Updated at 4:10 p.m., Wednesday, May 9, 2007
ML Macadamia Orchards earns $346K in 1st quarter
Advertiser Staff
Hilo-based ML Macadamia Orchards LP yesterday posted a first- quarter profit of $346,000, or 5 cents a share, versus a year-ago loss of $100,000, or a penny a share.The higher profit was mainly a result of a larger-than-normal first quarter harvest of macadamia nuts.
First-quarter revenue more than doubled to $3.4 million, compared with year-ago revenue of $1.5 million.
ML Macadamia is in the process of acquiring competitor MacFarms of Hawaii LLC. 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.
Shares of ML Macadamia fell 5 cents, or 1 percent, to close at $5.20 a share on the New York Stock Exchange.
