Welcome!

News Feed Item

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
                             ----------  ----------  ----------  ----------
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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, will discuss using predictive analytics to ...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...