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ARCTIC ALASKA REPORTS RECORD NET INCOME, SALES FOR 1991

 ARCTIC ALASKA REPORTS RECORD NET INCOME, SALES FOR 1991
 SEATTLE, Feb. 4 /PRNewswire/ -- Arctic Alaska Fisheries Corp. (NYSE: ICE) today reported record net income and sales for the 12 months ended Dec. 31, 1991, and record fourth-quarter sales.
 Full-year net income increased 45 percent from $11.5 million, or 70 cents per share, to a record $16.7 million, or $1.01 per share. Revenues reached a record high of $224.4 million -- up 25 percent from the $180.1 million reported in 1990. Average shares outstanding increased slightly to 16,565,658 in 1991 from 16,495,934 in 1990.
 Fourth-quarter net income rose to $96,000, or 1 cent per share, versus a loss of $2.3 million, or 14 cents per share, reported in the corresponding 1990 period. Revenues for the three months reached a record $46.8 million -- up 29 percent from the $36.2 million posted in 1990.
 Ronald R. Jensen, Arctic Alaska's president and chief executive officer, said the record 1991 full-year performance and profitable fourth quarter were "consistent with a year driven by strong sales, increased production and attractive pricing across virtually all product lines." Added bottomfish and crab catching and processing capacity, and better oversight of vessel repair and maintenance expense also contributed to the solid performance, he noted.
 The company benefited during 1991 from the addition of three new crab catcher-processors and from the increased output of its newest surimi factory trawler, actually added to the fleet in 1990.
 While 1991 bottomfish production rose only slightly from the previous year due, in part, to shorter seasons and punitive by-catch restrictions, crab production soared by more than 60 percent. This reflects both increased crab harvesting capacity and a snow crab quota that was nearly doubled due to a significant increase in the resource.
 Surimi prices reached historically high levels during 1991, increasing almost steadily throughout the year. Cod and pollock fillet prices, though peaking late in the first quarter, remained very strong during 1991 in contrast to year-ago levels. Crab pricing was somewhat lower as compared to 1990 due, in part, to the increased snow crab catch.
 Arctic Alaska's vessel repair and maintenance function was largely brought in-house during the year, enabling tighter controls on repair expenditures, as well as more accurate expense forecasting.
 In early 1992, the company acquired a crab catcher-processor. The vessel brings to 11 the number of crab catcher-processors and 34 the total number of vessels in the fleet. Also participating for the first time in the 1992 fishery are a newly converted crab catcher- processor and a freezer longliner.
 Arctic Alaska also opened its Seattle-based fish reprocessing plant after year end. The 96,000-square-foot facility, operating one production line initially, will process the company's frozen-at-sea cod and pollock, as well as fish sourced elsewhere, into a variety of breaded and battered forms for the food service and institutional markets.
 Arctic Alaska Fisheries Corp. 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 bottomfish such as pollock and cod. The catch is processed into a variety of seafood products that are sold domestically, to Japan and other export markets primarily under the Arctic Ice trademark.
 ARCTIC ALASKA FISHERIES CORP.
 FINANCIAL HIGHLIGHTS
 Three Months Year
 EndedGross profit 9,307,000 3,303,000 60,454,000 40,900,000
 Selling, general
 and administrative
 expenses 5,911,000 5,235,000 24,261,000 18,059,000
 Income (loss)
 before taxes 134,000 (3,484,000) 23,541,000 16,048,000
 Net income (loss) 96,000 (2,295,000) 16,715,000 11,501,000
 Average shares
 outstanding 16,602,213 16,498,389 16,565,658 16,495,934
 Earnings (loss)
 per share $ 0.01 $ (0.14) $ 1.01 $ 0.70
 -0- 2/4/92
 /CONTACT: Rob Trafton, 206-298-4000, or Brian Kelly, 206-298-4003, both of Arctic Alaska Fisheries/
 (ICE) CO: Arctic Alaska Fisheries Corp. ST: Washington IN: FOD SU: ERN


SC -- SE006 -- 6528 02/04/92 09:09 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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