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

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) ~~January 9~~February 11, 2004

Sea Pines Associates, Inc.

(Exact name of registrant as specified in its charter)

South Carolina	0-17517	57-0845789
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)


32 Greenwood Drive, Hilton Head Island, South Carolina				29928

(Address of principal executive offices)				(Zip Code)


Registrant’s telephone number, including area code:		(843) 785-3333

Not applicable

(Former name or former address, if changed since last report)

Item 7. Financial Statements and Exhibits.

~~Newsletter~~Letter from the Chairman to shareholders

Item 129. ~~Results~~Regulation FD ~~of Operations and Financial Condition~~Disclosure.

On ~~January~~February 911, 2004, the registrant distributed its 2003 Annual Report to Shareholders, ~~its~~which ~~shareholders~~included a letter from the Company’s Chairman of the Board ~~newsletter~~of Directors containing, among other information, statements regarding the registrant’s results of operations ~~and~~during ~~financial~~the ~~condition~~first quarter of 2004. A copy of the ~~newsletter~~letter is attached as Exhibit 99.1.

SIGNATURES

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 hereunto duly authorized.

		Sea Pines Associates, Inc.
		(Registrant)
Date	~~January~~February 911, 2004	/s/ Michael E. Lawrence
		Michael E. Lawrence, Chief Executive Officer

EXHIBIT INDEX

Number 99.1 ~~Newsletter~~Letter from the Chairman to shareholders of the registrant

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