HQ Sustainable Maritime Industries on Monday announced its first-quarter results, including a 33 percent increase in sales to USD 14.4 million (EUR 11 million).
The Seattle-based company experienced growth in each of its segments. Its feed mill generated sales of USD 3.1 million (EUR 2.4 million) in the first quarter of 2010, compared to USD 1.3 million in the fourth quarter of 2009.
The company’s farmed tilapia segment watched its first-quarter sales increase to USD 7.7 million (EUR 6 million), up from USD 7.3 million in the first quarter of 2009. Its health and bio-product segment saw its sales increase to USD 3.6 million (EUR 2.8 million) in the first quarter of 2010, up from USD 3.5 million in the same period last year.
The company’s operating income also increased to USD 1.6 million, up 61 percent from last year, and its net income grew to USD 1.5 million (EUR 1.2 million), compared to USD 1.1 million.
However, gross profit for the first quarter decreased slightly to USD 4.4 million, compared to USD 4.5 million in the first quarter of 2009.
“We continue to focus on being leaders in the value added use of tilapia fillets and tilapia by-products,” said Norbert Sporns, HQ Sustainable’s president and CEO. “We are building strong international partnerships across each of our product segments through the credibility and efficacy of our products and brands. These partnerships give us great confidence in our business model and our long-term growth opportunities.”
