Nov. 5 2002 - WorldCatch Wave - American Seafoods Group LLC on Monday announced that its net sales increased 35.3 percent for the quarter ended Sept. 30, to $72.9 million, compared to $53.9 million during the same period in the prior year.

EBITDA (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 43.8 percent for the quarter to $20.9 million, compared to $14.6 million during the same period in the prior year.

Net income increased $13.3 million for the quarter to $8.1 compared to a loss of $5.2 million during the same period in the prior year.

These results included a loss of $0.3 million in the prior year period related to Pacific Longline Company LLC, which American distributed to its parent as part of a recapitalization in April 2002.

"We are enthused about our third quarter financial results. Not only is operating performance ahead of the prior year, it is also in line with our expectations, based on the pricing trends for our surimi and block products," said Bernt Bodal, chairman and CEO of American. "I believe this performance indicates how predictable and reliable our business can be when viewed on a season by season basis."

Pollock production increased during the 2002 B-season versus the 2001 B-season largely due to the 6% increase in the 2002 total allowable catch for U.S. Bering Sea pollock fishery.

Pricing for surimi and fillet block products increased over the prior period, as did pricing for the company's B-season pollock roe.

Pollock surimi and block prices both have reached pricing levels that exceed the prior year by over 20percent.

"We anticipate that the trend of higher prices will continue through the fourth quarter for our surimi and block products and, as a result, we expect our operating performance for the year to exceed that of the prior year," added Bodal.

Net sales for the nine months ended Sept. 30 decreased 0.7 percent to $251.2 million, compared to $253.0 million during the same period in the prior year.

EBITDA increased 3 percent for the nine month period to $93.2 million compared to $90.5 million last year. Net income for the nine months decreased $7.6 million to $15.7 million from $23.3 million during the same period in the prior year.

American Seafoods Group, LLC is a 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. .

Rising pollock prices lift American Seafoods' 3Q results