|ML Macadamia Orchards, L.P. Announces 3rd Quarter Distribution and Reaches Agreement to Purchase Land|
HILO, Hawaii, Sep 18, 2002 (BUSINESS WIRE) -- ML Macadamia Orchards, L.P. (NYSE:NUT) announced today that a quarterly cash distribution of five cents ($0.05) per Class A Unit was declared at the September meeting of the Board of Directors of its general partner, ML Resources, Inc. (MLR). The distribution will be paid on November 15, 2002, to the unit holders of record as of Monday, September 30, 2002. This distribution marks the 66th consecutive quarterly dividend, dating back to the inception of the Partnership in 1986. The Partnership's previous quarterly distribution rate was also five cents per unit.
Also approved at the September meeting was the purchase of 1,774 acres of macadamia nut orchards on the island of Hawaii for approximately $1.1 million. These orchards are currently farmed under long-term leases with C. Brewer and Co., Ltd. The acquisition of the fee simple interest in these four properties will reduce the Partnership's lease rent expense and is expected to significantly increase the long-term value of the company.
ML Macadamia Orchards, L.P. is the world's largest grower of macadamia nuts, owning or leasing 4,169 acres of orchards, where macadamia yields are the highest in the world. All of its orchards, assets and employees are based on the island of Hawaii.
This press release contains forward-looking statements regarding certain 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 nut prices and collection of disputed receivables, which are based on certain assumptions and forecasts. The Partnership files documents with the Securities and Exchange Commission, such as Form 10-K, Form 10Q 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.
CONTACT: ML Macadamia Orchards, L.P.
Dennis J. Simonis, 808/969-8052
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