Umami Reports Second Quarter Results - Analyst Blog
February 24 2012 - 1:12AM
Zacks
Umami Reports Second Quarter Results
Ian Gilson, CFA
On February 10, 2012 Umami
(UMAM) reported its results for the
second fiscal quarter of 2012. The numbers were well ahead of our
estimates with revenue of $55.6 million and net income for Umami
stockholders of $17.4 million or $0.28 per diluted share. Gross
margins were more than double year ago levels. Some of the numbers
reported for the first quarter have been adjusted and we have
incorporated these in our data.
![](http://www.zacks.com/images/upload_dir/1330055559.jpg)
Baja Farms was acquired on Nov. 10, 2010 (2Q11)
Sales to Japan continue to be the major part of revenue and demand
for quality tuna exceeds the available
supply. Average price per kilogram was close in the second quarter
as it was in the first, and well above year ago levels. Second
quarter selling price was $25.16/kg. Much of
the price increase Y/Y was due to the
increased price of fish from Baja as buyers became familiar with
the new source of tuna.
During the second quarter debt outstanding declined from $40.3
million to $28.5 million and cash increased from $5.8 million to
$13.3 million. Much of the cash is in Croatia and would probably be
taxed if repatriated.
To view a free copy of our most recent research report on
UMAM or subscribe to our daily morning email alert, visit
Ian Gilson's coverage
page at http://scr.zacks.com/.
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