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.
About Umami
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.