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Acquisition Helps Umami Secure Revenue Increase

Economics +1 more

GLOBAL - Umami Sustainable Seafood has reported a 125 per cent revenue increase for 2011. The full year revenues increased from $25.3 million in 2010 to $57.0 million.

Commenting on the strong performance, Oli Steindorsson, Chairman and CEO of Umami, said: "This year's performance was marked by solid growth in our inventory, sales and revenues as a result of improvements in our operations as well as the acquisition of the Baja operations during the year."

"We spent a great deal of time during the year focusing on building a strong management team, improving our overall operational processes and assimilating the Baja operations into Umami. We are happy to report that our hard work is starting to pay off."

"Our gross profit margins for 2011 were 24 per cent, when counting the effect of the purchase price adjustment according to GAAP standards, and 41 per cent using non-GAAP accounting measures. A comparison of sales and inventory for 2011 and 2010 shows that we are growing at a pace that exceeds the expectations we had at this time last year."

"We also believe that the applicable GAAP accounting will have a positive effect on our future bottom line when we will no longer be carrying the one-time costs associated with the Baja acquisition in our inventory costs. We are now more confident than ever that we have set the stage for continued success moving forward, and that we will carry this new momentum into fiscal 2012," Mr Steindorsson concluded.

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