On a sequential basis, sales increased 55% from $14.5 million in the second quarter of 2008. The Company's Aquaculture Production and Processing segment accounted for $15.1 million in sales for the three months ended September 30, 2008, up 47% from $10.3 million reported for the same period last year. Sales from the Company's Marine Bio and Healthcare segment were $7.4 million for the third quarter of 2008, up 34% from $5.5 million in the third quarter of 2007.
"I am very pleased with our performance during the third quarter, which represents the best third quarter in the Company's history", said Norbert Sporns, CEO of HQ Sustainable Maritime Industries, Inc. "Our success is a direct result of the expanded capacity of our aquaculture plant, which has increased from 20,000 metric tons live weight flow through to 30,000 metric tons, and the significant progress we have made in establishing solid relationships in the fast food industry during the quarter. We intend to double our current production capacity by the end of the next calendar year, and are confident that doing so will help us to take advantage of what we see as a strong growth opportunity for the production of ready-to-eat meal products with tilapia as the main protein component,"
"The current turbulence in the global financial markets, while not necessarily good for consumer based companies, provides us with an opportunity to separate ourselves from our competitors. Unlike many companies that are currently reducing their marketing budget, we are expanding our branding efforts and pushing into new regions. In essence, the Company is poised to benefit from the current recessionary conditions. Our Tilapia products offer consumers an affordable, high-quality alternative to low-quality, fast food, and more expensive and less convenient family style restaurants. HQ Sustainable offers an appealing middle ground during the current downturn,"