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ML Macadamia posts loss

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By Tim Ruel
Star-Bulletin

Honolulu-based nut grower ML Macadamia Orchards LP posted a net loss of $1.5 million in the fourth quarter compared with a profit of $3.6 million from fourth quarter 1999.

Per-share earnings fell to a loss of 19 cents a share from a gain of 48 cents in the same period, the company said Friday. Revenues in the quarter fell 33 percent to $5.1 million from $7.6 million.

The company, which grows macadamia nuts on 4,169 acres on the Big Island, blamed decreased nut prices, a continuing drought combined with a flash flood at its orchards in Kau, and a contract dispute with nut purchaser Mauna Loa Macadamia Nut Corp.

ML Macadamia's partnership units, which closed at $4.39 Friday on the New York Stock Exchange, are up 11.5 percent so far in 2001.

Largely because of the rough quarter, ML Macadamia showed a year-end loss of $398,000, down from a $4.65 million profit in 1999. Revenues for the year fell 13.8 percent to $13.8 million from $16 million.

At the same time, nut prices fell 18 percent to 51 cents a pound to 62 cents a pound.