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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 Wednesday, August 10, 2005 ASG Consolidated and its wholly-owned subsidiary American Seafoods Group (together, American Seafoods) today announced their results for the three and six months ended June 30, 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 its respective quarterly report on Form 10-Q to be filed with the SEC.
Six Months Ended June 30, 2005 Compared to the Six Months Ended June 30, 2004
Net sales for the six months ended June 30, 2005 increased 5.6% to $277.0 million as compared to $262.2 million for the same prior year period, due mainly to revenue increases at our land-based processing segment and, to a lesser extent, from our at-sea processing segment. Land-based processing sales increased primarily due to higher sales volumes and prices generated from our scallop and secondary processed products that were partially offset by lower catfish sales volumes. At-sea processing sales increased slightly as a result of higher prices for our pollock surimi, roe and block products, as well as higher sales volumes of hake and yellowfin sole products, which were partially offset by lower sales volumes of pollock roe and block, as well as lower sales volumes of pollock surimi due to a lower amount of carryover inventory than in the prior year.
Gross margin of 25.2% for the six months ended June 30, 2005 is comparable to the same prior year period gross margin of 25.3%, which reflects minor offsetting changes in the gross margins generated from our at-sea processing and land-based processing operations. The slight increase in gross margin for at-sea processing operations resulted from revenue factors discussed above that were partially offset by lower sales volumes in our at-sea processing segment of A season pollock roe, which generates a higher profit margin than do other at-sea processing products, and higher fuel and freight costs for the six months ended June 30, 2005 as compared to the prior year period. Gross margin for the land-based processing operations declined slightly primarily due to higher scallop purchase costs and higher production costs in our land-based processing operations, which were partially offset by improved catfish production yields.
Adjusted EBITDA (which pursuant to the American Seafoods Groups 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) for the six months ended June 30, 2005 increased 2.2% to $78.8 million as compared to $77.1 million for the same prior year period
The following information was filed by American Seafoods Group Llc on Thursday, August 11, 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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