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Non-Tech : ML Macadamia Orchards, L.P.
NUT 0.010000.0%Sep 25 4:00 PM EDT

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To: long-gone who wrote (4)5/13/2002 11:37:15 PM
From: long-gone  Read Replies (1) of 13
 
ML Macadamia Orchards, L.P. Reports 1st Quarter Earnings

HILO, Hawaii, May 13, 2002 (BUSINESS WIRE) -- ML Macadamia Orchards, L.P. (NYSE:NUT) today reported a quarterly loss of $146,000, or $0.02 per Class A Unit, mainly as a result of the usual harvest timing of the annual macadamia crop. This year represents an improvement over the first quarter of last year, which resulted in a net loss of $416,000, or $0.05 per Class A Unit. Total revenues in the first quarter 2002 were $2.6 million, comprised of $1.6 million from the sale of 3.4 million pounds of macadamia nuts (wet-in-shell) and $1.0 million of contract farming revenue. In comparison, total revenues in the first quarter of 2001 were $3.0 million, $1.7 million from the sale of 3.5 million pounds and $1.3 million from contract farming.
The Partnership recorded sales at an average of 48.4 cents per pound for its macadamia nut production in the first quarter 2002, compared to 49.3 cents a year earlier. The price that the Partnership receives for its nuts is based 50% on the current year processing and marketing results of Mauna Loa Macadamia Nut Corporation ("Mauna Loa"), its exclusive purchaser, and 50% on USDA-reported macadamia nut prices for the two preceding years. The USDA portion for the current year will be lower by 4%. The Mauna Loa portion, although uncertain, is currently estimated to be the same as the final 2001 component. Nut prices are subject to subsequent adjustment based on Mauna Loa's actual full year performance.

As of this release date, Mauna Loa owes the master limited Partnership approximately $3.2 million related to 2001 and 2002 nut deliveries which is past due. No allowance has been recorded in the first quarter results. The Partnership may file suit for collection.

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 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-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.

ML Macadamia Orchards, L.P.
Income Statements (unaudited)
(in thousands, except per unit data)
For the quarters ended
March 31,
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2002 2001
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Macadamia nut sales $ 1,634 $ 1,740
Contract farming revenue 975 1,277
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Total revenues 2,609 3,017
Cost of goods and services sold 2,317 2,765
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Gross income 292 252
General and administrative expenses 350 553
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Operating loss (58) (301)
Interest expense (97) (113)
Interest income 19 7
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Income (loss) before tax (136) (407)
Gross income tax 10 9
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Net income (loss) $ (146) $ (416)
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Net cash flow (deficit)
(as defined in the Partnership Agreement) $ 210 $ (47)
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Net income (loss) per Class A Unit $ (0.02) $ (0.05)
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Net cash flow (deficit) per Class A Unit $ 0.03 $ (0.01)
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Cash distributions per Class A Unit $ 0.05 $ 0.05
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Class A Units outstanding 7,500 7,500
======= =======

CONTACT: ML Macadamia Orchards, L.P.
Dennis J. Simonis, 808/969-8052
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