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

Date of Report (Date of earliest event reported)  February 24, 2009

Maui Land & Pineapple Company, Inc.

(Exact name of Registrant as Specified in Its Charter)

Hawaii	0-6510	99-0107542
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No)

120 Kane Street, P.O. Box 187, Kahului, Maui, Hawaii, 96733-6687

(Address of principal executive offices)

(808) 877-3351

(Registrant’s telephone number, including area code)

Not Applicable

(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 2.05.      Costs Associated with Exit or Disposal Activities

On February 24, 2009, Maui Land & Pineapple Company, Inc. (the “Company”) announced that it will reduce the size of its work force by approximately 100 positions, or 13%, with most of the job terminations occurring as of March 1, 2009.  The job reductions are primarily in the Resort and Community Development operating segments and in corporate services, and is in response to the current economic environment that has negatively affected the number of visitors to Maui and to the State of Hawaii and has significantly reduced real estate sales.

The Company estimates that it will have cash expenditures of approximately $1,000,000 in 2009 for severance payments, accrued vacation payouts and transition expenses.  Severance payments will generally be made on the regularly scheduled payroll periods rather than as lump sum payments.  The Company has not yet determined the effect on its pension and other post-retirement plans.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In particular, statements by the Company pertaining to the Company’s expectations regarding reductions in workforce and costs associated with such reductions are forward-looking. Actual results could differ materially, as final determinations as to the total amount of severance payments have not yet been made. It is possible that the timing and amounts of the charges to be incurred may vary from the amounts set forth above. Except as required by law, the Company assumes no obligation and does not intend to update any such forward-looking statements.

Item 7.01        Regulation FD Disclosure.

The following information set forth in this Item 7.01 of this Current Report on Form 8-K, including the text of the press release, attached as Exhibit 99.1 hereto, is being furnished to, but not filed with, the Securities and Exchange Commission.

On February 24, 2009, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing the Company’s workforce reduction.

Item 9.01       Financial Statements and Exhibits.

(d)           Exhibits.
Exhibit Number	Description
99.1	Press Release, dated February 24, 2009.

2

SIGNATURES

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 hereunto duly authorized.

	MAUI LAND & PINEAPPLE COMPANY, INC.
Date: February 24, 2009	By:	/S/ ROBERT I. WEBBER
		Robert I. Webber
		President and Chief Executive Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated February 24, 2009.

3

EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR RELEASE

Tuesday, February 24, 2009

Contact: Teri Freitas Gorman, VP Corporate Communications, 808-877-3857

Maui Land & Pineapple Company, Inc. Announces Workforce Reductions
100 Positions Eliminated

KAHULUI, HAWAI’I — Maui Land & Pineapple Company, Inc. (NYSE:MLP) today announced a workforce reduction that will eliminate 100 positions at its Kapalua Resort and corporate headquarters in Kahului.  In addition, the company has instituted a ten percent reduction in salary for all of the company’s remaining employees. The salary reduction matches one taken previously by senior managers and all employees in the company’s agricultural division on January 1, 2009.

The company has undertaken other actions to cut expenses in an effort to minimize the number of eliminated positions. These actions include closing and consolidating offices, eliminating all non-essential travel, cutting outside contractor support, trimming operating budgets, and placing some projects on hiatus. The job eliminations, salary reductions and other actions are expected to save $7 million in annual operating expenses.

“Like so many companies around the world, the unprecedented economic environment requires us to make very difficult choices,” said Warren H. Haruki, executive chairman of MLP. “While we remain hopeful for an eventual economic turnaround, we must respond decisively to current conditions. With forecasts for fewer tourists, a tough real estate market, and tight financing for the next several years, we need to be prudent and move MLP to a more competitive cost structure.  By doing so, we position MLP for future success when the economic situation improves.”

Employees affected by the announcement will continue to receive their full pay and benefits through March 1, 2009, after which they will receive a comprehensive separation package based upon their years of service. MLP will provide these employees with outplacement support to assist them in transitioning to another position.  MLP is working with management of the Kapalua Spa and Ritz-Carlton Club and Residences at Kapalua Bay and requesting that affected MLP employees be given priority consideration for approximately 150 new positions to be filled prior to their

opening early this summer. “We are hopeful that a good number of our affected employees will be able to find employment at this outstanding new property at Kapalua,” said Haruki.

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About Maui Land & Pineapple Company, Inc.

MLP is a Hawai’i corporation and successor to a business organized in 1909.  Its principal operating subsidiaries are Maui Pineapple Company Ltd., a producer and marketer of Maui Gold ® pineapple, and Kapalua Land Company Ltd., operator of Kapalua Resort, a master-planned resort community in West Maui.

Certain statements made in this press release are forward-looking statements that reflect management’s current outlook and are based upon current assumptions. These statements include, among others, statements regarding the incurrence of restructuring charges and anticipated benefits resulting from the restructuring. Actual results could differ materially from those projected in the forward-looking statements as a result of the following factors, among others: the ability of the Company to realize savings and other benefits resulting from the reduction, the actual costs incurred as a result of the restructuring, the operating performance of each of the Company’s business segments and other risks and uncertainties included in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for fiscal year 2007 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008.  The Company undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof.

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