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

HILO, HI -- (Marketwired) -- 08/14/14 -- 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
                             ----------  ----------  ----------  ----------
  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.

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

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