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<SEC-DOCUMENT>0000063330-04-000051.txt : 20041104
<SEC-HEADER>0000063330-04-000051.hdr.sgml : 20041104
<ACCEPTANCE-DATETIME>20041104154240
ACCESSION NUMBER:		0000063330-04-000051
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041104
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041104
DATE AS OF CHANGE:		20041104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAUI LAND & PINEAPPLE CO INC
		CENTRAL INDEX KEY:			0000063330
		STANDARD INDUSTRIAL CLASSIFICATION:	CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033]
		IRS NUMBER:				990107542
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06510
		FILM NUMBER:		041119649

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 187
		STREET 2:		120 KANE ST
		CITY:			KAHULUI MAUI
		STATE:			HI
		ZIP:			96732
		BUSINESS PHONE:		8088773351

	MAIL ADDRESS:	
		STREET 1:		PO BOX 187
		CITY:			KAHULUI
		STATE:			HI
		ZIP:			96733
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k3rdearnings.txt
<DESCRIPTION>MAUI LAND & PINEAPPLE COMPANY, INC.'S FORM 8-K DATED NOVEMBER 4, 2004
<TEXT>








                         UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549




                            FORM 8-K


                         CURRENT REPORT
            Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): November 4, 2004
   (November 2, 2004)


              MAUI LAND & PINEAPPLE COMPANY, INC.
     (Exact name of registrant as specified in its charter)


          HAWAII                  0-6510             99-0107542
(State or other jurisdiction    (Commission       (I.R.S. Employer
      of incorporation          File Number)     Identification No.)
      or organization)



120 Kane Street, P. O. Box 187, Kahului, Maui, Hawaii   96733-6687
       (Address of Principal Executive Offices)         (Zip Code)


Registrant's telephone number, including area code:(808) 877-3351

                              NONE
  Former Name or Former Address, if Changed Since Last Report



Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:

[   ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))

[    ]  Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))







ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

        On November 2, 2004, Maui Land & Pineapple Company, Inc.
        issued a press release, which sets forth our results of
        operations for the quarter ended September 30, 2004.  A
        copy of the press release is filed herewith as Exhibit
        99.1 and incorporated herein by reference.  Such
        information shall not be deemed "filed" for purposes of
        Section 18 of the Securities Exchange Act of 1934, as
        amended, and is not incorporated by reference into any
        filing of the company, whether made before or after the
        date hereof, regardless of any general incorporation
        language in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

        (c) Exhibits
          99.1 Maui Land & Pineapple Company, Inc. Press Release
               dated November 2, 2004.









                           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 4, 2004             /S/ FRED W. RICKERT
     Date                        Fred W. Rickert
                                 Vice President/Chief Financial Officer
                                 (Principal Financial Officer)




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>earningsrel3rd.txt
<DESCRIPTION>MAUI LAND & PINEAPPLE COMPANY, INC.'S PRESS RELEASE DATED NOVEMBER 2, 2004
<TEXT>




NEWS RELEASE


FOR RELEASE IMMEDIATELY                      CONTACT:
NOVEMBER 2, 2004                             FRED RICKERT
                                             808/877-3871
                                             808/877-1614 FAX

MAUI LAND & PINEAPPLE REPORTS 2004 3rd QUARTER RESULTS

     Kahului, Hawaii, November 2...Maui Land & Pineapple Company,
Inc. (AMEX:MLP) reported a net loss of $2,153,000 ($0.30 per
share) for the third quarter of 2004 compared to net income of
$9,448,000 ($1.31 per share) for the third quarter of 2003.  For
the first nine months of 2004, the Company had a net loss of
$3,008,000 ($0.42 per share) compared to net income of $4,790,000
($0.66 per share) for the first nine months of 2003.

     Lower results from the Company's Pineapple, Resort and
Commercial & Property segments were partially offset by improved
results from the Development segment.  In the third quarter of
2004, the sale of lots at Plantation Estates Phase III (sold as
"Honolua Ridge") began and through September 30, ten lot sales
had closed escrow, contributing $2.7 million to the Development
segment operating profit.  The Company is recognizing revenues
from Honolua Ridge lot sales on the percentage-of-completion
method as the subdivision improvements are completed.

     "Results reflect continued investments in all segments,"
said David C. Cole, Chairman, President & CEO of the Company.
"At Kapalua we concluded our first health and wellness event and
closed on the purchase of the Kapalua Bay Hotel in partnership
with Marriott International and Exclusive Resorts.  On the
development side, we continued to expand our planning and
entitlement capacity while commencing sales of Honolua Ridge.
The Pineapple Company experienced high seed development, planting
and cultivation costs as we worked to expand our fresh fruit
operations."

     Consolidated revenues for the third quarter of 2004
decreased by $15.8 million (31%) to $34.7 million, compared to
$50.5 million for the third quarter of 2003.  For the first nine
months of 2004, consolidated revenues declined by $11.7 million
(10%) to $105.0 million, compared to $116.7 million for the first
nine months of 2003.

     The Company's net income for the third quarter and first
nine months of 2003 included the Company's $1.9 million gain (pre-
tax) from the sale of the Napili Plaza in August 2003 and $13.5
million (pre-tax) attributable to the September 2003 sale of
Queen Kaahumanu Center (primarily representing the reversal of
the accumulated losses of joint venture in excess of investment).

     Consolidated interest expense was lower by 60% and 52%,
respectively, for the third quarter and first nine months of 2004
primarily because of lower average borrowings.

     The Pineapple segment produced an operating loss from
continuing operations of $3.4 million in the third quarter of
2004 compared to an operating loss of $133,000 in the third
quarter of 2003 as it continues with the restructuring strategy.
Revenues from Pineapple operations decreased by $6.6 million
(26%) to $19.0 million for the third quarter of 2004 compared to
$25.6 million for the third quarter of 2003.  For the first nine
months of 2004, the Pineapple segment incurred an operating loss
of $7.4 million compared to an operating loss of $6.1 million for
the first nine months of 2003.  Pineapple segment revenues for
the first nine months of 2004 decreased by $6.5 million (10%) to
$57.6 million compared to $64.1 million for the first nine months
of 2003.  Pineapple revenues for the third quarter and first nine
months of 2003 included nonrecurring cash receipts of $2 million
and $3 million, respectively, related to settlement of legal
issues.  In the third quarter of 2004, the Company wrote off
Pineapple segment property and equipment with a net book value of
$1.3 million because these assets were determined to be in excess
of the Company's current and future needs.

     The volume of canned pineapple sales decreased and the
volume of fresh fruit sales increased in the third quarter and
first nine months of 2004 compared to the same periods in 2003.
The average sales prices for canned pineapple were 7% and 10%
higher in the third quarter and first nine months of 2004,
respectively, compared to the same periods in 2003; and fresh
pineapple average sales prices were approximately static for both
periods reflecting soft market conditions.

     The average unit cost of sales for the Company's pineapple
was higher for the three month and nine month periods ended
September 30, 2004 than in the comparable periods in 2003 because
of higher costs incurred at the plantations due to increased crop
maintenance and seed development, and higher per unit cannery
costs primarily because of packing a lower number of cases of
pineapple in 2004.  Shipping and marketing costs for the
Pineapple segment were considerably lower in the third quarter
and first nine months of 2004 compared to the same periods in
2003 because of increased use of surface shipment in 2004.  The
Company was able to increase use of surface shipment, which is
less costly, because of the extended shelf life of its pineapple
due to improved post-harvest practices.

     The reduction in the third quarter and first nine months of
2004 of canned pineapple sales volume and the increase in fresh
fruit sales volume is in line with the Company's plan to shift
its production focus to the fresh fruit business, while
continuing to maintain an optimal level of canning operations.
Coinciding with this strategic shift, in 2004 the Company
implemented changes to its agronomic and other operating
practices in an effort to produce a more consistent and
predictable supply of fruit, as well as a higher quality fruit
with a greater shelf life.  Considerable investment will be made
in 2004 (estimated to be almost $5.4 million or more than twice
the average of the prior two years) for field preparation and
seed development in order to accomplish the shift in production
goals; however, because of the long pineapple growing cycle (18
to 23 months for the first crop), the benefit of most changes
implemented in 2004 will not be reflected in the results until
later in 2005 through 2008.

     The Resort segment produced an operating loss of $835,000
for the third quarter of 2004, compared to an operating loss of
$12,000 for the third quarter of 2003.  Revenues from the resort
segment increased by $447,000 (4%) to $11.4 million compared to
$11.0 million for the third quarter of 2003.  For the first nine
months of 2004, the Resort segment produced an operating profit
of $151,000 compared to an operating profit of $363,000 for the
first nine months of 2003.  Revenues for the first nine months of
2004 increased by $3.7 million (11%) to $37.8 million compared to
$34.1 million for the first nine months of 2003.

     The Resort segment reported increased hotel and condominium
occupancies, as well as increases in paid rounds of golf and
higher merchandise sales for the third quarter and first nine
months of 2004 compared to the same periods in 2003.  However,
higher operating expenses because of new union contracts, costs
for deferred maintenance of facilities, expenses to enforce and
protect the Kapalua trade name, and outside consultant costs
related to repositioning and upgrading several areas of the
resort resulted in lower net results for the third quarter and
first nine months of 2004.

     The Development segment reported an operating profit of $1.7
million for the third quarter of 2004 compared to an operating
loss of $350,000 for the third quarter of 2003.  For the first
nine months of 2004, Development had an operating profit of $5.1
million compared to operating profit of $29,000 for the first
nine months of 2003.  Revenues from Development operations were
$4.2 million for the third quarter of 2004 compared to $166,000
for the third quarter of 2003.  For the first nine months of
2004, Development revenues were $9.4 million compared to $3.9
million for the same period in 2003.  As mentioned above, sales
of lots at Honolua Ridge contributed $2.7 million to the
segment's operating profit for the third quarter of 2004.
Development segment results for the first nine months of 2004
also include the sale of a 6.5-acre conservation-zoned parcel at
Kapalua, which contributed $4.0 million to operating profit for
the first nine months of 2004.

             *        *        *        *        *








                  MAUI LAND & PINEAPPLE COMPANY, INC.
                   Report of Consolidated Operations
                              (Unaudited)
            (Dollars in Thousands Except Per Share Amounts)

                            Three Months Ended      Nine Months Ended
                               September 30            September 30
                              2004      2003          2004     2003
Revenues
  Pineapple                $ 19,008  $ 25,651      $ 57,620 $ 64,136
  Resort                     11,399    10,952        37,812   34,111
  Development                 4,174       166         9,399    3,868
  Commercial & Property         147    13,697           178   14,591
  Other                          --        50             3       31
Total Revenues               34,728    50,516       105,012  116,737

Operating Profit (Loss)
  Pineapple                  (3,445)     (133)       (7,386)  (6,074)
  Resort                       (835)      (12)          151      363
  Development                 1,662      (350)        5,087       29
  Commercial & Property         144    13,519           142   13,062
  Other (primarily unallocated
    corporate expense)         (685)     (238)       (1,828)  (1,457)
Total Operating Income
  (Loss)                     (3,159)   12,786        (3,834)   5,923
Interest Expense               (314)     (791)         (966)  (2,013)
Income Tax (Expense) Benefit  1,240    (3,414)        1,678   (1,214)

Income (Loss) - Continuing
  Operations                 (2,233)    8,581        (3,122)   2,696

Income - Discontinued
  Operations                     80       867           114    2,094

Net Income (Loss)           $(2,153)  $ 9,448       $(3,008)  $4,790


Earnings Per Common Share - basic and diluted
  Income (Loss) - Continuing
     Operations                (.31)     1.19          (.43)     .37
  Income - Discontinued
    Operations                  .01       .12           .01      .29
  Net Income (Loss)         $  (.30)  $  1.31       $  (.42)  $  .66

Average Common Shares Outstanding
  Basic and Diluted       7,197,819  7,195,800    7,196,485  7,195,800


NOTE:
The Company's reports for interim periods utilize numerous estimates
of production, 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.

In 2004, the Company reorganized its reportable business segments and
prior year amounts were restated for comparability.  The new
Development segment is primarily comprised of all of the Company's
real estate entitlement, development, construction and sales activity.
These activities were previously reported as part of the Resort
segment or the Commercial & Property segment.  The Resort segment now
includes the operation of recreation and retail facilities and utility
companies and property management activities at the Kapalua Resort.



</TEXT>
</DOCUMENT>
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