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<SEC-DOCUMENT>0000063330-05-000023.txt : 20051110
<SEC-HEADER>0000063330-05-000023.hdr.sgml : 20051110
<ACCEPTANCE-DATETIME>20051110135024
ACCESSION NUMBER:		0000063330-05-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050930
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20051110
DATE AS OF CHANGE:		20051110

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:		051193081

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 187
		STREET 2:		120 KANE ST
		CITY:			KAHULUI MAUI
		STATE:			HI
		ZIP:			96733
		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-kearnings.txt
<DESCRIPTION>FORM 8-K
<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, 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 November 4, 2005, Maui Land & Pineapple Company, Inc.
        issued a press release, which sets forth our results of
        operations for the quarter ended
        September 30, 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 November 4, 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.



 November 10, 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>ex99earnings.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>






NEWS RELEASE


FOR RELEASE IMMEDIATELY                      CONTACT:
November 4, 2005                             FRED W. RICKERT
                                             808/877-3871
                                             808/877-1614 FAX

MAUI LAND & PINEAPPLE REPORTS 2005 3rd QUARTER RESULTS

     Kahului, Hawaii, November 4..Maui Land & Pineapple Company, Inc.
(AMEX: MLP) reported net income of $2.0 million ($.28 per share) for
the third quarter of 2005 compared to a net loss of $2.2 million ($.30
per share) for the third quarter of 2004.  Revenues for the third
quarter of 2005 increased by 28% to $44.1 million from $34.6 million
for the third quarter of 2004.

     The improved third quarter results were largely attributable to
three Upcountry Maui land sales reported by the Company's Community
Development segment, which resulted in recognized revenues of $6.0
million and pre-tax gains of $5.6 million.  The land sold had been
earmarked for disposition as "non-core" to the Company's strategic
plan.  Overall, the Community Development segment reported an
operating profit of $7.5 million for the third quarter of 2005
compared to $2.3 million for the third quarter of 2004.  Revenues from
this operating segment were $13.5 million for the third quarter of
2005 compared to $5.6 million for the third quarter of 2004.  In
addition to the non-core property sales, increased revenues and
operating profits reported by the Community Development segment
reflected the sale of lots at the Company's Honolua Ridge Phase I and
Phase II agricultural subdivisions.

     "Our asset redeployment program has enabled us to invest in all
business segments," said David C. Cole, Chairman, President and CEO of
ML&P.  "Fruit quality and channel mix in the Pineapple unit are
evolving as planned, while the pace of investment programs at the
Kapalua Resort have been impacted by inclement weather and rising
construction costs.  The Community Development segment continues to
execute as planned."

     The Pineapple segment produced an operating loss from continuing
operations of $2.5 million for the third quarter of 2005 compared to
an operating loss of $3.6 million for the third quarter of 2004.
Revenues for the third quarter of 2005 of $20.3 million were 7% higher
than the third quarter of 2004.  Increased Pineapple segment revenues
were due to fresh pineapple sales more than offsetting lower revenues
from canned pineapple.  Operating losses reported by the Pineapple
segment for the third quarter of 2005 include increased depreciation
charges of $900,000, related to the planned replacement of the current
cannery, can plant and fresh fruit packing facility.

     The Resort segment reported an operating loss of $2.1 million for
the third quarter of 2005 compared to an operating loss of $1.8
million for the third quarter of 2004.  Resort revenues of $10.3
million for the third quarter of 2005 were 2% higher than the third
quarter of 2004.  The closure of the Plantation Golf Course from April
1, 2005 through July 30, 2005 for extended green and fairway bunker
renovations had a significant negative impact on the Resort operations
for the third quarter of 2005.  However, increased paid rounds at the
Bay and Village golf courses and higher average green fees, along with
increased occupancies at the Resort, partially offset the negative
impact of the Plantation Golf Course closure.

     For the first nine months of 2005, the Company's net income was
$9.7 million ($1.35 per share) compared to a net loss of $3.0 million
($.42 per share) for the first nine months of 2004.  Revenues for the
first nine months of 2005 increased by 27% to $133.4 million from
$104.8 million for the same period in 2004.

     The Community Development segment reported an operating profit of
$26.8 million for the first nine months of 2005 compared to $7.6
million for the first nine months of 2004.  Revenues from this
operating segment were $48.6 million for the first nine months of 2005
compared to $14.7 million for the first nine months of 2004.  The
first nine months of 2005 includes the sales of approximately 260
acres of Upcountry Maui properties, which resulted in revenues of
$20.5 million and operating profit of $16.2 million.  Revenues for the
first nine months of 2005 include $23.0 million from the sale of lots
at the Honolua Ridge Phase I and II agricultural subdivisions.
Revenues and profit from these projects are being recognized using the
percentage-of-completion method as the subdivision improvements are
completed.

     The Pineapple segment produced an operating loss from continuing
operations of $7.2 million for the first nine months of 2005 compared
to an operating loss of $8.2 million for the first nine months of
2004.  Revenues for the first nine months of 2005 of $52.3 million
were 9% lower than the first nine months of 2004.  Lower Pineapple
segment revenues in 2005 was due to a reduced volume of canned
pineapple sales, which was partially offset by increased fresh
pineapple sales volume.  Operating losses reported by the Pineapple
segment in 2005 include additional depreciation charges of $2.2
million.

     The Resort segment reported an operating loss of $4.0 million for
the first nine months of 2005 compared to an operating loss of $3.1
million for the first nine months of 2004.  Resort revenues of $32.4
million for the first nine months of 2005 were less than 1% lower than
the same period in 2004.  The four-month closure of the Plantation
Golf Course was the single largest contributor to the increased
operating losses in 2005.


             *        *        *        *        *
                  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
                             2005      2004           2005     2004
Revenues
  Pineapple               $20,295   $19,008        $52,338   $57,604
  Resort                   10,256    10,007         32,374   32,522
  Community Development    13,483     5,563         48,619   14,674
  Other                        68         8            102       42
Total Revenues             44,102    34,586        133,433   104,842

Operating Profit (Loss)
  Pineapple                (2,490)   (3,626)        (7,181)  (8,179)
  Resort                   (2,106)   (1,800)        (4,040)  (3,059)
  Community Development     7,535      2,254         26,777   7,601
  Other                       (16)        10          (141)    (228)
Net Operating Profit (Loss) 2,923    (3,162)        15,415   (3,865)
Interest Expense              (71)     (314)          (308)    (966)
Interest Income               158         3            188       31
Income Tax (Expense)
  Benefit                  (1,006)    1,240         (5,552)   1,678

Income (Loss) -
   Continuing Operations    2,004    (2,233)         9,743   (3,122)

Income - Discontinued
   Operations                 --         80             --      114

Net Income (Loss)         $  2,004  $(2,153)      $  9,743  $(3,008)

Earnings Per Common Share
  Basic                   $    .28  $  (.30)       $   1.35  $ (.42)
  Diluted                 $    .27  $  (.30)       $   1.33  $ (.42)

Average Common Shares Outstanding
  Basic                  7,230,319  7,197,819      7,228,501 7,196,485
  Diluted                7,303,749  7,197,819      7,315,657 7,196,485

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 three and nine months 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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