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MARINE HARVEST INTERNATIONAL, INC., REPORTS RECORD QUARTERLY EARNINGS

 WOODBRIDGE, N.J., Nov. 1 /PRNewswire/ -- Marine Harvest International, Inc. (AMEX: MHI), today reported record earnings of $3.3 million on sales of $34.9 million for the fourth quarter ended Sept. 30, 1993 compared to a net loss of $13.8 million on sales of $26.7 million for the fourth quarter ended Sept. 30, 1992.
 On a per share basis, the company reported earnings of 24 cents for the 1993 quarter, after being reduced by a one time charge of 6 cents per share related to the redemption of all of the company's outstanding 10 percent preferred stock and payment of related fees using the proceeds of the company's public offering of 4,430,000 common shares completed during the quarter. For the 1992 quarter, the company reported a loss of $2.03 a share.
 For the year ended Sept. 30, 1993, Marine Harvest International reported net income of $9.4 million or 78 cents per share on sales of $137.3 million, compared to a net loss of $15.0 million or a loss of $2.22 per share on sales of $90.1 million in 1992.
 John A. Mistretta, chairman and chief executive officer, stated, "We are please with our financial performance for the quarter and for the year. Our salmon operation was, as it has been all year, the main contributor to our quarterly profitability; in addition, our shrimp operation continued at the improved level realized in the third quarter. Both our salmon and shrimp operations benefitted during the quarter from the seasonal increase in seafood consumption experienced in the summer months."
 Mr. Mistretta continued, "Our earnings expectations for the first quarter are being negatively affected by a reduction in salmon prices which have softened considerably in the month of October. This is due to a larger than anticipated supply from Norway and other major producing countries. Helping to mitigate the downturn in prices is the continued improvement of our farm performance, particularly in the areas of fish growth and reduced fish mortalities. We are currently looking at a number of expansion possibilities, including potential acquisitions of existing businesses, in both salmon and shrimp. However, we will only proceed with opportunities which meet both our financial requirements as well as our long-term strategy to further our leadership in these two businesses."
 Marine Harvest International, Inc., is a world leader in the farming, processing and distribution of Atlantic salmon and a major processor and distributor of Western White shrimp.
 MARINE HARVEST INTERNATIONAL, INC.
 Consolidated Summary of Operations
 (In thousands, except per share data)
 Period ended Three months Year
 Sept. 30, 1993 1992 1993 1992
 Net sales $34,916 $26,674 $137,291 $90,100
 Operating income (loss) 4,925 (12,955) 16,400 (12,478)
 Net income (loss) 3,324 (13,759) 9,363 (14,995)
 Net income (loss) per
 common share $.24 $(2.03) $.78 $(2.22)
 -0- 11/1/93
 /CONTACT: Diana Burton of Marine Harvest, 908-750-1122/
 (MHI)


CO: Marine Harvest International, Inc. ST: New Jersey IN: FOD SU: ERN

WB-MP -- NY078 -- 9319 11/01/93 16:44 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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