10-Q

Table Of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-06510

MAUI LAND & PINEAPPLE COMPANY, INC.

(Exact name of registrant as specified in its charter)

HAWAII	99-0107542
(State or other jurisdiction	(IRS Employer
of incorporation or organization)	Identification No.)

200 Village Road, Lahaina, Maui, Hawaii 96761

(Address of principal executive offices)

Registrant’s telephone number, including area code: (808) 877-3351

None

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at July 31, 2015
Common Stock, no par value	18,905,967 shares

MAUI LAND & PINEAPPLE COMPANY, INC.

AND SUBSIDIARIES

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION	3
Item 1. Financial Statements (unaudited)	3
Condensed Consolidated Balance Sheets, June 30, 2015 and December 31, 2014	3
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income, Three Months Ended June 30, 2015 and 2014	4
Condensed Consolidated Statements of Operations and Comprehensive Loss, Six Months Ended June 30, 2015 and 2014	5
Condensed Consolidated Statements of Stockholders’ Deficiency, Six Months Ended June 30, 2015 and 2014	6
Condensed Consolidated Statements of Cash Flows, Six Months Ended June 30, 2015 and 2014	7
Notes to Condensed Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Forward-Looking Statements and Risks	18
Item 3. Quantitative and Qualitative Disclosures About Market Risk	19
Item 4. Controls and Procedures	19
PART II. OTHER INFORMATION	20
Item 1A. Risk Factors	20
Item 6. Exhibits	20
Signature	21
EXHIBIT INDEX	22
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2
Exhibit 101

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PART I FINANCIAL INFORMATION

Item 1. Financial Statements

MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	June 30,			December 31,
	2015			2014
	(in thousands except share data)
ASSETS
CURRENT ASSETS
Cash	$	237		$	415
Accounts receivable, less allowance of $241 and $194 for doubtful accounts		1,765			1,272
Prepaid expenses and other current assets		110			170
Total current assets		2,112			1,857
PROPERTY		69,911			75,401
Accumulated depreciation		(36,056	)		(39,335	)
Net property		33,855			36,066
OTHER ASSETS
Deferred development costs		9,332			9,347
Assets held for sale		1,302			147
Other noncurrent assets		1,713			1,854
Total other assets		12,347			11,348
TOTAL ASSETS	$	48,314		$	49,271
LIABILITIES & STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES
Current portion of long-term debt	$	-		$	2,533
Accounts payable		814			968
Payroll and employee benefits		233			270
Current portion of accrued retirement benefits		364			391
Income taxes payable		378			566
Deferred revenue		633			222
Accrued interest		364			352
Other current liabilities		574			546
Total current liabilities		3,360			5,848
LONG-TERM LIABILITIES
Long-term debt		50,776			47,643
Accrued retirement benefits		6,584			6,893
Deposits		2,684			2,683
Deferred revenue		914			1,011
Other noncurrent liabilities		233			375
Total long-term liabilities		61,191			58,605
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS' DEFICIENCY
Common stock--no par value, 43,000,000 shares authorized, 18,853,780 and 18,785,055 shares issued and outstanding		77,547			77,105
Additional paid in capital		9,246			9,246
Accumulated deficit		(77,878	)		(75,959	)
Accumulated other comprehensive loss		(25,152	)		(25,574	)
Total stockholders' deficiency		(16,237	)		(15,182	)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIENCY	$	48,314		$	49,271

See Notes to Condensed Consolidated Financial Statements.

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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(UNAUDITED)

	Three Months Ended June 30,
	2015			2014
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate
Sales	$	-		$	2,300
Commissions		211			153
Leasing		1,422			1,409
Utilities		807			829
Resort amenities and other		325			318
Total operating revenues		2,765			5,009
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales		-			835
Other		248			333
Leasing		611			586
Utilities		582			572
Resort amenities and other		265			190
General and administrative		487			543
Share-based compensation		143			153
Depreciation		555			587
Pension and other postretirement expenses		76			141
Total operating costs and expenses		2,967			3,940
OPERATING (LOSS) INCOME		(202	)		1,069
Interest expense		(616	)		(592	)
NET (LOSS) INCOME	$	(818	)	$	477
Pension, net of income taxes of $0		211			146
COMPREHENSIVE (LOSS) INCOME	$	(607	)	$	623
NET (LOSS) INCOME PER COMMON SHARE--BASIC AND DILUTED	$	(0.04	)	$	0.03

See Notes to Condensed Consolidated Financial Statements.

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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

	Six Months Ended June 30,
	2015			2014
	(in thousands except
	per share amounts)
OPERATING REVENUES
Real estate
Sales	$	-		$	2,300
Commissions		323			236
Leasing		2,837			2,721
Utilities		1,623			1,551
Resort amenities and other		776			670
Total operating revenues		5,559			7,478
OPERATING COSTS AND EXPENSES
Real estate
Cost of sales		-			835
Other		417			638
Leasing		1,149			1,136
Utilities		1,194			1,145
Resort amenities and other		479			471
General and administrative		1,069			868
Share-based compensation		692			295
Depreciation		1,113			1,171
Pension and other postretirement expenses		152			282
Total operating costs and expenses		6,265			6,841
OPERATING (LOSS) INCOME		(706	)		637
Interest expense		(1,213	)		(1,069	)
NET LOSS	$	(1,919	)	$	(432	)
Pension, net of income taxes of $0		422			292
COMPREHENSIVE LOSS	$	(1,497	)	$	(140	)
NET (LOSS) INCOME PER COMMON SHARE--BASIC AND DILUTED	$	(0.10	)	$	(0.02	)

See Notes to Condensed Consolidated Financial Statements.

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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY

(UNAUDITED)

For the Six Months Ended June 30, 2015 and 2014

(in thousands)

													Accumulated
							Additional						Other
	Common Stock						Paid in			Accumulated			Comprehensive
	Shares			Amount			Capital			Deficit			Loss			Total
Balance, January 1, 2015		18,785		$	77,105		$	9,246		$	(75,959	)	$	(25,574	)	$	(15,182	)
Share-based compensation		104			645			90									735
Vested restricted stock issued		12			90			(90	)								-
Shares cancelled to pay tax liability		(47	)		(293	)											(293	)
Other comprehensive income - pension														422			422
Net loss											(1,919	)					(1,919	)
Balance, June 30, 2015		18,854		$	77,547		$	9,246		$	(77,878	)	$	(25,152	)	$	(16,237	)
Balance, January 1, 2014		18,737		$	76,810		$	9,245		$	(93,594	)	$	(19,692	)	$	(27,231	)
Share-based compensation		36			218			211									429
Vested restricted stock issued		35			210			(210	)								-
Shares cancelled to pay tax liability		(30	)		(193	)											(193	)
Other comprehensive income - pension														292			292
Net loss											(432	)					(432	)
Balance, June 30, 2014		18,778		$	77,045		$	9,246		$	(94,026	)	$	(19,400	)	$	(27,135	)

See Notes to Condensed Consolidated Financial Statements.

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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended June 30,
	2015			2014
	(in thousands)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	$	(478	)	$	689
INVESTING ACTIVITIES
Payments for other assets		(9	)		(67	)
NET CASH USED IN INVESTING ACTIVITIES		(9	)		(67	)
FINANCING ACTIVITIES
Proceeds from long-term debt		600			2,100
Payments of long-term debt		-			(2,324	)
Debt and common stock issuance cost and other		(291	)		(554	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		309			(778	)
NET DECREASE IN CASH		(178	)		(156	)
CASH AT BEGINNING OF PERIOD		415			359
CASH AT END OF PERIOD	$	237		$	203
Cash paid during the period:
Interest	$	1,222		$	1,147
Income taxes	$	200		$	300

SUPPLEMENTAL NON-CASH ACTIVITIES:

● Common stock issued to certain members of the Company’s management totaled $645,000 and $218,000 through June 30, 2015 and 2014, respectively.

See Notes to Condensed Consolidated Financial Statements.

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MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1.BASIS OF PRESENTATION

The accompanying interim unaudited condensed consolidated financial statements have been prepared by Maui Land & Pineapple Company, Inc. (together with its subsidiaries, the “Company”) in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information that are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and pursuant to the instructions to Form 10-Q and Article 8 promulgated by Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes to financial statements required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows for the interim periods ended June 30, 2015 and 2014. The condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2014.

LIQUIDITY

The Company had outstanding borrowings under three credit facilities totaling $50.8 million as of June 30, 2015. The Company has pledged a significant portion of its real estate holdings as security for borrowings under its credit facilities, limiting its ability to borrow additional funds. The Company’s credit facilities mature on August 1, 2016.

Absent the sale of some of its real estate holdings, refinancing, or extending the maturity date of its credit facilities, the Company does not expect to be able to repay its outstanding borrowings on the maturity date.

The credit facilities have covenants requiring among other things, a minimum of $3 million in liquidity (as defined), a maximum of $175 million in total liabilities, and a limitation on new indebtedness. The Company’s ability to continue to borrow under its credit facilities to fund its ongoing operations and meet its commitments depends upon its ability to comply with its covenants. If the Company fails to satisfy any of its loan covenants, each lender may elect to accelerate its payment obligations under such lender’s credit agreement.

The Company’s cash outlook for the next twelve months and its ability to continue to meet its loan covenants is highly dependent on selling certain real estate assets at acceptable prices. If the Company is unable to meet its loan covenants, borrowings under its credit facilities may become immediately due, and it would not have sufficient liquidity to repay such outstanding borrowings.

The Company’s credit facilities require that a portion of the proceeds received from the sale of any real estate assets be repaid toward its loans. The amount of proceeds paid to its lenders will reduce the net sale proceeds available for working capital purposes.

The aforementioned circumstances raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the Company will be able to successfully achieve its initiatives summarized below in order to continue as a going concern. The accompanying financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result should the Company be unable to continue as a going concern.

In response to these circumstances, the Company continues to undertake efforts to generate cash flow by employing its real estate assets in leasing and other arrangements, by the sale of several real estate assets, and by continued cost reduction efforts.

2.USE OF ESTIMATES AND RECLASSIFICATIONS

The Company’s reports for interim periods utilize numerous estimates of general and administrative expenses and other costs for the full year. Future actual amounts may differ from these estimates. Amounts reflected in interim reports are not necessarily indicative of results for a full year. Certain amounts in the December 31, 2014 condensed consolidated balance sheet and condensed consolidated statement of operations and comprehensive (loss) income for the three and six months ended June 30, 2014 were reclassified to conform to the presentation for the three and six months ended June 30, 2015. Such amounts had no impact on total assets and liabilities or net income (loss) and comprehensive income (loss) previously reported.

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3.BASIC AND DILUTED SHARES

Basic and diluted weighted-average shares outstanding for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months Ended				Six Months Ended
	June 30 ,				June 30,
	2015		2014		2015		2014
Basic and diluted		18,846,847		18,766,909		18,820,950		18,757,273
Potentially dilutive		27,500		71,172		27,500		71,172

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued.

Potentially dilutive shares arise from non-qualified stock options to purchase common stock and non-vested restricted stock. The treasury stock method is applied to determine the number of potentially dilutive shares for non-vested restricted stock and stock options assuming that the shares of non-vested restricted stock are issued for an amount based on the grant date market price of the shares and that the outstanding stock options are exercised. These amounts were excluded because the effect would be insignificant.

4. PROPERTY

Property at June 30, 2015 and December 31, 2014 consisted of the following:

	June 30, 2015			December 31, 2014
	(in thousands)
Land	$	5,151		$	5,158
Land improvements		20,340			24,951
Buildings		32,692			33,479
Machinery and equipment		11,728			11,813
Total property		69,911			75,401
Less accumulated depreciation		(36,056	)		(39,335	)
Net property	$	33,855		$	36,066

Land

Most of the Company’s 23,000 acres of land were acquired between 1911 and 1932 and is carried in its balance sheets at cost. Approximately 21,000 acres of land are located in West Maui and comprise a largely contiguous parcel that extends from the shoreline to an elevation of approximately 5,700 feet. This parcel includes approximately 900 acres within the Kapalua Resort’s 3,000 acres. The Company’s remaining 2,000 acres of land are located in Upcountry Maui in an area commonly known as Haliimaile and are mainly comprised of leased agricultural fields, including processing and maintenance facilities.

Land Improvements

Land improvements are comprised primarily of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included is the Company’s potable and non-potable water system in West Maui. The majority of the Company’s land improvements were constructed and placed in service in the mid-to-late 1970’s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost.

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Buildings

Buildings are comprised of restaurant, retail and light industrial spaces located at the Kapalua Resort and Haliimaile which are used in the Company’s leasing operations. The majority of the buildings were constructed and placed in service in the mid-to-late 1970’s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost.

Machinery and Equipment

Machinery and equipment are mainly comprised of zipline course equipment installed in 2008 at the Kapalua Resort and used in the Company’s leasing operations. Also included are machinery and equipment used in the Company’s utilities operations.

5.ASSETS HELD FOR SALE AND REAL ESTATE SALES

At June 30, 2015 assets held for sale consisted of a 630-acre parcel of agricultural land in Upcountry Maui; a 5-acre fully entitled, 42-unit workforce housing project located adjacent to the Kapalua Bay Golf Course; and the 26-acre Kapalua Golf Academy.

At December 31, 2014, assets held for sale consisted of a 630-acre parcel of agricultural land in Upcountry Maui.

In October 2014, the Company sold an unimproved 244-acre parcel of former agricultural land located in West Maui, commonly known as Lipoa Point, to the State of Hawaii for $19.8 million. Proceeds from the sale totaling $19.4 million were utilized to fund the Company’s pension plans.

In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million and recognized a gain of $1.5 million. The Company utilized $1.9 million of the proceeds to release an approximately 1.1 acre property and building in the Kapalua Resort, commonly known as the Honolua Store from the collateral held under the Wells Fargo credit facility and $0.4 million of the proceeds to repay its term loan with American AgCredit.

6.LONG-TERM DEBT

Long-term debt at June 30, 2015 and December 31, 2014 consisted of the following:

	June 30, 2015		December 31, 2014
	(in thousands)
Wells Fargo revolving line of credit, 3.83% and 3.82%, respectively	$	30,843	$	30,643
American AgCredit term loan, 8.00% and 5.00%, respectively		19,533		19,533
First Hawaiian Bank, revolving line of credit, 4.38%		400		-
Total		50,776		50,176
Less current portion		-		2,533
Long-term debt	$	50,776	$	47,643

WELLS FARGO

The Company has a $30.8 million revolving line of credit with Wells Fargo that matures on August 1, 2016. Interest on borrowings is at LIBOR plus 3.65% and the line of credit is collateralized by approximately 880 acres of the Company’s real estate holdings at the Kapalua Resort. The line of credit agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million, and a limitation on new indebtedness. The credit agreement includes predetermined release prices for the real property securing the credit facility. There are no commitment fees on the unused portion of the revolving facility. Absent the sale of some of its real estate holdings or refinancing, the Company does not expect to be able to pay the outstanding balance of the revolving line of credit on the maturity date.

AMERICAN AGCREDIT

The Company has a term loan with an outstanding principal balance of $19.5 million with American AgCredit that matures on August 1, 2016. On April 24, 2015, the term loan agreement was amended to eliminate previously required principal reduction payments, modify interest rates and payments, and provide additional collateral for the loan.

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Interest on the loan balance is at the greater of 8.00% or LIBOR plus 7.75%. Interest is paid monthly at the greater of 4.00% or LIBOR plus 3.75%, with the remaining amount deferred until the maturity date. The amount of interest paid increases by 0.75% if the loan balance has not been reduced below $15.0 million by November 1, 2015 and increases by an additional 0.75% if the loan balance has not been reduced below $12.5 million by April 1, 2016. Interest on the loan balance decreases by 1.00% if the loan balance is reduced below $15.0 million, an additional 1.25% if the loan balance is reduced below $10.0 million, and an additional 1.25% if the loan balance is reduced below $5.0 million. The loan is collateralized by approximately 3,700 acres of the Company’s real estate holdings in West Maui and Upcountry Maui and a pledge of the Company’s 100% equity interests in the Kapalua Water Company, Ltd. and the Kapalua Waste Treatment Company, Ltd.

The loan agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million and a limitation on new indebtedness. It also requires mandatory principal repayments of 100% of the net proceeds of the sale of certain real property pledged as collateral for the loan and mandatory principal repayments based on predetermined percentages of 60% to 75% of the net proceeds from the sale of non-collateralized real property. The Company has agreed to provide by May 1, 2016: (a) a refinancing loan commitment, (b) escrowed real estate sales contracts, (c) a filed registration statement for an equity offering, or a combination thereof, in an amount sufficient to repay the outstanding balance of the term loan on the maturity date.

FIRST HAWAIIAN BANK

The Company has a $3.5 million revolving line of credit with First Hawaiian Bank that matures on August 1, 2016. Interest on borrowings is at the bank’s Prime Rate and the line of credit is collateralized by an approximately 1.1 acre property and building in the Kapalua Resort, commonly known as the Honolua Store. The line of credit agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million, and a limitation on new indebtedness. There are no commitment fees on the unused portion of the revolving facility.

As of June 30, 2015, the Company believes it is in compliance with the covenants under its Wells Fargo, American AgCredit and First Hawaiian Bank credit facilities.

7. SHARE-BASED COMPENSATION

The Company’s non-employee directors, officers and certain members of management receive a portion of their compensation in shares of the Company’s common stock granted under the Maui Land & Pineapple Company, Inc. 2006 Equity and Incentive Award Plan (2006 Plan). Share-based compensation is valued based on the average of the high and low share price on the date of grant. Shares are issued upon execution of agreements reflecting the grantee’s acceptance of the respective shares subject to the terms and conditions of the 2006 Plan. Restricted shares issued under the 2006 Plan vest quarterly and have voting and regular dividend rights but cannot be disposed of until such time as they are vested. All unvested restricted shares are forfeited upon the grantee’s termination of directorship or employment from the Company.

Each of the Company’s non-employee directors receive restricted shares of common stock upon their annual appointment to the Company’s board of directors. Share-based compensation totaled $62,000 and $60,000 for the six months ended June 30, 2015 and 2014, respectively, for vesting of restricted shares granted to the Company’s non-employee directors.

The Company’s officers and certain members of management receive share-based compensation based on their achievement of certain predefined performance goals and objectives under an incentive compensation plan. Such share-based compensation is comprised of an annual incentive paid in shares of common stock and a long-term incentive paid in restricted shares vesting quarterly over a period of three years. Share-based compensation totaled $692,000 and $295,000 for the six months ended June 30, 2015 and 2014, respectively, for shares issued and the vesting of restricted shares granted to the Company’s officers and certain members of management.

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8. ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at June 30, 2015 and December 31, 2014 consisted of the following:

	June 30,			December 31,
	2015			2014
	(in thousands)
Defined Benefit Pension Plans	$	2,178		$	2,540
Supplemental Executive Retirement Plan		4,528			4,468
Deferred Compensation Plan		242			276
Total		6,948			7,284
Less current portion		(364	)		(391	)
Non-current portion of accrued retirement benefits	$	6,584		$	6,893

The net periodic benefit costs for pension and postretirement benefits for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Interest cost	$	691		$	772		$	1,382		$	1,544
Expected return on plan assets		(826	)		(777	)		(1,652	)		(1,554	)
Recognized actuarial loss		211			146			422			292
Pension and other postretirement expenses	$	76		$	141		$	152		$	282

9. INCOME TAXES

The Company’s effective tax rate for 2015 and 2014 reflects the recognition of expected federal alternative minimum tax liabilities and interim period tax benefits and changes to its tax valuation allowance.

The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Interest accrued related to unrecognized tax benefits is recognized as interest expense and penalties are recognized in general and administrative expense in the Company’s condensed consolidated statements of operations and comprehensive loss; and such amounts are included in income taxes payable on the Company’s condensed consolidated balance sheets.

10.REPORTABLE OPERATING SEGMENTS

The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer – its chief decision maker – in assessing performance and determining the allocation of resources. The Company’s reportable operating segments are as follows:

• Real Estate – includes land planning and entitlement, development and sales activities. This segment also includes the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort.

• Leasing – includes residential, resort, commercial, industrial and agricultural land and property leases, licensing of the Company’s registered trademarks and trade names, and stewardship and conservation efforts.

• Utilities – comprised of the Company’s two publicly-regulated utility companies which provide potable and non-potable water and wastewater transmission services to the Kapalua Resort. In addition, this segment also includes management of ditch, reservoir and well systems which provide non-potable irrigation water to West and Upcountry Maui areas.

• Resort Amenities – include the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort including a 30,000 square foot full-service spa and a private pool-side dining beach club.

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The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension, and other post retirement expenses.

Reportable operating segment revenues and income (loss) for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months					Six Months
	Ended June 30,					Ended June 30,
	2015			2014		2015			2014
	(in thousands)					(in thousands)
Operating Segment Revenues
Real estate	$	211		$	2,453	$	323		$	2,536
Leasing		1,422			1,409		2,837			2,721
Utilities		807			829		1,623			1,551
Resort amenities and other		325			318		776			670
Total Operating Segment Revenues	$	2,765		$	5,009	$	5,559		$	7,478
Operating Segment Income (Loss)
Real estate	$	(37	)	$	1,285	$	(94	)	$	1,063
Leasing		811			823		1,688			1,585
Utilities		225			257		429			406
Resort amenities and other		60			128		297			199
Total Operating Segment Income	$	1,059		$	2,493	$	2,320		$	3,253

11. COMMITMENTS AND CONTINGENCIES

There have been no changes in the status of commitments and contingencies as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. There are various other claims and legal actions pending against the Company. In the opinion of management, after consultation with legal counsel, the resolution of these other matters is not expected to have a material adverse effect on the Company’s financial position or results of operations.

12. FAIR VALUE MEASUREMENTS

GAAP establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements to enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. GAAP requires that financial assets and liabilities be classified and disclosed in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The fair value of cash, receivables and payables approximate their carrying value due to the short-term nature of the instruments. The valuation is based on settlements of similar financial instruments all of which are short-term in nature and are generally settled at or near cost. The fair value of debt was estimated based on borrowing rates currently available to the Company for debt with similar terms and maturities. The carrying amount of debt at June 30, 2015 and December 31, 2014 was $50,974,000 and $50,176,000, respectively, which approximated fair value. The fair value of debt has been classified as level 2 measurements, respectively.

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13.NEW ACCOUNTING PRONOUNCEMENTS

In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2015-03, Interest-Imputation of Interest. This ASU requires an entity to simplify the presentation of debt issuance costs related to a recognized debt liability by presenting it in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU will be effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.

In June 2015, the Financial Accounting Standards Board issued ASU No. 2015-10, Technical Corrections and Improvements. This ASU provides clarification and simplification of the codification and does not have a significant effect on current accounting practice. This ASU will be effective for all entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 and the unaudited condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q. Depending upon the context, the terms the “Company,” “we,” “our,” and “us,” refer to either Maui Land & Pineapple Company, Inc. alone, or to Maui Land & Pineapple Company, Inc. and its subsidiaries collectively.

Overview

Maui Land & Pineapple Company, Inc. is a Hawaii corporation and the successor to a business organized in 1909. The Company consists of a landholding and operating parent company, its principal subsidiary, Kapalua Land Company, Ltd. and certain other subsidiaries of the Company.

We own approximately 23,000 acres of land on Maui and develop, sell, and manage residential, resort, commercial, and industrial real estate through the following business segments:

• Real Estate—Our real estate operations consist of land planning and entitlement, development, and sales.

• Leasing—Our leasing activities include residential, resort, commercial, industrial and agricultural land and property leases, licensing of our registered trademarks and trade names, and stewardship and conservation efforts.

• Utilities—We operate two publicly-regulated utility companies which provide potable and non-potable water and wastewater transmission services to the Kapalua Resort. In addition, we also manage ditch, reservoir and well systems which provide non-potable irrigation water to West and Upcountry Maui areas.

• Resort Amenities—We manage the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain amenities at the Kapalua Resort.

Critical Accounting Policies and Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of accounting estimates. Changes in these estimates and assumptions are considered reasonably possible and may have a material effect on the consolidated financial statements and thus actual results could differ from the amounts reported and disclosed herein. Our critical accounting policies that require the use of estimates and assumptions were discussed in detail in our most recently filed Form 10-K. There have been no significant changes in our critical accounting policies during the first six months of 2015.

There are no accounting pronouncements or interpretations that have been issued but not yet applied by us that we believe will have a material impact on our consolidated financial statements.

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RESULTS OF OPERATIONS

Three and Six Months Ended June 30, 2015 compared to Three and Six Months Ended June 30, 2014

CONSOLIDATED

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands except share amounts)						(in thousands except share amounts)
Operating revenues	$	2,765		$	5,009		$	5,559		$	7,478
Operating costs and expenses		(1,706	)		(2,516	)		(3,239	)		(4,225	)
General and administrative		(487	)		(543	)		(1,069	)		(868	)
Share-based compensation		(143	)		(153	)		(692	)		(295	)
Depreciation		(555	)		(587	)		(1,113	)		(1,171	)
Pension and other postretirement expenses		(76	)		(141	)		(152	)		(282	)
Operating loss		(202	)		1,069			(706	)		637
Interest expense		(616	)		(592	)		(1,213	)		(1,069	)
Net (Loss) Income	$	(818	)	$	477		$	(1,919	)	$	(432	)
Net (Loss) Income per Common Share	$	(0.04	)	$	0.03		$	(0.10	)	$	(0.02	)

The decrease in net income during the three and six months ended June 30, 2015 compared to the same period in 2014 was primarily due to the $2.3 million sale of a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course in May 2014. The increase in general and administrative expenses for the six months ended June 30, 2015 was due to a change in estimated uncertain tax positions in the prior period. The increase in share-based compensation for the periods compared was due to stock awards for annual incentive bonuses paid to the Company’s officers and certain members of management in March 2015.

REAL ESTATE

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Operating revenues	$	211		$	2,453		$	323		$	2,536
Operating costs and expenses		(248	)		(1,168	)		(417	)		(1,473	)
Operating loss (income)	$	(37	)	$	1,285		$	(94	)	$	1,063

The decrease in operating income for the three and six months ended June 30, 2015 compared to prior periods was primarily due to the $2.3 million sale of a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course in May 2014. The sale resulted in a gain of $1.5 million.

Included in operating revenues for this segment were real estate sales commissions from resales of properties owned by private residents in the Kapalua Resort and surrounding areas by our wholly-owned subsidiary, Kapalua Realty Company, Ltd.

We did not have any significant real estate development expenditures during the six months ended June 30, 2015 or 2014.

Real estate development and sales are cyclical and depend on a number of factors. Results for one period are therefore not necessarily indicative of future performance trends in this business segment.

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LEASING

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Operating revenues	$	1,422		$	1,409		$	2,837		$	2,721
Operating costs and expenses		(611	)		(586	)		(1,149	)		(1,136	)
Operating income	$	811		$	823		$	1,688		$	1,585
Average Occupancy Rates:
Kapalua Resort		85	%		84	%		85	%		84	%
Hali'imaile Town		90	%		89	%		90	%		89	%
Other West Maui		37	%		38	%		37	%		38	%

We have contracted a third-party property management company to manage our commercial leasing portfolio. The increase in operating revenues during the six months ended June 30, 2015 compared to the six months ended June 30, 2014 was primarily due to higher occupancy levels for our Kapalua Resort and Hali’imaile Town commercial spaces.

Other West Maui leased properties are mainly large-acre former pineapple field parcels and maintenance facilities.

Our leasing operations face substantial competition from other property owners in Maui and Hawaii.

UTILITIES

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Operating revenues	$	807		$	829		$	1,623		$	1,551
Operating costs and expenses		(582	)		(572	)		(1,194	)		(1,145	)
Operating income	$	225		$	257		$	429		$	406
Consumption (in million gallons):
Potable		35			38			74			75
Non-potable/irrigation		153			162			284			243

We have contracted a third-party water engineering and management company to manage the operations of our wholly-owned subsidiaries: Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. We have contracted a water maintenance company to manage our non-potable irrigation water systems in West and Upcountry Maui.

The increase in operating revenues during the six months ended June 30, 2015 compared to the six months ended June 30, 2014 was primarily due to an increase in sales of non-potable water resulting from drier weather conditions in West Maui in the current period. The increase in operating costs and expenses for the periods compared was due to higher utilities costs and repair and maintenance of our non-potable irrigation water system reservoirs in West Maui.

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RESORT AMENITIES

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Operating revenues	$	325		$	318		$	776		$	670
Operating costs and expenses		(265	)		(190	)		(479	)		(471	)
Operating income	$	60		$	128		$	297		$	199
Kapalua Club Members		491			487			491			487

The increase in operating revenues during the three and six months ended June 30, 2015 compared to the three and six months ended June 30, 2014 was primarily due to an increase in annual Kapalua Club membership dues.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity

We had outstanding borrowings under three credit facilities totaling $50.8 million and cash on hand of $0.2 million as of June 30, 2015. We had $3.1 million of available credit under our First Hawaiian Bank credit facility as of June 30, 2015.

Revolving Line of Credit with Wells Fargo

We have a $30.8 million revolving line of credit with Wells Fargo that matures on August 1, 2016. Interest on borrowings is at LIBOR plus 3.65% and the line of credit is collateralized by approximately 880 acres of the Company’s real estate holdings at the Kapalua Resort. The line of credit agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million, and a limitation on new indebtedness. The credit agreement includes predetermined release prices for the real property securing the credit facility. There are no commitment fees on the unused portion of the revolving facility. Absent the sale of some of our real estate holdings or refinancing, we do not expect to be able to pay the outstanding balance of the revolving line of credit on the maturity date.

Term Loan with American AgCredit

We have a term loan with an outstanding principal balance of $19.5 million with American AgCredit that matures on August 1, 2016. On April 24, 2015, the term loan agreement was amended to eliminate previously required principal reduction payments, modify interest rates and payments, and provide additional collateral for the loan.

Interest on the loan balance is at the greater of 8.00% or LIBOR plus 7.75%. Interest is paid monthly at the greater of 4.00% or LIBOR plus 3.75%, with the remaining amount deferred until the maturity date. The amount of interest paid increases by 0.75% if the loan balance has not been reduced below $15.0 million by November 1, 2015 and increases by an additional 0.75% if the loan balance has not been reduced below $12.5 million by April 1, 2016. Interest on the loan balance decreases by 1.00% if the loan balance is reduced below $15.0 million, an additional 1.25% if the loan balance is reduced below $10.0 million, and an additional 1.25% if the loan balance is reduced below $5.0 million. The loan is collateralized by approximately 3,700 acres of the Company’s real estate holdings in West Maui and Upcountry Maui and a pledge of the Company’s 100% equity interests in the Kapalua Water Company, Ltd. and the Kapalua Waste Treatment Company, Ltd.

The loan agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million and a limitation on new indebtedness. It also requires mandatory principal repayments of 100% of the net proceeds of the sale of certain real property pledged as collateral for the loan and mandatory principal repayments based on predetermined percentages of 60% to 75% of the net proceeds from the sale of non-collateralized real property. The Company has agreed to provide by May 1, 2016: (a) a refinancing loan commitment, (b) escrowed real estate sales contracts, (c) a filed registration statement for an equity offering, or a combination thereof, in an amount sufficient to repay the outstanding balance of the term loan on the maturity date.

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Revolving Line of Credit with First Hawaiian Bank

We have a $3.5 million revolving line of credit with First Hawaiian Bank that matures on August 1, 2016. Interest on borrowings is at the Bank’s Prime Rate and the line of credit is collateralized by an approximately 1.1 acre property and building in the Kapalua Resort, commonly known as the Honolua Store. The line of credit agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million, and a limitation on new indebtedness. There are no commitment fees on the unused portion of the revolving facility.

As of June 30, 2015, we believe we are in compliance with the covenants under our Wells Fargo, American AgCredit and First Hawaiian Bank credit facilities.

Cash Flows

During the first six months of 2015, net cash used by our operating activities was $0.5 million compared to $0.7 million of net cash provided by our operating activities for the first six months of 2014. The decrease in net cash provided by operating activities was primarily due to the May 2014 sale of the maintenance facility for the Kapalua Plantation Golf Course.

Future Cash Inflows and Outflows

Our plans include continued efforts to generate cash flow by employing our real estate assets in leasing and other arrangements, by the sale of several real estate assets, and by continued cost reduction efforts. Proceeds from the sale of any of our real estate assets will be used principally to repay our outstanding indebtedness.

With the funding of our pension plans from the sale of Lipoa Point in October 2014, we do not expect to be required to make minimum contributions to our pension plans in 2015. Our current development activities are limited to planning, permitting and other efforts to secure and maintain project entitlements and we do not have any significant development or capital expenditures planned at this time.

Our cash outlook for the next twelve months and our ability to continue to meet our loan covenants and to continue as a going concern is highly dependent on successfully implementing our business initiatives and selling real estate assets at acceptable prices. There can be no assurance that we will be able to sell any of our real estate assets on acceptable terms, if at all. If we are unable to meet our loan covenants, borrowings under our credit facilities may become immediately due, and we would not have sufficient liquidity to repay such outstanding borrowings. In addition, absent the sale of some of our real estate holdings, refinancing, or extending the maturity date of our credit facilities, we do not expect to be able to repay our outstanding borrowings on the maturity date.

FORWARD-LOOKING STATEMENTS AND RISKS

This and other reports filed by us with the Securities and Exchange Commission, or SEC, contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue” or “pursue,” or the negative or other variations thereof or comparable terminology. Actual results could differ materially from those projected in forward-looking statements as a result of the following factors, among others:

• unstable macroeconomic market conditions, including, but not limited to, energy costs, credit markets and changes in income and asset values;

• risks associated with real estate investments generally, and more specifically, demand for real estate and tourism in Hawaii;

• risks due to joint venture relationships;

• our ability to complete land development projects within forecasted time and budget expectations, if at all;

• our ability to obtain required land use entitlements at reasonable costs, if at all;

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• our ability to compete with other developers of real estate in Maui;

• potential liabilities and obligations under various federal, state and local environmental regulations with respect to the presence of hazardous or toxic substances;

• changes in weather conditions or the occurrence of natural disasters;

• our ability to maintain the listing of our common stock on the New York Stock Exchange;

• our ability to comply with funding requirements for our defined benefit pension plans;

• our ability to comply with the terms of our indebtedness, including the financial covenants set forth therein, and to extend maturity dates, or refinance such indebtedness, prior to its maturity dates;

• our expectation, absent the sale of some of our real estate holdings or refinancing, that we do not expect to be able to pay any significant amount of our debt;

• our ability to raise capital through the sale of certain real estate assets; and

• availability of capital on terms favorable to us, or at all.

Such risks and uncertainties also include those risks and uncertainties discussed in the sections entitled “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014 and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in this Quarterly Report on Form 10-Q, as well as other factors described from time to time in our reports filed with the SEC. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable as of the date of this report, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from the views and expectations set forth in this report. Thus, you should not place undue reliance on any forward-looking statements. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Further, any forward-looking statements speak only as of the date made and, except as required by law, we undertake no obligation to publicly revise our forward-looking statements to reflect events or circumstances that arise after the date of this report.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are not required to provide disclosure in response to Part 1: Item 3 of Form 10-Q because we are considered to be a “smaller reporting company.”

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rules 13a-15(e) and 15d-15(e) under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the fiscal quarter covered by this report. Based upon the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in applicable SEC rules and forms.

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Changes in Internal Controls Over Financial Reporting

No change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f) or 15d-15(f)) occurred during the fiscal quarter ended June 30, 2015 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

Item 1A. RISK FACTORS

Potential risks and uncertainties include, among other things, those factors discussed in the sections entitled “Business,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014 and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q. Readers should carefully review those risks and the risks and uncertainties disclosed in other documents we file from time to time with the SEC. We undertake no obligation to publicly release the results of any revisions to any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.

Item 6. EXHIBITS

31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(d) / 15d-14(a) of the Securities Exchange Act of 1934.
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(d) / 15d-14(a) of the Securities Exchange Act of 1934.
32.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.
32.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Link Document

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SIGNATURE

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 thereunto duly authorized.

	MAUI LAND & PINEAPPLE COMPANY, INC.
August 7, 2015	/s/ TIM T. ESAKI
Date	Tim T. Esaki
	Chief Financial Officer
	(Principal Financial Officer)

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EXHIBIT INDEX

Exhibit Number	Description
31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(d) / 15d-14(a) of the Securities Exchange Act of 1934. (1)
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(d) / 15d-14(a) of the Securities Exchange Act of 1934. (1)
32.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350. (2)
32.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(b) / 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350. (2)
101.INS	XBRL Instance Document (2)
101.SCH	XBRL Taxonomy Extension Schema Document (2)
101.CAL	XBRL Taxonomy Extension Calculation Document (2)
101.DEF	XBRL Taxonomy Extension Definition Linkbase (2)
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document (2)
101.PRE	XBRL Taxonomy Extension Presentation Link Document (2)

(1) Filed herewith.

(2) Furnished herewith and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Warren H. Haruki, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Maui Land & Pineapple Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2015
		/s/ WARREN H. HARUKI
	Name:	Warren H. Haruki
	Title:	Chairman & Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Tim T. Esaki, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Maui Land & Pineapple Company, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2015
		/s/ TIM T. ESAKI
	Name:	Tim T. Esaki
	Title:	Chief Financial Officer
		(Principal Financial Officer)

EX-32.1

Exhibit 32.1

The following certifications are being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350 and in accordance with SEC Release No. 33-8238. These certifications shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Maui Land & Pineapple Company, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission (the “Report”), I, Warren H. Haruki, Chairman & Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ WARREN H. HARUKI

Warren H. Haruki

Chairman & Chief Executive Officer

(Principal Executive Officer)

Date: August 7, 2015

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

The following certifications are being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350 and in accordance with SEC Release No. 33-8238. These certifications shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Maui Land & Pineapple Company, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission (the “Report”), I, Tim T. Esaki, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ TIM T. ESAKI

Tim T. Esaki

Chief Financial Officer

(Principal Financial Officer)

Date: August 7, 2015

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Note 10 - Reportable Operating Segments - Financial Results for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate Segment [Member] | Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	$ 211	$ 2,453	$ 323	$ 2,536
Operating Segment Income (Loss)
Operating Income (Loss)	(37)	1,285	(94)	1,063
Leasing Segment [Member] | Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	1,422	1,409	2,837	2,721
Operating Segment Income (Loss)
Operating Income (Loss)	811	823	1,688	1,585
Utilities Segment [Member] | Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	807	829	1,623	1,551
Operating Segment Income (Loss)
Operating Income (Loss)	225	257	429	406
Resort Amenities Segment [Member] | Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	325	318	776	670
Operating Segment Income (Loss)
Operating Income (Loss)	60	128	297	199
Operating Segments [Member]
Operating Segment Revenues
Operating Revenues	2,765	5,009	5,559	7,478
Operating Segment Income (Loss)
Operating Income (Loss)	1,059	2,493	2,320	3,253
Operating Revenues	2,765	5,009	5,559	7,478
Operating Income (Loss)	$ (202)	$ 1,069	$ (706)	$ 637

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Note 6 - Long-Term Debt (Details Textual)	6 Months Ended
	Jun. 30, 2015 USD ($) a	Dec. 31, 2014 USD ($)
First Hawaiian Bank Revolving Line of Credit [Member] | Minimum [Member]
Debt Instrument, Covenant Required Liquidity	$ 3,000,000
First Hawaiian Bank Revolving Line of Credit [Member] | Maximum [Member]
Debt Instrument Covenant Required Liabilities	175,000,000
First Hawaiian Bank Revolving Line of Credit [Member]
Line of Credit Facility, Commitment Fee Amount	0
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,500,000
Pledged Assets not Separately Reported Area of Real Estate | a	1.1
Long-term Debt	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	4.38%	4.38%
Wells Fargo Revolving Loans [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.65%
Wells Fargo Revolving Loans [Member] | Minimum [Member]
Debt Instrument, Covenant Required Liquidity	$ 3,000,000
Wells Fargo Revolving Loans [Member] | Maximum [Member]
Debt Instrument Covenant Required Liabilities	175,000,000
Wells Fargo Revolving Loans [Member]
Line of Credit Facility, Commitment Fee Amount	0
Line of Credit Facility, Maximum Borrowing Capacity	$ 30,800,000
Pledged Assets not Separately Reported Area of Real Estate | a	880
Long-term Debt	$ 30,843,000	$ 30,643,000
Debt Instrument, Interest Rate, Stated Percentage	3.83%	3.82%
American Ag Credit Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Interest Paid Monthly [Member]
Debt Instrument, Basis Spread on Variable Rate	3.75%
American Ag Credit Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	7.75%
American Ag Credit Term Loan [Member] | Minimum [Member]
Debt Instrument, Covenant Required Liquidity	$ 3,000,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Mandatory Principal Repayments as Percentage Net Proceeds of Sale of Non Collateralized Real Property	60.00%
American Ag Credit Term Loan [Member] | Maximum [Member]
Debt Instrument Covenant Required Liabilities	$ 175,000,000
Debt Instrument, Mandatory Principal Repayments as Percentage Net Proceeds of Sale of Non Collateralized Real Property	75.00%
American Ag Credit Term Loan [Member] | Interest Paid Monthly [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.00%
American Ag Credit Term Loan [Member] | Maximum Balance on November 1, 2015 to Avoid .75% Increase [Member]
Debt Instrument, Interest Rate, Increase (Decrease)	0.75%
Debt Instrument, Amount of Principal Balance That Could Be Outstanding at Specified Date	$ 15,000,000
American Ag Credit Term Loan [Member] | Maximum Balance on April 1, 2016 to Avoid an Additional .75% Increase [Member]
Debt Instrument, Interest Rate, Increase (Decrease)	0.75%
Debt Instrument, Amount of Principal Balance That Could Be Outstanding at Specified Date	$ 12,500,000
American Ag Credit Term Loan [Member] | Maximum Balance for a 1% Decrease [Member]
Debt Instrument, Interest Rate, Increase (Decrease)	(1.00%)
Debt Instrument, Maximum Amount of Principal Balance Triggering Reduction in Interest Rate	$ 15,000,000
American Ag Credit Term Loan [Member] | Maximum Balance for a 1.25% Decrease [Member]
Debt Instrument, Interest Rate, Increase (Decrease)	(1.25%)
Debt Instrument, Maximum Amount of Principal Balance Triggering Reduction in Interest Rate	$ 10,000,000
American Ag Credit Term Loan [Member] | Maximum Balance for an Additional 1.25% Decrease [Member]
Debt Instrument, Interest Rate, Increase (Decrease)	(1.25%)
Debt Instrument, Maximum Amount of Principal Balance Triggering Reduction in Interest Rate	$ 5,000,000
American Ag Credit Term Loan [Member]
Pledged Assets not Separately Reported Area of Real Estate | a	3,700
Long-term Debt	$ 19,533,000	$ 19,533,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%	5.00%
Debt Instrument, Mandatory Principal Repayments as Percentage Net Proceeds of Sale of Real Estate Property Pledged as Collateral	100.00%
Minimum [Member]
Debt Instrument, Covenant Required Liquidity	$ 3,000,000
Maximum [Member]
Debt Instrument Covenant Required Liabilities	175,000,000
Long-term Debt	$ 50,974,000	$ 50,176,000

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Note 8 - Accrued Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2015

Notes Tables

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

	June 30,			December 31,
	2015			2014
	(in thousands)
Defined Benefit Pension Plans	$	2,178		$	2,540
Supplemental Executive Retirement Plan		4,528			4,468
Deferred Compensation Plan		242			276
Total		6,948			7,284
Less current portion		(364	)		(391	)
Non-current portion of accrued retirement benefits	$	6,584		$	6,893

Schedule of Net Benefit Costs [Table Text Block]

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Interest cost	$	691		$	772		$	1,382		$	1,544
Expected return on plan assets		(826	)		(777	)		(1,652	)		(1,554	)
Recognized actuarial loss		211			146			422			292
Pension and other postretirement expenses	$	76		$	141		$	152		$	282

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Note 8 - Accrued Retirement Benefits - Accrued Retirement Benefits (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Pension Plan [Member]
Accrued retirement benefits	$ 2,178	$ 2,540
Supplemental Employee Retirement Plan [Member]
Accrued retirement benefits	4,528	4,468
Deferred Compensation Plan [Member]
Accrued retirement benefits	242	276
Accrued retirement benefits	6,948	7,284
Less current portion	(364)	(391)
Non-current portion of accrued retirement benefits	$ 6,584	$ 6,893

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Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Organization Consolidation and Presentation of Financial Statements Liquidity Disclosure [Text Block]

1.

BASIS OF PRESENTATION

The accompanying interim unaudited condensed consolidated financial statements have been prepared by Maui Land & Pineapple Company, Inc. (together with its subsidiaries, the “Company”) in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information that are consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and pursuant to the instructions to Form 10-Q and Article 8 promulgated by Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes to financial statements required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the Company’s financial position, results of operations and cash flows for the interim periods ended June 30, 2015 and 2014. The condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2014.

LIQUIDITY

The Company had outstanding borrowings under three credit facilities totaling $50.8 million as of June 30, 2015. The Company has pledged a significant portion of its real estate holdings as security for borrowings under its credit facilities, limiting its ability to borrow additional funds. The Company’s credit facilities mature on August 1, 2016.

Absent the sale of some of its real estate holdings, refinancing, or extending the maturity date of its credit facilities, the Company does not expect to be able to repay its outstanding borrowings on the maturity date.

The credit facilities have covenants requiring among other things, a minimum of $3 million in liquidity (as defined), a maximum of $175 million in total liabilities, and a limitation on new indebtedness. The Company’s ability to continue to borrow under its credit facilities to fund its ongoing operations and meet its commitments depends upon its ability to comply with its covenants. If the Company fails to satisfy any of its loan covenants, each lender may elect to accelerate its payment obligations under such lender’s credit agreement.

The Company’s cash outlook for the next twelve months and its ability to continue to meet its loan covenants is highly dependent on selling certain real estate assets at acceptable prices. If the Company is unable to meet its loan covenants, borrowings under its credit facilities may become immediately due, and it would not have sufficient liquidity to repay such outstanding borrowings.

The Company’s credit facilities require that a portion of the proceeds received from the sale of any real estate assets be repaid toward its loans. The amount of proceeds paid to its lenders will reduce the net sale proceeds available for working capital purposes.

The aforementioned circumstances raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the Company will be able to successfully achieve its initiatives summarized below in order to continue as a going concern. The accompanying financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result should the Company be unable to continue as a going concern.

In response to these circumstances, the Company continues to undertake efforts to generate cash flow by employing its real estate assets in leasing and other arrangements, by the sale of several real estate assets, and by continued cost reduction efforts.

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Note 3 - Basic and Diluted Shares - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic and diluted (in shares)	18,846,847	18,766,909	18,820,950	18,757,273
Potentially dilutive (in shares)	27,500	71,172	27,500	71,172

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Note 1 - Basis of Presentation (Details Textual) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Minimum [Member]
Debt Instrument, Covenant Required Liquidity	$ 3,000,000
Maximum [Member]
Debt Instrument Covenant Required Liabilities	175,000,000
Long-term Debt	$ 50,974,000	$ 50,176,000

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Note 4 - Property (Details Textual) - Jun. 30, 2015 - Land [Member]	a
West Maui [Member] | Kapalua Resort [Member]
Area of Land	3,000
Area of Land Designated	900
West Maui [Member]
Area of Land	21,000
Area of Elevation from Sea	5,700
Upcountry Maui [Member]
Area of Land	2,000
Area of Land	23,000

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Note 4 - Property - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Land [Member]
Property, plant, and equipment, gross	$ 5,151	$ 5,158
Land Improvements [Member]
Property, plant, and equipment, gross	20,340	24,951
Building [Member]
Property, plant, and equipment, gross	32,692	33,479
Machinery and Equipment [Member]
Property, plant, and equipment, gross	11,728	11,813
Property, plant, and equipment, gross	69,911	75,401
Less accumulated depreciation	(36,056)	(39,335)
Net property	$ 33,855	$ 36,066

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Supplemental Non-cash Activities

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

SUPPLEMENTAL NON-CASH ACTIVITIES:

● Common stock issued to certain members of the Company’s management totaled $645,000 and $218,000 through June 30, 2015 and 2014, respectively.

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Note 5 - Assets Held for Sale and Real Estate Sales (Details Textual) $ in Thousands		1 Months Ended		6 Months Ended
	May. 31, 2014 USD ($) a	Oct. 31, 2014 USD ($) a	May. 31, 2014 USD ($) a	Jun. 30, 2015 USD ($) a	Jun. 30, 2014 USD ($)	Dec. 31, 2014 a
Upcountry Maui [Member]
Area of Real Estate Property | a				630		630
West Maui [Member] | Portion Used to Fund Pension Plans [Member]
Proceeds from Sale of Productive Assets		$ 19,400
West Maui [Member]
Area of Real Estate Property | a		244
Proceeds from Sale of Productive Assets		$ 19,800
Kapalua Plantation Golf Course [Member]
Area of Real Estate Property | a	4		4	5
Proceeds from Sale of Productive Assets			$ 2,300
Gains (Losses) on Sales of Investment Real Estate			$ 1,500
Kapalua Golf Academy [Member]
Area of Real Estate Property | a				26
Honolua Store [Member]
Pledged Assets not Separately Reported Area of Real Estate | a	1.1
Wells Fargo Revolving Loans [Member]
Repayments of Long-term Lines of Credit	$ 1,900
Pledged Assets not Separately Reported Area of Real Estate | a				880
American Ag Credit Term Loan [Member]
Pledged Assets not Separately Reported Area of Real Estate | a				3,700
Repayments of Long-term Debt	$ 400
Repayments of Long-term Debt					$ 2,324

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Note 12 - Fair Value Measurements (Details Textual) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Long-term Debt	$ 50,974,000	$ 50,176,000

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 237	$ 415
Accounts receivable, less allowance of $241 and $194 for doubtful accounts	1,765	1,272
Prepaid expenses and other current assets	110	170
Total current assets	2,112	1,857
PROPERTY	69,911	75,401
Less accumulated depreciation	(36,056)	(39,335)
Net property	33,855	36,066
OTHER ASSETS
Deferred development costs	9,332	9,347
Assets held for sale	1,302	147
Other noncurrent assets	1,713	1,854
Total other assets	12,347	11,348
TOTAL ASSETS	$ 48,314	49,271
CURRENT LIABILITIES
Current portion of long-term debt		2,533
Accounts payable	$ 814	968
Payroll and employee benefits	233	270
Current portion of accrued retirement benefits	364	391
Income taxes payable	378	566
Deferred revenue	633	222
Accrued interest	364	352
Other current liabilities	574	546
Total current liabilities	3,360	5,848
LONG-TERM LIABILITIES
Long-term debt	50,776	47,643
Accrued retirement benefits	6,584	6,893
Deposits	2,684	2,683
Deferred revenue	914	1,011
Other noncurrent liabilities	233	375
Total long-term liabilities	$ 61,191	$ 58,605
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS' DEFICIENCY
Common stock--no par value, 43,000,000 shares authorized, 18,853,780 and 18,785,055 shares issued and outstanding	$ 77,547	$ 77,105
Additional paid in capital	9,246	9,246
Accumulated deficit	(77,878)	(75,959)
Accumulated other comprehensive loss	(25,152)	(25,574)
Total stockholders' deficiency	(16,237)	(15,182)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIENCY	$ 48,314	$ 49,271

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Condensed Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Common Stock [Member]
Beginning balance (in shares)			18,785,000	18,737,000
Beginning balance			$ 77,105	$ 76,810
Share-based compensation (in shares)			104,000	36,000
Share-based compensation			$ 645	$ 218
Vested restricted stock issued (in shares)			12,000	35,000
Vested restricted stock issued			$ 90	$ 210
Shares cancelled to pay tax liability (in shares)			(47,000)	(30,000)
Shares cancelled to pay tax liability			$ (293)	$ (193)
Pension, net of income taxes of $0
Net loss
Ending balance (in shares)	18,854,000	18,778,000	18,854,000	18,778,000
Ending balance	$ 77,547	$ 77,045	$ 77,547	$ 77,045
Additional Paid-in Capital [Member]
Beginning balance			9,246	9,245
Share-based compensation			90	211
Vested restricted stock issued			$ (90)	$ (210)
Shares cancelled to pay tax liability
Pension, net of income taxes of $0
Net loss
Ending balance	9,246	9,246	$ 9,246	$ 9,246
Retained Earnings [Member]
Beginning balance			$ (75,959)	$ (93,594)
Share-based compensation
Vested restricted stock issued
Shares cancelled to pay tax liability
Pension, net of income taxes of $0
Net loss			$ (1,919)	$ (432)
Ending balance	(77,878)	(94,026)	(77,878)	(94,026)
AOCI Attributable to Parent [Member]
Beginning balance			$ (25,574)	$ (19,692)
Share-based compensation
Vested restricted stock issued
Shares cancelled to pay tax liability
Pension, net of income taxes of $0			$ 422	$ 292
Net loss
Ending balance	(25,152)	(19,400)	$ (25,152)	$ (19,400)
Beginning balance (in shares)			18,766,246
Beginning balance			$ (15,182)	(27,231)
Share-based compensation			$ 735	$ 429
Vested restricted stock issued
Shares cancelled to pay tax liability			$ (293)	$ (193)
Pension, net of income taxes of $0	$ 211	146	422	292
Net loss			$ (1,919)	(432)
Ending balance (in shares)	18,853,780		18,853,780
Ending balance	$ (16,237)	$ (27,135)	$ (16,237)	$ (27,135)

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Note 6 - Long-Term Debt - Summary of Long-term Debt (Details) (Parentheticals) - Scenario, Unspecified [Domain]	Jun. 30, 2015	Dec. 31, 2014
Wells Fargo Revolving Loans [Member]
Revolving loans, interest rate	3.83%	3.82%
American Ag Credit Term Loan [Member]
Revolving loans, interest rate	8.00%	5.00%
First Hawaiian Bank Revolving Line of Credit [Member]
Revolving loans, interest rate	4.38%	4.38%

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Note 3 - Basic and Diluted Shares (Tables)

6 Months Ended

Jun. 30, 2015

Notes Tables

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30 ,				June 30,
	2015		2014		2015		2014
Basic and diluted		18,846,847		18,766,909		18,820,950		18,757,273
Potentially dilutive		27,500		71,172		27,500		71,172

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Note 7 - Share-Based Compensation (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Restricted Stock [Member]
Allocated Share-based Compensation Expense	$ 62,000	$ 60,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Allocated Share-based Compensation Expense	$ 692,000	$ 295,000

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Note 6 - Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	June 30 , 201 5		December 31, 2014
	(in thousands)
Wells Fargo revolving line of credit, 3.83% and 3.82%, respectively	$	30,843	$	30,643
American AgCredit term loan, 8.00% and 5.00%, respectively		19,533		19,533
First Hawaiian Bank, revolving line of credit, 4.38%		400		-
Total		50,776		50,176
Less current portion		-		2,533
Long-term debt	$	50,776	$	47,643

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	$ (478)	$ 689
INVESTING ACTIVITIES
Payments for other assets	(9)	(67)
NET CASH USED IN INVESTING ACTIVITIES	(9)	(67)
FINANCING ACTIVITIES
Proceeds from long-term debt	$ 600	2,100
Payments of long-term debt		(2,324)
Debt and common stock issuance cost and other	$ (291)	(554)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	309	(778)
NET DECREASE IN CASH	(178)	(156)
CASH AT BEGINNING OF PERIOD	415	359
CASH AT END OF PERIOD	237	203
Cash paid during the period:
Interest	1,222	1,147
Income taxes	$ 200	$ 300

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Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable, allowance	$ 241	$ 194
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	43,000,000	43,000,000
Common stock, shares issued (in shares)	18,853,780	18,766,246
Common stock, shares outstanding (in shares)	18,853,780	18,766,246

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Note 9 - Income Taxes

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]

9 . INCOME TAXES

The Company’s effective tax rate for 2015 and 2014 reflects the recognition of expected federal alternative minimum tax liabilities and interim period tax benefits and changes to its tax valuation allowance.

The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Interest accrued related to unrecognized tax benefits is recognized as interest expense and penalties are recognized in general and administrative expense in the Company’s condensed consolidated statements of operations and comprehensive loss; and such amounts are included in income taxes payable on the Company’s condensed consolidated balance sheets.

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Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Entity Registrant Name	MAUI LAND & PINEAPPLE CO INC
Entity Central Index Key	0000063330
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		18,905,967
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	false

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Note 10 - Reportable Operating Segments

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

10

.

REPORTABLE OPERATING SEGMENTS

The Company’s reportable operating segments are comprised of the discrete business units whose operating results are regularly reviewed by the Company’s Chief Executive Officer – its chief decision maker – in assessing performance and determining the allocation of resources. The Company’s reportable operating segments are as follows:

• Real Estate – includes land planning and entitlement, development and sales activities. This segment also includes the operations of Kapalua Realty Company, a general brokerage real estate company located within the Kapalua Resort.

• Leasing – includes residential, resort, commercial, industrial and agricultural land and property leases, licensing of the Company’s registered trademarks and trade names, and stewardship and conservation efforts.

• Utilities – comprised of the Company’s two publicly-regulated utility companies which provide potable and non-potable water and wastewater transmission services to the Kapalua Resort. In addition, this segment also includes management of ditch, reservoir and well systems which provide non-potable irrigation water to West and Upcountry Maui areas.

• Resort Amenities – include the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access and other privileges at certain of the amenities at the Kapalua Resort including a 30,000 square foot full-service spa and a private pool-side dining beach club.

The Company’s reportable operating segment results are measured based on operating income (loss), exclusive of interest, depreciation, general and administrative, share-based compensation, pension, and other post retirement expenses.

Reportable operating segment revenues and income (loss) for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months					Six Months
	Ended June 30,					Ended June 30,
	2015			2014		2015			2014
	(in thousands)					(in thousands)
Operating Segment Revenues
Real estate	$	211		$	2,453	$	323		$	2,536
Leasing		1,422			1,409		2,837			2,721
Utilities		807			829		1,623			1,551
Resort amenities and other		325			318		776			670
Total Operating Segment Revenues	$	2,765		$	5,009	$	5,559		$	7,478
Operating Segment Income (Loss)
Real estate	$	(37	)	$	1,285	$	(94	)	$	1,063
Leasing		811			823		1,688			1,585
Utilities		225			257		429			406
Resort amenities and other		60			128		297			199
Total Operating Segment Income	$	1,059		$	2,493	$	2,320		$	3,253

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Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
OPERATING REVENUES
Sales		$ 2,300		$ 2,300
Commissions	$ 211	153	$ 323	236
Leasing	1,422	1,409	2,837	2,721
Utilities	807	829	1,623	1,551
Resort amenities and other	325	318	776	670
Total operating revenues	$ 2,765	5,009	$ 5,559	7,478
OPERATING COSTS AND EXPENSES
Cost of sales		835		835
Other	$ 248	333	$ 417	638
Leasing	611	586	1,149	1,136
Utilities	582	572	1,194	1,145
Resort amenities and other	265	190	479	471
General and administrative	487	543	1,069	868
Share-based compensation	143	153	692	295
Depreciation	555	587	1,113	1,171
Pension and other postretirement expenses	76	141	152	282
Total operating costs and expenses	2,967	3,940	6,265	6,841
OPERATING (LOSS) INCOME	(202)	1,069	(706)	637
Interest expense	(616)	(592)	(1,213)	(1,069)
NET (LOSS) INCOME	(818)	477	(1,919)	(432)
Pension, net of income taxes of $0	211	146	422	292
COMPREHENSIVE (LOSS) INCOME	$ (607)	$ 623	$ (1,497)	$ (140)
NET (LOSS) INCOME PER COMMON SHARE--BASIC AND DILUTED (in dollars per share)	$ (0.04)	$ 0.03	$ (0.10)	$ (0.02)

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Note 4 - Property

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4 . PROPERTY

Property at June 30, 2015 and December 31, 2014 consisted of the following:

	June 30, 2015			December 31, 2014
	(in thousands)
Land	$	5,151		$	5,158
Land improvements		20,340			24,951
Buildings		32,692			33,479
Machinery and equipment		11,728			11,813
Total property		69,911			75,401
Less accumulated depreciation		(36,056	)		(39,335	)
Net property	$	33,855		$	36,066

Land

Most of the Company’s 23,000 acres of land were acquired between 1911 and 1932 and is carried in its balance sheets at cost. Approximately 21,000 acres of land are located in West Maui and comprise a largely contiguous parcel that extends from the shoreline to an elevation of approximately 5,700 feet. This parcel includes approximately 900 acres within the Kapalua Resort’s 3,000 acres. The Company’s remaining 2,000 acres of land are located in Upcountry Maui in an area commonly known as Haliimaile and are mainly comprised of leased agricultural fields, including processing and maintenance facilities.

Land Improvements

Land improvements are comprised primarily of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included is the Company’s potable and non-potable water system in West Maui. The majority of the Company’s land improvements were constructed and placed in service in the mid-to-late 1970’s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost.

Buildings

Buildings are comprised of restaurant, retail and light industrial spaces located at the Kapalua Resort and Haliimaile which are used in the Company’s leasing operations. The majority of the buildings were constructed and placed in service in the mid-to-late 1970’s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost.

Machinery and Equipment

Machinery and equipment are mainly comprised of zipline course equipment installed in 2008 at the Kapalua Resort and used in the Company’s leasing operations. Also included are machinery and equipment used in the Company’s utilities operations.

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Note 3 - Basic and Diluted Shares

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Earnings Per Share [Text Block]

3.

BASIC AND DILUTED SHARES

Basic and diluted weighted-average shares outstanding for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months Ended				Six Months Ended
	June 30 ,				June 30,
	2015		2014		2015		2014
Basic and diluted		18,846,847		18,766,909		18,820,950		18,757,273
Potentially dilutive		27,500		71,172		27,500		71,172

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued.

Potentially dilutive shares arise from non-qualified stock options to purchase common stock and non-vested restricted stock. The treasury stock method is applied to determine the number of potentially dilutive shares for non-vested restricted stock and stock options assuming that the shares of non-vested restricted stock are issued for an amount based on the grant date market price of the shares and that the outstanding stock options are exercised. These amounts were excluded because the effect would be insignificant.

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Note 4 - Property (Tables)

6 Months Ended

Jun. 30, 2015

Notes Tables

Property, Plant and Equipment [Table Text Block]

	June 30, 2015			December 31, 2014
	(in thousands)
Land	$	5,151		$	5,158
Land improvements		20,340			24,951
Buildings		32,692			33,479
Machinery and equipment		11,728			11,813
Total property		69,911			75,401
Less accumulated depreciation		(36,056	)		(39,335	)
Net property	$	33,855		$	36,066

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Note 11 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

1 1 . C OMMITMENTS AND CONTINGENCIES

There have been no changes in the status of commitments and contingencies as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. There are various other claims and legal actions pending against the Company. In the opinion of management, after consultation with legal counsel, the resolution of these other matters is not expected to have a material adverse effect on the Company’s financial position or results of operations.

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Note 7 - Share-Based Compensation

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

7 . SHARE-BASED COMPENSATION

The Company’s non-employee directors, officers and certain members of management receive a portion of their compensation in shares of the Company’s common stock granted under the Maui Land & Pineapple Company, Inc. 2006 Equity and Incentive Award Plan (2006 Plan). Share-based compensation is valued based on the average of the high and low share price on the date of grant. Shares are issued upon execution of agreements reflecting the grantee’s acceptance of the respective shares subject to the terms and conditions of the 2006 Plan. Restricted shares issued under the 2006 Plan vest quarterly and have voting and regular dividend rights but cannot be disposed of until such time as they are vested. All unvested restricted shares are forfeited upon the grantee’s termination of directorship or employment from the Company.

Each of the Company’s non-employee directors receive restricted shares of common stock upon their annual appointment to the Company’s board of directors. Share-based compensation totaled $62,000 and $60,000 for the six months ended June 30, 2015 and 2014, respectively, for vesting of restricted shares granted to the Company’s non-employee directors.

The Company’s officers and certain members of management receive share-based compensation based on their achievement of certain predefined performance goals and objectives under an incentive compensation plan. Such share-based compensation is comprised of an annual incentive paid in shares of common stock and a long-term incentive paid in restricted shares vesting quarterly over a period of three years. Share-based compensation totaled $692,000 and $295,000 for the six months ended June 30, 2015 and 2014, respectively, for shares issued and the vesting of restricted shares granted to the Company’s officers and certain members of management.

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Note 5 - Assets Held for Sale and Real Estate Sales

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]

5

.

ASSETS HELD FOR SALE AND REAL ESTATE SALES

At June 30, 2015 assets held for sale consisted of a 630-acre parcel of agricultural land in Upcountry Maui; a 5-acre fully entitled, 42-unit workforce housing project located adjacent to the Kapalua Bay Golf Course; and the 26-acre Kapalua Golf Academy.

At December 31, 2014, assets held for sale consisted of a 630-acre parcel of agricultural land in Upcountry Maui.

In October 2014, the Company sold an unimproved 244-acre parcel of former agricultural land located in West Maui, commonly known as Lipoa Point, to the State of Hawaii for $19.8 million. Proceeds from the sale totaling $19.4 million were utilized to fund the Company’s pension plans.

In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million and recognized a gain of $1.5 million. The Company utilized $1.9 million of the proceeds to release an approximately 1.1 acre property and building in the Kapalua Resort, commonly known as the Honolua Store from the collateral held under the Wells Fargo credit facility and $0.4 million of the proceeds to repay its term loan with American AgCredit.

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Note 6 - Long-Term Debt

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

6.

LONG-TERM DEBT

Long-term debt at June 30, 2015 and December 31, 2014 consisted of the following:

	June 30 , 201 5		December 31, 2014
	(in thousands)
Wells Fargo revolving line of credit, 3.83% and 3.82%, respectively	$	30,843	$	30,643
American AgCredit term loan, 8.00% and 5.00%, respectively		19,533		19,533
First Hawaiian Bank, revolving line of credit, 4.38%		400		-
Total		50,776		50,176
Less current portion		-		2,533
Long-term debt	$	50,776	$	47,643

WELLS FARGO

The Company has a $30.8 million revolving line of credit with Wells Fargo that matures on August 1, 2016. Interest on borrowings is at LIBOR plus 3.65% and the line of credit is collateralized by approximately 880 acres of the Company’s real estate holdings at the Kapalua Resort. The line of credit agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million, and a limitation on new indebtedness. The credit agreement includes predetermined release prices for the real property securing the credit facility. There are no commitment fees on the unused portion of the revolving facility. Absent the sale of some of its real estate holdings or refinancing, the Company does not expect to be able to pay the outstanding balance of the revolving line of credit on the maturity date.

AMERICAN AGCREDIT

The Company has a term loan with an outstanding principal balance of $19.5 million with American AgCredit that matures on August 1, 2016. On April 24, 2015, the term loan agreement was amended to eliminate previously required principal reduction payments, modify interest rates and payments, and provide additional collateral for the loan.

Interest on the loan balance is at the greater of 8.00% or LIBOR plus 7.75%. Interest is paid monthly at the greater of 4.00% or LIBOR plus 3.75%, with the remaining amount deferred until the maturity date. The amount of interest paid increases by 0.75% if the loan balance has not been reduced below $15.0 million by November 1, 2015 and increases by an additional 0.75% if the loan balance has not been reduced below $12.5 million by April 1, 2016. Interest on the loan balance decreases by 1.00% if the loan balance is reduced below $15.0 million, an additional 1.25% if the loan balance is reduced below $10.0 million, and an additional 1.25% if the loan balance is reduced below $5.0 million. The loan is collateralized by approximately 3,700 acres of the Company’s real estate holdings in West Maui and Upcountry Maui and a pledge of the Company’s 100% equity interests in the Kapalua Water Company, Ltd. and the Kapalua Waste Treatment Company, Ltd.

The loan agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million and a limitation on new indebtedness. It also requires mandatory principal repayments of 100% of the net proceeds of the sale of certain real property pledged as collateral for the loan and mandatory principal repayments based on predetermined percentages of 60% to 75% of the net proceeds from the sale of non-collateralized real property. The Company has agreed to provide by May 1, 2016: (a) a refinancing loan commitment, (b) escrowed real estate sales contracts, (c) a filed registration statement for an equity offering, or a combination thereof, in an amount sufficient to repay the outstanding balance of the term loan on the maturity date.

FIRST HAWAIIAN BANK

The Company has a $3.5 million revolving line of credit with First Hawaiian Bank that matures on August 1, 2016. Interest on borrowings is at the bank’s Prime Rate and the line of credit is collateralized by an approximately 1.1 acre property and building in the Kapalua Resort, commonly known as the Honolua Store. The line of credit agreement contains various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include a required minimum liquidity (as defined) of $3 million, maximum total liabilities of $175 million, and a limitation on new indebtedness. There are no commitment fees on the unused portion of the revolving facility.

As of June 30, 2015, the Company believes it is in compliance with the covenants under its Wells Fargo, American AgCredit and First Hawaiian Bank credit facilities.

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Note 8 - Accrued Retirement Benefits

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

8 . ACCRUED RETIREMENT BENEFITS

Accrued retirement benefits at June 30, 2015 and December 31, 2014 consisted of the following:

	June 30,			December 31,
	2015			2014
	(in thousands)
Defined Benefit Pension Plans	$	2,178		$	2,540
Supplemental Executive Retirement Plan		4,528			4,468
Deferred Compensation Plan		242			276
Total		6,948			7,284
Less current portion		(364	)		(391	)
Non-current portion of accrued retirement benefits	$	6,584		$	6,893

The net periodic benefit costs for pension and postretirement benefits for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Interest cost	$	691		$	772		$	1,382		$	1,544
Expected return on plan assets		(826	)		(777	)		(1,652	)		(1,554	)
Recognized actuarial loss		211			146			422			292
Pension and other postretirement expenses	$	76		$	141		$	152		$	282

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Note 6 - Long-Term Debt - Summary of Long-term Debt (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Wells Fargo Revolving Loans [Member]
Long-term Debt	$ 30,843,000	$ 30,643,000
American Ag Credit Term Loan [Member]
Long-term Debt	19,533,000	$ 19,533,000
First Hawaiian Bank Revolving Line of Credit [Member]
Long-term Debt	400,000
Long-term Debt	$ 50,974,000	$ 50,176,000
Less current portion		2,533,000
Long-term debt	$ 50,776,000	$ 47,643,000

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Note 13 - New Accounting Pronouncements

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

13

.

NEW ACCOUNTING PRONOUNCEMENTS

In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2015-03, Interest-Imputation of Interest. This ASU requires an entity to simplify the presentation of debt issuance costs related to a recognized debt liability by presenting it in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU will be effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.

In June 2015, the Financial Accounting Standards Board issued ASU No. 2015-10, Technical Corrections and Improvements. This ASU provides clarification and simplification of the codification and does not have a significant effect on current accounting practice. This ASU will be effective for all entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.

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Note 10 - Reportable Operating Segments (Tables)

6 Months Ended

Jun. 30, 2015

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months					Six Months
	Ended June 30,					Ended June 30,
	2015			2014		2015			2014
	(in thousands)					(in thousands)
Operating Segment Revenues
Real estate	$	211		$	2,453	$	323		$	2,536
Leasing		1,422			1,409		2,837			2,721
Utilities		807			829		1,623			1,551
Resort amenities and other		325			318		776			670
Total Operating Segment Revenues	$	2,765		$	5,009	$	5,559		$	7,478
Operating Segment Income (Loss)
Real estate	$	(37	)	$	1,285	$	(94	)	$	1,063
Leasing		811			823		1,688			1,585
Utilities		225			257		429			406
Resort amenities and other		60			128		297			199
Total Operating Segment Income	$	1,059		$	2,493	$	2,320		$	3,253

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Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income taxes	$ 0	$ 0	$ 0	$ 0

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Note 2 - Use of Estimates and Reclassifications

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Use of Estimates and Reclassifications Disclosure [Text Block]

2.

USE OF ESTIMATES AND RECLASSIFICATIONS

The Company’s reports for interim periods utilize numerous estimates of general and administrative expenses and other costs for the full year. Future actual amounts may differ from these estimates. Amounts reflected in interim reports are not necessarily indicative of results for a full year. Certain amounts in the December 31, 2014 condensed consolidated balance sheet and condensed consolidated statement of operations and comprehensive (loss) income for the three and six months ended June 30, 2014 were reclassified to conform to the presentation for the three and six months ended June 30, 2015. Such amounts had no impact on total assets and liabilities or net income (loss) and comprehensive income (loss) previously reported.

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Supplemental Non-cash Activities (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Stock Issued	$ 645,000	$ 218,000

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Note 8 - Accrued Retirement Benefits - Net Periodic Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest cost	$ 691	$ 772	$ 1,382	$ 1,544
Expected return on plan assets	(826)	(777)	(1,652)	(1,554)
Recognized actuarial loss	211	146	422	292
Pension and other postretirement expenses	$ 76	$ 141	$ 152	$ 282

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Note 12 - Fair Value Measurements

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Fair Value, Measurement Inputs, Disclosure [Text Block]

12 . F AIR VALUE MEASUREMENTS

GAAP establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements to enable the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. GAAP requires that financial assets and liabilities be classified and disclosed in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The fair value of cash, receivables and payables approximate their carrying value due to the short-term nature of the instruments. The valuation is based on settlements of similar financial instruments all of which are short-term in nature and are generally settled at or near cost. The fair value of debt was estimated based on borrowing rates currently available to the Company for debt with similar terms and maturities. The carrying amount of debt at June 30, 2015 and December 31, 2014 was $50,974,000 and $50,176,000, respectively, which approximated fair value. The fair value of debt has been classified as level 2 measurements, respectively.