CORRECTING and REPLACING ML Macadamia Orchards, L.P. Reports 2006 Operating Results
13 Abril 2007 - 8:01PM
Business Wire
Fifth graph, first sentence of release, net income should read:
$846,000 (sted $885,000). The corrected release reads: ML MACADAMIA
ORCHARDS, L.P. REPORTS 2006 OPERATING RESULTS ML Macadamia
Orchards, L.P. (NYSE:NUT) announced today that for the full year
ended December 21, 2006 it recorded net income of $804,000 or $0.11
per Class A unit on total revenues of $17.1 million. The earnings
are a $33,000 improvement over the prior year and result from a
higher nut price, lower depreciation and interest costs and no loss
on the extinguishment of the management agreement offset by higher
legal and administrative costs related to the pending acquisition
of MacFarms and SOX 404 compliance and an additional charge to true
up our severance and vacation liability. In 2005, the Partnership
recorded a net income of $771,000 or $0.10 per Class A unit on
revenues of $17.4 million. Net cash flow was $2.3 million or $0.31
per Class A Unit in 2006 compared to net cash flow of $2.5 million
or $0.33 per Class A Unit in 2005. Cash distributions of $0.20 per
unit were paid to shareholders in both 2006 and 2005. The
Partnership was paid at an average price of $0.609 per pound (WIS
at 25% moisture) for macadamia nut production in 2006, compared to
an average price of $0.555 received in 2005. In general, macadamia
nut prices hit peak levels in late 2004 and have softened
considerably over the past 24 months. Independent Hawaii growers
are receiving between 45 and 55 cents per pound and kernel prices
are generally slightly below $3.75 per pound. Macadamia nut
production for 2006 was 21.2 million pounds (wet-in-shell at a 25%
moisture), or 0.5 million pounds lower than 2005. The decrease
results from a slightly smaller crop in the Ka�u region. For the
fourth quarter 2006 the Partnership recorded net income of $846,000
on revenues of $8.8 million compared to a net income of $654,000 on
revenues of $9.1 million for the fourth quarter of 2005. Revenue
and net earnings increased for the fourth quarter 2006 compared to
the same period in 2005, mainly due to the timing of the harvest,
lower farming costs and a higher effective nut price in 2006. This
press release contains forward-looking statements regarding future
events and future performance of the Partnership that involve risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements.
These include statements, among others, regarding the Partnership�s
future nut price, which are based on certain assumptions and
forecasts. The Partnership files documents with the Securities and
Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K
reports, which contain a description of these and other risks and
uncertainties that could cause actual results to differ from
current expectations and the forward-looking statements contained
in this press release. ML Macadamia Orchards, L.P. is the world�s
largest grower of macadamia nuts, owning or leasing 4,190 acres of
orchards on the island of Hawaii. ML MACADAMIA ORCHARDS, L.P.
Consolidated Income Statements Unaudited (in thousands, except per
unit data) � Three months Full year ended December 31, ended
December 31, 2006� 2005� 2006� 2005� Macadamia nut sales $ 7,632� $
7,220� $ 13,256� $ 12,684� Contract farming revenue 1,142� 1,864�
3,816� 4,694� Total revenues 8,774� 9,084� 17,072� 17,378� Cost of
goods and services sold 7,200� 7,635� 14,345� 14,476� Gross income
(loss) 1,574� 1,449� 2,727� 2,902� General and administrative
expenses 647� 640� 1,842� 1,595� Extinguishment of management
agreement -� -� -� 326� Operating income (loss) 927� 809� 885� 981�
Interest expense (38) (82) (204) (237) Interest income 4� 1� 17� 5�
Other income 12� 4� 206� 151� Income (loss) before tax 905� 732�
904� 900� Income tax expense (59) (78) (100) (129) Net income
(loss) $ 846� $ 654� $ 804� $ 771� � � � � � � � � � � � Net cash
flow (as defined in the Partnership Agreement) $ 1,836� $ 1,827� $
2,323� $ 2,501� � � � � � � � � � � Net income (loss) per Class A
Unit $ 0.11� $ 0.09� $ 0.11� $ 0.10� � Net cash flow per Class A
Unit $ 0.24� $ 0.24� $ 0.31� $ 0.33� � Cash distributions per Class
A Unit $ 0.05� $ 0.05� $ 0.20� $ 0.20� � Class A Units outstanding
7,500� 7,500� 7,500� 7,500�
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