Royal Hawaiian Orchards, L.P. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
For the year, the company reported total revenue of $13,853,000 against $20,107,000 a year ago. Operating loss was $3,180,000 against operating income of $46,000 a year ago. Loss before income taxes was $3,625,000 against $373,000 a year ago. Net loss was $3,670,000 against $499,000 a year ago. Net income per Class A unit was $0.49 against $0.07 a year ago. The loss in 2013 was attributable to the poor crop, which was the second lowest harvest in the past 20 years, resulting in a 21% decrease, or 5.8 million fewer wet-in-shell pounds than in 2012; reduction of sales of WIS pounds sold by the Partnership in order to build inventory for branded product sales in 2014; and the increase in selling, general and administrative costs of the company's branded product segment as the company seek to invest in that segment and grow revenues.