8-K

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

May 2, 2008

Date of Report (Date of earliest event reported)

MAUI LAND & PINEAPPLE COMPANY, INC.

(Exact name of registrant as specified in its charter)

Hawaii	001-06510	99-0107542
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)
120 Kane Street, P.O. Box 187, Kahului, Maui, Hawaii, 96733-6687
(Address of principal executive offices) (Zip Code)

(808) 877-3351

(Registrant’s telephone number, including area code)

N/A

(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:

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

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

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

o 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 May 2, 2008, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended March 31, 2008.  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

(d)   Exhibits

Exhibit Number	Description
99.1	Maui Land & Pineapple Company, Inc. Press Release dated May 2, 2008.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MAUI LAND & PINEAPPLE COMPANY, INC.
Date:   May 5, 2008	By:	/S/ ROBERT I. WEBBER
		Robert I. Webber
		Chief Operating Officer, Chief Financial Officer
		& Executive Vice President
		(Principal Financial Officer)

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Maui Land & Pineapple Company, Inc. Press Release dated May 2, 2008.

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EX-99.1

Exhibit 99.1

MAUI LAND & PINEAPPLE COMPANY, INC.

P. O. BOX 187   ¨   KAHULUI, HAWAII  96733-6687

NEWS RELEASE
	ROBERT I. WEBBER
	808/877-1674
	808/877-1614 FAX

MAUI LAND & PINEAPPLE REPORTS 2008 1st QUARTER RESULTS

Kahului, Hawaii, May 2, 2008… .. Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $740,000, or $.09 per share for the first quarter of 2008 compared to net income of $15.7 million, or $2.12 per share for the first quarter of 2007.  Consolidated revenues were $25.4 million for the first quarter of 2008 compared to $60.9 million for the first quarter of 2007, a decrease of 58%. Results in 2008 reflect lower land sales and a reduction in revenues in the Agriculture segment.

“Lower comparative first quarter results reflect the impact of a $24 million transaction in the first quarter of 2007,” said David C. Cole, Chairman, President and CEO.  “Results in the Agriculture segment were adversely affected by historically lower average temperatures at our Hali`imaile plantation that delayed fruit ripening.  The company is accelerating plans to consolidate fresh pineapple operations at its Honolua plantation to take advantage of better growing conditions, shorter growing cycles, and lower operating costs.”

The Community Development segment reported an operating profit of $8.1 million for the first quarter of 2008 compared to $29.1 million for the first quarter of 2007.  Revenues from this operating segment were $4.6 million for the first quarter of 2008 compared to $35.2 million for the first quarter of 2007.  The Company’s income from Kapalua Bay Holdings, LLC was $9.4 million in the first quarter of 2008 compared to $1.9 million in the first quarter of 2007.  Improved results in 2008 from the Kapalua Bay equity investment was off set by the sale of the land underlying the Ritz-Carlton, Kapalua hotel in March 2007 that added $24 million to revenues and operating profit in the first quarter of 2007.

The Resort segment reported an operating loss of $2.3 million for the first quarter of 2008 compared to an operating loss of $904,000 for the first quarter of 2007.  Resort segment revenues of $11.7 million for the first quarter of 2008 were approximately the same as the first quarter of 2007.  Increased operating and marketing expenses in the first quarter of 2008, in particular for our new Mountain outpost and Adventure Center activities, as well as higher cost of product revenues were the primary reasons for the increased operating loss compared to the first quarter of 2007.

The Agriculture segment produced an operating loss of $5.6 million for the first quarter of 2008 compared to an operating loss of $2.4 million for the first quarter of 2007.  Revenues from the Agriculture segment in the first quarter of 2008 were $8.5 million compared to $13.7 million in the first quarter of 2007, a decrease of 38%.  In 2007, the Company ceased all canning and processing of solid-pack pineapple products, to focus on Hawaii and U.S. mainland fresh pineapple sales.  The increased operating loss in 2008 primarily reflects reduced fruit volumes triggered by unusually cold weather at the Company’s Hali`imaile plantation.  In addition, the operating loss for the first quarter of 2008 included approximately $0.9 million in equipment write-offs and a provision of $0.9 million for potentially uncollectible accounts receivable.

*        *        *        *        *

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MAUI LAND & PINEAPPLE COMPANY, INC.

Report of Consolidated Operations

(Unaudited)

(in thousands except per share amounts)

	Three Months
	Ended March 31,
	2008			2007
Revenues
Community Development	$	4,598		$	35,234
Resort	11,691			11,655
Agriculture	8,461			13,746
Other	619			348
Total Operating Revenues	$	25,369		$	60,983
Operating Profit (Loss)
Community Development	$	8,081		$	29,095
Resort	(2,276		)	(904		)
Agriculture	(5,647		)	(2,396		)
Other	(39		)	(29		)
Total Operating Profit	119			25,766
Interest Expense	(1,481		)	(711		)
Interest Income	244			291
Income Tax (Expense) Benefit	378			(9,632		)
Net Income (Loss)	$	(740	)	$	15,714
Earnings (Loss) Per Common Share
Basic	$	(0.09	)	$	2.12
Diluted	$	(0.09	)	$	2.10
Average Common Shares Outstanding
Basic	7,959,217			7,423,645
Diluted	7,959,217			7,498,932

NOTES:

The Company’s reports for interim periods utilize numerous estimates of production, general and administrative expenses, and other costs for the full year.  In addition, revenues from land sales are sporadic.  Consequently, amounts in the interim reports are not necessarily indicative of results for the full year.

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