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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 Tuesday, November 8, 2005 ASG Consolidated and its wholly-owned subsidiary American Seafoods Group (together, American Seafoods) today announced their results for the three and nine months ended September 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 their respective quarterly reports on Form 10-Q to be filed with the SEC.
Nine Months Ended September 30, 2005 Compared to the Nine Months Ended September 30, 2004
Net sales for the nine months ended September 30, 2005 increased $22.2 million, or 6.2%, to $377.4 million as compared to $355.2 million for the same prior year period. At-sea processing sales increased as a result of higher prices for our pollock surimi and block products, as well as higher sales volumes of hake and yellowfin sole products. Land-based processing sales increased primarily due to higher sales volumes and prices generated from our secondary processed block-cut products and higher prices for our scallop products.
Gross profit for the nine months ended September 30, 2005 increased $6.0 million, or 7.0%, to $91.1 million as compared to $85.1 million for the same prior year period. The increase in gross profit was due primarily to the increases in product sales prices partially offset by an increase in operational costs, such as fuel, freight and purchased fish costs. Gross margin of 24.1% for the nine months ended September 30, 2005 is comparable to the same prior year period gross margin of 24.0%. Gross margins for both the at-sea and land-based segments were in line with the prior year.
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 nine months ended September 30, 2005 increased $4.0 million, or 4.3%, to $96.3 million as compared to $92.3 million for the same prior year period. The increase in Adjusted EBITDA was primarily due to the operational factors discussed above, partially offset by higher general and administrative expenses consisting primarily of higher corporate transportation expenses and professional fees.
The following information was filed by American Seafoods Group Llc on Wednesday, November 9, 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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