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 – Friday, March 18, 2005 – American Seafoods Group LLC today announced its results for the fourth quarter and year ended December 31, 2004. Net sales increased 12.2% for the year ended December 31, 2004 to $461.7 million as compared to $411.4 million during the prior year due mainly to higher sales volume of surimi and block products related to both carryover pollock inventory from the 2003 “B” season and 2004 production, higher sales volume of roe product from the 2004 “A” season, higher sales prices for catfish products and higher sales volume of scallop products. These increases were partially offset by lower sales prices for certain pollock products as compared to the 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 and other non-cash charges or gains) decreased 3.4% for the year ended December 31, 2004 to $109.3 million compared to $113.2 million during the prior year primarily due to lower margins in our catfish operations and lower surimi prices, which were partially offset by increased sales volumes of certain pollock products. Gross margin decreased in 2004 to 19.3% from 24.8% in the prior year and fluctuates quarter to quarter due to seasonality. The decline in gross margin resulted primarily from the sale of lower grade carryover 2003 B season pollock surimi inventory, the purchase of additional Community Development Quota (CDQ), increased catfish farm prices and lower catfish yields.

 

Net income (loss) decreased $42.2 million for the year ended December 31, 2004 to a net loss of $27.6 million compared to net income of $14.6 million for the prior year primarily due to the write off of expenses related to the Company’s cancelled initial public offering of IDSs and notes, recognition of the goodwill impairment loss relating to the catfish operations, and net unrealized losses on foreign exchange contracts.

 

“Despite historically low surimi prices since the 2003 “B” season, our core at-sea processing operations were able to generate strong cash flows. We are pleased to see that surimi prices have rebounded over the past several months to more normalized levelsremarked Bernt O. Bodal, Chairman and Chief Executive Officer. “In our land-based processing operations, while we continue to face challenging market conditions with respect to our catfish products, we are focused on realizing greater efficiency gains throughout this next year.”

 

Net sales increased 14.2% for the fourth quarter of 2004 to $106.5 million compared to $93.3 million during the same prior year period primarily due to higher sales volume of pollock surimi and hake products and higher surimi prices as compared to the prior year period. Adjusted


The following information was filed by American Seafoods Group Llc on Monday, March 21, 2005 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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