Mac Nut Firm Posts 2nd Quarter Loss
Royal Hawaiian Orchards LP posted a second quarter loss of $1.2 million Wednesday on revenues of $547,000, the company reported in its latest quartely filing with the SEC.
The losses come during a period of change for the Hilo-based company, formerly known as ML Macadamia Orchards, from production and bulk sales of macadamia nuts to retail sales of mac nut products, which began in late 2012.
Hilo financial advisor John Kai took over as chairman of the company in June when the board ousted Dennis Simonis. A $280,000 severance package for Simonis contributed to the second-quarter loss, the company reported.
Seasonally low production and below-average rainfall resulted in no nut production in the second quarter. The company also posted losses resulting from the roll-out of its new line of macadamia nut retail products.
The $1.2 million second-quarter loss amounted to 15 cents per share on revenues of $547,000. Last year the company also reported a second-quarter loss of $797,000, or 11 cents per share, on revenues of $745,000.