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Increased rainfall in the Kau orchards on Hawaii island lifted ML Macadamia Orchards LP to a $38,000 profit in the third quarter after the state’s largest nut grower incurred a $308,000 loss in the year-earlier period.
THIRD-QUARTER NET
$38,000
YEAR-EARLIER LOSS
$308,000 |
The Kona-based partnership said Wednesday that revenue jumped 27.8 percent to $6 million from $4.7 million a year ago. Its third-quarter harvest was 9.5 million pounds, or 32 percent higher than the same quarter a year ago. Overall production for all of 2011 is expected to be 20 percent to 25 percent higher than in 2010, the partnership said.
Nut sales rose 31 percent last quarter to $5.4 million from $4.1 million in the year-earlier period while contract farming revenue increased 5.9 percent to $651,000 from $615,000.
ML Macadamia’s financial results in the third quarter of 2010 included one-time items related to the purchase of International Air Service Co. Ltd. orchards. Those items consisted of the write-off of $306,000 in good will that ML Macadamia carried on its books representing the extra value of its farm service contracts with IASCO, as well as a $125,000 acquisition cost for the deal that was almost offset by a $120,000 gain from buying IASCO for less than market value.
The earnings per Class A unit was 1 cent last quarter compared with a loss of 4 cents a unit a year ago. Earnings are stated in terms of units.
Shares of ML Macadamia closed Wednesday down 9 cents, or 3.4 percent, at $2.56. Earnings were announced before the market opened.
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