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Profit up 100 Percent and New Contracts Will Fuel Expansion

SEATTLE - Fish farmer and processor HQ Sustainable Maritime Industries Inc, has reported net income of $1.8 million for its fourth quarter, which ended 31 Dec 2007. That's up 100 percent from the same period last year.

The company, which also has operations in the island province of Hainan, China, says that its Quarterly sales were $17.7 million, up 46 percent and for the full year, net income was $4.5 million, or 54 cents per share.

A report on Seattle's, says this figure compares with $900,000, or 15 cents per share, in 2006. Sales were $55 million, up 41 percent from the prior year, said the company.

Shares closed up 31 cents, or 2.7 percent, at $11.70 on Monday. The company began trading on the American Stock Exchange last May.

Also this week, HQ announced a major contract with an unnamed buyer, . HQ Chief Executive, President and co-founder Norbert Sporns said the buyer is an international supplier of 18-pound blocks of frozen tilapia fillets and individual tilapia fillets to restaurants including Burger King and McDonald's, and to retailers including Wal-Mart. He said the contract means the company will rapidly expand.

View the Seattle pi story by clicking here.