|By Marketwired .||
|March 27, 2013 04:11 PM EDT||
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 ========= ========= ========= =========
Dennis J. Simonis
President & CEO
Telephone: (808) 969-8052
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 23, 2016 05:00 PM EDT Reads: 728
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 23, 2016 05:00 PM EDT Reads: 1,214
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 23, 2016 05:00 PM EDT Reads: 824
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Oct. 23, 2016 04:45 PM EDT Reads: 2,390
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 23, 2016 04:30 PM EDT Reads: 1,303
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 23, 2016 04:30 PM EDT Reads: 794
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 23, 2016 04:15 PM EDT Reads: 1,471
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 23, 2016 03:30 PM EDT Reads: 1,518
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 23, 2016 03:30 PM EDT Reads: 1,470
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
Oct. 23, 2016 03:15 PM EDT Reads: 1,534
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
Oct. 23, 2016 03:15 PM EDT Reads: 1,574
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 23, 2016 03:00 PM EDT Reads: 34,025
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Oct. 23, 2016 02:30 PM EDT Reads: 1,362
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 23, 2016 02:15 PM EDT Reads: 1,318
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 23, 2016 02:15 PM EDT Reads: 768