SAM’S SEAFOOD HOLDINGS LIMITED
43 Holt Street, Eagle Farm, Qld 4009, Australia
PO Box 393, Brisbane 4007, Australia
Phone: 07 3131 4100, Fax: 07 3268 5231
ABN: 45 098 448 269
E-Mail: [email protected]
28 April 2005
Company Announcement Office
The Australian Stock Exchange Limited
BUSINESS REVIEW / TRADING FORECAST
In February 2005, we announced to the market that there had been a substantial drop in the net profit (after tax) for the first 6 months to December 2004. A $1.16m profit for the December 2003 half year had fallen to $46,000.
The Board of Sam’s Seafood Holdings Limited (“the Company”) wishes to advise that, based on the latest
forecast, it is anticipated that the full year result will be in the order of a $2m loss, down from the $2.5m profit recorded in the previous year.
The main reasons attributed to the underperformance of the group are:
1) A downturn in business trading in January and February 2005 and tough and competitive market conditions;
2) The financial performance of Sam’s Seafood Lifestyles Division (restaurant and fast food outlets) has not met the Company’s expectations on return on investment. The Lifestyles Division is currently undergoing a major restructure and the Company has engaged an external consultant to review this Division and make recommendations to the Board. This review process will be finalised by the end of June 2005 and the result will be released to the market at that time.
CHINESE JOINT VENTURE AND PURCHASE OF SHARES
On 31 March 2005, the Company announced to the market that it had entered into an agreement to set up a Joint Venture entity with China Seafood Resources Pty Ltd, which is related to ShenZhen XingGuang Co.Ltd. At the same time, it was announced that the CEO of ZhenZhen XingGuang Co. Ltd would be purchasing shares in Sam’s Seafood Holdings Limited beginning with the purchase of 800,000 ordinary shares at $1.25 per share within 21 days of the announcement.
The Company will proceed with the marketing arrangement for prawns and other seafood commodities. The Company has been advised by the Chinese entities that there will be a delay in the initial share subscription arrangement. However, the share subscription transaction is expected to proceed.
The Company will formally advise ASX when the initial share subscription is finalised.
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Dani Nadri, Country Manager Australia
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