Royal Hawaiian Orchards, L.P. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2012; Declares Cash Distribution Payable on April 12, 2013
For the year, the company 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(R) 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%. Operating income was $0.046 million against $1.006 million a year ago. Loss before tax was $0.373 million against income of $0.811 million a year ago.
The Partnership announced 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 April 12, 2013 to the unit holders of record as of March 29, 2013.