Exhibit 99.1

 

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: brad.bodenman@americanseafoods.com or amy.humphreys@americanseafoods.com

 

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 Company’s 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 flowsremarked 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 Company’s 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.

View differences made from one quarter to another to evaluate American Seafoods Group Llc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by American Seafoods Group Llc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account