NEWS RELEASE


FOR RELEASE IMMEDIATELY                      CONTACT:
FEBRUARY 12, 2004                            PAUL J. MEYER
                                             808/877-3871
                                             808/877-1614 FAX

MAUI LAND & PINEAPPLE REPORTS 2003 4TH QUARTER RESULTS

     Kahului, Hawaii, February 12...Maui Land & Pineapple
Company, Inc. (AMEX:MLP) today reported fourth quarter 2003 net
income of $1.2 million or $.17 per share.  For the fourth quarter
of 2002, ML&P incurred a net loss of $2.2 million ($.31 per
share).  Consolidated revenues for the fourth quarter of 2003
were higher than the fourth quarter of 2002 by 8%.  The improved
fourth quarter results include the $2.9 million gain from the
sale of substantially all of the assets of the Company's Costa
Rican pineapple affiliate in December 2003 and a $5.4 million
cash distribution that the Company received in December 2003 from
the U.S. Customs Service.  The cash distribution was made
pursuant to the Continued Dumping and Subsidy Offset Act of 2000,
which allows for distribution of antidumping duties to injured
domestic producers.  Partially offsetting these positive factors
for the fourth quarter was a 46% increase in consolidated general
and administrative expenses largely due to $2.3 million in the
write-off of obsolete assets, in particular from the pineapple
segment, and $1.3 million of employee severance costs across all
business segments.

     David C. Cole, President and CEO said, "We acted in the
fourth quarter of 2003 to simplify our business.  We divested our
offshore pineapple operations to focus our efforts closer to home
and we discontinued our fresh-cut product line to concentrate on
more promising product categories.  Also, following a
comprehensive review of our newly installed integrated accounting
system, we elected to abandon the use of certain components.
Collectively, these and other actions resulted in significant
write offs of fixed assets, inventories and supplies."

     For the year 2003, ML&P reported net income of $6.0 million
or $.83 per share compared to a net loss of $5.7 million ($.79
per share) for 2002.  Consolidated revenues for 2003 increased by
14% compared to 2002.  General and administrative expenses
increased by 35% in 2003 compared to 2002 with the largest
increases being $2.3 million for the write off of obsolete
assets, $3.0 million for employee severance costs, $1 million
increase in pension expense and $1 million increase in
depreciation expense.

     The Company's Pineapple segment reported operating profit
from continuing operations of $3.3 million compared to an
operating loss from continuing operations of $3.5 million for the
fourth quarter of 2002.  The Pineapple segment had an operating
profit from discontinued operations of $2.2 million for the
fourth quarter of 2003 compared to $238,000 for the fourth
quarter of 2002.  The operating results of the Company's Costa
Rican affiliate prior to the December 2003 sale and the gain of
$2.9 million from the sale have been reported as discontinued
operations.  Prior period amounts have been restated for
comparability.

     For the year 2003, the Pineapple segment produced an
operating loss from continuing operations of $921,000 compared to
a loss of $8.5 million for 2002.  Pineapple operating profit from
discontinued operations was $2.2 million for the year 2003
compared to $567,000 for 2002.  Revenues from continuing
Pineapple operations increased by 25% and 14%, respectively for
the fourth quarter and the year 2003 as compared to 2002.  The
receipt from U.S. Customs of $5.4 million in December of 2003 was
the primary reason for the improved operating results from
Pineapple continuing operations for the fourth quarter and the
full-year 2003.  Also contributing to the improved full year
results from continuing operations are improved sales prices for
processed pineapple products and $2.9 million of non-recurring
revenue related to a legal issue.

     Kapalua Resort produced an operating loss of $1.3 million
for the fourth quarter of 2003 compared to an operating profit of
$481,000 for the fourth quarter of 2002.  For the year 2003, the
Resort segment reported an operating loss of $1.2 million
compared to an operating profit of $2.8 million for the year
2002.  The lower results were principally due to fewer sales of
new real estate product in 2003 and to higher employment-related,
general and administrative costs.

     The Company's Commercial & Property segment reported an
operating loss of $470,000 for the fourth quarter of 2003
compared to an operating profit of $386,000 for the fourth
quarter of 2002.  For the year 2003, this segment reported an
operating profit of $15.0 million compared to an operating loss
of $91,000 for 2002.  Operating results for the year 2003 include
the third quarter sales of both the Napili Plaza and the Queen
Kaahumanu Center.  Kaahumanu Center Associates (the joint venture
that owned Queen Kaahumanu Center) was dissolved upon the sale of
Queen Kaahumanu Center, which resulted in the reversal of the
Company's accumulated losses from the joint venture in excess of
its investment in the third quarter of 2003.  The reversal of
these accumulated losses was responsible for $11.8 million of the
operating profit from this segment for 2003.  The operating
results for Napili Plaza prior to the sale and the $1.9 million
gain from the sale have been reported as discontinued operations
and prior period amounts have been restated for comparability.

             *        *        *        *        *

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

                              (Unaudited)
                           Three Months Ended        Year Ended
                              December 31            December 31
                             2003      2002         2003      2002
Revenues
  Pineapple               $45,104   $32,049       $117,589   $99,153
  Less discontinued
   operations              (7,563)   (1,943)       (12,551)   (6,625)
  Resort                   10,792    12,633         45,568    49,757
  Commercial & Property       245     2,423         20,628     6,520
  Less discontinued
   operations                  (3)     (281)        (2,591)   (1,100)
  Other                        (8)       33             23        35
Total Revenues             48,567    44,914        168,666   147,740

Operating Profit (Loss)
  Pineapple                 5,457    (3,289)         1,266    (7,935)
  Less discontinued
   operations              (2,159)     (238)        (2,187)     (567)
  Resort                   (1,283)      481         (1,169)    2,830
  Commercial & Property      (470)      386         15,041       (91)
  Less discontinued
   operations                 (11)      (21)        (1,982)      (61)
  Unallocated corporate
   expenses                  (569)     (330)        (1,965)   (1,508)
Total Operating Income
  (Loss)                      965    (3,011)         9,004    (7,332)
Interest Expense             (511)     (605)        (2,526)   (2,389)
Income Tax (Expense) Benefit (740)    1,256         (2,612)    3,697

Income (Loss) - Continuing
  Operations                 (286)   (2,360)         3,866    (6,024)

Income - Discontinued
  Operations                1,493       140          2,131       315

Net Income (Loss)         $ 1,207   $(2,220)       $ 5,997   $(5,709)

Per Common Share - Basic and Diluted
  Income (Loss) - Continuing
    Operations               (.03)     (.33)           .54      (.83)
  Income - Discontinued
    Operations                .21       .02            .29       .04
  Net Income (Loss)       $   .17   $  (.31)       $   .83    $ (.79)

Average Common
  Shares Outstanding    7,195,800  7,195,800     7,195,800  7,195,800