Royal Hawaiian Orchards, L.P. (NNUTU: OTCQX U.S.) | Royal Hawaiian Orchards, L.P. Reports Results for Second Quarter 2014

OTC

Royal Hawaiian Orchards, L.P. Reports Results for Second Quarter 2014

Aug 14, 2014

OTC Disclosure News Service

– Royal Hawaiian Orchards, L.P. Reports Results for Second Quarter 2014

HILO, HI–(Marketwired – Aug 14, 2014) –  Royal Hawaiian Orchards, L.P. (OTCQX: NNUTU) today reported financial results for its second quarter of 2014. 

 
 
Condensed Consolidated Statements of Comprehensive Loss (unaudited)
 
(in thousands, except per unit data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months
 
 
Six months
 
 
 
ended June 30,
 
 
ended June 30,
 
 
 
2014
 
 
2013
 
 
2014
 
 
2013
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orchards revenue
 
$
332
 
 
$
286
 
 
$
2,255
 
 
$
2,075
 
 
Branded product sales, net
 
 
2,100
 
 
 
261
 
 
 
3,777
 
 
 
467
 
 
 
Total revenues
 
 
2,432
 
 
 
547
 
 
 
6,032
 
 
 
2,542  
Cost of revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of orchard revenue
 
 
623
 
 
 
266
 
 
 
2,067
 
 
 
1,726
 
 
Cost of branded product sales
 
 
1,796
 
 
 
352
 
 
 
3,084
 
 
 
621
 
 
 
Total cost of goods and services sold
 
 
2,419
 
 
 
618
 
 
 
5,151
 
 
 
2,347
 
 
 
Gross profit (loss)
 
 
13
 
 
 
(71
)
 
 
881
 
 
 
195
 
 
Selling, general and administrative expenses
 
 
1,042
 
 
 
1,042
 
 
 
2,028
 
 
 
1,860
 
 
 
Operating loss
 
 
(1,029
)
 
 
(1,113
)
 
 
(1,147
)  
 
(1,665
)
Net (loss) gain on sale of property
 
 
(1,857
)
 
 

 
 
 
(1,870
)
 
 
83
 
Interest expense
 
 
(113
)
 
 
(141
)
 
 
(279
)
 
 
(285
)
Other income
 
 
1
 
 
 
106
 
 
 
80
 
 
 
106
 
 
 
Loss before income taxes
 
 
(2,998
)
 
 
(1,148
)
 
 
(3,216
)
 
 
(1,761
)
Income tax (benefit) expense
 
 
(19
)
 
 
3
 
 
 
16
 
 
 
18
 
 
 
Net loss
 
 
(2,979
)
 
 
(1,151
)
 
 
(3,232
)
 
 
(1,779
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income, net of tax  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of prior service cost
 
 
1
 
 
 
1
 
 
 
3
 
 
 
3
 
 
 
Amortization of actuarial loss
 
 

 
 
 
6
 
 
 

 
 
 
11
 
 
 
Subtotal defined benefit pension plan
 
 
1
 
 
 
7
 
 
 
3
 
 
 
14
 
 
 
 
Other comprehensive income, net of tax
 
 
1
 
 
 
7
 
 
 
3
 
 
 
14
 
 
 
 
Comprehensive loss
 
$
(2,978
)
 
$
(1,144
)
 
$
(3,229
)
 
$
(1,765
)
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss per Class A Unit
 
$
(0.27
)
 
$
(0.15
)
 
$
(0.31
)
 
$
(0.24
)
Cash distributions per Class A Unit
 
$

 
 
$

 
 
$

 
 
$
0.02
 
Weighted average Class A Units outstanding
 
 
11,100
 
 
 
7,500
 
 
 
10,384
 
 
 
7,500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The results of operations for the three and six months ended June 30, 2014 are not comparable to prior years’ results, as the Partnership retained a significantly larger portion of its macadamia nuts for manufacture into its branded products or for sale in bulk kernel form following the expiration of certain macadamia nut purchase contracts with Mauna Loa. Additionally, on June 30, 2014, the Partnership terminated its lease on its Mauna Kea orchard and sold its trees to the landlord for consideration of $1.5 million, triggering a non-cash loss of $1.8 million on the transaction. The increase in net revenues for the period was attributable primarily to an increase in branded product sales over the same period in 2013.

The Partnership is one of the leading growers and processors of macadamia nuts in the world, processing and marketing macadamia nuts in-shell, in bulk kernel form and as better for you snack products marketed under the Royal Hawaiian Orchards® brand name.

Contact:
Scott C. Wallace
President CEO
Telephone: (949) 661-6304, Ext 101

Copyright © 2014 Marketwired. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

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