Since he took the reins last October, Maui Land & Pine has undergone significant management changes, expanded its board of directors, announced key developments for the Kapalua Resort and made progress toward expanding fresh pineapple sales, Cole said yesterday.

But there's still work to be done, including plans to reposition the Kapalua Resort as a wellness spa and proceeding with two major real estate projects near the resort, Cole said.

"We're not done with what we've started," said the president and chief executive for Maui Land & Pine, in an interview yesterday.

"This is not something you can do overnight. You just do it as you can."

Plans include converting the company's crops to higher-margin, extra-sweet pineapples and expanding its organic pineapple program eightfold, to 400 acres, Cole added. Pineapple products still represent the greatest portion of Maui Land & Pine sales.

The company, which extended the shelf life of fresh pineapples through its harvesting practices, plans to increase processing efficiency by upgrading equipment, Cole said.

In its resort business, Maui Land & Pine recently partnered with upscale resort Miraval Life In Balance to add several health and wellness activities to its 23,000-acre Kapalua Resort. Groundbreaking is expected in early 2006.

In addition, the company recently revealed plans to add 450 homes for low- to moderate-income Maui residents as part of its proposed expansion of the Kapalua Resort. The Pulelehua project is designed to satisfy county requirements that the developer provide affordable housing while offering future workers lodging nearby.

Separately, another project announced three years ago, Kapalua Mauka, would add 690 homes on 900 acres around one of the resort's three golf courses.

Cole gave no indication when his reorganization plans would be complete.

Through the first half of the year, the company narrowed its losses. Maui Land & Pine lost $855,000, or 12 cents a share, through June, versus a loss of $4.67 million, or 65 cents a share, in the year-earlier period. Operating results improved across all business segments, and the company benefitted from the sale of a 6.5-acre conservation-zoned parcel at Kapalua.

"Right now we're putting one foot in front of the other," Cole said. "These are all growth markets with excellent fundamentals."