American Seafoods Group LLC Announces Second Quarter Results.Business Editors & Food/Beverage Writers SEATTLE--(BUSINESS WIRE)--Aug. 5, 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 second quarter results for the period ended June June: see month. 30, 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 increased 8.9% for the quarter to $95.0 million compared to $87.2 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) increased 31.8% for the quarter to $37.9 million compared to $28.8 million during the same period in the prior year. On a six-month basis, net sales decreased 10.4% for the six months ended June 30, 2002 to $178.4 million as compared to $199.1 million during the same period in the prior year. EBITDA decreased 4.8% for the six months ended June 30, 2002 to $72.3 million compared to $75.9 million during the same period in the prior year. The results set forth above exclude the results of Pacific Longline long·line n. A heavy fishing line usually several miles long and having a series of baited hooks. long Company LLC, which we distributed to our parent as part of our recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. in April 2002. "We are pleased with the results of our A-season. While our roe prices were lower, we achieved an EBITDA just slightly down from that of the prior year," remarked Bernt Bodal, Chairman and Chief Executive Officer. "With the current favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. pricing environment for our 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 block products, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our expected performance for the full year of 2002 as compared to 2001." Pollock production increased slightly during the A-season versus the A-season in 2001 as a result of the 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, offset by lower recovery rates. Pricing for pollock roe declined over the prior period, while surimi 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 increased. Pollock surimi and block prices both have reached pricing levels that exceed the prior year by over 20%. Should these increased pricing levels for surimi and block continue, they will have a favorable impact on the latter portion of the year, when these products account for the substantial majority of the Company's production. "We see our TAC 1. TAC - Translator Assembler-Compiler. For Philco 2000. 2. TAC - Terminal Access Controller. increase combined with these pricing trends as positive indicators heading into our B-season. The timing of these elements is also a factor as most of our surimi and block products are produced during the B-season," stated Bernt Bodal. In April, 2002 the Company issued $175 million of 10.125% Senior Subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. Notes (the "Notes"), which mature in 2010. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. 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. As of June 30, 2002 the Company had zero outstandings under the revolving portion of this credit facility. On June 13, the Company filed with the Securities Exchange Commission a registration statement covering the exchange notes to be issued in connection with the foregoing transaction, and on July July: see month. 24, the Company filed an amendment to that registration statement. American Seafoods will host its conference call in conjunction with the release of the first quarter financial results live on Tuesday Tuesday: see week. , August 6, 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 800/311-6662 and enter access code 579113. American Seafoods Group, LLC is a world leader in the harvesting har·vest n. 1. The act or process of gathering a crop. 2. a. The crop that ripens or is gathered in a season. b. The amount or measure of the crop gathered in a season. c. , at-sea processing, preparation and supply of quality 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. . 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 Vessels are a post-rock band from Leeds, UK. Vessels were born from the ashes of A Day Left in September 2005. In 2006 they self-released a 5 track eponymous ep, and played many gigs including the unsigned stage at Leeds Festival. and at its East Coast value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: 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)
Continuing Operations,
excluding PLC (1)
Quarter Ended June 30,
2001 2002 Change
------------------------------
Statement of Operations Data:
Net sales $ 87,210 $ 94,982 8.9%
Cost of sales, including
depreciation expense
of $9,766 and $10,796,
respectively 58,915 59,096 0.3%
--------------------
Gross profit 28,295 35,886 26.8%
Gross margin 32.4% 37.8%
Selling, general and administration
expenses 14,401 27,149
Depreciation and amortization (2) 10,058 1,639
--------------------
Operating income 3,836 7,098 83.3%
Interest expense, net (8,608) (9,588)
Foreign exchange gains, net 5,802 5,628
Other (1) (434)
--------------------
Net income, before extraordinary item 1,029 2,704 162.8%
Extraordinary item - debt
extinguishment - (14,718)
--------------------
Net income (loss) 1,029 (12,014) -1267.5%
EBITDA adjustments:
Interest expense, Net 8,608 9,588
Income tax (benefit) provision - 12
Depreciation and amortization 19,824 12,435
Unrealized foreign exchange (gains)
losses, net (791) (751)
Non-cash equity-based compensation
expense 87 13,906
Extraordinary item - debt
extinguishment 14,718
--------------------
EBITDA (3) 28,757 37,894 31.8%
EBITDA margin 33.0% 39.9%
Balance Sheet Data:
Cash and cash equivalents $ 1,421 $ 2,830
Inventories 31,963 32,537
Total working capital (4) 7,094 17,767
Property, vessels and equipment, net 256,011 231,421
Cooperative rights and goodwill, net 134,509 119,355
Total assets 506,850 489,342
Total debt 322,532 499,235
Other Data (quarter ended):
Capital expenditures $ 1,783 $ 3,182
Production (metric tons) 11,236 7,086
American Seafoods Group LLC
Financial Highlights
(Unaudited, dollars in thousands)
Continuing Operations,
excluding PLC (1)
Six Months Ended June 30,
2001 2002 Change
------------------------------
Statement of Operations Data:
Net sales $ 199,143 $ 178,383 -10.4%
Cost of sales, including depreciation
expense of $17,918 and $15,312,
respectively 115,682 101,108 -12.6%
--------------------
Gross profit 83,461 77,275 -7.4%
Gross margin 41.9% 43.3%
Selling, general and administration
expenses 27,378 39,522
Depreciation and amortization 19,043 3,338
--------------------
Operating income 37,040 34,415 -7.1%
Interest expense, net (18,437) (16,849)
Foreign exchange gains, net 10,043 6,571
Other (123) (433)
--------------------
Net income, before extraordinary item 28,523 23,704 -16.9%
Extraordinary item -
debt extinguishment - (14,718)
--------------------
Net income 28,523 8,986 -68.5%
EBITDA adjustments:
Interest expense, Net 18,437 16,849
Income tax (benefit) provision (1) 41
Depreciation and amortization 36,961 18,650
Unrealized foreign exchange (gains)
losses, net (9,112) (1,508)
Non-cash equity-based compensation
expense 1,095 14,522
Extraordinary item - debt extinguishment - 14,718
--------------------
EBITDA (3) 75,903 72,258 -4.8%
EBITDA margin 38.1% 40.5%
Other Data (six months ended):
Capital expenditures $ 4,520 $ 4,698
Production (metric tons) 41,372 42,285
Average prices achieved:
Pollock surimi (yen/kg) 205 258
Pollock roe (yen/kg) 2,247 1,906
Deepskin ($/lb) $ 1.26 $ 1.23
Pollock block/PBO ($/lb) $ 0.85 $ 0.98
(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) Amortization of cooperative rights and intangibles,
depreciation goodwill of other and assets.
(3) 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.
(4) Total working capital is defined as total current assets
(excluding current unrealized gain on derivatives) less
current liabilities (excluding current unrealized loss on
derivatives).
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