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For Immediate Release:
ASG Consolidated LLC and American Seafoods Group LLC
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 Thursday, May 12, 2005 ASG Consolidated and its wholly-owned subsidiary American Seafoods Group (together, American Seafoods) today announced their results for the first quarter ended March 31, 2005. American Seafoods Group and its subsidiaries conduct substantially all the operations of American Seafoods. As a result, there are only limited differences between the consolidated financial results of the two companies, which are noted herein. Holders of ASG Consolidateds Senior Discount Notes and American Seafoods Groups Senior Subordinated Notes are encouraged to review the financial results of each company contained in their respective quarterly reports on Form 10-Q to be filed with the SEC.
For the quarter ended March 31, 2005, net sales increased 13.4% to $153.0 million as compared to $134.9 million during the first quarter of 2004 due mainly to higher prices for pollock products and higher sales volume of pollock block and hake products. These increases were partially offset by a lower sales volume of carryover pollock surimi as compared to 2004.
Adjusted EBITDA (which pursuant to the companys Credit Agreement is calculated 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 certain financing costs and goodwill and other non-cash charges or gains) increased 7.4% for the quarter ended March 31, 2005 to $47.8 million as compared to $44.5 million during the first quarter of 2004 primarily due to higher prices for pollock products, particularly surimi, and higher sales volume of block product, partially offset by bad debt write-off related to the bankruptcy filing by a large retail customer. Gross margin for the quarter ended March 31, 2005 increased to 33.1% from 31.1% in 2004. The increase in gross margin resulted primarily from the higher prices for pollock products.
Net income for ASG Consolidated increased $8.3 million for the quarter ended March 31, 2005 to $29.7 million as compared to $21.4 million for first quarter of 2004 primarily due to the operational factors discussed above as well as an increase in unrealized gains on foreign exchange and other derivative contracts, partially offset by the interest expense related to amortization of the Senior Discount Notes, which were not outstanding in the first quarter of 2004.
Net Income for American Seafoods Group LLC was $33.4 million for the quarter ended March 31, 2005. The $3.7 million difference in net income between the two companies is comprised of interest expense and amortization of deferred financing costs related to the Senior Discount Notes.
Our core harvesting operations performed well this A-season. Our vessels achieved good recovery rates, though slightly lower than last A-season due to smaller fish size. The markets for our A-season surimi and block products were strong both in terms of pricing and demand and we
The following information was filed by American Seafoods Group Llc on Friday, May 13, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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