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

March 17, 2009

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 March 17, 2009, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended December 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 March 17, 2009.

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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:	March 17, 2009	By:	/S/ Robert I. Webber
		Robert I. Webber
		President and Chief Executive Officer

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Maui Land & Pineapple Company, Inc. Press Release dated March 17, 2009.

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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
FOR RELEASE IMMEDIATELY	ROBERT I. WEBBER
March 17, 2009	808/877-1674
	808/877-1614 FAX

MAUI LAND & PINEAPPLE REPORTS 2008 4th QUARTER RESULTS

Kahului, Hawaii…….Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $70.6 million ($8.86 per share) for the fourth quarter of 2008 compared to a net loss of $4.0 million ($.51 per share) for the fourth quarter of 2007.  Revenues for the fourth quarter of 2008 were $16.8 million compared to $25.9 million for the fourth quarter of 2007.  The loss for the fourth quarter of 2008 reflects lower results in all of the Company’s business segments, in particular the Community Development segment where the Company recorded a loss from its equity interest in Kapalua Bay Holdings and an impairment charge for the decrease in value of the investment totaling $45.3 million.  The Community Development segment also recorded fourth quarter 2008 charges of $10.6 million for deferred development costs that are not expected to be recovered.  In addition, in the fourth quarter of 2008, the Company recorded a valuation allowance against its deferred tax assets that increased the net loss by $23.6 million.

For the year 2008, the Company reported a net loss of $79.4 million ($9.98 per share) compared to net income of $8.0 million ($1.03 per share) for 2007. Consolidated revenues of $78.8 million were 49% lower in 2008 compared to 2007. The reduction in 2008 revenues was primarily due to a $56.7 million decrease in the Community Development segment revenues, because of lower real estate sales in 2008 and to a $19.7 million decrease in Agriculture segment revenues as a result of cessation of producing and selling solid-packed pineapple products in 2007.

The Community Development segment reported an operating loss of $61.5 million for the fourth quarter of 2008 compared to an operating profit of $6.9 million for the fourth quarter of 2007.  Revenues for the fourth quarter of 2008 were $900,000 compared to $6.8 million for the fourth quarter of 2007.  For the year 2008, the Community Development segment reported an operating loss of $40.0 million compared to operating profit of $53.1 million for 2007. Revenues from this operating segment were $11.4 million for 2008 compared to $68.1 million for 2007.  In 2008, revenues include $4.4 million from land sales transactions compared to $59.6 million in 2007 from various land sale transactions including the sale of the land underlying the Ritz-Carlton, Kapalua hotel.  As described above, fourth quarter charges related to the Company’s investment in Kapalua Bay Holdings, write off of deferred development costs and the reduction in real estate sales were responsible for the lower results from the Community Development segment.

The Resort segment reported an operating loss of $6.6 million for the fourth quarter of 2008 compared to an operating loss of $5.0 million for the fourth quarter of 2007.  For the year 2008, the Resort segment reported an operating loss of $19.7 million compared to an operating loss of $11.7 million for 2007.  Resort segment revenues were $8.5 million for the fourth quarter of 2008 or 13% higher than the

same period a year earlier; and $37.4 million or 5% higher for the year 2008 compared to 2007, largely reflecting the Adventure Center and Mountain Outpost operations that began in December 2007 and early in 2008.  The increased operating losses for the fourth quarter and the year were primarily due to increased operating costs, in particular for the new operations, the net cost of the LPGA tournament held in October 2008 and higher administrative costs.  In 2008, financial results for the Resort were sharply affected by the reduction in visitor counts due to the global economic recession that has resulted in the inability or hesitation to travel, reduced air lift to Hawaii caused by airline closures, and the high cost of energy through most of the year that affected the cost of traveling.

The Agriculture segment reported an operating loss of $11.2 million for the fourth quarter of 2008 compared to an operating loss of $8.0 million for the fourth quarter of 2007.  For the year 2008, the Agriculture segment produced an operating loss of $30.4 million compared to an operating loss of $26.6 million for 2007. Revenues for the fourth quarter of 2008 were $6.8 million compared to $10.2 million for the same period in 2007; for the year, revenues were $27.8 million or 41% lower than 2007.  Lower revenues for the fourth quarter and the year 2008 was primarily due to a reduction in sales of processed products as the Company ceased production of all solid-packed pineapple products in 2007.  In 2008, continued losses reflect processing plant and logistical issues that affected the quality of our fresh product, increased costs of operations, write off of excess fixed assets and inventories and employee severance costs as the Company further reduced the Agriculture operations.

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MAUI LAND & PINEAPPLE COMPANY, INC.

Report of Consolidated Operations

(Unaudited)

(in thousands except per share amounts)

	Three Months						Twelve Months
	Ended December 31						Ended December 31
	2008			2007			2008			2007
Revenues
Community Development	$	877		$	6,780		$	11,394		$	68,105
Resort	8,450			7,455			37,439			35,804
Agriculture	6,808			10,160			27,779			47,466
Other	649			1,508			2,221			2,695
Total Operating Revenues	$	16,784		$	25,903		$	78,833		$	154,070
Operating Profit (Loss)
Community Development	$	(61,524	)	$	6,915		$	(40,007	)	$	53,135
Resort	(6,621		)	(4,977		)	(19,710		)	(11,707		)
Agriculture	(11,168		)	(8,019		)	(30,425		)	(26,615		)
Other	104			796			(287		)	627
Total Operating Profit (Loss)	(79,209		)	(5,285		)	(90,429		)	15,440
Interest Expense	887			(1,198		)	(2,436		)	(2,647		)
Interest Income	306			194			553			985
Income Tax (Expense) Benefit	7,457			2,251			12,916			(5,767		)
Net Income (Loss)	$	(70,559	)	$	(4,038	)	$	(79,396	)	$	8,011
Earnings (Loss) Per Common Share
Basic	$	(8.86	)	$	(0.51	)	$	(9.98	)	$	1.03
Diluted	$	(8.86	)	$	(0.51	)	$	(9.98	)	$	1.02
Average Common Shares Outstanding
Basic	7,961,864			7,925,228			7,959,472			7,802,282
Diluted	7,961,864			7,925,228			7,959,472			7,862,956

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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