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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.
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By GlobalData“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.”
