Price rises and higher sales volumes have helped American Seafoods to offset rising fuel and production costs so that the company was able to register a 7.7% increase in earnings for its full year.
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Net sales for the year ended December 31, 2005, increased by US$52.3m, or 11.3%, to $514m. The company said at-sea processing sales increased as a result of higher sales prices for surimi and block products, as well as higher sales volumes of Pacific whiting and yellowfin sole products. Land-based processing sales increased primarily due to higher sales prices for its secondary processed block-cut products and scallop products.
Consolidated EBITDA increased $8.4m, or 7.7%, to $118m. Net sales gains were partially offset by higher general and administrative expenses consisting primarily of higher employee bonus, retirement, corporate transportation and professional fee costs.
Net sales for the three months ended December 31, 2005 increased 28.3%, to $136.6m. Consolidated EBITDA rose 24.4%, to $21.4m.
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