In June 1999, life changed for Maui Land and Pineapple (AMEX:MLP) and its 28,000 acres on the island of Maui. Steve Case, founder of Time Warner's (NYSE:TWX) America Online, purchased 41.2% of the company for $13.25 a share. The stock is 2.5 times higher today, and after looking at third-quarter results, it's obvious the company has a plan for the future.

Revenue increased 28% year over year, and net income swung from a $0.30 loss to a $0.28-per-share profit. Naysayers will note that Community Development, the company's land-sales arm, accounted for 30.6% of total sales and 100% of all profits (since the company's resort and pineapple operations both reported losses). But those profits are helping the company fund efforts to breathe life into its entire operation.

The company is replacing its current cannery, can plant, and fresh-fruit packing facility with a modern $17.2 million facility that will reduce Maui Land's overall cost structure when it opens in July 2006. Because of the new equipment, current results are being hurt by the accelerated depreciation needed to get the old equipment off the books before the new facility comes online.

There's change in the pineapple fields, too. With the new emphasis on fresh fruit, the company is now selling Hawaiian Gold Extra Sweet pineapples, with a Maui Organic Pineapple for the specialty market -- although I haven't seen any at my local Whole Foods (NASDAQ:WFMI) yet.

The company's resort arm consists of the Kapalua Resort, where the company is renovating villas at the Plantation Golf Course (one of three courses that draw guests to the resort). This work is hurting near-term revenue, but the goal is to maximize long-term guest experiences and company profits.

Community development has a lot of activity ahead, too. The company recently purchased 51% of the firm that owned and operated the Kapalua Bay Hotel and its adjacent retail shops. In 2006, if permits are in hand, the company will demolish the hotel and shops in order to develop whole- and fractional-share residential units, an oceanside spa, and a beach club.

Community Development also has a number of real estate ventures planned for the 1,800 acres of land it has in various stages of the entitlement process.

Although the earnings press release did not include a balance sheet (for shame!), the company has the debt agreements in place to ensure that its capital expenditures are completed. But, with net debt (total debt minus cash) of $10.3 million and debt-to-equity of 19% per the last quarterly release, the company appears conservatively leveraged, though interest coverage is subject to the company's fluctuating profitability.

Add it up and the outlook seems promising. The company is making investments that will improve its future operating results. But with no analysts following the company, there are no readily available numbers to use for comparison.

Let's try, though, by noting that banana and pineapple producer Fresh Del Monte Produce (NYSE:FDP) is valued at only 11 times trailing earnings. Marriott (NYSE:MAR), with a debt-to-equity ratio of 55%, is valued at 24 times earnings. Maui Land is currently valued at 19 times earnings. While it's hard to get a pure-play comparison here, I'd guess that's a good value for a company with a clear-cut plans to improve its overall operations.

Time Warner and Whole Foods are Motley Fool Stock Advisor recommendations. Fresh Del Monte is a Motley Fool Hidden Gems pick.

Fool contributor W.D. Crotty does not own any shares in the companies mentioned. Click here to see the Motley Fool's disclosure policy.