UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C.   20549

                            FORM 10-Q


(Mark One)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2002
                                OR
[  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

                Commission file number  0-6510

              MAUI LAND & PINEAPPLE COMPANY, INC.
     (Exact name of registrant as specified in its charter)

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

P. O. BOX 187, KAHULUI, MAUI, HAWAII   96733-6687
(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  [x]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 May 6, 2002
Common Stock, no par value              7,195,800 shares






              MAUI LAND & PINEAPPLE COMPANY, INC.
                        AND SUBSIDIARIES



                        TABLE OF CONTENTS

                                                             Page

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

Condensed Balance Sheets,
  March 31, 2002 (Unaudited) and December 31, 2001              3

Condensed Statements of Operations and Retained Earnings,
  Three Months Ended March 31, 2002 and 2001 (Unaudited)        4

Condensed Statements of Comprehensive Income
   Three Months Ended March 31, 2002 and 2001 (Unaudited)       5

Condensed Statements of Cash Flows,
  Three Months Ended March 31, 2002 and 2001 (Unaudited)        6

Notes to Condensed Financial Statements (Unaudited)             7

Item 2.  Management's Discussion and Analysis of Financial
Condition and Results of Operations                             9

Item 3.  Quantitative and Qualitative Disclosures About
Market Risk                                                    12

PART II.  OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                      12







PART I    FINANCIAL INFORMATION
Item 1.   Financial Statements

      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
                    CONDENSED BALANCE SHEETS
                                                 Unaudited
                                                  3/31/02     12/31/01
                                                 (Dollars in Thousands)
                                ASSETS
Current Assets
  Cash and cash equivalents                      $    779    $   2,173
  Accounts and notes receivable                    13,826       15,992
  Inventories                                      27,676       26,425
  Other current assets                              4,581        4,510
    Total current assets                           46,862       49,100

Property                                          256,894      255,306
  Accumulated depreciation                       (145,006)    (142,260)
    Property - net                                111,888      113,046

Other Assets                                       14,204       14,287
Total                                             172,954      176,433


                 LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
  Current portion of long-term debt
    and capital lease obligations                   4,102        3,759
  Trade accounts payable                            6,517       10,534
  Other current liabilities                         7,763        9,344
    Total current liabilities                      18,382       23,637

Long-Term Liabilities
  Long-term debt and capital lease obligations     40,030       39,581
  Accrued retirement benefits                      24,126       24,072
  Equity in losses of joint venture                11,794       11,518
  Other long-term liabilities                       3,639        3,636
    Total long-term liabilities                    79,589       78,807

Minority Interest in Subsidiary                       764          570

Stockholders' Equity
  Common stock, no par value - 7,200,000 shares
    authorized, 7,195,800 issued and outstanding   12,455       12,455
  Retained earnings                                61,842       61,066
  Accumulated other comprehensive loss                (78)        (102)
    Stockholders' equity                           74,219       73,419
Total                                            $172,954    $ 176,433

See accompanying Notes to Condensed Financial Statements.





      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
    CONDENSED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
                          (UNAUDITED)


                                          Three Months Ended
                                         3/31/02      3/31/01
                                         (Dollars in Thousands
                                         Except Share Amounts)

Revenues
  Net sales                             $ 25,110     $ 27,417
  Operating income                        10,359       11,120
  Other income                               816          193

Total Revenues                            36,285       38,730

Costs and Expenses
  Cost of goods sold                      16,056       18,917
  Operating expenses                       8,344        8,832
  Shipping and marketing                   4,748        4,392
  General and administrative               5,123        4,397
  Interest                                   581          872
  Equity in losses of joint ventures         240           68

Total Costs and Expenses                  35,092       37,478

Income Before Income Taxes                 1,193        1,252

Income Tax Expense                           417          473

Net Income                                   776          779

Retained Earnings, Beginning of Period    61,066       53,498

Retained Earnings, End of Period          61,842       54,277

Per Common Share
  Net income                            $    .11      $   .11


See accompanying Notes to Condensed Financial Statements.





      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
          CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
                           (UNAUDITED)


                                           Three Months Ended
                                         3/31/02       3/31/01
                                         (Dollars in Thousands)


Net Income                              $    776      $     779

Other Comprehensive Income (Loss) - Foreign
  Currency Translation Adjustment             24             (3)

Comprehensive Income                    $    800      $     776



See accompanying Notes to Condensed Financial Statements.







       MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
               CONDENSED STATEMENTS OF CASH FLOWS
                           (UNAUDITED)


                                           Three Months Ended
                                         3/31/02       3/31/01
                                         (Dollars in Thousands)


Net Cash Provided by Operating
  Activities                            $     22      $  2,323

Investing Activities
  Purchases of property                   (2,474)       (4,544)
  Other                                       72            11

Net Cash Used in Investing Activities     (2,402)       (4,533)

Financing Activities
  Payments of long-term debt and capital
    lease obligations                     (5,504)      (12,978)
  Proceeds from long-term debt             6,100        14,850
  Proceeds from short-term debt              300            10
  Other                                       90            22

Net Cash Provided by Financing Activities    986         1,904

Net Decrease in Cash                      (1,394)         (306)

Cash and Cash Equivalents
  at Beginning of Period                   2,173           351

Cash and Cash Equivalents
  at End of Period                      $    779      $     45

Supplemental Disclosures of Cash Flow Information - Interest (net
of amounts capitalized) of $590,000 and $855,000 was paid during
the three months ended March 31, 2002 and 2001, respectively.
Income taxes of $1,480,000 and $611,000 were paid during the
three months ended March 31, 2002 and 2001, respectively.

See accompanying Notes to Condensed Financial Statements.







      MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
             NOTES TO CONDENSED FINANCIAL STATEMENTS
                           (UNAUDITED)


1. In the opinion of management, the accompanying condensed
   financial statements contain all normal and recurring adjustments
   necessary to fairly present the statement of financial position,
   results of operations and cash flows for the interim periods
   ended March 31, 2002 and 2001.

2. The Company's reports for interim periods utilize numerous
   estimates of production cost, general and administrative
   expenses, and other costs for the full year.  Future actual
   amounts may differ from the estimates.  Amounts in the interim
   reports are not necessarily indicative of results for the full
   year.

3. The effective tax rate for 2002 and 2001 differs from the
   statutory federal rate of 34% primarily because of the state tax
   provision and refundable state tax credits.

4. Accounts and notes receivable are reflected net of allowance
   for doubtful accounts of $690,000 and $689,000 at March 31, 2002
   and December 31, 2001, respectively.

5. Inventories as of March 31, 2002 and December 31, 2001 were
   as follows (in thousands):

                                           3/31/02    12/31/01

   Pineapple products
      Finished goods                      $ 12,653    $ 13,968
      Work in progress                       3,936         663
      Raw materials                          1,556       1,191
   Real estate held for sale                 2,937       3,709
   Merchandise, materials and supplies       6,594       6,894

   Total Inventories                      $ 27,676    $ 26,425


6.  Business Segment Information (in thousands):

                                        Three Months Ended March 31
                                             2002         2001
  Revenues
    Pineapple                             $ 19,342     $ 21,106
    Resort                                  15,220       16,344
    Commercial & Property                    1,723        1,279
    Other                                       --            1
  Total Revenues                            36,285       38,730

  Operating Profit (Loss)
    Pineapple                               (1,141)        (967)
    Resort                                   2,956        3,372
    Commercial & Property                      319           26
    Other                                     (360)        (307)
  Total Operating Profit                     1,774        2,124
  Interest Expense                            (581)        (872)
  Income Tax Expense                          (417)        (473)

  Net Income                              $    776     $    779

7. Average common shares outstanding for the interim periods
   ended March 31, 2002 and 2001 were 7,195,800.

8. At March 31, 2002 and 2001, the Company did not hold
   derivative instruments and did not enter into hedging
   transactions.

9. The Company adopted FASB Statement No. 144, "Accounting for
   the Impairment or Disposal of Long-Lived Assets," effective
   January 1, 2002.  Such adoption did not have a material
   impact on the financial position, results of operations and
   cash flows of the Company for the interim period ended
   March 31, 2002.





Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations

RESULTS OF OPERATIONS

Consolidated

The Company reported consolidated net income of $776,000 for the
first quarter of 2002; net income for the first quarter of 2001
was $779,000.  Consolidated revenues for the first quarter of
2002 were $36.3 million or $2.4 million lower than the first
quarter of 2001.  In the first quarter of 2002, operating profit
from the sale of resort real estate inventories and a real estate
sale in the Commercial & Property segment more than offset
consolidated operating losses from the Company's other
operations.  In the first quarter of 2001, approximately 50% of
the Company's consolidated operating profit was from the sale of
real estate inventories.

General and administrative expenses (including amounts allocated
to the business segments) for the first quarter of 2002 were
higher by $726,000 or 17% as compared to the first quarter of
2001.  Higher pension cost primarily because of lower investment
results in 2001, increased legal fees largely related to lawsuits
in the Pineapple segment and higher general insurance expense
were primarily responsible for the increase in general and
administrative expenses.  Insurance costs have increased
significantly in 2002 because of the impact of the events of
September 11, 2001 on the insurance industry.

Interest expense for the first quarter of 2002 was lower by
$291,000 or 33% compared to the first quarter of 2001 as a result
of lower interest rates and lower average borrowings.  Average
borrowings were lower in the first quarter of 2002 compared to
the first quarter of 2001, because cash flow from operating
activities in the fourth quarter of 2001 was used to reduce
borrowings.

Pineapple

The Pineapple segment reported an operating loss of $1,141,000
for the first quarter of 2002 compared to an operating loss of
$967,000 for the first quarter of 2001.  Pineapple revenues for
the first quarter of 2002 were $19.3 million compared to $21.1
million for the first quarter of 2001.  The reduction in revenues
was primarily due to lower case sales volume and lower average
sales prices for canned pineapple products, partially offset by
increased revenues from fresh product sales.  While the average
cost per case sold was lower in the first quarter of 2002, higher
marketing costs and general and administrative expenses
contributed to the increased operating loss.

For the first two months of 2002, imports of canned pineapple
into the United States increased as compared to the same period a
year ago and the average unit value of these imports decreased.
This has kept downward pressure on pricing for canned pineapple.
However, imports of canned pineapple from Thailand for the month
of February 2002 were lower than a year earlier, which is
consistent with the Company's understanding that supplies of
pineapple products from certain pineapple producing countries
have been tightening.  The Company believes that higher pricing
may reflect the reduction in supply later in 2002.

The Company has filed requests for exemptions from the recently
imposed steel tariff for each specification of tin-coated steel
that it uses to manufacture cans in its Kahului cannery.  If the
exemptions are not granted, the Company's cost in 2002 for tin-
coated steel is expected to increase by approximately $300,000.
The Company expects that it may receive decisions by the end of
July 2002.


Resort

Kapalua Resort produced an operating profit of $2,956,000 for the
first quarter of 2002 compared to an operating profit of
$3,372,000 for the first quarter of 2001.  Revenues from the
Resort were $15.2 million for the first quarter of 2002 compared
to $16.3 million for the first quarter of 2001.

The reduction in revenues and operating profit for the first
quarter of 2002 is principally due to reduced golf play, lower
merchandise sales and reductions in contributions from other
Resort operations due to fewer visitors to Kapalua as reflected
by lower room occupancies.  The Company's Kapalua Villas (short-
term rental program) reported higher average room rates for the
first quarter of 2002 as compared to the first quarter of 2001,
which partially offset the reduction in revenues attributable to
the decline in occupancy.  Operating profit from the sale of real
estate inventories for the first quarter of 2002 exceeded the
first quarter of 2001 by approximately $300,000.

The island of Maui as well as the state of Hawaii experienced
lower hotel and condominium room occupancies and average room
rates in the first quarter of 2002 as compared to the first
quarter of 2001.  March 2002 was the fourteenth consecutive month
of decrease in statewide room occupancies for Hawaii.  While the
Company is aggressively marketing the Kapalua Resort, indications
are that the trend of decreased occupancy for 2002 compared to
2001 may continue.

Resort real estate sales are cyclical and depend on a number of
factors.  Results of real estate sales activity for the first
quarter of 2002 are not necessarily indicative of future
performance trends for this segment.


Commercial & Property

The Commercial & Property segment reported operating profit of
$319,000 for the first quarter of 2002 compared to $26,000 for
the first quarter of 2001.  Revenues from this segment were $1.7
million for the first quarter of 2002 compared to $1.3 million
for the first quarter of 2001.  The improved results for the
first quarter of 2002 reflect a $622,000 gain on the sale of a
real estate parcel, partially offset by lower operating results
from Queen Kaahumanu Center.  Increased losses from Queen
Kaahumanu Center in the first quarter of 2002 were principally
due to lower occupancy of gross leasable area, reduced tenant
sales and lease cancellation fees that were included in the
Center's results for the first quarter 2001.  The reduction in
results from Queen Kaahumanu Center reflects the oversupply of
retail commercial space on Maui.  It also indicates that the
trend of lower occupancies and tenant sales in 2002 compared to
2001 is likely to continue.

LIQUIDITY, CAPITAL RESOURCES AND OTHER

At March 31, 2002, total debt, including capital leases, was
$44.1 million compared to $43.3 million at year-end 2001.  The
Company's borrowings are expected to increase in the second and
third quarters of 2002 as the seasonal pineapple inventory
financing reaches its peak.  The Company's unused long- and short-
term credit lines, which totaled $12.4 million at March 31, 2002,
together with cash flows from operating activities are estimated
to be sufficient to cover the Company's cash requirements for
2002.  The sale of real estate inventories and the level of
funding that may be required for Queen Kaahumanu Center are
significant variables in the projection of cash flows for 2002.

Consolidated cash flow from operating activities was $22,000 for
the first quarter of 2002 compared to $2.3 million for the first
quarter of 2001.  Most of the reduction in cash flows was due to
a higher amount of cash receipts from real estate sales in the
first quarter of 2001 and the timing of payment of income taxes
related to prior year's income.  The cash receipts received with
the closing of lot sales at Pineapple Hill Estates in the first
quarter of 2001 were recorded as deferred revenues.

The Company's capital expenditures and expenditures for general
planning and land entitlements are expected to be approximately
$11.3 million in 2002.  Approximately $3.2 million is estimated
to be for replacement of existing equipment and facilities.  Some
of these expenditures may be funded with capital leases or new
equipment financing loans.

This report contains forward-looking statements, within the
meaning of Private Securities Litigation Reform Act of 1995,
which are provided to assist in the understanding of certain
aspects of the Company's anticipated future financial
performance.  The words "estimate," "project," "intend,"
"expect," "believe" and similar expressions are intended to
identify forward-looking statements.  Among other things, the
forward-looking statements in this report address the Company's
belief regarding the effect of imports on canned pineapple
pricing and the Company's expectations regarding the adequacy of
credit facilities and operating cash flows.  Forward-looking
statements contained in this report or otherwise made by the
Company are subject to significant risks and uncertainties, many
of which are outside of the Company's control.  Although the
Company believes that the assumptions underlying its forward-
looking statements are reasonable, any assumption could prove to
be inaccurate and that could cause actual results to differ
materially from those in the forward-looking statements.
Potential risks and uncertainties include, but are not limited
to, those risks and uncertainties as disclosed in the Company's
Annual Report to Shareholders and Form 10-K filing with the
Securities and Exchange Commission.  Unless expressly stated, the
Company does not undertake and specifically disclaims any
obligation to update any forward-looking statements to reflect
events or circumstances after the date of such statements.

Item 3.   Quantitative and Qualitative Disclosures about Market
Risk

The Company's primary market risk exposure with regard to
financial instruments is to changes in interest rates.  The
Company attempts to manage this risk by monitoring interest rates
and future cash requirements, and evaluating opportunities to
refinance borrowings at various maturities and interest rates.
There were no material changes to the Company's market risk
exposure during the first three months of 2002.


PART II   OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K

(b)  Reports on Form 8-K
   The Company filed no reports on Form 8-K for the period
   covered by this report.





                            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.



    May 8, 2002             /S/ PAUL J. MEYER
Date                     Paul J. Meyer
                         Executive Vice President/Finance
                         (Principal Financial Officer)