ML Macadamia Orchards, L.P. Reports First Quarter 2007 Earnings Increase
10 Maggio 2007 - 12:14AM
Business Wire
ML Macadamia Orchards, L.P. (NYSE:NUT) today reported net income
for the first quarter 2007 of $346,000, or $0.05 per Class A Unit,
mainly as a result of greater than normal first quarter harvest of
macadamia nuts. The net income is $446,000 greater than the first
quarter of 2006, which showed a net loss of $100,000, or $0.01 per
Class A Unit. The higher production was partially offset by a lower
nut price of $0.70 per pound, as compared to $0.76 paid in the
prior year�s first quarter. The price that the Partnership receives
for its nuts is based upon the terms and conditions of its nut
purchase contracts with the various buyers. The vast majority of
the Partnership�s financial results will be determined by the third
and fourth quarter harvest levels and the nut prices paid under the
respective nut purchase contracts. It is anticipated that nut
prices will decline in the second half of the year as a result of
depressed global kernel prices. The Partnership is pursuing an
acquisition of the processing and marketing assets of MacFarms of
Hawaii, LLC, that, if successful, it believes will provide a higher
level of revenue stability, margin growth and insulation against
volatile market prices. Total revenues in the first quarter 2007
were $3.4 million, comprised of $2.3 million from the sale of 3.3
million pounds of macadamia nuts (wet-in-shell @ 20% and recovery
of 30%) and $1.0 million of contract farming revenue. In
comparison, revenues in the first quarter of 2006 were $1.5
million, $600,000 from the sale of 785,000 pounds and $923,000 from
contract farming. This press release contains forward-looking
statements regarding future events and future performance of the
Partnership that involve risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. These include statements, among others,
regarding the Partnership�s future nut prices, which are based on
certain assumptions and forecasts. The Partnership files documents
with the Securities and Exchange Commission, such as Form 10-K,
Form 10-Q and Form 8-K reports, which contain a description of
these and other risks and uncertainties that could cause actual
results to differ from current expectations and the forward-looking
statements contained in this press release. ML Macadamia Orchards,
L.P. Income Statements (unaudited) (in thousands, except per unit
data) � For the quarters ended March 31, 2007� 2006� � Macadamia
nut sales $ 2,324� $ 600� Contract farming revenue 1,041� 923�
Total revenues 3,365� 1,523� Cost of goods and services sold Costs
of macadamia nut sales 1,622� 413� Costs of contract farming
revenue 953� 838� Total cost of goods and services sold 2,575�
1,251� Gross income 790� 272� General and administrative expenses
Costs expensed with related party 53� 35� Other 374� 294� Total
general and administrative expenses 329� 329� Operating income
(loss) 363� (57) Interest expense (33) (60) Interest income 30� 11�
Other income 14� 15� Income (loss) before tax 374� (91) Gross
income tax 28� 9� Net income (loss) $ 346� $ (100) � � � � � Net
cash flow (as defined in the Partnership Agreement) $ 752� $ (5) �
� � � � � Net income (loss) per Class A Unit $ 0.05� $ (0.01) � Net
cash flow (deficit) per Class A Unit (as defined in the Partnership
Agreement) $ 0.10� $ 0.00� � Cash distributions per Class A Unit $
0.05� $ 0.05� � Class A Units outstanding 7,500� 7,500�
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