Umami's Kali Tuna operation in Croatia (Photo: Umami Sustainable Seafood)

Umami Sustainable Seafood Inc. Announced First Quarter Fiscal 2012 Results

Umami Sustainable Seafood Inc. (Public: OTCBB:UMAM), a holding company of fish farms supplying sashimi-grade Northern Bluefin Tuna to the global market, has announced operating results for the three months ended September 30, 2011.

Sales were USD 14.4 million for the three months ended September 30, 2011. There were no sales in the three months ended September 30, 2010. The increase is primarily due to sales related to the Baja Aqua-farms operations, and management’s decision to meet current liquidity needs by harvesting some of the Company’s stock earlier in the yearly cycle.

One of six concessions in Kali Tuna operations in the Adriatic waters off the Dalmatian coast of Croatia

Gross profit for the three months ended September 30, 2011 was USD 6.4 million, or 44 percent of sales, compared to USD 0 for the corresponding period in 2010. Included in the cost of goods sold for the quarter is a USD 1.3 million fair value adjustment related to the Baja acquisition. Excluding this adjustment to cost of goods sold, Umami’s gross margin for the three months ended September 30, 2011 would have been approximately 53 percent.

Baja Aqua-farms, Coronado Island concession, located in Ensenada, Baja California, Mexico

Net loss attributable to Umami stockholders for the three months ended September 30, 2011 was USD 0.7 million, as compared to a net loss of USD 1.5 million for the same period in 2010. Estimated non-GAAP (Generally accepted accounting principles) net income attributable to Umami shareholders using estimated catch and farming costs was USD 0.6 for the three months ended September 30, 2011.

Docks of Kali Tuna, preparing for feeding

Combined inventory (livestock) at September 30, 2011 was 4,358 metric tons, compared to 2,027 metric tons at September 30, 2010. The increase during this quarter was attributable to organic growth of livestock and the acquisition of the Baja operations.

The net increase in biomass for the quarter ending September 30, 2011 was 1,583 metric tons, representing a 416 percent increase over the 307 metric tons of increased biomass in the quarter ending September 30, 2010.

Oli Steindorsson

In announcing these results, Oli Steindorsson, Chairman and CEO of Umami, commented: “The Company concluded its first quarter with marked strengthening of our financial position as result of our ongoing improvements in operations and our deliberate decision to begin our harvest during the first quarter of the reporting year."

“We wanted to use the cash from those sales to even out our cash flow for the year and to fund our operations moving forward instead of taking on any additional debt.

"We also reported a dramatic increase in our biomass at all of our facilities for the three months ending in September of this year as compared to the same quarter in 2010.

"We are working very hard to build out and improve the capacity of operations at all of our facilities in anticipation of the strong sales growth we expect to see for the remainder of the fiscal year and into the future”, added Steindorsson.

About Umami Sustainable Seafood Inc.

Umami Sustainable Seafood Inc. owns and operates Kali Tuna, which is an established Croatian based aquaculture operation raising Northern Bluefin Tuna in the Croatian part of the Adriatic Sea and, as of November 30, 2010, Baja Aqua Farms, which is an established Mexico based aquaculture operation raising Northern Bluefin Tuna in the Pacific.

Umami is a leading global producer of Northern Bluefin tuna

The Company intends to become the leader in aquaculture for northern Bluefin tuna by acquisition and internal growth. The growth of the Company will be founded on the sustainable management of resources and economically sound practices, seeking opportunities resulting from market consolidation and scientific progress in the industry.

The company also intends to continue its research into closed cycle farming technology for Bluefin tuna which has produced encouraging results.

Source: Umami Sustainable Seafood Inc.

Margaret E.L. Stacey
Editor Companies and Products
[email protected]
www.seafood.media

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