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HQ Sustainable Maritime Industries Sales Fall

US - HQ Sustainable Maritime Industries, an all natural integrated aquaculture and aquatic product processing company, including fish byproduct and personal healthcare products, has announced its financial results for the third quarter which show a decrease in sales.

For the quarter ended September 30, 2009, sales decreased by 1.4 per cent to $22.2 million, compared to $22.4 million for the third quarter of 2008. The Aquaculture Product segment accounted for $14 million in sales, down 7 per cent from $15.1 million reported for the same period last year. Sales from the Health and Bio-product segment were $8.1 million, up 10 per cent from $7.3 million for the third quarter of 2008.

Gross profit for the third quarter of 2009 increased by 5% to $10 million, compared to gross profit of $9.5 million for the same period of 2008. Operating income for the third quarter decreased to $4.9 million, from $6.5 million in September 2008. The decrease experienced in the quarter was mainly the result of the provision for potential losses in the Company's receivables in its health and bio-product segment which had not materialised to date, as well as an increase in advertising and marketing expenses within the same segment. EBITDA for the quarter decreased by 27 per cent to $5.2 million, from $7.1 million for the same period last year.

Net income for the third quarter was $4 million, or $0.268 cents per fully diluted share compared to net income of $5.6 million, or $0.427 cents per fully diluted share, for the third quarter of 2008. Net income during the current quarter was affected by increases in doubtful accounts of approximately $1,606,000 and marketing and advertising expenses by approximately $979,000 from the health and bio-product segment.

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