Maui Land & Pineapple Company Inc. yesterday posted a third quarter net loss of $155,000, or 2 cents a share, compared with a $2.5 million loss, or 34 cents a share, in the year-ago period. Third quarter revenues fell 29 percent to $28.5 million compared the third quarter of 2006.

During the first nine months of 2007, Maui Land & Pine reported a profit of $12.1 million, or $1.55 a share, versus a profit of $8.7 million, or $1.20 a share, for the same period in 2006.

Revenues for the first nine months of 2007 fell 3 percent to $128.2 million compared with the year-ago period.

During the third quarter and the first nine months of 2007, increased operating profits from the company's community development business was offset by increased operating losses in agriculture and resort businesses.

The company's pineapple operations posted increased operating losses because of $10.6 million in charges related to the restructuring of pineapple operations.

The company closed down its canning business in June, saying it will focus on fresh fruit and juice.

The move ended more than 100 years of pineapple canning in Hawai'i, as the local industry fell victim to cheaper foreign imports.

In other news yesterday, Maui Land & Pine announced that its agricultural subsidiary entered into an agreement with Calavo Growers Inc.

The California-based company will assume sales, marketing and distribution of Maui Pine's popular Maui Gold fresh pineapple throughout the continental United States and Canada.

Calavo has been a leader in the fresh avocado business since 1925.