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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 Friday, April 7, 2006 ASG Consolidated and its wholly-owned subsidiary American Seafoods Group (together, American Seafoods) today announced their results for the fourth quarter and year ended December 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.
Year Ended December 31, 2005 Compared to the Year Ended December 31, 2004
Net sales for the year ended December 31, 2005 increased $52.3 million, or 11.3%, to $514.0 million as compared to $461.7 million for the same prior year period. At-sea processing sales increased as a result of higher sales prices for surimi and block products, as well as higher sales volumes of Pacific whiting and yellowfin sole products. Land-based processing sales increased primarily due to higher sales prices for our secondary processed block-cut products and scallop products.
Gross profit for the year ended December 31, 2005 increased $13.7 million, or 15.4%, to $102.6 million as compared to $88.9 million for the same prior year period. Gross margin of 20.0% for 2005 increased over the same prior year period gross margin of 19.3%, due primarily to the revenue factors described above, which is partially offset by increases in fuel and freight costs of our at-sea processing segment and higher production costs in our land-based processing segment.
Consolidated 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 year ended December 31, 2005 increased $8.4 million, or 7.7%, to $118.0 million as compared to $109.6 million for the same prior year period. The increase in Consolidated EBITDA was primarily due to the operational factors discussed above, partially offset by higher general and administrative expenses consisting primarily of higher employee bonus, retirement, corporate transportation and professional fee costs.
Net income for ASG Consolidated for the year ended December 31, 2005 increased $53.7 million to $22.2 million as compared to a net loss of $(31.5) million for the same prior year period for reasons discussed above and due to the absence in 2005 of write-offs of goodwill related to the catfish business and recapitalization transaction costs related to the cancelled income deposit securities (IDS) offering incurred in 2004. Additionally, during 2005 there was a net increase in gains on foreign exchange and other derivative contracts. These increases are partially offset by interest expense related to the Senior Discount Notes, which were not
The following information was filed by American Seafoods Group Llc on Monday, April 10, 2006 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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