Umami Reports Third Quarter Results for Fiscal Year 2012
SAN DIEGO, May 16, 2012 /PRNewswire/ — Umami Sustainable Seafood Inc. (OTCBB:UMAM) (“Umami” or the “Company”), a holding company of fish farms supplying sashimi-grade Northern Bluefin Tuna to the global market, announced its third quarter financial results for the quarter ended March 31, 2012.
Third Quarter Highlights
- Net revenue: $25.6 million
- Average revenue per kilogram of Bluefin Tuna sold: $29.15
- Gross margin: 51.1%
- Operating income: $9.3 million
- Net income: $2.6 million
- Basic net income per share: $0.05
- Diluted net income per share: $0.05
The Company is not providing period-over-period comparisons in this release because it believes they are of little use to investors because of significant timing differences in net revenue and related costs between these two periods. For an in-depth discussion of Umami’s financial results for the quarter ended March 31, 2012, please see the Company’s Quarterly Report on Form 10-Q for the Third Quarter of Fiscal 2012, which was filed with the Securities and Exchange Commission today.
Umami Sustainable Seafood Inc. (OTCBB:UMAM) fishes for and farms Bluefin Tuna by employing environmentally sound fishing practices and fish farming practices, referred to as aquaculture. Umami owns and operates Kali Tuna, a Croatian-based aquaculture operation raising Northern Bluefin Tuna in the Croatian part of the Adriatic Sea. It also owns and operates Baja Aqua Farms, a Mexico-based operation for Pacific Bluefin Tuna in the Pacific Ocean off Baja California, Mexico. Umami’s objective is to become the market leader in aquaculture for Bluefin Tuna by seeking growth opportunities resulting from market consolidation and scientific progress in the industry. For more information, please visit www.umamiseafood.com.
Disclaimer – Forward-Looking Statements
This press release contains statements relating to future results of the company (including certain beliefs and projections regarding business and market trends and projected net revenue) that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements. The company advises readers that these potential risks and uncertainties include, but are not limited to, expectations about: customer demand for Bluefin Tuna and market prices; how much Bluefin Tuna the company is willing and/or able to obtain by fishing or purchasing; the company’s ability to lease fishing boats; costs and uncertainties related to on-growing Bluefin Tuna; the growth rates of the company’s Bluefin Tuna; the size of future Bluefin Tuna harvests; potential changes to Bluefin Tuna quotas, concessions and regulations; general economic conditions, particularly in Japan; economic, regulatory and legal changes in Croatia and Mexico; the company’s reliance on a few customers for substantially all of its sales; the intensity of competition; the company’s ability to collect outstanding receivables; the amount of liquidity available at reasonable rates or at all for ongoing capital needs; the company’s ability to raise additional capital if necessary to execute its business plan; the company’s ability to obtain additional fishing licenses and effectively manage its growth; the company’s ability to attract and retain management, and to integrate and maintain technical information and management information systems; the outcome of legal proceedings affecting the company’s business; and the company’s insurance coverage being adequate to cover the potential risks and liabilities faced by its business.
More detailed information on these and additional factors which could affect the company’s operating and financial results are described in the company’s Forms 10-K, 10-Q and other reports filed, or to be filed, with the Securities and Exchange Commission. The company urges all interested parties to read these reports to gain a better understanding of the business and other risks that the company faces. The forward-looking statements contained in this press release are made only as of the date hereof, and the company does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Umami Sustainable Seafood Inc.