USA: Global Seafood Technologies, Inc. reports continuing sales growth in third quarter operations
Brent Gutierrez, President and CEO announced that GSFT reported a consolidated net loss of $50,823 for the quarter and $480,995 (or 4 cents per share) for the nine months. Gutierrez noted a favorable trend in quarterly results this year. Losses continued to decrease on a quarter over quarter basis with losses of $249,000 in the 1st qtr, $181,002 in the 2nd qtr and $50,823 in the current quarter. "We look for revenues to continue to accelerate in the new year," stated Gutierrez, "and we expect to do so with significant profitability. As our revenues and profits continue to improve, we fully expect our stock price to reflect our rapidly improving business fundamentals."
The company's core business of seafood processing and packaging has remained profitable in each quarter. The losses in other segments have been consistent with the company's strategy of investing in the future. Killer Bee, which distributes recreational fishing bait products contributed $566,000 to the reported nine months loss figure, but is expected to become profitable in the next quarter. GSFT's aquaculture division, which became profitable in the 3rd quarter, is now in full commercial production of freshwater shrimp larvae for grow out in the united states. This division plans to produce over 1,000,000 pounds of shrimp and continue to contribute positive earnings in the 2001 fiscal year.
In announcing the quarterly results, Gutierrez further stated, "Our strict adherence to our business plan has built a strong foundation for the future. The monies that we have invested in our bait business, coupled with our previous acquisition of Drag-N-Bait in the past and our more recent acquisition of Natural Bait Brokers Inc. have allowed us to build our Killer Bee brand with strong name recognition throughout the 1 billion dollar saltwater fishing industry. The Killer Bee brand name is becoming one of our strongest assets and we hope to expand into other lines of fishing products. Our processing business remains strong and we are beginning to focus on more profitable areas, such as home meal replacement products, which is currently one of the hottest trends in the food industry.
"We have been steadily progressing with our aquaculture plan over the past three years and have been successful in building the largest commercial freshwater shrimp hatchery in the United States. Now that we are able to produce the young shrimp, our profit potential is limited only by the amount of production that we are able to bring on line at any given time. We welcome the recent addition of Lance McNeill, past president of Outback Sports (symbol OSI), to our board of directors. We believe his expertise in both Florida agriculture and experience with large scale retail grocery chains will be of significant benefit to our two newest divisions. We also feel his expertise in the public and private sectors will be valuable in helping us attain our primary goal of enhancing shareholder value."
This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's current expectations of beliefs and are subject to a number of factors and uncertainties that could cause actual results, levels of activity, performance or achievements to differ materially from those described.
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