Umami Sustainable Seafood First Half Sales

The Fish Site
by The Fish Site
10 December 2010, at 12:00am

US - Umami Sustainable Seafood expects to have harvested approximately 1,400 metric tons of bluefin tuna, with a sales value of approximately $25 million, for the six months of its financial year.

The company expects to harvest approximately 400 metric tons of bluefin tuna at its Kali Tuna operation in Croatia and 1,000 metric tons at its Baja Aqua Farms operation in Mexico.

Of the 1,000 metric tons at Baja, approximately 650 metric tons were harvested prior to Umami's completion of the acquisition of Baja.

Umami's interest in those sales will be included in the income statement under earnings from investment in unconsolidated affiliates for the period.

Those sales made after completion of the full acquisition of Baja, estimated to total 350 metric tons, will be included in Umami's sales and operating results for the six months ending 31 December 2010.

The Company also announced that it expects to end the six months ending 31 December 2010 with approximately 5,000 metric tons of biomass which are available for sale or further growth at its farming facilities.

In announcing these results, Oli Steindorsson, Chairman and CEO said: "Following the announcement of the closing of the Baja acquisition last week, it is gratifying to see our harvest generating significant cash flow to assist in the operational expansion of our business, as well as strong operating results.

"We believe that the acquisition of Baja has elevated our bluefin operations to higher standards and we will continue to harness the benefits of our sustainable operating platform to generate superior financial results."