Royal Hawaiian Orchards (NNUTU) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 14, 2015
Entity Registrant Name	ROYAL HAWAIIAN ORCHARDS, L.P.
Entity Central Index Key	792,161
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		11,100,000
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 1,338,000		$ 786,000
Accounts receivable	3,678,000		1,821,000
Inventories	5,043,000		$ 4,713,000
Deferred farming costs	2,009,000
Other current assets	436,000		$ 537,000
Total current assets	12,504,000		7,857,000
Land, orchards and equipment, net	50,649,000		42,318,000
Other non-current assets	769,000		412,000
Total assets	63,922,000		50,587,000
Liabilities and partners’ capital
Current portion of long-term debt	5,037,000		$ 1,050,000
Line of credit	1,310,000
Accounts payable	1,145,000		$ 1,015,000
Accrued payroll and benefits	721,000		1,001,000
Other current liabilities	130,000		164,000
Total current liabilities	8,343,000		3,230,000
Non-current pension benefits	580,000		580,000
Long-term debt	13,531,000		4,725,000
Deferred income tax liability	1,004,000		1,004,000
Total liabilities	23,458,000		9,539,000
Commitments and contingencies
Partners’ capital
General partner	81,000		81,000
Class A limited partners, no par or assigned value, 11,100 units authorized, issued and outstanding	40,566,000		41,153,000
Accumulated other comprehensive loss	(183,000)		(186,000)
Total partners’ capital	40,464,000	$ 40,392,000	41,048,000
Total liabilities and partners’ capital	$ 63,922,000		$ 50,587,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Class A limited partners, par or assigned value (in dollars per share)	$ 0	$ 0
Class A limited partners, units authorized (in shares)	11,100	11,100
Class A limited partners, units issued (in shares)	11,100	11,100
Class A limited partners, units outstanding (in shares)	11,100	11,100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Orchards [Member]
Revenues	[1]	$ 823,000	$ 332,000	$ 3,700,000	$ 2,255,000
Operating income (loss)		(141,000)	(565,000)	288,000	(450,000)
Branded Products [Member]
Revenues	[2]	4,271,000	2,008,000	4,862,000	3,621,000
Operating income (loss)		431,000	(464,000)	(226,000)	(697,000)
Revenues	[1]	5,094,000	2,340,000	8,562,000	5,876,000
Cost of orchards revenue		534,000	623,000	2,530,000	2,067,000
Cost of branded product sales		3,030,000	1,796,000	3,654,000	3,084,000
Total cost of revenues		3,564,000	2,419,000	6,184,000	5,151,000
Gross profit (loss)		1,530,000	(79,000)	2,378,000	725,000
General and administrative expenses		734,000	525,000	1,344,000	1,105,000
Selling expenses		506,000	425,000	972,000	767,000
Operating income (loss)		290,000	(1,029,000)	62,000	(1,147,000)
Net loss on sale of property		(1,000)	(1,857,000)	(1,000)	(1,870,000)
Net interest expense		(176,000)	(113,000)	(285,000)	(279,000)
Other (expense) income		(1,000)	1,000	(277,000)	80,000
Income (loss) before income taxes		112,000	(2,998,000)	(501,000)	(3,216,000)
Income tax (benefit) expense		41,000	(19,000)	86,000	16,000
Net income (loss)		71,000	(2,979,000)	(587,000)	(3,232,000)
Other comprehensive income, net of tax
Amortization of prior service cost		1,000	1,000	3,000	3,000
Amortization of actuarial loss		0	0	0	0
Subtotal defined benefit pension plan		1,000	1,000	3,000	3,000
Other comprehensive income, net of tax		1,000	1,000	3,000	3,000
Comprehensive income (loss)		$ 72,000	$ (2,978,000)	$ (584,000)	$ (3,229,000)
Net income (loss) per Class A Unit (in dollars per share)		$ 0.01	$ (0.27)	$ (0.05)	$ (0.31)
Cash distributions per Class A Unit (in dollars per share)
Weighted average Class A Units outstanding (in shares)		11,100	11,100	11,100	10,384
[1]	All revenues are from sources within the United States of America, Canada and Asia.
[2]	Branded products revenue is reported net of slotting fees, trade discounts and promotional allowances.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($)	General Partner [Member]	Limited Partner [Member]	AOCI Attributable to Parent [Member]	Total
Partners’ capital at Dec. 31, 2013	$ 81,000	$ 38,466,000	$ 37,000	$ 38,584,000
Partners’ capital at beginning of period:
Allocation of net income (loss)		(3,232,000)		(3,232,000)
Units issued for cash:
Class A limited partner units (3,600 units), net of fees of $300		8,880,000		8,880,000
Change in pension and severance obligations			3,000	3,000
Partners’ capital at end of period at Jun. 30, 2014	81,000	44,114,000	40,000	44,235,000
Partners’ capital at Mar. 31, 2014	81,000	47,093,000	39,000	47,213,000
Partners’ capital at beginning of period:
Allocation of net income (loss)		(2,979,000)		$ (2,979,000)
Units issued for cash:
Class A limited partner units (3,600 units), net of fees of $300		0
Change in pension and severance obligations			1,000	$ 1,000
Partners’ capital at end of period at Jun. 30, 2014	81,000	44,114,000	40,000	44,235,000
Partners’ capital at Dec. 31, 2014	81,000	41,153,000	(186,000)	41,048,000
Partners’ capital at beginning of period:
Allocation of net income (loss)		$ (587,000)		$ (587,000)
Units issued for cash:
Class A limited partner units (3,600 units), net of fees of $300
Change in pension and severance obligations			3,000	$ 3,000
Partners’ capital at end of period at Jun. 30, 2015	81,000	$ 40,566,000	(183,000)	40,464,000
Partners’ capital at Mar. 31, 2015	81,000	40,495,000	(184,000)	40,392,000
Partners’ capital at beginning of period:
Allocation of net income (loss)		71,000		71,000
Units issued for cash:
Class A limited partner units (3,600 units), net of fees of $300		0		0
Change in pension and severance obligations			1,000	1,000
Partners’ capital at end of period at Jun. 30, 2015	$ 81,000	$ 40,566,000	$ (183,000)	$ 40,464,000

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parentheticals) - 6 months ended Jun. 30, 2014 - Limited Partner [Member] - USD ($) shares in Millions, $ in Millions	Total
Class A limited partner units, units (in shares)	3.6
Class A limited partner units, fees	$ 0.3

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Cash received from goods and services	$ 6,762,000	$ 8,987,000
Cash paid to suppliers and employees	(10,104,000)	(8,840,000)
Interest paid	(216,000)	$ (243,000)
Taxes paid	(3,000)
Net cash used in operating activities	$ (3,561,000)	$ (96,000)
Cash flows from investing activities:
Proceeds from sale of property and equipment		1,493,000
Purchase of property and equipment	$ (1,594,000)	(1,230,000)
Net cash (used in) provided by investing activities	(1,594,000)	$ 263,000
Cash flows from financing activities:
Debt issuance costs	(296,000)
Proceeds from long-term debt	$ 5,278,000
Proceeds from rights offering		$ 9,180,000
Payment of rights offering fees		(110,000)
Proceeds from drawings on line of credit	$ 2,810,000	2,100,000
Repayment of line of credit	(1,500,000)	(8,000,000)
Repayment on long-term debt	(585,000)	(437,000)
Net cash provided by financing activities	5,707,000	2,733,000
Net increase in cash and cash equivalents	552,000	2,900,000
Cash and cash equivalents at beginning of period	786,000	205,000
Cash and cash equivalents at end of period	1,338,000	3,105,000
Net loss	(587,000)	(3,232,000)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	779,000	554,000
Net loss on sale of property and equipment	1,000	1,870,000
Defined benefit pension plan expense	$ 3,000	3,000
Deferred income tax credit		(11,000)
(Increase) decrease in accounts receivable	$ (1,857,000)	2,876,000
(Increase) decrease in inventories	(330,000)	1,199,000
Increase in deferred farming costs	(1,487,000)	$ (2,547,000)
Decrease in other current assets	101,000
Increase (decrease) in accounts payable	130,000	$ (206,000)
Decrease in accrued payroll and benefits	(280,000)	(610,000)
(Decrease) increase in other current liabilities	(34,000)	8,000
Total adjustments	(2,974,000)	3,136,000
Net cash used in operating activities	$ (3,561,000)	$ (96,000)

Supplemental Disclosure of Non-

Supplemental Disclosure of Non-cash Activity:	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	Supplemental disclosure of non-cash activity: ● On June 16, 2015, Royal Hawaiian Orchards, L.P. (the “Partnership”) purchased approximately 736 acres of land located in Keaau, Hawaii for $8.1 million. The acquisition was financed by $8.1 million of debt. ● For the six months ended June 30, 2015 and 2014, $523,000 and $736,000, respectively, of depreciation expense was included in deferred farming costs. ● During the six months ended June 30, 2014, upon completion of the rights offering, the Partnership netted $190,000 of offering costs against offering proceeds, which were recorded on the balance sheet as of December 31, 2013.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Basis of Accounting [Text Block]	(1) BASIS OF PRESENTATION Royal Hawaiian Orchards, L.P. (the “Partnership”) is a master limited partnership, organized under the laws of the State of Delaware in 1986. The accompanying unaudited condensed consolidated financial statements of the Partnership and its subsidiaries Royal Hawaiian Resources, Inc. (“RHR”), Royal Hawaiian Services, LLC (“RHS”) and Royal Hawaiian Macadamia Nut, Inc. (“Royal”), include all adjustments (consisting only of those of a normal recurring nature) that, in the opinion of management, are necessary to present fairly their financial position as of June 30, 2015, and December 31, 2014, and the results of operations, changes in partners’ capital and cash flows for the three and six months ended June 30, 2015 and 2014. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results expected for the full year or for any future period. The December 31, 2014 condensed consolidated balance sheet data in this report was derived from audited consolidated financial statements contained in the Partnership’s 2014 Annual Report on Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and the Notes to Consolidated Financial Statements filed with the Securities and Exchange Commission (“SEC”) in the Partnership’s 2014 Annual Report on Form 10-K. The Partnership’s business is highly seasonal, reflecting the general pattern of peak production and consumer demand for nut products during the months of October, November and December. Typically, a substantial portion of the Partnership’s revenues occur during its third and fourth quarters. The Partnership generally experiences lower revenues during its first and second quarters and may incur losses in these quarters. Following the expiration of nut purchase contracts with a third party in December 2012, 2013 and 2014, nuts that were previously sold to the third party are being retained, as needed, to build inventory levels for the Partnership’s branded products segment. Commencing in 2015, the Partnership expects to use a majority of its nuts, except those grown in the International Air Service Co., Ltd. (“IASCO”) orchards, for its branded products segment.

Note 2 - Consolidation

Note 2 - Consolidation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	(2) CONSOLIDATION The consolidated financial statements include the accounts of the Partnership and its subsidiaries. All significant intercompany balances and transactions have been eliminated.

Note 3 - Reclassification of Pr

Note 3 - Reclassification of Prior Year Presentation	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Reclassifications [Text Block]	(3) RECLASSIFICATION OF PRIOR YEAR PRESENTATION Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. In the fourth quarter of 2014, the Partnership concluded that it was appropriate to classify certain promotional and reclamation costs as a reduction to revenue. Previously, these similar costs had been recorded in selling expenses. Accordingly, the Partnership has revised the classification to report these costs as a reduction to revenue. For the three and six months ended June 30, 2014, $92,000 and $156,000, respectively, of total promotional and reclamation costs were previously included in selling expenses.

Note 4 - New Accounting Standar

Note 4 - New Accounting Standards	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	(4) NEW ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard becomes effective for us on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. Recent tentative decisions by the FASB may delay the effective date of this ASU and some of its other provisions. The Partnership is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Partnership has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. ASU 2015-03 is not expected to have a material impact on the Partnership’s condensed consolidated financial statements . In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern: Disclosures about an Entity’s Ability to Continue as a Going Concern.” The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The new guidance is effective for annual periods ending after December 15, 2016, and interim periods thereafter. The Partnership is currently evaluating the impact of the adoption of ASU No. 2014-15 on its consolidated financial statements.

Note 5 - Segment Information

Note 5 - Segment Information	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(5) SEGMENT INFORMATION The Partnership’s two reportable segments, orchards and branded products, are organized on the basis of revenues and assets. The orchards segment derives its revenues from the sale of Wet-In-Shell macadamia nuts grown in orchards owned by the Partnership, the sale of Dry-In-Shell macadamia nuts grown in orchards owned or leased by the Partnership, macadamia nut kernel sales to Royal, revenues from the farming of macadamia orchards owned by other growers, and rental income. The branded products segment derives its revenues from the sale of branded macadamia nut products and bulk macadamia nut kernel by Royal. Management evaluates the performance of each segment on the basis of operating income and topline growth. The Partnership accounts for intersegment sales and transfers at cost, and such transactions are eliminated in consolidation. The Partnership’s reportable segments are distinct business enterprises that offer different products or services. The following tables summarize each reportable segment’s revenues, operating income or loss, assets and other information as of and for the three and six months ended June 30, 2015 and 2014. Due to the seasonality of crop patterns and the timing of nut purchase contract fulfillment, interim results are not necessarily indicative of annual performance. Three months ended June 30, 2015 (in thousands) Orchards Branded Consolidation/ Total Revenues (1) External customers $ 823 $ 4,271 (2) $ — $ 5,094 Intersegment revenue 3,731 — (3,731 ) — Total revenue $ 4,554 $ 4,271 $ (3,731 ) $ 5,094 Operating income (loss) External customers $ (141 ) $ 431 $ — $ 290 Intersegment operating income (loss) 815 (463 ) (352 ) — Total operating income (loss) $ 674 $ (32 ) $ (352 ) $ 290 Depreciation and amortization $ 130 $ 28 $ — $ 158 Capital expenditures $ 9,210 $ 50 $ — $ 9,260 Segment assets Segment assets $ 56,465 $ 7,457 $ — $ 63,922 Intersegment elimination 19,528 5,965 (25,493 ) — Total segment assets $ 75,993 $ 13,422 $ (25,493 ) $ 63,922 Three months ended June 30, 2014 Orchards Branded Consolidation/ Total Revenues (1) External customers $ 332 $ 2,008 (2) $ — $ 2,340 Intersegment revenue 583 — (583 ) — Total revenue $ 915 $ 2,008 $ (583 ) $ 2,340 Operating income (loss) External customers $ (565 ) $ (464 ) $ — $ (1,029 ) Intersegment operating income (loss) (245 ) 85 160 — Total operating income (loss) $ (810 ) $ (379 ) $ 160 $ (1,029 ) Depreciation and amortization $ 147 $ 10 $ — $ 157 Capital expenditures $ 563 $ 23 $ — $ 586 Segment assets Segment assets $ 47,224 $ 5,996 $ — $ 53,220 Intersegment elimination 14,427 4,191 (18,618 ) — Total segment assets $ 61,651 $ 10,187 $ (18,618 ) $ 53,220 Six months ended June 30, 2015 (in thousands) Orchards Branded Consolidation/ Total Revenues (1) External customers $ 3,700 $ 4,862 (2) $ — $ 8,562 Intersegment revenue 6,176 — (6,176 ) — Total revenue $ 9,876 $ 4,862 $ (6,176 ) $ 8,562 Operating income (loss) External customers $ 288 $ (226 ) $ — $ 62 Intersegment operating income (loss) 1,192 (489 ) (703 ) — Total operating income (loss) $ 1,480 $ (715 ) $ (703 ) $ 62 Depreciation and amortization $ 741 $ 38 $ — $ 779 Capital expenditures $ 9,633 $ 61 $ — $ 9,694 Segment assets Segment assets $ 56,465 $ 7,457 $ — $ 63,922 Intersegment elimination 19,528 5,965 (25,493 ) — Total segment assets $ 75,993 $ 13,422 $ (25,493 ) $ 63,922 Six months ended June 30, 2014 (in thousands) Orchards Branded Consolidation/ Total Revenues (1) External customers $ 2,255 $ 3,621 (2) $ — $ 5,876 Intersegment revenue 2,801 — (2,801 ) — Total revenue $ 5,056 $ 3,621 $ (2,801 ) $ 5,876 Operating income (loss) External customers $ (450 ) $ (697 ) $ — $ (1,147 ) Intersegment operating income (loss) 256 (263 ) 7 — Total operating income (loss) $ (194 ) $ (960 ) $ 7 $ (1,147 ) Depreciation and amortization $ 535 $ 19 $ — $ 554 Capital expenditures $ 1,187 $ 43 $ — $ 1,230 Segment assets Segment assets $ 47,224 $ 5,996 $ — $ 53,220 Intersegment elimination 14,427 4,191 (18,618 ) — Total segment assets $ 61,651 $ 10,187 $ (18,618 ) $ 53,220 (1) All revenues are from sources within the United States of America, Canada and Asia. (2) Branded products revenue is reported net of slotting fees, trade discounts and promotional allowances.

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	(6) INVENTORIES Inventories consisted of the following (in thousands): June 30, December 31, 2015 2014 Nut-in-Shell $ - $ 463 Dry-in-Shell 1,214 2,251 Macadamia nut kernel 2,423 755 Finished goods 879 740 Farming supplies 274 252 Packaging supplies and ingredients 319 327 Allowance for shrink and obsolescence (66 ) (75 ) Total $ 5,043 $ 4,713

Note 7 - Land, Orchards, and Eq

Note 7 - Land, Orchards, and Equipment	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	(7) LAND, ORCHARDS AND EQUIPMENT Land, orchards and equipment, stated at cost, consisted of the following (in thousands): June 30, December 31, 2015 2014 Land $ 10,743 $ 8,884 Improvements 2,016 2,016 Machinery and equipment 8,552 8,489 Irrigation well and equipment 2,592 2,592 Producing orchards 76,068 69,749 Construction work-in-progress 1,531 241 Land, orchards and equipment, gross 101,502 91,971 Less accumulated depreciation and amortization 50,853 49,653 Land, orchards and equipment, net $ 50,649 $ 42,318

Note 8 - Deferred Farming Costs

Note 8 - Deferred Farming Costs	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Deferred Costs Capitalized And Inventory Disclosure [Text Block]	(8) DEFERRED FARMING COSTS Orchard costs (e.g., irrigation, fertilizer and pruning) related to macadamia nuts sold during the interim reporting period are expensed to cost of revenues based on management’s estimate of the production costs related to those nuts. Orchard costs related to the nuts retained by the Partnership are captured in the inventory asset based on management’s estimate of the production costs related to those nuts. The difference between costs incurred-to-date and costs expensed and capitalized-to-date is reported on the consolidated balance sheet as deferred farming costs. Deferred farming costs historically accumulate during the first and second quarters of the year and are expensed or capitalized over the remainder of the year. The capitalized orchard costs are expensed to cost of revenues when the inventory is sold . With the expiration of the final non-IASCO nut purchase contract in December 2014 and the Partnership’s retention of the harvested macadamia nuts in inventory, a significant portion of incurred farming costs are now captured in the inventory asset, and expensed to cost of revenues when the inventory is sold.

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(9) INCOME TAXES The Partnership is subject to a gross income tax as a result of its election to continue to be taxed as a partnership rather than as a corporation, as allowed by the Taxpayer Relief Act of 1997. This tax is calculated at 3.5% on partnership gross income. Royal is subject to taxation as a C corporation at the current federal tax rate of 34% and 8.34% blended state tax rate on the corporation’s taxable income (loss). As a result of the cumulative tax losses of Royal, the balance of the Partnership’s deferred tax asset on Royal’s net operating loss carry-forwards at June 30, 2015, was approximately $2.7 million, against which the Partnership has recorded a valuation allowance equal to 100% of the deferred tax asset due to the uncertainty regarding future realization.

Note 10 - Credit Facility - Deb

Note 10 - Credit Facility - Debt	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	( 10 ) CREDIT FACILITY - DEBT On March 27, 2015, the Partnership entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with American AgCredit, PCA (“AgCredit”). The amended and restated agreement increased the revolving line of credit from $5 million to $9 million and provided for an additional term loan of $5.25 million (“2015 6-Year Term Loan”). The 2015 6-Year Term Loan matures on March 27, 2021, and bears interest at 4.01% per annum. Effective as of June 15, 2015, the Partnership entered into a Credit Agreement (the “American AgCredit FLCA Credit Agreement”) providing for a $5.265 million, 20-year term loan with American AgCredit, FLCA (“2015 20-Year Term Loan”). The term loan bears fixed interest at 5.29% per annum and requires quarterly payments, with fixed principal reductions, over the term. The term loan matures on July 1, 2035, at which point the Partnership is required to pay the outstanding principal balance. In connection with the American AgCredit FLCA Credit Agreement, the Partnership executed a term loan promissory note for $5.265 million in favor of American AgCredit, FLCA. The proceeds of this loan were used by the Partnership on June 16, 2015 for the acquisition of land and certain rights, easements, and benefits appurtenant to the land, including all improvements, macadamia nut trees, and windbreak trees. (See Note 16 - Acquisition). In addition, in connection with the aforementioned acquisition, effective as of June 15, 2015, the Partnership, RHR, Royal and RHS (collectively “Borrowers” and each, a “Borrower”) entered into the First Amendment to Amended and Restated Credit Agreement with AgCredit, as agent for such other persons who may be added as lenders from time to time (the “American AgCredit PCA Amendment”). The American AgCredit PCA Amendment provides for a bridge loan of $2.835 million that matures on the earlier of (a) March 15, 2016 or (b) the date that a Borrower receives net proceeds from any issuance of equity, subject to certain exceptions. The bridge loan bears interest at the base rate plus three quarters of one percent (0.75%) where the base rate is the higher of (i) one half of one percent (0.5%) per annum in excess of the latest Federal Funds Rate, and (ii) the prime rate of interest in effect for such day as published from time to time in The Wall Street Journal On June 29, 2015, the Partnership entered into a Second Amendment to Amended and Restated Credit Agreement (the “Second Amendment”) with AgCredit. The Second Amendment removes the EBITDA covenant for June 30, 2015. The term loan, entered into on August 4, 2010 with AgCredit (“2010 Term Loan”), matures on July 1, 2020, requires monthly payments, with fixed principal reductions, over the term and bears fixed interest at 6% per annum, reduced from 6.5%. On May 1, 2015, the Partnership executed a promissory note with Bank of Hawaii (“BOH”), for the principal amount of $27,748. The note matures on May 15, 2017, bears interest at 2.34% per annum and requires equal monthly payments of principal and interest. The note is collateralized by the principal amount held in the Partnership’s deposit account with BOH. At June 30, 2015, the Partnership had $18.568 million outstanding on term loans, comprised of $5.337 million on the 2010 Term Loan, $5.104 million on the 2015 6-Year Term Loan, $5.265 million on the 2015 20-Year Term Loan, $2.835 million on the bridge loan and $27,000 on the BOH promissory note. The Partnership had $5.775 million outstanding on term loans (consisting solely of the 2010 Term Loan) as of December 31, 2014. Advances under the $9 million revolving credit facility bear interest based on an election made by the Partnership at the time of the advance at either LIBOR rates or at the base rate of the higher of (a) one-half of one percent (0.50%) per annum in excess of the latest Federal Funds Rate; and (b) the prime rate of interest in effect for such day as published from time to time in The Wall Street Journal The revolving credit loan, the 2010 Term Loan, the 2015 6-Year Term Loan and the bridge loan are collateralized by all personal and real property assets of the Partnership. The Credit Agreement contains certain restrictions associated with partner distributions, further indebtedness, sales of assets, and maintenance of certain financial covenants. In accordance with the Second Amendment, the financial covenants were not applicable for the second quarter of 2015. The Partnership was in compliance with all financial covenants at June 30, 2014. The Partnership was not in compliance with the terms and conditions of the credit agreement in effect at December 31, 2014, which non-compliance was waived by AgCredit. The 2015 20-Year Term Loan is collateralized by the property acquired by the Partnership on June 16, 2015, as described below in Note 16 – Acquisition. The following table summarizes the Partnership’s principal maturities of long-term debt as of June 30, 2015 (in thousands): Payments Due by Period Total 2015 (1) 2016 2017 2018 2019 Remaining Long-term debt $ 18,568 $ 1,036 $ 5,037 $ 2,194 $ 2,188 $ 2,188 $ 5,925 (1) For remainder of year.

Note 11 - Fair Value Measuremen

Note 11 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(11) FAIR VALUE MEASUREMENTS The fair value of the line of credit is approximately the carrying value due to the variability of the interest rate and frequency that the interest rate resets. The estimated fair value of the Partnership’s fixed-rate term loans was determined using a discounted cash flow model using an estimated market interest rate of 4.00% in 2015 and 4.25% in 2014 with similar terms and remaining maturities to that of the current financial instruments. The Partnership has not considered lender fees in determining the estimated fair value. The estimated fair values of the Partnership’s financial instruments are as follows (in thousands): June 30, December 31, 2015 2014 Carrying Fair Carrying Fair Long-term debt $ 18,568 $ 19,318 $ 5,775 $ 6,110 Revolving credit facility 1,310 1,310 - - The inputs used in determining the fair value of the long-term debt and revolving credit facility are classified as Level 3 within the fair value measurement hierarchy.

Note 12 - Partners' Capital

Note 12 - Partners' Capital	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Partners' Capital Notes Disclosure [Text Block]	(12) PARTNERS’ CAPITAL Net income (loss) per Class A Unit is calculated by dividing 100% of Partnership net income (loss) by the weighted average number of Class A Units outstanding for the period.

Note 13 - Pension Plan

Note 13 - Pension Plan	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	( 13) PENSION PLAN The Partnership sponsors a defined benefit pension plan covering employees who are members of a union bargaining unit. The Partnership’s funding policy is to contribute an amount to the plan sufficient to meet the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974. The components of net periodic pension cost consisted of the following (in thousands): Pension Cost Three Months Ended June 30, Six Months Ended June 30, 201 5 201 4 201 5 201 4 Service cost $ 17 $ 15 $ 34 $ 31 Interest cost 16 16 31 31 Expected return on assets (17 ) (16 ) (34 ) (33 ) Amortization of net actuarial loss and prior service cost 1 1 3 3 Net periodic pension cost $ 17 $ 16 $ 34 $ 32

Note 14 - Intermittent Severanc

Note 14 - Intermittent Severance Plan	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	(14) INTERMITTENT SEVERANCE PLAN The Partnership sponsors a defined intermittent severance benefit plan covering employees who are members of a union bargaining unit and not covered by the defined benefit pension plan. Payment of the severance benefit is made when covered employees cease employment with the Partnership under certain terms and conditions as defined in the union bargaining agreement. The components of net periodic intermittent severance cost consisted of the following (in thousands): Intermittent Severance Plan Cost Three Months Ended June 30, Six Months Ended June 30, 201 5 201 4 201 5 201 4 Service cost $ 5 $ 5 $ 10 $ 9 Interest cost 3 4 7 8 Net periodic intermittent severance cost $ 8 $ 9 $ 17 $ 17

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 15 ) COMMITMENTS AND CONTINGENCIES The Partnership is involved in various commercial claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Partnership assesses these claims in an effort to determine the degree of probability and loss for potential accrual in its financial statements. In accordance with Accounting Standards Codification 450, Contingencies, an accrual is recorded for a loss contingency when its occurrence is probable and damages are reasonably estimable based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable, and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, the Partnership may be unable to provide a meaningful estimate of loss or recovery due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, the ongoing discovery and/or development of information important to the matter. The Partnership’s litigation loss contingencies are discussed below. The Partnership is unable to estimate reasonably possible losses (in excess of recorded accruals, if any) for these contingencies for the reasons set forth above. Edmund C. Olson, as Trustee of The Edmund C. Olson Trust No. 2 vs. Royal Hawaiian Orchards, L.P

Note 16 - Acquisition

Note 16 - Acquisition	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Business Combination Disclosure [Text Block]	(16) ACQUISITION On June 16, 2015, the Partnership closed the transactions contemplated by the previously announced Acquisition Agreement dated as of April 13, 2015, with Geyser Asset Management, Inc., a Delaware corporation, as agent for the tenant in common investors (collectively, the “Owners”). Pursuant to the Acquisition Agreement, the Partnership acquired from the Owners approximately 736 acres of land located in Keaau, Hawaii (the “Property”), for $8.1 million. As part of the transaction, the Partnership acquired certain rights, easements, and benefits appurtenant to the Property, including all improvements, 641 acres of macadamia nut trees, and windbreak trees. The Partnership determined that this was an asset acquisition and accounted for it as such. The Partnership funded this acquisition with $5.265 million in proceeds from the 2015 20-Year Term Loan and $2.835 million in proceeds from the bridge loan pursuant to the American AgCredit PCA Amendment. Pursuant to the acquisition, the Partnership assumed five leases, whereby the Property is leased to the lessees in consideration of an annual base rent of $545,076 through December 31, 2015 that increases to $601,809 effective January 1, 2016 through December 31, 2021, the lease expiration date. The rent is required to be paid to the Partnership in equal quarterly installments, including general excise tax.

Note 5 - Segment Information (T

Note 5 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended June 30, 2015 (in thousands) Orchards Branded Consolidation/ Total Revenues (1) External customers $ 823 $ 4,271 (2) $ — $ 5,094 Intersegment revenue 3,731 — (3,731 ) — Total revenue $ 4,554 $ 4,271 $ (3,731 ) $ 5,094 Operating income (loss) External customers $ (141 ) $ 431 $ — $ 290 Intersegment operating income (loss) 815 (463 ) (352 ) — Total operating income (loss) $ 674 $ (32 ) $ (352 ) $ 290 Depreciation and amortization $ 130 $ 28 $ — $ 158 Capital expenditures $ 9,210 $ 50 $ — $ 9,260 Segment assets Segment assets $ 56,465 $ 7,457 $ — $ 63,922 Intersegment elimination 19,528 5,965 (25,493 ) — Total segment assets $ 75,993 $ 13,422 $ (25,493 ) $ 63,922 Three months ended June 30, 2014 Orchards Branded Consolidation/ Total Revenues (1) External customers $ 332 $ 2,008 (2) $ — $ 2,340 Intersegment revenue 583 — (583 ) — Total revenue $ 915 $ 2,008 $ (583 ) $ 2,340 Operating income (loss) External customers $ (565 ) $ (464 ) $ — $ (1,029 ) Intersegment operating income (loss) (245 ) 85 160 — Total operating income (loss) $ (810 ) $ (379 ) $ 160 $ (1,029 ) Depreciation and amortization $ 147 $ 10 $ — $ 157 Capital expenditures $ 563 $ 23 $ — $ 586 Segment assets Segment assets $ 47,224 $ 5,996 $ — $ 53,220 Intersegment elimination 14,427 4,191 (18,618 ) — Total segment assets $ 61,651 $ 10,187 $ (18,618 ) $ 53,220 Six months ended June 30, 2015 (in thousands) Orchards Branded Consolidation/ Total Revenues (1) External customers $ 3,700 $ 4,862 (2) $ — $ 8,562 Intersegment revenue 6,176 — (6,176 ) — Total revenue $ 9,876 $ 4,862 $ (6,176 ) $ 8,562 Operating income (loss) External customers $ 288 $ (226 ) $ — $ 62 Intersegment operating income (loss) 1,192 (489 ) (703 ) — Total operating income (loss) $ 1,480 $ (715 ) $ (703 ) $ 62 Depreciation and amortization $ 741 $ 38 $ — $ 779 Capital expenditures $ 9,633 $ 61 $ — $ 9,694 Segment assets Segment assets $ 56,465 $ 7,457 $ — $ 63,922 Intersegment elimination 19,528 5,965 (25,493 ) — Total segment assets $ 75,993 $ 13,422 $ (25,493 ) $ 63,922 Six months ended June 30, 2014 (in thousands) Orchards Branded Consolidation/ Total Revenues (1) External customers $ 2,255 $ 3,621 (2) $ — $ 5,876 Intersegment revenue 2,801 — (2,801 ) — Total revenue $ 5,056 $ 3,621 $ (2,801 ) $ 5,876 Operating income (loss) External customers $ (450 ) $ (697 ) $ — $ (1,147 ) Intersegment operating income (loss) 256 (263 ) 7 — Total operating income (loss) $ (194 ) $ (960 ) $ 7 $ (1,147 ) Depreciation and amortization $ 535 $ 19 $ — $ 554 Capital expenditures $ 1,187 $ 43 $ — $ 1,230 Segment assets Segment assets $ 47,224 $ 5,996 $ — $ 53,220 Intersegment elimination 14,427 4,191 (18,618 ) — Total segment assets $ 61,651 $ 10,187 $ (18,618 ) $ 53,220

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, 2015 2014 Nut-in-Shell $ - $ 463 Dry-in-Shell 1,214 2,251 Macadamia nut kernel 2,423 755 Finished goods 879 740 Farming supplies 274 252 Packaging supplies and ingredients 319 327 Allowance for shrink and obsolescence (66 ) (75 ) Total $ 5,043 $ 4,713

Note 7 - Land, Orchards, and 27

Note 7 - Land, Orchards, and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, December 31, 2015 2014 Land $ 10,743 $ 8,884 Improvements 2,016 2,016 Machinery and equipment 8,552 8,489 Irrigation well and equipment 2,592 2,592 Producing orchards 76,068 69,749 Construction work-in-progress 1,531 241 Land, orchards and equipment, gross 101,502 91,971 Less accumulated depreciation and amortization 50,853 49,653 Land, orchards and equipment, net $ 50,649 $ 42,318

Note 10 - Credit Facility - D28

Note 10 - Credit Facility - Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	Payments Due by Period Total 2015 (1) 2016 2017 2018 2019 Remaining Long-term debt $ 18,568 $ 1,036 $ 5,037 $ 2,194 $ 2,188 $ 2,188 $ 5,925

Note 11 - Fair Value Measurem29

Note 11 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	June 30, December 31, 2015 2014 Carrying Fair Carrying Fair Long-term debt $ 18,568 $ 19,318 $ 5,775 $ 6,110 Revolving credit facility 1,310 1,310 - -

Note 13 - Pension Plan (Tables)

Note 13 - Pension Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Pension Cost Three Months Ended June 30, Six Months Ended June 30, 201 5 201 4 201 5 201 4 Service cost $ 17 $ 15 $ 34 $ 31 Interest cost 16 16 31 31 Expected return on assets (17 ) (16 ) (34 ) (33 ) Amortization of net actuarial loss and prior service cost 1 1 3 3 Net periodic pension cost $ 17 $ 16 $ 34 $ 32

Note 14 - Intermittent Severa31

Note 14 - Intermittent Severance Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Intermittent Severance Plan [Member]
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Intermittent Severance Plan Cost Three Months Ended June 30, Six Months Ended June 30, 201 5 201 4 201 5 201 4 Service cost $ 5 $ 5 $ 10 $ 9 Interest cost 3 4 7 8 Net periodic intermittent severance cost $ 8 $ 9 $ 17 $ 17
Schedule of Net Benefit Costs [Table Text Block]	Pension Cost Three Months Ended June 30, Six Months Ended June 30, 201 5 201 4 201 5 201 4 Service cost $ 17 $ 15 $ 34 $ 31 Interest cost 16 16 31 31 Expected return on assets (17 ) (16 ) (34 ) (33 ) Amortization of net actuarial loss and prior service cost 1 1 3 3 Net periodic pension cost $ 17 $ 16 $ 34 $ 32

Supplemental Disclosure of No32

Supplemental Disclosure of Non-cash Activity: (Details Textual)	Jun. 16, 2015USD ($)a	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Keaau Hawaii [Member] | Geyser Asset Management Inc [Member]
Area of Land | a	736
Payments to Acquire Land	$ 8,100,000
Proceeds from Issuance of Debt		$ 8,100,000
Depreciation, Depletion and Amortization, Nonproduction			$ 523,000	$ 736,000
Offering Costs Netted Against Offering Proceeds				$ 190,000

Note 3 - Reclassification of 33

Note 3 - Reclassification of Prior Year Presentation (Details Textual) - Jun. 30, 2014 - USD ($)	Total	Total
Selling Expenses [Member]
Prior Period Reclassification Adjustment	$ 92,000	$ 156,000

Note 5 - Segment Information (D

Note 5 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2015
Number of Reportable Segments	2

Note 5 - Reportable Segments (D

Note 5 - Reportable Segments (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Orchards [Member] | Intersegment Eliminations [Member]
Revenues	[1]	$ 3,731,000	$ 583,000	$ 6,176,000	$ 2,801,000
Operating income		815,000	(245,000)	1,192,000	256,000
Segment assets		19,528,000	14,427,000	19,528,000	14,427,000
Orchards [Member] | Operating Segments [Member]
Revenues	[1]	4,554,000	915,000	9,876,000	5,056,000
Operating income		674,000	(810,000)	1,480,000	(194,000)
Segment assets		75,993,000	61,651,000	75,993,000	61,651,000
Orchards [Member]
Revenues	[1]	823,000	332,000	3,700,000	2,255,000
Operating income		(141,000)	(565,000)	288,000	(450,000)
Depreciation and amortization		130,000	147,000	741,000	535,000
Capital expenditures		9,210,000	563,000	9,633,000	1,187,000
Segment assets		$ 56,465,000	$ 47,224,000	$ 56,465,000	$ 47,224,000
Branded Products [Member] | Intersegment Eliminations [Member]
Revenues	[1]
Operating income		$ (463,000)	$ 85,000	$ (489,000)	$ (263,000)
Segment assets		5,965,000	4,191,000	5,965,000	4,191,000
Branded Products [Member] | Operating Segments [Member]
Revenues	[1]	4,271,000	2,008,000	4,862,000	3,621,000
Operating income		(32,000)	(379,000)	(715,000)	(960,000)
Segment assets		13,422,000	10,187,000	13,422,000	10,187,000
Branded Products [Member]
Revenues	[2]	4,271,000	2,008,000	4,862,000	3,621,000
Operating income		431,000	(464,000)	(226,000)	(697,000)
Depreciation and amortization		28,000	10,000	38,000	19,000
Capital expenditures		50,000	23,000	61,000	43,000
Segment assets		7,457,000	5,996,000	7,457,000	5,996,000
Consolidation Reconciliation [Member] | Intersegment Eliminations [Member]
Revenues	[1]	(3,731,000)	(583,000)	(6,176,000)	(2,801,000)
Operating income		(352,000)	160,000	(703,000)	7,000
Segment assets		(25,493,000)	(18,618,000)	(25,493,000)	(18,618,000)
Consolidation Reconciliation [Member] | Operating Segments [Member]
Revenues	[1]	(3,731,000)	(583,000)	(6,176,000)	(2,801,000)
Operating income		(352,000)	160,000	(703,000)	7,000
Segment assets		$ (25,493,000)	$ (18,618,000)	$ (25,493,000)	$ (18,618,000)
Consolidation Reconciliation [Member]
Revenues	[1]
Operating income
Depreciation and amortization
Capital expenditures
Segment assets
Intersegment Eliminations [Member]
Revenues	[1]
Operating income
Segment assets
Operating Segments [Member]
Revenues	[1]	$ 5,094,000	$ 2,340,000	$ 8,562,000	$ 5,876,000
Operating income		290,000	(1,029,000)	62,000	(1,147,000)
Segment assets		63,922,000	53,220,000	63,922,000	53,220,000
Revenues	[1]	5,094,000	2,340,000	8,562,000	5,876,000
Operating income		290,000	(1,029,000)	62,000	(1,147,000)
Depreciation and amortization		158,000	157,000	779,000	554,000
Capital expenditures		9,260,000	586,000	9,694,000	1,230,000
Segment assets		$ 63,922,000	$ 53,220,000	$ 63,922,000	$ 53,220,000
[1]	All revenues are from sources within the United States of America, Canada and Asia.
[2]	Branded products revenue is reported net of slotting fees, trade discounts and promotional allowances.

Note 6 - Summary of Inventories

Note 6 - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Nut In Shell [Member]
Nut-in-Shell		$ 463
Dry In Shell [Member]
Nut-in-Shell	$ 1,214	2,251
Macadamia nut kernel	2,423	755
Finished goods	879	740
Farming supplies	274	252
Packaging supplies and ingredients	319	327
Allowance for shrink and obsolescence	(66)	(75)
Total	$ 5,043	$ 4,713

Note 7 - Land, Orchards, and 37

Note 7 - Land, Orchards, and Equipment, Stated at Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Land [Member]
Land, orchards and equipment, gross	$ 10,743	$ 8,884
Land Improvements [Member]
Land, orchards and equipment, gross	2,016	2,016
Machinery and Equipment [Member]
Land, orchards and equipment, gross	8,552	8,489
Irrigation Well And Equipment [Member]
Land, orchards and equipment, gross	2,592	2,592
Producing Orchards [Member]
Land, orchards and equipment, gross	76,068	69,749
Construction in Progress [Member]
Land, orchards and equipment, gross	1,531	241
Land, orchards and equipment, gross	101,502	91,971
Less accumulated depreciation and amortization	50,853	49,653
Land, orchards and equipment, net	$ 50,649	$ 42,318

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Royal Hawaiian Macadamia Nut Inc [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	8.34%
Deferred Tax Assets, Gross	$ 2.7
Valuation Allowance As Percentage Of Deferred Tax Asset	100.00%
Gross Income Tax Rate For Partnership	3.50%

Note 10 - Credit Facility - D39

Note 10 - Credit Facility - Debt (Details Textual) - USD ($)	Jun. 15, 2015	May. 01, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 29, 2015	Mar. 31, 2015	Mar. 27, 2015	Mar. 26, 2015	Dec. 31, 2014
Revolving Credit Facility [Member] | American Ag Credit [Member] | Original Interest Rate [Member]
Debt Instrument, Interest Rate, Stated Percentage						6.50%
Revolving Credit Facility [Member] | American Ag Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 9,000,000	$ 5,000,000
Debt Instrument, Interest Rate, Stated Percentage					6.00%
Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Commitment Fee Percentage			0.375%
Revolving Credit Facility [Member]
Long-term Line of Credit			$ 1,310,000						$ 0
Line of Credit Facility, Interest Rate at Period End			4.00%
American Ag Credit [Member] | Second Term Loan [Member] | Notes Payable to Banks [Member]
Long-term Debt, Gross							$ 5,250,000
Debt Instrument, Interest Rate, Stated Percentage							4.01%
Percentage In Excess Of Federal Funds Rate			0.50%
American Ag Credit [Member] | Bridge Loan [Member]
Proceeds from Secured Notes Payable	$ 2,835,000
American AgCredit, FLCA [Member] | The 2015 20-Year Term Loan [Member]
Long-term Debt, Gross	$ 5,265,000
Debt Instrument, Interest Rate, Stated Percentage	5.29%
Debt Instrument, Term	20 years
Proceeds from Issuance of Long-term Debt	$ 5,265,000
AgCredit [Member] | Bridge Loan [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Percentage In Excess Of Federal Funds Rate	0.50%
AgCredit [Member] | Bridge Loan [Member]
Long-term Debt, Gross	$ 2,835,000
Proceeds from Secured Notes Payable	$ 2,835,000
BOH [Member] | Notes Payable to Banks [Member]
Proceeds from Notes Payable		$ 27,748
BOH [Member]
Debt Instrument, Interest Rate, Stated Percentage		2.34%
Notes Payable to Banks [Member]
Long-term Debt			$ 27,000
The 2015 20-Year Term Loan [Member]
Long-term Debt			5,265,000
Bridge Loan [Member]
Long-term Debt			2,835,000
The 2010 Term Loan [Member]
Long-term Debt			5,337,000
The 2015 6-year Term Loan [Member]
Long-term Debt			5,104,000
Long-term Line of Credit			1,310,000
Proceeds from Issuance of Long-term Debt			5,278,000
Long-term Debt			$ 18,568,000						$ 5,775,000

Note 10 - Maturities of Long-te

Note 10 - Maturities of Long-term Debt (Details) - USD ($)		Jun. 30, 2015
Payments Due by Period Total		$ 18,568,000
Payments Due by Period 2015	[1]	1,036,000
Payments Due by Period 2016		5,037,000
Payments Due by Period 2017		2,194,000
Payments Due by Period 2018		2,188,000
Payments Due by Period 2019		2,188,000
Payments Due by Period Remaining		$ 5,925,000
[1]	For remainder of year.

Note 11 - Fair Value Measurem41

Note 11 - Fair Value Measurements (Details Textual)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 3 [Member]
Fair Value Inputs, Discount Rate	4.00%	4.25%

Note 11 - Estimated Fair Values

Note 11 - Estimated Fair Values of Financial Instrument (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 3 [Member]
Long-term debt	$ 19,318,000	$ 6,110,000
Revolving credit facility	1,310,000
Long-term Debt	18,568,000	$ 5,775,000
Long-term Line of Credit	$ 1,310,000

Note 12 - Partners' Capital (De

Note 12 - Partners' Capital (Details Textual)	6 Months Ended
	Jun. 30, 2015
Percentage Of Net Income Loss Used In Calculation Of Net Income Loss Per Outstanding Limited Partnership Unit	100.00%

Note 13 - Components of Net Per

Note 13 - Components of Net Periodic Benefit Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Plan [Member]
Service cost	$ 17,000	$ 15,000	$ 34,000	$ 31,000
Interest cost	16,000	16,000	31,000	31,000
Expected return on assets	(17,000)	(16,000)	(34,000)	(33,000)
Amortization of net actuarial loss and prior service cost	1,000	1,000	3,000	3,000
Net periodic pension cost	17,000	16,000	34,000	32,000
Service cost	5,000	5,000	10,000	9,000
Interest cost	3,000	4,000	7,000	8,000
Amortization of net actuarial loss and prior service cost	(1,000)	(1,000)	(3,000)	(3,000)
Net periodic pension cost	$ 8,000	$ 9,000	$ 17,000	$ 17,000

Note 14 - Components of Net Per

Note 14 - Components of Net Periodic Intermittent Severance Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Service cost	$ 5	$ 5	$ 10	$ 9
Interest cost	3	4	7	8
Net periodic intermittent severance cost	$ 8	$ 9	$ 17	$ 17

Note 16 - Acquisition (Details

Note 16 - Acquisition (Details Textual)	Jun. 16, 2015USD ($)a	Jun. 15, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Geyser Asset Management Inc [Member] | Keaau Hawaii [Member]
Area of Land | a	736
Payments to Acquire Land	$ 8,100,000
Keaau Hawaii [Member] | Land With Macadamia Nut Trees and Windbreak Trees [Member]
Area of Land | a	641
The 2015 20-Year Term Loan [Member] | American AgCredit, FLCA [Member]
Proceeds from Issuance of Long-term Debt		$ 5,265,000
Bridge Loan [Member] | American Ag Credit [Member]
Proceeds from Secured Notes Payable		$ 2,835,000
Keaau Property [Member] | Through December 31, 2015 [Member]
Lessor Leasing Arrangements, Annual Base Rent	$ 545,076
Keaau Property [Member] | January 1, 2016 Through December 31, 2021 [Member]
Lessor Leasing Arrangements, Annual Base Rent	$ 601,809
Keaau Property [Member]
Number of Leases Assumed by Lessor	5
Proceeds from Issuance of Long-term Debt			$ 5,278,000