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

   MAUNA LOA MACADAMIA PARTNERS L.P. REPORTS THIRD QUARTER RESULTS
    HONOLULU, Nov. 11 /PRNewswire/ -- Mauna Loa Macadamia Partners L.P. (NYSE: NUT) today reported third quarter revenues of $2.33 million, net cash flow of $1.40 million (or $0.18 per Class A Unit) and net income of $.14 million (or $0.02 per Class A Unit). For the same quarter of 1990, the partnership generated revenues of $4.29 million, net cash flow of $1.96 million (or $0.26 per Class A Unit) and net income of $0.93 million (or $0.12 per Class A Unit).
    Production for the quarter totaled 3.71 million wet-in-shell pounds (at 25 percent equivalent moisture), down 31 percent from the third quarter of 1990.  The decline in third quarter production is primarily due to weather-related crop timing.
    The price the partnership received for its nuts decreased by 10 percent to $0.73 per pound for the third quarter of 1991 as a result of the continuing U.S. recession, which hampered retail macadamia nut sales, necessitating heavy promotional spending in Hawaii.  The partnership's management is encouraged by the rebound in Hawaii tourism in recent weeks and by promotional programs designed by Mauna Loa Macadamia Nut Corp. to reduce macadamia nut inventories.  Mauna Loa remains cautiously optimistic that an improvement in sales is now beginning to unfold, as the fourth quarter is when more than half the annual sales of macadamia nut products traditionally takes place.
    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 under the symbol "NUT."
                  MAUNA LOA MACADAMIA PARTNERS L.P.
                            Balance Sheet
                             (Unaudited)
                           (In thousands)
                                        Sept. 30,
                                     1991       1990
      Assets
      Current assets:
    Cash and cash equivalents         $11        248
    Receivables (related party)     3,502      4,868
    Annualized cost adjustments     2,254      1,875
    Prepaid expenses and other
     assets                            46         27
    Total current assets            5,813      7,018
    Land, orchards and equipment   69,003     70,074
    Less accumulated depreciation
     and amortization               6,182      4,670
    Land, orchards and equipment
     (net)                         62,821     65,404
    Organization costs and other
     deferred charges (net)            46         20
    Total assets                  $68,680     72,442
      Liabilities and Partners'
       Capital
      Current liabilities:
    Line of credit payable         $2,775        ---
    Accounts payable (related
     party)                         2,148      2,679
    Distributions payable           1,894      2,273
    Other current and accrued
     liabilities                      159         69
    Total current liabilities       6,976      5,021
    Note payable                      500        ---
      Partners' capital:
    General partners                  612        674
    Class A limited partners       60,592     66,747
    Total partners' capital        61,204     67,421
    Total liabilities and
     partners' capital            $68,680     72,442
    See notes to financial statements.
                   MAUNA LOA MACADAMIA PARTNERS, L.P.
                      Income Statement (Unaudited)
                  (In thousands, except per unit data)
                                    Three months       Nine months
                                       ended               ended
                                      Sept. 30           Sept. 30
                                  1991       1990     1991       1990
    Macademia nut sales          2,330      4,289    5,085      7,600
    Cost of goods sold          $1,969      3,136    3,871      5,293
    Gross income                   361      1,153    1,214      2,307
    Administrative costs           182        247      734        857
    Operating income               179        906      480      1,450
    Interest income/(expense)      (35)        28        6        158
    Net income                    $144        934      486      1,608
    Net cash flow (as defined
     in the partnership
     agreement)                 $1,398      1,957    3,960      4,939
    Net income per Class A
     Unit                        $0.02       0.12     0.06       0.21
    Net cash flow per Class
     A Unit                      $0.18       0.26     0.52       0.65
    Distributions per Class
     A unit                      $0.25       0.30     0.75       0.90
    Class A Units outstanding    7,500      7,500    7,500      7,500
    Notes to financial statements:
     (1) 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.
     (2) No amounts have been accrued for income taxes, as the partnership is not currently a taxable entity.
    -0-                       11/11/91
    /CONTACT:  Lissa Dunford, CFO of Mauna Loa Macadamia Partners, 808-544-6112/
    (NUT) CO:  Mauna Loa Macadamia Partner L.P. ST:  Hawaii IN:  FOD SU:  ERN SE-EH -- SD005 -- 3237 11/11/91 20:23 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 11, 1991
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