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Maui Land & Pineapple Reports 2010 2nd Quarter Results

Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported a net loss of $4.6 million or $0.57 per share for the second quarter of 2010, compared to a net loss of $54.2 million or $6.75 per share for the second quarter of 2009. Consolidated revenues were $8.3 million for the second quarter of 2010, compared to $8.7 million for the second quarter of 2009.

For the first six months of 2010, the Company reported a net loss of $7.3 million or $0.90 per share, compared to a net loss of $67.4 million or $8.40 per share for the first six months of 2009. Consolidated revenues were $19.0 million for the first six months of 2010, compared to $19.5 million for the first six months of 2009. The net loss for the first six months of 2010 includes a credit of $3.4 million representing the gain recognized from the termination of certain postretirement benefits in January and February of 2010. The net loss for the first six months of 2010 also includes pre-tax profit of approximately $2.5 million from the sale of real estate inventory and a portion of the Company’s former administrative offices in Kahului.

The Community Development segment reported an operating loss of $70,000 for the second quarter of 2010, compared to an operating loss of $41.0 million for the second quarter of 2009. Revenues from this operating segment were $2.8 million for the second quarter of 2010, compared to $1.8 million for the second quarter of 2009. For the first six months of 2010, the Community Development segment produced an operating profit of $736,000 compared to an operating loss of $44.2 million for the first six months of 2009. Community Development revenues were $6.6 million for the first six months of 2010, compared to $3.8 million for the same period in 2009. Losses attributable to the Company’s investment in Kapalua Bay Holdings, LLC in 2009 were the primary reason for the improved results reported in 2010. Results for 2010 also reflect improved operating results from the leasing and realty operations and the benefit of continued cost reductions.

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