US seafood supplier American Seafoods Group has announced third quarter net sales for the period ended 30 September 2002 of US$72.9m, an increase of 35.3% compared to $53.9m for the same period in the prior year
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The company’s EBITDA (net income before net interest expense, income tax benefit or provision, depreciation, amortisation, unrealised foreign exchange gains or losses and non-cash equity-based compensation) increased 43.8% for the quarter to $20.9m compared to $14.6m during the same period in the prior year.
Net income increased $13.3m for the quarter to $8.1m compared to a loss of $5.2m during the same period in the prior year. Net sales decreased 0.7% for the nine months ended 30 September 2002 to $251.2m as compared to $253.0m during the same period in the prior year. EBITDA increased 3.0% for the nine-month period to $93.2m compared to $90.5m a year earlier. Net income decreased $7.6m for the period to $15.7m from $23.3m for the prior year.
