Updated at 7:36 p.m., Tuesday, November 7, 2006
ML Macadamia Orchards 3rd quarter earnings fall 28%
Advertiser Staff
ML Macadamia Orchards L.P., said third-quarter net income fell 28 percent to $85,000 from a year earlier when it had a favorable nut price adjustment of $552,000.The Hilo-based company said revenue climbed to $4.3 million from $2.8 million in the 2005 quarter.
Harvest in the three months ended Sept. 30 was 7.8 million pounds, or 78 percent higher.
In late October ML Macadamia announced that it intends to purchase competitor MacFarms of Hawaii LLC.
Under a non-binding letter of intent, ML Macadamia, the world's largest grower of macadamia nuts, also intends to lease a nearly 4,000-acre macadamia orchard owned by a MacFarms affiliate. The deal is expected to close in early 2007 after the completion of due diligence and approvals of the boards of directors of the companies involved.
The deal would expand ML Macadamia's 4,169 acres of orchards and allow it to process and market nuts industrially and under the brand names MacFarms, Kona Select and Hula Princess.
Mauna Loa Macadamia Nut Corp. is the state's largest processor of macadamia nuts.
