ML Macadamia Orchards, L.P. Reports 2nd Quarter 2006 Earnings.HILO, Hawaii Hilo (pronounced IPA: /ˈhiːloʊ/) is a coastal city in the State of Hawaiʻ -- ML Macadamia macadamia (măk'ədā`mēə), name for the nut of the Macadamia ternifolia, an evergreen tree native to Australia, but cultivated in Hawaii. The nuts, also called Queensland nuts, are eaten roasted or raw. Orchards, L.P. (NYSE NYSE See: New York Stock Exchange :NUT Nut, in Egyptian religion Nut (n  t, nŭt), in Egyptian religion, sky-goddess. She was the sister-wife of the earth god Geb, to whom she bore Osiris, Isis, Set, and Nephthys. ), today
reported a second quarter net loss of $27,000 or ($0.00) per Class A
Unit, on revenues of $1.2 million. In the second quarter of 2005, the
Partnership reported a net profit of $26,000, or ($0.00) per Class A
Unit, on $1.5 million in revenues. The second quarter 2006 results
include a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. nut price adjustment from 2005 of $343,000 and results from the second quarter of 2005 reflect a crop insurance settlement of $147,000. The second quarter marks the end of the harvest (tool, networking) Harvest - A highly scalable, customisable system for discovering resources on the Internet. Version: 1.3. http://tardis.ed.ac.uk/harvest/. season and is usually one of the year's lowest harvest periods, accounting for less than 4% of the total year's harvest Nut revenues were $735,000 for the three months ended June June: see month. 30, 2006, compared to $456,000 in the prior year, due to slightly different weather patterns affecting the timing of the harvest. Farming service revenues were $553,000 or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 47% lower than the previous quarter, again due to the timing of the harvest. For the first six months of 2006, revenues were $2.8 million with a net loss of $127,000, or ($0.02) per Class A Unit. Revenues in the first six months of 2005 were $4.6 million and the net loss was $1,000, or ($0.00) per Class A Unit. Despite the smaller crop in the first half of the year, the Partnership expects full year production for 2006 to approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. historical averages. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such statements. These include statements, among others, regarding the Partnership's future nut prices and the outcome of legal action, 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-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Form 10-Q Form 10-Q See 10-Q. and Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 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.
Consolidated Income Statements (unaudited)
(in thousands, except per unit data)
Three months Six months
ended June 30, ended June 30,
---------------- ----------------
2006 2005 2006 2005
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Macadamia nut sales $ 735 $ 456 $ 1,335 $ 2,624
Contract farming revenue 553 1,045 1,476 1,933
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Total revenues 1,288 1,501 2,811 4,557
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Cost of goods and services
Costs of macadamia nut sales 322 296 735 1,924
Costs of contract farming
services 522 987 1,360 1,788
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Total cost of goods sold 844 1,283 2,095 3,712
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Gross income 444 218 716 845
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General and administrative
expenses
Legal fees paid to related party 41 8 76 16
Other 364 280 658 530
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Total general and
administrative expenses 405 288 734 546
Extinguishment of management
agreement - - - (326)
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Operating income (loss) 39 (70) (18) (27)
Other income 7 147 8 147
Interest expense (45) (44) (105) (94)
Interest income 2 1 13 3
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Income before tax (11) 34 (102) 29
Income tax expense 16 8 25 30
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Net income (loss) $ (27) $ 26 $ (127) $ (1)
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Net cash flow
(as defined in the Partnership
Agreement) $ (306) $ (262) $ (313) $ 66
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Net loss per Class A Unit $ (0.00) $ (0.00) $ (0.02) $ (0.00)
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Net cash flow per Class A Unit $ (0.04) $ (0.03) $ (0.04) $ 0.01
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Cash distributions per Class A
Unit $ 0.05 $ 0.05 $ 0.10 $ 0.10
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Class A Units outstanding 7,500 7,500 7,500 7,500
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