues | ' | ' | ||
Operating Revenues | 25 | 4 | ||
Operating Income (Loss) (1) | ' | ' | ||
Operating Income (Loss) | ($285) | [1],[2] | ($503) | [1],[2] |
[1] | Includes allocations of general and administrative expenses. | |||
[2] | Consists primarily of miscellaneous transactions and unallocated general and administrative, pension and other post-retirement expenses. |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||
Jun. 07, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | 23-May-11 | |
Settlement Agreement [Member] | Lawsuit Pertaining to Sale of Residential Units at Ritz Carlton Residences [Member] | |||
Note 14 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' |
Percentage of Capital Costs Agreed to be Paid to Install Filtration Systems in Water Well if Presence of Nematocide Exceeds Specified Levels and for Maintenance and Operating Costs | ' | ' | 90.00% | ' |
Loss Contingency Accrual (in Dollars) | ' | $59,000 | ' | ' |
Number of Residential Units Sold to Plaintiffs | ' | ' | ' | 2 |
Number of Whole Ownership Units Owned by Group of Owners who Filed Lawsuit Against Multiple Parties | 12 | ' | ' | ' |
Note_15_Fair_Value_Measurement1
Note 15 - Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Disclosure Text Block [Abstract] | ' | ' |
Long-term Debt | $50,600,000 | $49,000,000 |