<DOCUMENT>
<TYPE>EX-99
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<FILENAME>earningsrel4th.txt
<DESCRIPTION>MAUI LAND & PINEAPPLE COMPANY, INC.'S PRESS RELEASE DATED FEBRUARY 18, 2005
<TEXT>







NEWS RELEASE


FOR RELEASE IMMEDIATELY                      CONTACT:
FEBRUARY 18, 2005                            FRED W. RICKERT
                                             808/877-3871
                                             808/877-1614 FAX

MAUI LAND & PINEAPPLE REPORTS 2004 4th QUARTER RESULTS

     Kahului, Hawaii, February 18...Maui Land & Pineapple Company,
Inc. (AMEX:MLP) reported net income of $2.6 million ($0.36 per share)
for the fourth quarter of 2004 compared to net income of $1.2 million
($.17 per share) for the fourth quarter of 2003.  For the year 2004,
the Company had a net loss of $383,000 ($0.05 per share) compared to
net income of $6.0 million ($0.83 per share) for 2003.

     In July 2004, the Company began selling lots in the Honolua Ridge
residential subdivision and through year-end 2004, the sale of 17 lots
had closed escrow.  The Company is recognizing revenues and profits
from the Honolua Ridge lot sales on a percentage-of-completion method
as the subdivision improvements are completed, and these sales
contributed $9.6 million and $12.4 million, respectively, to operating
profit for the Development segment for the fourth quarter and year
2004.  Contributions to operating profit from Honolua Ridge lot sales
were largely offset by operating losses from the Company's Pineapple
and Resort segments.

     "Our resort and development segments are generally on track while
our agricultural operations continue to struggle," said David C. Cole,
Chairman, President and CEO of the Company.  "In 2004 we invested
heavily in future crops to smooth fruit delivery schedules, extend
fresh fruit shelf life, and dramatically improve quality.  We also
took steps to bolster our real estate programs and reposition the
Kapalua resort."

     Consolidated operating revenues for the fourth quarter of 2004
increased by $1.1 million (2%) to $48.5 million, compared to $47.4
million for the fourth quarter of 2003.  For the year 2004,
consolidated operating revenues increased by $2.1 million (1%) to
$153.4 million, compared to $151.3 million 2003.

     Net income for 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).  Net
income for 2003 also included $2.9 million gain (pre-tax) from the
sale of the Company's Costa Rican assets.  The Napili Plaza and Costa
Rican operations are reported as discontinued operations.

     Consolidated interest expense was lower by 62% and 54%,
respectively, for the fourth quarter and year 2004 primarily because
of lower average borrowings.

     The Pineapple segment produced an operating loss from continuing
operations of $2.7 million in the fourth quarter of 2004 compared to
an operating profit of $2.1 million in the fourth quarter of 2003.
Revenues from Pineapple operations decreased by $14.0 million (38%) to
$22.4 million for the fourth quarter of 2004 compared to $36.4 million
for the fourth quarter of 2003.  For the year 2004, the Pineapple
segment incurred an operating loss of $11.3 million compared to an
operating loss of $4.8 million for 2003.  Pineapple segment revenues
for the year 2004 decreased by $20.5 million (20%) to $80.0 million
compared to $100.5 million for 2003.  Pineapple revenues for the
fourth quarter of 2004 included $1.7 million from U. S. Customs
pursuant to the Continued Dumping and Subsidy Offset Act of 2000,
compared to $5.4 million from this program in 2003.  Revenues for 2003
also included $3 million relating to the settlement of lawsuits.

     The case volume of fresh fruit sales increased in 2004 compared
to 2003 and partially compensated for the decrease in case volume of
canned pineapple sales.  Contributing to the reduction in Pineapple
segment revenues was a decrease in the average prices for fresh fruit
sales of 18% and 5%, respectively, for the fourth quarter and the year
2004 compared to 2003, reflecting an unusually high level of pineapple
from Central and South America in November and December of 2004.  The
average sales prices for canned pineapple products were higher by 10%
and 9%, respectively, in the fourth quarter and year 2004 compared to
the 2003.

     The operating loss for the fourth quarter of 2004 and the
increased operating loss for the year 2004 compared to 2003 was also
the result of higher per unit cost of sales.  In 2004, the Company
invested in future crops in an effort to reduce fluctuations in fruit
deliveries, to expand supply and improve quality.  These costs were
included in cost of sales for 2004 because, under the Company's
accounting method, all pineapple production costs incurred at the
plantations are charged to the cost of crops harvested for the year.
Significantly lower shipping costs in 2004 because of increased use of
surface shipment, partially mitigated increased growing costs incurred
in 2004.  The Company was able to increase use of surface shipment,
which is less costly, because of the extended shelf life of its fresh
pineapple due to improved post-harvest practices.

     The Resort segment produced an operating loss of $1.3 million for
the fourth quarter of 2004, compared to an operating loss of $1.7 for
the fourth quarter of 2003.  Revenues from the resort segment
increased by $854,000 (8%) to $11.2 million compared to $10.4 million
for the fourth quarter of 2003.  For the year 2004, the Resort segment
produced an operating loss of $1.6 million compared to an operating
loss of $1.8 million for 2003.  Revenues for the year 2004 increased
by $4.6 million (10%) to $49.0 million compared to $44.5 million for
2003.

     Kapalua Resort's hotel and condominium occupancies were higher in
the fourth quarter and year 2004 compared to 2003.  Operating profit
for the fourth quarter and year 2004 from the Resort's golf,
merchandise and Kapalua Realty operations exceeded 2003.  Improved
results from these operations were partially offset by lower lease
revenues and lower results from the Villas rental operations.  In
August 2004, the Company cancelled the Kapalua Bay Hotel ground lease
in connection with the purchase of the hotel by Kapalua Bay Holdings
LLC, in which the Company has a 51% membership interest.  Lower
results from the Villas operations were largely due to maintenance and
other expenditures to upgrade and improve the facilities and level of
service provided by the Kapalua Villas.

     The Development segment reported an operating profit of $7.9
million for the fourth quarter of 2004 compared to an operating profit
of $115,000 for the fourth quarter of 2003.  For the year 2004,
Development had an operating profit of $12.7 million compared to an
operating loss of $46,000 for 2003.  Revenues from Development
operations were $14.6 million for the fourth quarter of 2004 compared
to $641,000 for the fourth quarter of 2003.  For the year 2004,
Development revenues were $24.0 million compared to $4.5 million for
the same period in 2003.  Development segment results for 2004 also
include the sale of a 6.5-acre conservation-zoned parcel at Kapalua,
which contributed $4.0 million to operating profit for 2004.  In
addition to real estate sales, the Development segment operating
profit for 2004 includes $780,000 of losses from the Company's equity
investment in Kapalua Bay Holdings LLC.
             *        *        *        *        *





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

                           Three Months Ended     Twelve Months Ended
                              December 31             December 31
                             2004      2003          2004     2003
Operating Revenues
  Pineapple                 $22,420   $36,387      $80,023   $100,508
  Resort                     11,221    10,367       49,033     44,478
  Development                14,618       641       24,017      4,509
  Commercial & Property         280         8          322      1,838
Total Operating Revenues     48,539    47,403      153,395    151,333

Operating Profit (Loss)
  Pineapple                  (2,698)    2,126      (11,251)    (4,761)
  Resort                     (1,255)   (1,730)      (1,553)    (1,761)
  Development                 7,870       115       12,725        (46)
  Commercial & Property          85      (203)         230     12,643
Total Operating Profit (Loss) 4,002       308          151      6,075
Interest Expense               (193)     (513)      (1,159)    (2,526)
Interest Income                   6        11           23        167
Income Tax (Expense) Benefit (1,150)     (286)         528     (1,500)

Income (Loss) - Continuing
  Operations                  2,665      (480)        (457)     2,216

Income (Loss) - Discontinued
  Operations (net)              (40)    1,687           74      3,781

Net Income (Loss)           $ 2,625   $ 1,207      $  (383)    $5,997

Earnings Per Common Share -
  basic and diluted

  Income (Loss) - Continuing
    Operations                  .37      (.06)        (.06)       .31
  Income (Loss) - Discontinued
    Operations                 (.01)      .23          .01        .52
  Net Income (Loss)         $   .36   $   .17      $  (.05)    $  .83

Average Common Shares Outstanding
  Basic                   7,201,770  7,195,800     7,197,808 7,195,800
  Diluted                 7,238,408  7,215,682     7,197,808 7,200,811


NOTES:
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.

In 2004, operating revenues and expenses exclude the Company's equity
in the earnings and losses of joint ventures, and prior year amounts
were restated for consistency.  As in prior years, the Company's
equity in the earnings and losses of joint ventures for 2004 is
included in the segment operating profits.

In the fourth quarter of 2004, the Company began to allocate all
corporate general and administrative expenses to its business segments
and prior year amounts were restated for comparability.  Such
allocations are consistent with management's evaluation of the
business segments.



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