SYS-CON MEDIA Authors: Ian Khan, Liz McMillan, AppDynamics Blog, Harry Trott, Blue Box Blog

News Feed Item

Royal Hawaiian Orchards, L.P. Reports 2012 Operating Results; Announces Distribution

HILO, HI -- (Marketwire) -- 03/27/13 -- Royal Hawaiian Orchards, L.P. (OTCQX: NNUTU), formerly known as ML Macadamia Orchards, L.P., announced today that for the twelve months ended December 31, 2012, it reported a net loss of $499,000 as compared to net income of $712,000 for the year ended December 31, 2011.

The net loss in 2012 is primarily the result of $1.0 million in start-up costs related to the development and launch of the Royal Hawaiian Orchards® retail brand through its wholly-owned subsidiary, Royal Hawaiian Macadamia Nut, Inc. ("Royal"). The Partnership's farming operations remained profitable, generating net income of $521,000 for the year as compared with $712,000 in 2011.

Total 2012 revenue was $20.1 million, an increase of 12% as compared to $18.0 million reported in 2011, with nut sales up 12% and contract farming revenues up 6%. The Partnership was paid at an average contract price of $0.774 per pound in 2012 on sales of 23.2 million pounds, compared to an average contract price of $0.735 received in 2011 on 21.8 million pounds. Increased production and higher nut prices were offset by increased general and administrative costs related to a rights offering that we did not pursue and other non-recurring charges.

In late 2012, the Partnership launched its own line of all-natural, better for you, branded macadamia products in response to historically volatile macadamia pricing and to reduce its dependence on a single customer. Branded product sales were initiated in November 2012 and amounted to $91,000 for the year. This investment seeks to enable the Partnership to generate stable and attractive margins despite commodity price swings and is intended to increase unit holder value once critical mass is achieved. Approximately 7 million nut-in-shell pounds or 1.4 million pounds of kernel will become available, from expired sales contracts, for the Partnership to sell as branded or bulk macadamia nuts in 2013 and approximately 3.0 million kernel pounds will be available for sale in 2014.

For the fourth quarter of 2012, the Partnership had a net income of $10,000 on revenues of $9.6 million compared to a net income of $559,000 on revenues of $9.1 million for the fourth quarter of 2011. The lower net income in the fourth quarter of 2012 was mainly attributable to higher general and administrative expenses relating to selling, marketing and administrative costs for Royal.

The Partnership announced today that the Board of Directors of its general partner, Royal Hawaiian Resources, Inc. has declared a cash distribution of two cents ($0.02) per Class A Unit. The distribution will be paid on Friday, April 12, 2013 to the unit holders of record as of Friday, March 29, 2013. The distribution is being made to cover the estimated 2012 tax liability of the Partnership's unit holders and will be the first distribution since February 15, 2008.

This announcement is intended to be a qualified notice to nominees under Treasury Regulation Section 1.1446-4(b), with 100% of the partnership's distributions to foreign investors attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.

This press release contains forward-looking statements 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 by such statements. These include statements, among others, regarding the Partnership's future nut price, 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-Q and Form 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.

Royal Hawaiian Orchards, L.P. is one of the world's largest growers of macadamia nuts, owning or leasing 5,070 acres of orchards on the island of Hawaii.


                       Royal Hawaiian Orchards, L.P.
     Consolidated Statements of Comprehensive Income (Loss) (unaudited)
                    (in thousands, except per unit data)

                                     Three months            Full Year
                                  ended December 31,    Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------

Macadamia nut sales              $   8,993  $   8,437  $  18,043  $  16,125
Contract farming revenue               502        678      1,973      1,869
Branded product sales                   91          -         91          -
                                 ---------  ---------  ---------  ---------
  Total revenues                     9,586      9,115     20,107     17,994
                                 ---------  ---------  ---------  ---------
Cost of goods and services sold
  Costs of macadamia nut sales       7,659      7,063     14,586     13,438
  Costs of contract farming
   services                            465        650      1,841      1,738
  Cost of branded product sales         84          -         84          -
                                 ---------  ---------  ---------  ---------
    Total cost of goods and
     services sold                   8,208      7,713     16,511     15,176
                                 ---------  ---------  ---------  ---------
    Gross income (loss)              1,378      1,402      3,596      2,818
General and administrative
 expenses                            1,179        594      3,550      1,812
                                 ---------  ---------  ---------  ---------
    Operating income (loss)            199        808         46      1,006
Interest and other income               35          1        245        580
Interest expense                      (176)      (200)      (664)      (775)
                                 ---------  ---------  ---------  ---------
    Income (loss) before tax            58        609       (373)       811
Income tax expense                     (48)       (50)      (126)       (99)
    Net income (loss)            $      10  $     559  $    (499) $     712
                                 =========  =========  =========  =========

Other comprehensive income
 (loss), net of tax
    Amortization of prior
     service cost                        1          1          7          7
    Amortization of actuarial
     loss                              (55)      (238)       (43)      (249)
                                 ---------  ---------  ---------  ---------
    Defined benefit pension plan       (54)      (237)       (36)      (242)
                                 ---------  ---------  ---------  ---------
    Other comprehensive income,
     net of tax                        (54)      (237)       (36)      (242)
                                 ---------  ---------  ---------  ---------
    Comprehensive income (loss)        (44)       322       (535)       470
                                 =========  =========  =========  =========


Net income (loss) per Class A
 Unit                            $    0.00  $    0.07  $   (0.07) $    0.09
                                 =========  =========  =========  =========

Cash distributions per Class A
 Unit                            $    0.00  $    0.00  $    0.00  $    0.00
                                 =========  =========  =========  =========

Class A Units outstanding            7,500      7,500      7,500      7,500
                                 =========  =========  =========  =========


Contact:
Dennis J. Simonis
President & CEO
Telephone: (808) 969-8052

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“We are a managed services company. We have taken the key aspects of the cloud and the purposed data center and merged the two together and launched the Purposed Cloud about 18–24 months ago," explained Chetan Patwardhan, CEO of Stratogent, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Puppet Labs on Wednesday released the DevOps Salary Report, based on salary data gathered from Puppet Labs' industry-recognized State of DevOps Report. The data confirms that market demand for DevOps skills is growing, and that DevOps engineers are among the highest paid IT practitioners today. That's because IT organizations today are grappling with how to be more agile and responsive to the business, while maintaining the stability of their infrastructure. DevOps practices, such as continuous ...
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validation, manufacturing and production, AIC's broad selection of products are highly flexible and are conf...
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
While Docker continues to be the darling of startups, enterprises and IT innovators around the world, networking continues to be a real mess. Indeed, managing the interaction between Docker containers and networks has always been fraught with complications. Without automation in networking, the vision of running Docker at scale and letting IT run the same apps unchanged on the laptop and in the data center or for any cloud cannot be realized.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...
Database apps on mobile devices shouldn't stop working when there's limited or no network connectivity. In his session at 16th Cloud Expo, Bradley Holt, a Developer Advocate for IBM Cloudant, will discuss how to bring data stored in a cloud database to the edge of the network (and back again), whenever an Internet connection is available. He will demonstrate techniques for replicating cloud databases with mobile devices in order to build offline-enabled mobile apps that can provide a better,...
In his session at 16th Cloud Expo, Simone Brunozzi, VP and Chief Technologist of Cloud Services at VMware, will review the changes that the cloud computing industry has gone through over the last five years and share insights into what the next five will bring. He will chronicle the challenges enterprise companies are facing as they move to the public cloud. He will delve into the “Hybrid Cloud” space and explain why every CIO should consider ‘hybrid cloud’ as part of their future strategy to a...