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MAUNA LOA MACADAMIA PARTNERS L.P. REPORTS SECOND QUARTER RESULTS

 HONOLULU, Aug. 13 /PRNewswire/ -- Mauna Loa Macadamia Partners L.P. (NYSE: NUT) today reported second quarter net cash flow of $891,000 (or $0.12 per class A unit) and net income of $128,000 (or $0.02 per class A unit) on revenues of $487,000. For the same quarter last year, net cash flow totaled $1,078,000 (or $0.14 per class A unit) on revenues of $826,000 resulting in a net loss of $61,000 (or $0.01 per class A unit).
 Second quarter 1993 production totaled 800,000 wet-in-shell pounds (on a 25 percent equivalent moisture basis), about 32 percent less than the same quarter of 1992 due primarily to harvest timing. Because of the normal seasonality of macadamia nut production, second quarter production generally is not significant and typically accounts for less than 5 percent of the total volume harvested during the year.
 For the full 1992-93 crop year (July 1 to June 30), nut production decreased by 14 percent, compared to the preceding crop year due primarily to drought conditions experienced in the Ka'u orchards in the first half of last year and the significant number of replacement trees planted in the Keaau orchards in recent years.
 Production costs for the 1992-93 crop year averaged $0.54 per pound, about even with the 1991-92 crop year as savings from the partnership's ongoing cost control program offset the impact of reduced production.
 General and administrative costs were 7 percent higher in the first half of 1993 and 21 percent higher in the second quarter of 1993 primarily due to the timing of tax reporting work and the accrual of management fees in 1993. No management fees were payable for 1992.
 Mauna Loa Macadamia Partners L.P. is the world's largest grower of macadamia nuts, owning or leasing 4,027 acres of orchards on the island of Hawaii, where macadamia yields are the highest in the world. The partnership's class A units trade on the New York Stock Exchange (symbol: NUT).
 MAUNA LOA MACADAMIA PARTNERS L.P.
 Income Statements
 (Unaudited, in thousands, except per unit data)
 Periods Ended Three Months Six Months
 June 30, 1993 1992 1993 1992
 (Restated) (Restated)
 Macadamia nut sales $487 $826 $1,668 $3,135
 Cost of goods sold 239 661 1,239 2,439
 Gross income 248 165 429 696
 Administrative costs 205 169 476 445
 Operating income (loss) 43 (4) (47) 251
 Interest expense 24 36 51 77
 Income (loss) before taxes 19 (40) (98) 174
 Deferred income tax credit
 (expense) 109 (21) 172 92
 Net income (loss) $128 ($61) $74 $266
 Net cash flow (as defined in
 the Partnership Agreement) $891 $1,078 $1,944 $2,448
 Net income (loss) per
 Class A Unit $0.02 ($0.01) $0.01 $0.04
 Net cash flow per
 Class A Unit $0.12 $0.14 $0.26 $0.32
 Distributions per
 Class A Unit $0.10 $0.20 $0.20 $0.40
 Class A Units outstanding 7,500 7,500 7,500 7,500
 Notes To Financial Statements:
 (A) Production costs are annualized for interim reporting purposes, with the difference between costs incurred and costs expensed reported on the balance sheet as an annualized cost adjustment.
 (B) The Partnership adopted Statement of Financial Accounting Standard No. 109 (Accounting for Income Taxes) as of Jan. 1, 1993. Prior-year financial statements have been restated to give effect to the new reporting requirements.
 MAUNA LOA MACADAMIA PARTNERS L.P.
 Balance Sheets
 (Unaudited, in thousands)
 Periods Ended June 30, 1993 1992
 (Restated)
 Assets
 Current assets:
 Cash and cash equivalents $416 $18
 Receivables (related party) 1,340 1,977
 Annualized cost adjustment 1,567 1,501
 Prepaid expenses and other current assets 69 73
 Total current assets 3,392 3,569
 Land, orchards and equipment 77,343 79,798
 Less accumulated depreciation and amortization 9,733 8,189
 Land, orchards and equipment (net) 67,610 71,609
 Deferred charges (net) 23 38
 Total assets $71,025 $75,216
 Liabilities and Partners' Capital
 Current liabilities:
 Line of credit payable $2,320 $2,270
 Mortgage note payable (current portion) 63 57
 Accounts payable (related party) 1,102 1,588
 Distributions payable 757 1,515
 Other current and accrued liabilities 142 148
 Total current liabilities 4,384 5,578
 Mortgage note payable (noncurrent portion) 354 418
 Deferred income tax expense 16,459 17,136
 Partners' capital:
 General partners 499 522
 Class A limited partners 49,329 51,562
 Total partners' capital 49,828 52,084
 Total liabilities and partners' capital $71,025 $75,216
 (See notes to financial statements.)
 -0- 8/13/93
 /CONTACT: Lissa Dunford, CFO of Mauna Loa Macadamia Partners, 808-544-6112/
 (NUT)


CO: Mauna Loa Macadamia Nut Partners L.P. ST: Hawaii IN: FOD SU: ERN

JL-MF -- SD006 -- 2789 08/13/93 23:02 EDT
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Date:Aug 13, 1993
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