American Seafoods Group Announces Financial Results.Business Editors SEATTLE--(BUSINESS WIRE)--May 15, 2002 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Seafoods Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control today announced its first quarter results, excluding Pacific Longline long·line n. A heavy fishing line usually several miles long and having a series of baited hooks. long Company LLC, for the period ended March 31, 2002. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight decreased 25.5% for the quarter to $83.4 million compared to $111.9 million during the same period in the prior year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (net income before net interest expense, income tax benefit or provision, depreciation, amortization, unrealized foreign exchange gains or losses and non-cash equity-based compensation) decreased 27.1% for the quarter to $34.4 million compared to $47.1 million during the same period in the prior year. While the actual volume and value of seafood seafood Edible aquatic animals excluding mammals, but including both freshwater and ocean creatures. Seafood includes bony and cartilaginous fishes, crustaceans, mollusks, edible jellyfish, sea turtles, frogs, sea urchins, and sea cucumbers. produced during the first quarter exceeded levels achieved during the prior year quarter, a lag in the timing of product deliveries drove the variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality in sales and EBITDA. "The Company typically delivers a significant portion of its A-season product and records a significant portion of sales related to its A-season during the end of March and beginning of April of any given year," remarked Bernt Bodal, Chairman and Chief Executive Officer. "As a result, the precise timing of sales and deliveries can cause significant quarterly fluctuations. Because of such fluctuations, the business should be looked at in six-month segments when comparing year-over-year performance." The Company expects its operating results for the first six months of 2002 to be relatively flat or slightly down when compared with the prior year while operating results for the full year are expected to be in line or slightly a head of the prior year. Pollock production increased during the quarter versus the same period in 2001, led by a six percent increase in the 2002 total allowable catch for U.S. Bering Sea Bering Sea, c.878,000 sq mi (2,274,020 sq km), northward extension of the Pacific Ocean between Siberia and Alaska. It is screened from the Pacific proper by the Aleutian Islands. The Bering Strait connects it with the Arctic Ocean. pollock fishery and an earlier harvest of the Company's A-season catch, partially offset by lower recovery rates. Pricing for pollock roe declined, while surimi su·ri·mi n. Minced, processed fish used in the preparation of imitation seafood, especially imitation shellfish. [Japanese : suru, to process, mash + mi, meat.] and fillet fillet /fil·let/ (fil´et) 1. a loop, as of cord or tape, for making traction on the fetus. 2. in the nervous system, a long band of nerve fibers. fil·let n. 1. block pricing generally increased during the period. Pollock surimi and block prices have continued to firm in the second quarter, reaching levels that are approximately are 3-5% higher for surimi than those experienced during the first quarter and 10-15% higher for block products. Should this increased pricing for surimi and block hold, it will have a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact on the latter portion of the year, when these products account for the substantial majority of the Company's production. "We are pleased with the pricing trends for our surimi and block products, as well as our opportunity and momentum in the market going into the latter part of 2002," stated Bernt Bodal. In April, 2002 the Company issued $175 million of 10.125% Senior Subordinated Notes (the "Notes"), which mature in 2010. Concurrently with the issuance of the Notes, the Company also entered into a credit facility with a syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism of banks and drew $325.9 million under this credit facility, including $5.9 million under the $75 million revolver revolver: see small arms. revolver Pistol with a revolving cylinder that provides multishot action. Some early versions, known as pepperboxes, had several barrels, but as early as the 17th century pistols were being made with a revolving chamber to . Proceeds from these transactions were used, after fees and expenses, to repay all amounts outstanding under the Company's previous credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , repay all amounts outstanding under two senior subordinated notes and pay a dividend to the Company's parent for distribution to its unit holders. American Seafoods will host its conference call in conjunction with the release of the first quarter financial results live on Thursday Thursday: see week. , May 16, 2002 at 9:00 a.m. PST PST Paroxysmal supraventricular tachycardia, see there (12:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. ). Participants may call (888)-695-0612 and enter passcode 797523. Bernt Bodal, chairman and chief executive officer, will lead the call. Participants may also listen via the web by visiting the "Our Investors" page at www.americanseafoods.com. A recording of this conference call will be accessible for 10 days from the date of the call by dialing (888)-203-1112 and entering passcode 797523 or via a link from the "Our Investors" page of the Company's web site at www.americanseafoods.com. The Company also announced today the pending departure of Hallvard Muri, its Chief Financial Officer. Mr. Muri, a Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears citizen, has decided for personal reasons to return to Norway with his family. The Company has promoted Brad Bodenman, the Company's Treasurer, to Chief Financial Officer. Mr. Bodenman has had over seventeen years experience as a financial executive, including extensive experience as the Chief Financial Officer of a number of companies, including Muzak LLC, a public registrant An individual or organization that signs up (registers) for a training class or service. See domain name registrar. . Amy Wallace Wal·lace , Alfred Russel 1823-1913. British naturalist who developed a concept of evolution that paralleled the work of Charles Darwin. will remain in her existing position as Vice President of Finance. American Seafoods Group, LLC is a world leader in the harvesting, at-sea processing, preparation and supply of quality seafood. Harvesting a variety of fish species, the Company processes its catch into an array of finished products, both on board its state-of-the-art fleet of vessels and at its East Coast value-added processing facilities. From the ocean to the plate, American Seafoods has established a global sourcing, selling, marketing and distribution network bringing quality seafood to consumers worldwide. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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 our 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.
American Seafoods Group LLC
Financial Highlights
(Unaudited, dollars in thousands)
Operations excluding PLC (1)
Quarter Ended March 31,
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2001 2002 Change
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Statement of Operations Data:
Net sales $ 111,933 $ 83,401 -25.5%
Gross profit 55,166 41,389 -25.0%
Gross margin 49.3% 49.6%
Net income 27,494 21,000 -23.6%
EBITDA adjustments:
Interest expense, Net 9,829 7,261
Income tax (benefit)
provision (1) 29
Depreciation and amortization 17,137 6,215
Unrealized foreign exchange
(gains) losses, net (8,321) (757)
Non-cash equity-based
compensation expense 1,008 616
EBITDA (2) 47,146 34,364 -27.1%
EBITDA margin 42.1% 41.2%
Balance Sheet Data:
Working Capital $ 58,410 $ 52,118
Total Assets 565,922 521,861
Total Debt 361,012 310,981
Other Data:
Capital Expenditures $ 2,737 $ 1,516
Production (metric tons) 30,137 35,172
Sales/Product Deliveries
(metric tons) 16,606 13,659
Average Prices Achieved:
Pollock Surimi (yen/kg) Y 205 Y 260
Pollock Roe (yen/kg) Y 2,247 Y 1,910
Deepskin ($/lb) $ 1.25 $ 1.24
Pollock Block/PBO ($/lb) $ 0.86 $ 0.90
(1) Pacific Longline Company LLC has been excluded from these
operating results as it was distributed to the Company's
parent in April, 2002.
(2) EBITDA is not a measure of operating income, operating
performance or liquidity under generally accepted accounting
principles. We include EBITDA only because we understand it is
used by some investors to determine a company's historical
ability to service indebtedness and fund ongoing capital
expenditures. In addition, it should be noted that companies
calculate EBITDA differently and, therefore, EBITDA presented
by us may not be comparable to EBITDA as reported by other
companies.
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