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US (HI): Macadamia Orchards release 2011 results

Macadamia Orchards, one of the largest growers of macadamia nuts in the world, has announced that for the twelve months ended December 31, 2011, it reported net income of $712,000 and net cash flow, as defined in the Partnership Agreement, of $2.2 million. For the year ended December 31, 2010, the Partnership reported a net loss of $1.5 million and net cash flow of negative $526,000.

The 2011 improvement was primarily the result of a partial recovery from a severe drought in the Ka'u region where production improved by approximately 6 million pounds or 51% over 2010 levels. The improved production was partially offset by lower kernel recovery and high irrigation costs.

Total 2011 revenue was $18.0 million, an increase of 18% as compared to $15.3 million reported in 2010, with nut sales up 32% and contract farming revenues down by 39%. Approximately half of the increase in nut sales and all of the decrease in contract farming revenue relates to the acquisition of the IASCO orchards by the Partnership in August 2010. Partnership was paid at an average contract price of $0.735 per pound in 2011 on sales of 21.8 million pounds, compared to an average contract price of $0.716 received in 2010 on 17.1 million pounds.

For the fourth quarter of 2011, the Partnership had net income of $559,000 on revenues of $9.1 million compared to a net loss of $1.0 million on revenues of $7.6 million for the fourth quarter of 2010. The net loss in the fourth quarter of 2010 was mainly attributable to higher unit costs resulting from lower than expected annual production, poor kernel recovery and higher interest expense.

Source: www.marketwatch.com

Publication date: 3/29/2012


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