Macadamia nut earnings down

Advertiser Staff

ML Macadamia Orchards yesterday reported third-quarter net income of $43,000, or 1 cent a share, compared to $485,000, or 6 cents a share, the same quarter a year ago.

The company said the lower earnings reflect a 5 percent lower price for the company's macadamia nuts, as well as general and administrative costs.

The Hilo company said quarterly revenues were $5.1 million compared to $4.8 million last year.

The company said its nut harvest was 8.4 million pounds for the quarter, up 14 percent from the same time last year. Nut revenues were $3.9 million for the quarter, compared to $3.6 million last year.

For the first nine months of the year, the company said it had a net loss of $344,000, compared with net income of $771,000 the same time last year. Revenues for the first nine months were $8.4 million, compared with $9.9 million last year.