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) October 30, 2009

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)

161 South Wakea Avenue, 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 October 30, 2009, Maui Land & Pineapple Company, Inc. issued a press release, which sets forth our results of operations for the quarter ended September 30, 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 9.01Financial Statements and Exhibits

(d) Exhibits
Exhibit Number	Description
99.1	Maui Land & Pineapple Company, Inc. Press Release dated October 30, 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:    November 3, 2009	By:	/s/ JOHN P. DURKIN
		John P. Durkin
		Chief Financial Officer

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EXHIBIT INDEX

ExhibitNumber	Description
99.1	Maui Land & Pineapple Company, Inc. Press Release dated October 30, 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

JOHN P. DURKIN

808/665-5480

808/877-1614 FAX

MAUI LAND & PINEAPPLE REPORTS 2009 3rd QUARTER RESULTS

Kahului, Hawaii, October 30, 2009….. Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $25.5 million or $3.17 per share for the third quarter of 2009 compared to a net loss of $8.7 million or $1.09 per share for the third quarter of 2008.  The loss for the third quarter of 2009 includes $22.8 million equity in losses from the Company’s investment in Kapalua Bay Holdings, LLC, compared to $5.1 million income attributable to this investment for the third quarter of 2008.  Consolidated revenues were $26.7 million for the third quarter of 2009, compared to $19.1 million for the third quarter of 2008.  Revenues for the third quarter of 2009 include the sale of two properties that resulted in revenues of $11.7 million.

For the first nine months of 2009, the Company reported a net loss of $92.9 million or $11.57 per share compared to a net loss of $8.8 million or $1.11 per share for the first nine months of 2008.  Consolidated revenues for the first nine months of 2009 were $55.5 million, compared to $62.0 million for the first nine months of 2008.  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 2009 nine month results.

The Community Development segment reported an operating loss of $16.9 million for the third quarter of 2009, compared to operating income of $2.5 million for the third quarter of 2008.  Revenues from this operating segment were $13.8 million for the third quarter of 2009, compared to $2.2 million for the third quarter of 2008.  For the first nine months of 2009, the Community Development segment reported an operating loss of $61.2 million, compared to operating income of $21.5 million for the first nine months of 2008.  Revenues from this segment were $17.6 million for the first nine months of 2009 compared to $10.5 million for the first nine months of 2008.  The operating loss reported by the Community Development segment for the third quarter and first nine months of 2009 includes losses of $22.8 million and $47.2 million, respectively, attributable to the Company’s investment in Kapalua Bay Holdings, LLC, compared to income from this equity investment of $5.1 million and $26.5 million, respectively, for the third quarter and first nine months of 2008.  In September 2009, Kapalua Bay Holdings, LLC recorded an impairment in the value of its real estate inventories totaling $208.8 million.  The third quarter and first nine months of 2009 also include the sale of two properties that resulted in revenues of $11.7 million and pretax profit of approximately $6.8 million.  The first nine months of 2008 include land sales that resulted in revenues of $4.4 million and pre-tax profit of approximately $4.1 million.

The Resort segment reported an operating loss of $2.7 million for the third quarter of 2009, compared to an operating loss of $5.7 million for the third quarter of 2008.  Resort segment revenues decreased by 16% to $7.6 million for the third quarter of 2009 compared to $9.1 million for the third quarter of 2008, reflecting lower revenues from the primary Resort operations, golf, retail and villas. For the first nine months of 2009, the Resort produced an operating loss of $11.4 million compared to an operating loss of $13.1 million for the first nine months of 2008.  Resort revenues for the first nine months of 2009 were 21% lower than the same period a year ago.  Cost cutting measures helped to reduce the Resort segment operating loss in 2009 as compared to 2008.

The Agriculture segment produced an operating loss of $4.1 million for the third quarter of 2009 compared to an operating loss of $9.5 million for the third quarter of 2008.  Revenues from the Agriculture segment decreased by 32% from $7.2 million in the third quarter of 2008 to $4.9 million in the third quarter of 2009 due to lower average prices and lower case sales volume.  For the first nine months of 2009, the Agriculture segment reported an operating loss of $12.6 million, compared to an operating loss of $19.3 million for the first nine months of 2008.  Revenues for the first nine months of 2009 were $14.4 million, compared to $21.0 million for the same period in 2008.

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MAUI LAND & PINEAPPLE COMPANY, INC.

Report of Consolidated Operations

(Unaudited)

(in thousands except per share amounts)

	Three Months						Nine Months
	Ended September 30,						Ended September 30,
	2009			2008			2009			2008
Operating Revenues
Community Development	$	13,783		$	2,220		$	17,570		$	10,517
Resort	7,602			9,101			22,935			28,989
Agriculture	4,939			7,236			14,353			20,971
Other	336			562			673			1,572
Total Operating Revenues	$	26,660		$	19,119		$	55,531		$	62,049
Operating Profit (Loss)
Community Development	$	(16,946	)	$	2,461		$	(61,161	)	$	21,517
Resort	(2,664		)	(5,652		)	(11,432		)	(13,089		)
Agriculture	(4,086		)	(9,533		)	(12,629		)	(19,257		)
Other	(155		)	(66		)	(1,106		)	(391		)
Total Operating Loss	(23,851		)	(12,790		)	(86,328		)	(11,220		)
Interest Expense	(2,749		)	(1,381		)	(7,292		)	(3,323		)
Interest Income	107			45			485			247
Income Tax Benefit	1,007			5,431			207			5,459
Net Loss	$	(25,486	)	$	(8,695	)	$	(92,928	)	$	(8,837	)
Loss Per Common Share
Basic	$	(3.17	)	$	(1.09	)	$	(11.57	)	$	(1.11	)
Diluted	$	(3.17	)	$	(1.09	)	$	(11.57	)	$	(1.11	)
Average Common Shares Outstanding
Basic	8,047,228			7,959,850			8,034,045			7,961,516
Diluted	8,047,228			7,959,850			8,034,045			7,961,516

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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