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MAUNA LOA MACADAMIA PARTNERS REPORTS 1991 OPERATING RESULTS; DECLARES FIRST QUARTER 1992 DISTRIBUTION AND ELECTS T.H. INGLETT PRESIDENT

MAUNA LOA MACADAMIA PARTNERS REPORTS 1991 OPERATING RESULTS; DECLARES
 FIRST QUARTER 1992 DISTRIBUTION AND ELECTS T.H. INGLETT PRESIDENT
 HONOLULU, Feb. 21 /PRNewswire/ -- Mauna Loa Macadamia Partners L.P. (NYSE: NUT) today reported fourth quarter sales of $6.69 million, net cash flow of $1.78 million (or $0.23 per class A unit) and net income of $0.47 million (or $0.06 per class A unit). For the same quarter in 1990, the partnership had sales of $6.59 million, net cash flow of $2.76 million (or $0.37 per class A unit) and net income of $1.25 million (or $0.17 per class A unit).
 For the full year, sales were $11.77 million, net cash flow was $5.73 million (or $0.76 per class A unit) and net income was $0.95 million (or $0.13 per class A unit). In 1990, the partnership has sales of $14.19 million, net cash flow of $7.69 million (or $1.02 per class A unit) and net income of $2.86 million (or $0.38 per class A unit).
 The reduced operating results primarily reflect an 11 percent decrease in the nut price that the partnership received for the macadamia nuts it sold during 1991 reflecting the abundance of macadamia nuts that presently exists in Hawaii and the world. That price decrease was compounded by the war in the Gulf and the continuing U.S. recession, which hurt retail-macadamia nut sales and necessitated heavy advertising and promotional spending to move Mauna Loa's products in the market place.
 Total 1991 nut production also declined 7 percent to 18.03 million wet-in-shell pounds (on a 25 percent moisture-equivalent basis). The production decline primarily affected the partnership's Keaau orchards, which produced 1.27 million fewer pounds in 1991 than in 1990. More than two-thirds of that decline was due to harvest timing differences during the two calendar years, with the remainder due to the revised fungus/beetle treatment program that was detailed in the partnership's 1990 annual report to investors.
 The farming cost performance was quite satisfactory, with total farming costs decreasing by 6 percent to $9.82 million. However, unit farming costs were on par with 1990 as lower farming costs were offset by lower nut production.
 Total administrative costs decreased by 11 percent to $0.94 million as a result of the managing general partner waiving its management fee for 1991.
 Interest expense totaled $0.06 million in 1991 compared to interest income of $0.17 million in 1990. The difference reflects the class B unit redemption of $2.22 million which took place in the first quarter of 1991 in accordance with the partnership agreement. Since that redemption, the partnership has funded working capital requirements through short-term borrowings from its line of credit.
 The board of directors of Mauna Loa Resources Inc., managing general partner of the partnership, declared a cash distribution of twenty cents ($0.20) per class A unit, to be paid on Friday, May 15, 1992 to investors of record as of Tuesday, March 31, 1992. The amount of this payment corresponds to an $0.80 annual rate.
 Chairman John W.A. Buyers also announced that the board of directors had elected Terris H. Inglett president of Mauna Loa Resources effective March 1, 1992. Inglett brings 30 years of diversified agribusiness experience to Mauna Loa Resources, having served as a chief executive officer in the sugar, environmental and macadamia nut industries with a distinguished record of achievement. Inglett holds a bachelor of science degree from California Polytechnic State University and a masters degree in management and finance from the University of Hawaii. He currently also serves as the president and chief executive officer of Mauna Loa Macadamia Nut Corp., the largest macadamia processing and marketing company in the world.
 In a separate development, the Honolulu Star-Bulletin reported on Feb. 12, 1992 that a research study by Dr. David Curb, University of Hawaii professor of medicine and the principal investigator for the Honolulu Heart Program at Kuakini Medical Center in Honolulu, found that macadamia nuts contain palmitoleic acid, a mono-unsaturated fatty acid which fights cholesterol. His test results indicated that macadamia nut consumption resulted in lower fate accumulation, especially around the heart, and did not lead to weight gain. Because of the significance of those findings in an increasingly health-conscious world, the Hawaii legislature is currently considering funding a more extensive two-year study of the favorable nutritional qualities of macadamia nuts.
 Buyers noted that this new data on the healthfulness of macadamia nuts could not have come at a better time as the partnership is currently facing difficult market conditions. The combination of the increased world supply of macadamia nuts and the continuing U.S. recession, which creates consumer price resistance to premium consumer products, makes the present marketing task a challenging one. This new data released by the University of Hawaii can only help Mauna Loa in the marketplace.
 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.
 Balance Sheets
 (Unaudited)
 (In thousands)
 Dec. 31,
 1991 1990
 Assets
 Current assets:
 Cash and cash equivalents $21 493
 Accounts receivable 7,482 7,669
 Prepaid expenses and other
 assets 17 4
 Total current assets 7,520 8,166
 Land, orchards and equipment 68,630 71,442
 Less accumulated depreciation
 and amortization 6,551 5,054
 Land, orchards and equipment
 (net) 66,388 68,972
 Deferred charges (net) 46 13
 Total assets $69,645 74,567
 Liabilities and Partners'
 Equity
 Current liabilities:
 Line of credit $3,525 ---
 Accounts payable 3,740 3,541
 Redemption payable --- 2,218
 Distribution payable 2,273 2,273
 Notes payable (current
 portion) 54 ---
 Other current and accrued
 liabilities 210 135
 Total current liabilities 9,243 8,167
 Notes payable (non-current
 portion) 446 ---
 Partners' capital:
 General partners 598 664
 Class A limited partners 59,178 65,736
 Total partners' capital 59,776 66,400
 Total liabilities and
 partners' capital $69,645 74,567
 See notes to financial statements.
 MAUNA LOA MACADAMIA PARTNERS, L.P.
 Income Statement
 (In thousands, except per unit data)
 (Unaudited)
 Three months 12 months
 ended ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Macademia nut sales $6,688 6,586 11,773 14,186
 Cost of goods sold 5,954 5,158 9,825 10,451
 Gross income 734 1,428 1,948 3,735
 Administrative costs 205 193 939 1,050
 Operating income 529 1,235 1,009 2,685
 Interest income/(expense) (63) 17 (57) 175
 Net income $466 1,252 952 2,860
 Net cash flow (as defined
 in the partnership
 agreement) $1,777 2,757 5,728 7,690
 Net income per class A
 unit $0.06 0.17 0.13 0.38
 Net cash flow per class
 A unit $0.23 0.37 0.76 1.02
 Distributions per class
 A unit $0.25 0.30 1.00 1.20
 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- 2/21/92
 /CONTACT: Lissa Dunford, VP and CFO of Mauna Loa Macadamia Partners, L.P., 808-544-6172/
 (NUT) CO: Mauna Loa Macadamia Partner L.P. ST: Hawaii IN: FOD SU: ERN


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