Maui Land selects Durkin for CFO

John P. Durkin has been named chief financial officer of Maui Land & Pineapple Company Inc., effective April 15, replacing Robert I. Webber, who was appointed president and chief executive of the company effective Jan. 1.

Warren H. Haruki, company chairman, said yesterday that Durkin most recently was managing director at Nikko Citi Holdings Co. Ltd in Tokyo, and has extensive experience in corporate finance, integration, restructuring and managing across diverse cultures.

Durkin also was formerly chief financial officer of Nikko Cordial Financial Group and has held similar positions with firms such as Vodafone Asia Pacific, Nike Japan and Ajinomoto General Foods.

“;John brings a wealth of finance expertise and relevant skills to MLP at a critical stage in our business,”; Haruki said. “;He is highly qualified to assume the responsibilities of our chief financial officer and lead our company's financial and operational initiatives.”;

MLP's principal operating subsidiaries are Maui Pineapple Company Ltd., and Kapalua Land Company Ltd., which operates Kapalua Resort in West Maui.

ML Mac showed small profit in 2008

ML Macadamia Orchards LP, the world's largest grower of macadamia nuts, owning or leasing 4,190 acres of orchards on the Big Island, earned net income of $68,000 for the year that ended Dec. 31, as well as net cash flow, as defined in its partnership agreement, of $1.6 million.

The company said yesterday that the results marked a “;significant improvement over the $4 million loss and negative $2.5 million cash flow”; reported for the previous year, and were the result mainly of “;increased revenues, slightly higher nut prices, lower general and administrative costs and a third-quarter crop insurance recovery related to the 2007-2008 harvest.”;

Revenues for 2008 increased 55 percent compared with 2007, to $17.5 million, with nut sales up 78 percent and contract farming revenues up by 9 percent.

The company said that, in general, macadamia nut demand and prices hit peak levels in late 2004, softened considerably over the next 36 months, then began to strengthen in the past year.

Kernel prices per pound reached about $6.50 in 2004, then declined to $3.50 in 2007 before rebounding to $4 in 2008.

The company said whole kernels command a premium, while halves and pieces are more difficult to market.

For the 2008 fourth quarter alone, the partnership incurred a net loss of $156,000 on revenues of $6.5 million, compared with a net loss of $3.5 million on revenues of $4.0 million for the fourth quarter of 2007.