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For Immediate Release:
American Seafoods Group
For further information contact:
Brad Bodenman or Amy Humphreys
Phone: 206.374.1515/fax: 206.374.1516
Email to: email@example.com or firstname.lastname@example.org
Seattle, WA Tuesday, November 9, 2004 American Seafoods Group LLC today announced its results for the third quarter and nine months ended September 30, 2004. Net sales increased 11.7% for the nine months ended September 30, 2004 to $355.2 million as compared to $318.1 million during the same prior year period. Adjusted EBITDA (which we calculate as earnings before net interest expense, income tax benefit or provision, depreciation, amortization, unrealized foreign exchange and other derivatives gains or losses, loss from debt repayment and related write offs, equity-based compensation, the write off of offering costs related to our initial public offering of income deposit securities (IDSs) and notes and the write off of goodwill associated with our catfish operations) decreased 4.8% for the nine months ended September 30, 2004 to $92.3 million compared to $97.0 million during the same prior year period. Net income decreased $23.5 million for the nine months ended September 30, 2004 to $8.7 million compared to $32.2 million for the same prior year period primarily due to the write off of expenses related to the Companys cancelled initial public offering of IDSs and notes and recognition of the goodwill impairment loss relating to the catfish business.
Our vessels performed well this B season achieving good recovery rates for our pollock flesh products. Even with reduced margins, our business continues to generate stable annual cash flows remarked Bernt O. Bodal, Chairman and Chief Executive Officer. In our catfish operations, we have realized lower margins mainly as a result of increased fish costs paid to farmers and lower yields. The industry factors have been challenging, and we are clearly focused on improving the performance of our catfish operations.
Net sales increased 7.1% for the quarter to $93.0 million compared to $86.8 million during the same prior year period. Adjusted EBITDA decreased 29.2% for the quarter to $15.3 million compared to $21.6 million during the same prior year period. Net loss increased $8.5 million for the quarter to $16.3 million compared to a net loss of $7.8 million during the same prior year period primarily due to the write off of expenses related to the Companys cancelled initial public offering of IDSs and notes and recognition of the goodwill impairment loss relating to the catfish business.
Net sales increased for the nine months and the quarter ended September 30, 2004 compared to the prior year periods due mainly to the sale of carryover flesh-based pollock inventory from the 2003 B season, higher volume of roe sales from the 2004 A season production as compared to the prior year period and higher scallop sales volume. This increase was partially offset by lower sales prices during the nine-month period ending September 30, 2004 as compared to the first nine months of 2003.
Adjusted EBITDA decreased for the nine months ended September 30, 2004 compared to the prior year period due primarily to lower average pollock surimi prices and lower catfish profit margins, partially offset by increased sales volume of certain pollock block products. Also reducing EBITDA was a $1.9 million realized loss incurred during the three months ended
The following information was filed by American Seafoods Group Llc on Wednesday, November 10, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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