ML Macadamia posts 1st-quarter loss
Hilo-based ML Macadamia Orchards L.P. reported a slight loss during the first quarter of 2010 as a result of lower nut production. The company said it lost $25,000. A year ago it had a net income of $432,000 in the first quarter.
The company said, "The macadamia harvest cycle is highly seasonal and the first quarter generally accounts for only a small percentage of the Partnership's annual production."
ML Macadamia said the majority of its financial results will be determined by the third- and fourth-quarter harvest levels. Total revenue in the first quarter was $2.3 million, comprised of $1.2 million from the sale of 1.6 million pounds of macadamia nuts-in-shell and $1.2 million in contract farming revenue.
In comparison, revenues in the first quarter of 2009 were $3.0 million, $1.9 million from nuts-in-shell and $1.1 million in contract farming revenue. The first-quarter 2009 profit was also higher because of a $330,000 settlement of legal claims against Hamakua Macadamia Nut Co.
ML Macadamia said all its production for 2010 will be sold to Mauna Loa Macadamia Nut Corp. at an average price of 73 cents per pound. That compares to an average contract price of 67 cents per pound under various nut contracts in 2009.
PACIFIC OFFICE PROPERTIES TO PAY DIVIDEND
Pacific Office Properties Trust Inc., the Los Angeles-based real estate firm affiliated with Honolulu-based Shidler Group, has declared a cash dividend of 5 cents per share of its common stock for the second quarter of 2010. The dividend will be payable July 15 to shareholders on record on June 30.
Pacific Office owns several Honolulu buildings, including the Davies Pacific Center, the Pan Am Building and Waterfront Plaza.