Earnings down 50 percent at mac nut firm

Advertiser Staff

ML Macadamia Orchards, the world's largest grower of macadamia nuts, said its net income for the third quarter was down nearly 50 percent from a year ago because of a decline in nut prices and total pounds sold.

The Honolulu-based partnership, with more than 4,000 acres of orchards on the Big Island, said its net income was $485,000, or 6 cents per share, in the three months ended Sept. 30. That compares with $929,000, or 12 cents per share, a year ago.

The company also said it reached a settlement in October with Mauna Loa Macadamia Nut Corp., its exclusive buyer, over questions of payment for 1.8 million pounds in nut deliveries last year. The settlement resulted in Mauna Loa's payment of $908,000 for nut payments withheld in 2000 and a reimbursement of $200,000 for the partnership's legal expenses, the company said.

The company said total sales for the third quarter were $4.8 million vs. $5.96 million a year ago.

In August, the partnership's president and chief executive officer since 1995, Kent T. Lucien, resigned. ML Resources chairman J.W.A. "Doc" Buyers took over Lucien's duties as CEO, and Dennis J. Simonis, formerly executive vice president, was elected president.