ML Macadamia posts $4M loss for
ML Macadamia Orchards said Monday that it lost $4 million, or 53 cents per share, on revenue of $11.3 million for the year ended Dec. 31, 2007.
The Hilo-based company said the loss was mainly the result of lower nut prices, inventory write-downs and higher legal and administrative costs related to the attempted acquisition of Mac Farms of Hawaii and the inability of the partnership to find customers or processors for its entire 2007 crop.
In 2006, the company reported a profit of $804,000, or 11 cents per share on revenue of $17.2 million.
The company said it suspended its quarterly cash dividend because of the poor financial results pay day loan quick payday loans.
In a separate release Monday, the company announced that its shareholders voted at a special meeting March 10 to approve the company’s proposal to amend the partnership agreement to allow processing and marketing of macadamia nuts. The former business purpose was restricted solely to macadamia farming.
Shares of ML Macadamia Orchards (NYSE: NUT) closed down 4.5 percent to $3.34 on Monday.