BUSINESS BRIEFS
ML Macadamia posts $118K net
Advertiser Staff and News Services
ML Macadamia Orchards LP reported third quarter net income of $118,000 or 2 cents per share, compared with a loss of $817,000 or 11 cents per for the same period last year.
The company attributed the improved earnings to an increase in nut prices and lower administrative and other expenses.
Revenue totaled $3.7 million in the third quarter, up from $3.3 million a year earlier. ML Macadamia Orchards recently completed a review of its 2004 nut purchase contracts with Mauna Loa Macadamia Nut Corporation. As a result, ML Macadamia Orchards received three cents per pound more for its nuts, or $552,000, which was paid to the company Oct. 15.
The third-quarter harvest was 4.2 million pounds or 17 percent lower than the same period last year.
TAX-BREAK REPORT TO COST $1,000
Technology companies wishing to receive a comfort ruling from the state Department of Taxation verifying their status as an eligible investment vehicle under Act 215 will now have to pay a $1,000 fee to receive such a ruling.
Act 215 provides a 100 percent tax break for investments in qualified technology companies. Every dollar invested in a qualifying high-technology ventures can be used to reduce state tax obligations by $1. The tax credits are spread over a five-year period and capped at $2 million.
ENERGY NEEDS LIKELY TO SURGE
Global energy needs will surge 50 percent by 2030 and prices will rise if capacity is not significantly increased, the International Energy Agency said yesterday in its 2005 World Energy Outlook.
There are sufficient oil and natural gas reserves to meet those needs, particularly in North Africa and the Middle East, but about $20 trillion in new investments is urgently needed to bring those supplies to the consumer market, the agency said.
DELPHI WORKERS TO FIGHT PAY CUTS
Six unions that represent 33,650 workers at Delphi Corp. said yesterday they're banding together to fight proposed wage and benefit cuts at the auto supplier, a move that could lead to a strike.
Delphi, the largest U.S. auto supplier, filed for bankruptcy protection last month.
