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Net income for ML Macadamia Orchards LP nearly quadrupled to $62,000 in the second quarter from $16,000 in the same period last year, partly a result of the May 1 purchase of Ka"u Agribusiness Co.'s macadamia farming operations. Mac nut company
reports strong netStar-Bulletin staff
Per share income was 1 cent a share vs. less than a penny a year ago.
Revenues for the second quarter doubled to $1.2 million from $614,000 a year ago. The Honolulu-based company said yesterday that revenues from its contract farming business spilled over from the first quarter because of the Ka'u Agribusiness purchase.
Nut revenues, which were unaffected by the purchase, were $751,000, up more than 22 percent from $614,000 last year.
ML's thinly traded stock price rose 6 cents to close today at $4.94 on the New York Stock Exchange.
It has risen more than $1, or 32 percent, so far this year and is up 46 percent from a year ago. The shares are actually Class A Partnership units, but trade like common stock on the NYSE.
During the previous quarter, profits fell nearly 88 percent to $65,000, after a bigger-than-normal harvest in 1999.
The company said its total macadamia nut production rose 15 percent to 23 million pounds for the crop year that ended June 30, making it the largest crop in the partnership's 14-year history.