Newspaper article from our research archive:

Mauna Loa fourth-quarter income falls sharply

Mauna Loa Macadamia Partners L.P. had a 55.8 percent drop in fourth-quarter income and warned that the current drought on the Big Island Island could significantly reduce macadamia nut production this year.

For all of 1997 Mauna Loa reported a profit five times that of 1996 because of a big tax break related to its partnership status.

In the quarter ending Dec. 31, however, Mauna Loa reported a profit of $12 million, or 16 cents a share, down from the year-earlier quarter's net of $2.7 million, or 35 cents a share. (Mauna Loa's shares are technically Class A partnership units.)

Fourth-quarter revenues or $6.8 million were down 1.4 percent from $6.9 million in the 1996 final quarter.

Mauna ...

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