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The Honolulu Advertiser
Posted on: Thursday, November 13, 2003

Hilo mac nut company narrows loss in quarter

By Sean Hao
Advertiser Staff Writer

 •  ML Macadamia Orchards LP

3rd Quarter

Profit/Loss: $9,000 loss compared with $43,000 in the year-ago quarter

Sales: $3.78 million compared with $4 million in 2002

Hilo-based ML Macadamia Orchards LP yesterday posted a small loss on lower sales during the third quarter.

During the three months ended Sept. 30, the macadamia nut grower lost $9,000 compared with a profit of $43,000, or a penny a share in the year-ago quarter. Quarterly sales fell 4 percent to $3.78 million compared with $4 million in the prior year.

The company pegged the earnings drop to a slightly smaller third-quarter crop and the timing of farming, general and administrative costs. Farming service revenues rose 23 percent to $1.4 million.

ML Macadamia said its orchards in the Ka'u region continue to be affected by generally dry conditions; however, the crop is up 19 percent because of adequate rainfall this year. In addition, macadamia kernel prices rose by as much as 30 percent over last year partly because of adverse weather in Australia that affected world supply, ML Macadamia said.

Through the first nine months of this year, the company lost $337,000, or 4 cents a share, versus a year-ago loss of $344,000, or 5 cents a share. Revenues fell nearly 9 percent to $5.19 million.

Shares of ML Macadamia closed up 7 cents at $3.42 yesterday on the New York Stock Exchange. The earnings announcement was made after the markets closed.

Reach Sean Hao at shao@honoluluadvertiser.com or 525-8093.