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 1, 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 May 1, 2009, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended March 31, 2009.  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 1, 2009.

2

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, 2009	By:	/S/ JOHN P. DURKIN
		John P. Durkin
		Chief Financial Officer

3

EXHIBIT INDEX

ExhibitNumber	Description
99.1	Maui Land & Pineapple Company, Inc. Press Release dated May 1, 2009.

4

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 2009 1st QUARTER RESULTS

Kahului, Hawaii, May 1, 2009….. Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $13.2 million or $1.65 per share for the first quarter of 2009 compared to a net loss of $414,000, or $0.05 per share for the first quarter of 2008.  Consolidated revenues were $15.6 million for the first quarter of 2009 compared to $25.4 million for the first quarter of 2008, a decrease of 39%. Results in the first quarter of 2009 largely reflect the continuing impact of the national and worldwide economic uncertainty that has resulted in reduced visitor counts to Maui and the State of Hawaii and slower sales of real estate.  Approximately $10.5 million of the increase in the net loss resulted from the year-over-year decrease in profit from the Company’s equity investment in Kapalua Bay Holdings. LLC.  The Company’s $50 million cash sale of the Plantation Golf Course in March 2009 was accounted for as a financing transaction and, accordingly, no gain was recognized in the first quarter of 2009.

The Community Development segment reported an operating loss of $3.2 million for the first quarter of 2009 compared to operating income of $8.1 million for the first quarter of 2008.  Revenues from this operating segment were $2.0 million for the first quarter of 2009 compared to $4.6 million for the first quarter of 2008.  The Company recorded a loss from Kapalua Bay Holdings, LLC of $1.1 million in the first quarter of 2009 compared to income of $9.4 million in the first quarter of 2008.  Lower results in 2009 from the Kapalua Bay equity investment reflect reduced sales for the first quarter of 2009 compared to the first quarter of 2008.  Lower results from the Community Development segment in the first quarter of 2009 were also due to no land sales in the first quarter of 2009, compared to the sale of two non-core land parcels in the first quarter of 2008.

The Resort segment reported an operating loss of $4.2 million for the first quarter of 2009 compared to an operating loss of $2.3 million for the first quarter of 2008.  Resort segment revenues decreased from $11.7 million in the first quarter of 2008 to $8.6 million for the first quarter of 2009 or 26%, reflecting lower revenues from the primary Resort operations, golf, retail and villas. A reduction in visitor arrivals and occupancy at the Resort was primarily responsible for the lower results in the first quarter of 2009.

The Agriculture segment produced an operating loss of $3.5 million for the first quarter of 2009 compared to an operating loss of $5.1 million for the first quarter of 2008.  Revenues from the Agriculture segment decreased by 42% from $8.5 million in the first quarter of 2008 to $4.9 million in the first quarter of 2009 due to lower case volume of fresh pineapple sales.  The lower loss in the first quarter of 2009 reflects higher average prices for fresh pineapple and lower operating costs in the Agriculture segment.  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.

*        *        *        *        *

MAUI LAND & PINEAPPLE COMPANY, INC.

Report of Consolidated Operations

(Unaudited)

(in thousands except per share amounts)

	Three Months
	Ended March 31,
	2009			2008
Revenues
Community Development	$	1,977		$	4,598
Resort	8,620			11,691
Agriculture	4,889			8,461
Other	111			619
Total Operating Revenues	$	15,597		$	25,369
Operating Profit (Loss)
Community Development	$	(3,225	)	$	8,081
Resort	(4,157		)	(2,276		)
Agriculture	(3,545		)	(5,130		)
Other	(618		)	(39		)
Total Operating Profit (Loss)	(11,545		)	636
Interest Expense	(1,476		)	(1,481		)
Interest Income	183			244
Income Tax (Expense) Benefit	(385		)	187
Net Loss	$	(13,223	)	$	(414	)
Loss Per Common Share
Basic	$	(1.65	)	$	(0.05	)
Diluted	$	(1.65	)	$	(0.05	)
Average Common Shares Outstanding
Basic	8,020,454			7,959,217
Diluted	8,020,454			7,959,217

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.

2