US seafood supplier American Seafoods saw an increase in sales in the first quarter ended 31 March 2005 as pollock prices went higher.

 

Net sales increased to $153.0m compared to $134.9m during the first quarter of 2004 due mainly to higher prices for pollock products and higher sales volume of pollock block and hake products. These increases were partially offset by a lower sales volume of carryover pollock surimi as compared to 2004.

 

Net income fell to $21.4m from $29.7m in the year earlier period. The company's results were hit by a bad debt write-off related to the bankruptcy filing by a large retail customers.

 

"Our core harvesting operations performed," said Bernt O Bodal, chairman and CEO. "We are optimistic that our land-based operations will see efficiency gains over the course of the year as a result of implementing certain operational improvement projects. We have already seen some increase in our catfish processing yield due to these efforts."