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ARCTIC ALASKA FISHERIES REPORTS FIRST QUARTER EARNINGS

 ARCTIC ALASKA FISHERIES REPORTS FIRST QUARTER EARNINGS
 SEATTLE, April 28 /PRNewswire/ -- Arctic Alaska Fisheries


Corporation (NYSE: ICE) today reported slightly higher net income on lower sales for its first quarter ended March 31, 1992.
 First quarter net income was $8.5 million, or 51 cents per share, versus $8.3 million, or 51 cents per share posted for the corresponding 1991 period. Sales of $62.6 million decreased slightly from the $64.3 million registered for the first quarter of 1991. Average shares outstanding rose during the period to 16,649,000 from 16,526,000 in 1991.
 Ronald R. Jensen, Arctic Alaska Fisheries president and chief executive officer, said that while net profit margins improved for the quarter, the 2 percent decrease in sales was largely attributable to the 20-day delay in the start of the bottomfish season. The Jan. 20 start was necessary for implementation of new federal marine mammal regulations. As a result, he said some traditional first-quarter sales will occur in subsequent quarters.
 Jensen indicated that due to the timing of the sales from first quarter production, the company entered its second quarter with very strong product inventories. Partially offsetting this development, he said, is an expected softening in surimi pricing. Jensen noted, however, that prices on surimi and other key products remain favorable in comparison to the year-ago period.
 Jensen said Arctic Alaska's four surimi factory trawlers are currently fishing for Pacific whiting off the Oregon coast in between the Bering Sea "A" and "B" pollock seasons. He added that the company's Newport, Ore.-based fish meal plant and shore-based surimi operation would soon come onstream.
 Jensen said the 1990 Aleutian Enterprise sinking continues as an issue. He said that though all civil suits were settled earlier this year, the National Transportation Safety Board issued a report this month critical of the company's operation of that vessel. The U.S. Attorney's office in Seattle is presently reviewing documents taken during a search of the company's offices April 16 a part of its continuing investigation into the sinking. Jensen stressed the company is cooperating fully.
 Arctic Alaska Fisheries Corporation is the largest, and only publicly held U.S. fishing and at-sea processing company. Company vessels generally operate in the 200-mile exclusive economic zone off Alaska, catching crab and 18 species of bottomfish such as pollock and cod. Arctic Alaska also operates shore-based fish and shellfish processing and reprocessing plants domestically and internationally. Its products are sold in the U.S., to Japan and other export markets primarily under the Arctic Ice(R) trademark.
 ARCTIC ALASKA FISHERIES CORPORATION
 Financial Highlights
 Three months ended March 31 1992 1991
 Net sales $62,620,000 $64,335,000
 Gross profit 22,340,000 21,101,000
 SG&A expenses 7,670,000 5,691,000
 Income before taxes 11,588,000 11,799,000
 Net income 8,459,000 8,346,000
 Average shares outstanding 16,649,000 16,526,000
 Earnings per share $0.51 $0.51
 -0- 4/28/92
 /CONTACT: Bob Trafton or Brian Kelly of Arctic Alaska Fisheries, 206-298-4000 or 206-298-4003/
 (ICE) CO: Arctic Alaska Fisheries Corporation ST: Washington IN: SU: ERN


SH-TS -- NY015 -- 3576 04/28/92 09:03 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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