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<SEC-DOCUMENT>0000063330-05-000009.txt : 20050503
<SEC-HEADER>0000063330-05-000009.hdr.sgml : 20050503
<ACCEPTANCE-DATETIME>20050503144344
ACCESSION NUMBER:		0000063330-05-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050428
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050503
DATE AS OF CHANGE:		20050503

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:		05794491

	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>form8k0305.txt
<DESCRIPTION>MAUI LAND & PINEAPPLE COMPANY, INC.'S FORM 8-K DATED APRIL 28,2005
<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):  April 28, 2005


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


           HAWAII                     1-6510          99-0107542
(State or other jurisdiction of    (Commission     (I.R.S. Employer
incorporation or organization)     File Number)   Identification No.)



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 April 28, 2005, Maui Land & Pineapple Company, Inc.
        issued a press release, which sets forth our results of
        operations for the quarter ended March 31, 2005.  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 April 28, 2005.







                           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.



May 2, 2005                    /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>earningsrel0305.txt
<DESCRIPTION>MAUI LAND & PINEAPPLE COMPANY, INC.'S PRESS RELEASE DATED APRIL 28, 2005
<TEXT>








NEWS RELEASE


FOR RELEASE IMMEDIATELY                      CONTACT:
APRIL 28, 2005                               FRED W. RICKERT
                                             808/877-3871
                                             808/877-1614 FAX

MAUI LAND & PINEAPPLE REPORTS 2005 1ST QUARTER RESULTS

     Kahului, Hawaii, April 28...Maui Land & Pineapple Company, Inc.
(AMEX:MLP) reported net income of $1.3 million ($.17 per share) for
the first quarter of 2005 compared to $1.5 million ($.21 per share)
for the first quarter of 2004.  Higher operating losses from the
Pineapple segment and lower operating profit from the Community
Development segment were primarily responsible for the lower net
income in the first quarter of 2005.  Revenues for the first quarter
of 2005 decreased by $2.4 million to $38.1 million from $40.5 million
for the first quarter of 2004.

     "All three business segments are performing to our expectations,"
said David C. Cole, Chairman, President & CEO of ML&P.  "We continue
to work on right sizing our pineapple operations to focus on premium
fresh markets.  Resort operations will be undertaking various capital
improvement projects, including the closure of The Plantation Course
for re-greening from April 1 through July 31, 2005.  The Community
Development division continues to invest aggressively in the design
and entitlement of large scale projects."

     The Pineapple segment produced an operating loss from continuing
operations of $2.1 million for the first quarter of 2005 compared to
an operating loss of $1.8 million for the first quarter of 2004.
Revenues from this operation were $15.8 million for the first quarter
of 2005, a reduction of 27% compared to the first quarter of 2004.
The volume of canned pineapple sales decreased by 41% for the first
quarter of 2005 as compared to the first quarter of 2004 primarily
reflecting the Company's strategy (from 2004) to sharply reduce supply
to selected market segments.  Average sales prices for the Company's
fresh and canned pineapple improved in the first quarter of 2005
compared to the first quarter of 2004.  Losses incurred in 2005 and
2004 in large part reflect the Company's high cost structure, and
costs associated with transitioning from predominantly a canned
pineapple supplier to a high-quality fresh fruit supplier.  The new
processing facility that the Company expects to begin constructing
this summer is expected to reduce the Company's overall cost structure
by integrating the fresh fruit and canning processes and by upgrading
much of the current equipment.

     The Resort segment produced an operating profit of $293,000 in
the first quarter of 2005 compared to $100,000 in the first quarter of
2004.  Revenues of $13.4 million for the first quarter of 2005 were
approximately 6% higher than the first quarter of 2004.  Increased
Resort revenues were largely commensurate with higher room rates and
occupancies.  Higher operating expense at the Resort for electricity,
repairs and maintenance, and outside consultants, more than offset
lower workers compensation cost, and reduced payroll cost because of
vacant administrative positions.  Marketing expense was higher in the
first quarter of 2005 compared to the prior year first quarter because
of greater management emphasis on marketing the Kapalua Resort.

     The Community Development segment reported an operating profit of
$3.9 million for the first quarter of 2005 compared to $4.3 million
for the first quarter of 2004.  Operating profit for the first quarter
of 2005 includes $110,000 of losses from the Company's equity interest
in the Kapalua Bay Holdings LLC.  Revenues from Community Development
were $8.9 million in the first quarter of 2005 compared to $6.1
million in the first quarter of 2004.  Revenues for the first quarter
of 2005 include $7.3 million from the sale of lots at the Honolua
Ridge residential subdivision.  In the first quarter of 2005, two lots
closed escrow bringing the total lots sold to 19 (6 unsold).  Revenues
and profit from Honolua Ridge are being recognized using the
percentage-of-completion method as the subdivision improvements are
completed.  Revenues for the first quarter of 2004 included $4.2
million from the sale of a 6.5-acre lot at the Kapalua Resort.

             *        *        *        *        *






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

                                     Three Months Ended
                                          March 31
                                    2005             2004
Revenues
  Pineapple                     $   15,787       $   21,725
  Resort                            13,419           12,627
  Community Development              8,912            6,146
  Other                                 18               16
Total Revenues                      38,136           40,514
Operating Profit (Loss)
  Pineapple                         (2,088)          (1,792)
  Resort                               293              100
  Community Development              3,921            4,339
  Other                                (68)             (93)
Net Operating Profit                 2,058            2,554
Interest Expense                      (142)            (377)
Interest Income                         45               21
Income from Continuing Operations
  Before Income Taxes                1,961            2,198
Income Tax Expense                    (706)            (740)
Income - Continuing Operations       1,255            1,458

Income - Discontinued Operations        --               60

Net Income                       $   1,255        $   1,518

Per Common Share - Basic and Diluted
  Income- Continuing Operations        .17              .20
  Income - Discontinued Operations      --              .01
  Net Income                     $     .17        $     .21

Average Common Shares Outstanding
  Basic                          7,226,572         7,195,800
  Diluted                        7,397,896         7,315,937


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 2005, responsibility for the real estate leasing activity that was
accounted for in the Resort segment was transferred to the Community
Development segment (previously called "Development" segment) and
prior year amounts were restated for comparability.  The Community
Development segment as reorganized is comprised of all of the
Company's real estate entitlement, development, construction, sales
and leasing activities.  The Community Development segment also
includes the Company's 51% equity interest in Kapalua Bay Holdings
LLC, the owner and operator of the Kapalua Bay Hotel.  Remaining in
the Resort segment are the ongoing operations of Kapalua Resort's
recreation and retail operations, the Kapalua Villas, and the water
and sewage transmission utility companies operations.

Revenues and operating profit reported for the operating segments for
the first quarter of 2004 have also been restated to conform to a
change in Statement of Operations reporting format and the allocation
practice for corporate general and administrative expenses that the
Company adopted in the fourth quarter of 2004.



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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