American Seafoods Announces First Quarter Financial Results.

SEATTLE -- ASG Consolidated LLC ("American Seafoods") today announced its results for the quarter ended March 31, 2006.

For the quarter ended March 31, 2006, net sales decreased 20.1% to $121.8 million as compared to $152.3 million during the first quarter of 2005. The reduction in net sales was due mainly to lower sales volumes of our pollock roe and surimi products as a result of differences in the timing of sales and lower sales prices for our pollock roe product. The sales timing differences were caused by a delay in product deliveries that resulted in the revenue for a significant amount of roe products to be recognized in the month of April rather than in the first quarter of 2006. Due to the reduced amount of roe revenue recognized in the first quarter of 2006, the amount of roe products in ending inventory as of March 31, 2006, increased by more than 85% compared to March 31, 2005. This increase in roe inventory represented an additional $20.0 to $25.0 million in net sales, which the Company expects will be recognized in the second quarter of 2006.

Consolidated EBITDA (which pursuant to the American Seafoods senior 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 deferred financing costs and goodwill and other non-cash charges or gains) decreased 35.0% for the quarter ended March 31, 2006, to $31.1 million as compared to $47.8 million during the first quarter of 2005 primarily due to the revenue factors as described above and higher fuel and freight costs, partially offset by higher pollock surimi and block sales prices. Gross margin for the quarter ended March 31, 2006, decreased to 22.1% from 31.9% in 2005. The decrease in gross margin resulted primarily from lower pollock roe volume in our sales mix and lower roe prices.

Net income decreased $28.2 million for the quarter ended March 31, 2006, to $1.6 million as compared to $29.8 million for the first quarter of 2005 primarily due to the operational factors discussed above, an increase in non-cash equity-based compensation and a decrease in realized and unrealized net gains on other derivative contracts in 2006, which was partially offset by lower interest expense. The increase in non-cash equity-based compensation resulted from the vesting of certain options in connection with the buyout of Centre Partners and the vesting attributable to the achievement of 2005 performance targets. Equity-based compensation expense for the first quarter of 2006 was $6.2 million, which includes expense recognized in conjunction with the exercise of shares during the Centre Partners transaction. Additionally, we adopted SFAS 123R effective January 1, 2006. The effect of this adoption was negligible.

"Our core harvesting operations performed well this A season. Our vessels achieved strong roe recovery rates producing about 20% more roe volume this A season compared to last year. Although we experienced lower roe pricing this A season, the markets for surimi and block products remain strong both in terms of pricing and demand," remarked Bernt O. Bodal, Chairman and Chief Executive Officer. "We typically sell 100% of our first auction roe in the first quarter of the year. However, this year, we recognized roughly 55% to 60% of our first roe auction product sales in the first quarter due to the timing of some deliveries to our customers," Bodal said.

There was an increase in pollock production volume for the quarter ended March 31, 2006, as compared to the first quarter of 2005, primarily due to higher flesh and roe recovery rates.

In April 2006, the Company redeemed its Senior Subordinated Notes, which had a principal balance of $175 million. In order to fund this redemption, the Company drew down $180.0 million on its delayed draw Tranche B-2 Term Loan and approximately $4.5 million on its revolving credit facility.

Quarterly Conference Call Information:

American Seafoods will host its conference call in conjunction with the release of its first quarter financial results live on Thursday, May 18th, at 10:00 am PST (1:00 pm EST). In order to participate, call 800-257-7887 or 303-205-0033 and enter access code 5370884. The call is expected to start no later than 10:15 am PST. There will also be a replay of the conference call available for 30 days by dialing 888-203-1112 or 719-457-0820 and entering access code 5370884.

About American Seafoods

American Seafoods is a leader in the harvesting, processing, preparation and supply of quality seafood. Harvesting a variety of fish species, the Company processes seafood into an array of finished products, both on board its state-of-the-art fleet of vessels and at its HACCP-approved production facilities located in both Massachusetts and Alabama. The Company produces a diverse range of fillet, surimi, roe and block product offerings, made from Alaska pollock, Pacific whiting, Pacific cod, sea scallops, and U.S. farm raised catfish. Finished products are sold worldwide through an extensive global distribution and customer support network. From the ocean to the plate, American Seafoods has established a global sourcing, selling, marketing and distribution network bringing quality seafood to consumers worldwide. For more information, please visit us at www.americanseafoods.com.

This press release contains forward-looking statements. The words "will," "believes," "anticipates," "intends," "estimates," "expects," "projects," "plans," or similar expressions are intended to identify forward-looking statements. All statements in this press release other than statements of historical fact, including statements which address the Company's strategy, future operations, future financial position, estimated sales, projected costs, prospects, plans and objectives of management and events or developments that the Company expects or anticipates will occur, are forward-looking statements. All forward-looking statements speak only as of the date on which they are made. They rely on a number of assumptions concerning future events and are subject to a number of risks and uncertainties, many of which are outside of the Company's control and could cause actual results to differ materially from such statements.

ASG Consolidated LLC
                         Financial Highlights
                   (Unaudited, dollars in thousands)

                                       For the Three Months
                                          Ended March 31,
                                      -----------------------
                                          2005        2006     Change
                                       -----------  --------- --------
Statement of Operations Data:
     Net sales                        $   152,329  $ 121,751    -20.1%
     Cost of sales, including
      depreciation expense of $9,249
      and $7,583, respectively             95,220     87,566
     Shipping & Handling                    8,524      7,232
                                       -----------  ---------
       Total Cost of Sales                103,744     94,798
                                       -----------  ---------
     Gross profit                          48,585     26,953    -44.5%
       Gross margin                          31.9%      22.1%

     Selling, general and
      adminstrative expenses               10,203     16,381
     Depreciation and amortization
      (a)                                     831        777
                                       -----------  ---------
     Operating income                      37,551      9,795    -73.9%
     Interest expense, net                (14,439)   (10,947)
     Foreign exchange gains, net              870      1,683
     Other derivatives gains, net           6,160      1,377
     Other expense, net                      (331)      (292)
                                       -----------  ---------
     Net income                       $    29,811  $   1,616    -94.6%
                                       ===========  =========

Consolidated EBITDA calculations:
       Net income                     $    29,811  $   1,616
       Interest expense, net               14,439     10,947
       Income tax provision (benefit)           7         (6)
       Depreciation and amortization       10,080      8,360
       Unrealized losses (gains) on
        derivatives, net                   (7,230)     3,861
       Equity-based compensation
        expense                               734      6,235
       Other                                    -         66
                                       -----------  ---------
     Consolidated EBITDA (b)          $    47,841  $  31,079    -35.0%
                                       ===========  =========
       Consolidated EBITDA margin            31.4%      25.5%

Other Data:
     Capital expenditures             $     6,731  $   5,410

     Pollock production (metric tons)      37,778     40,290
     Pollock sales (metric tons)           21,758     14,503

Reconciliation of Consolidated EBITDA
 to cash flow from operating
 activities (b):
       Cash flows from (used in)
        operating activities          $    24,120  $  (7,370)
       Interest expense, net               14,439     10,947
       Net change in operating assets
        and liabilities                    14,975     29,112
       Amortization of deferred
        financing costs in interest
        expense                            (1,487)      (716)
       Amortization of debt discounts      (3,552)    (3,973)
       Other                                 (654)     3,079
                                       -----------  ---------
       Consolidated EBITDA            $    47,841  $  31,079
                                       ===========  =========

(a) Amortization of intangibles and depreciation of other assets.

(b) Consolidated EBITDA is not a measure of operating income,
    operating performance or liquidity under generally accepted
    accounting principles. We include Consolidated EBITDA because we
    understand it is used by some investors to determine a company's
    historical ability to service indebtedness and fund ongoing
    capital expenditures, and because certain covenant measures in our
    note indenture and credit agreement are based upon Consolidated
    EBITDA. In addition, it should be noted that companies calculate
    Consolidated EBITDA differently and, therefore, Consolidated
    EBITDA presented by us may not be comparable to Consolidated
    EBITDA as reported by other companies.

                                      December 31,  March 31,
                                          2005        2006
                                       -----------  ---------
Selected Balance Sheet Data:
     Cash and cash equivalents        $     8,015  $  45,521
     Accounts receivable, trade            37,758     35,804
     Inventories                           55,440    109,712
     Property, vessels and equipment,
      net                                 171,479    165,619
     Cooperative rights, other
      intangibles and goodwill, net       125,187    123,909
     Total assets                         471,203    566,035
     Total debt                           595,877    652,349