**FORM      10-K/A**

**Amendment      No. 1**

** **

**Katy      Industries, Inc**

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| (a)   | 1.                Financial Statements |
|-----------------|----------------------------------------|

| -   | Consolidated                Balance Sheets as of December 31, 2004 and 2003                * |
|---------------|----------------------------------------------------------------------------------------------|

| -   | Consolidated                Statements of Operations for the years ended December 31, 2004, 2003                and                2002 * |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Consolidated                Statements of Stockholders’ Equity for the years ended December 31, 2004,                2003 and 2002 * |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Consolidated                Statements of Cash Flows for the years ended December 31, 2004, 2003                and                2002 * |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Notes                to Consolidated Financial Statements                * |
|---------------|----------------------------------------------------------------------------|

| -   | Report                of Independent Auditors: Sahlman Holding Company,                Inc. |
|---------------|---------------------------------------------------------------------------------------------|

| -   | Report                of Independent Auditors: Sahlman Seafoods of Nicaragua,                S.A. |
|---------------|---------------------------------------------------------------------------------------------------|

| -   | Consolidated                Balance Sheets as of December 31, 2004 and                2003 |
|---------------|--------------------------------------------------------------------------------------------|

| -   | Consolidated                Statements of Operations for the years ended December 31, 2004, 2003                and                2002 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| -   | Consolidated                Statements of Changes in Shareholders’ Equity for the years ended December                31, 2004, 2003 and 2002 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| -   | Consolidated                Statements of Cash Flows for the years ended December 31, 2004, 2003                and                2002 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| -   | Notes                to Consolidated Financial                Statements |
|---------------|--------------------------------------------------------------------------|

| -   | Consents                of Independent Auditors |
|---------------|-------------------------------------------------|

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**2002**
**    2001**

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|                                                         |   |  DECEMBER                  31,   |       |
|--------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                         |   |                                            | 2004       |   |   | 2003 |   |
| **ASSETS**                                                   |   |                                            |       |   |   |   |   |
| **CURRENT                  ASSETS**                          |   |                                            |       |   |   |   |   |
| Cash                  and cash equivalents                   |   | $                                               | 114,822    |   | $ | 235,628 |   |
| Accounts                  receivable - net of allowance for  |   |                                            |       |   |   |   |   |
| doubtful                  account of $14,406 and $9,000      |   |                                            | 1,224,575  |   |   | 1,578,551 |   |
| Inventories                                                  |   |                                            | 3,079,474  |   |   | 3,204,570 |   |
| Note                  and other receivables, current portion |   |                                            | 225,076    |   |   | 127,648 |   |
| Prepaid                  expenses                            |   |                                            | 438,542    |   |   | 456,883 |   |
| Recoverable                  income taxes                    |   |                                            | 48,900     |   |   | 225,626 |   |
| Deferred                  income taxes                       |   |                                            | 212,395    |   |   | 221,798 |   |
|                                                         |   |                                            |       |   |   |   |   |
| Total                  current assets                        |   |                                            | 5,343,784  |   |   | 6,050,704 |   |
|                                                         |   |                                            |       |   |   |   |   |
| **NOTE                  RECEIVABLE, LESS CURRENT PORTION**   |   |                                            | -          |   |   | 173,271 |   |
|                                                         |   |                                            |       |   |   |   |   |
| **PROPERTY,                  PLANT AND EQUIPMENT, NET**      |   |                                            | 16,906,280 |   |   | 17,863,528 |   |
|                                                         |   |                                            |       |   |   |   |   |
| **OTHER                  ASSETS**                            |   |                                            |       |   |   |   |   |
| Foreclosed                  property                         |   |                                            | 179,744    |   |   | - |   |
| Goodwill,                  net                               |   |                                            | 165,366    |   |   | 165,366 |   |
| Other,                  net                                  |   |                                            | 116,875    |   |   | 115,420 |   |
|                                                         |   |                                            |       |   |   |   |   |
|                                                         |   |                                            | 461,985    |   |   | 280,786 |   |
|                                                         |   |                                            |       |   |   |   |   |
|                                                         |   | $                                               | 22,712,049 |   | $ | 24,368,289 |   |
|                                                         |   |                                            |       |   |   |   |   |
|                                                         |   |                                            |       |   |   |   |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**    |   |                                            |       |   |   |   |   |
|                                                         |   |                                            |       |   |   |   |   |
| **CURRENT                  LIABILITIES**                     |   |                                            |       |   |   |   |   |
| Accounts                  payable                            |   | $                                               | 1,200,481  |   | $ | 942,401 |   |
| Accrued                  expenses                            |   |                                            | 480,275    |   |   | 475,538 |   |
| Short-term                  debt                             |   |                                            | 1,264,439  |   |   | 1,731,000 |   |
| Current                  maturities of long-term debt        |   |                                            | 246,200    |   |   | 611,617 |   |
| Income                  taxes payable                        |   |                                            | 185,430    |   |   | 843,220 |   |
|                                                         |   |                                            |       |   |   |   |   |
| Total                  current liabilities                   |   |                                            | 3,376,825  |   |   | 4,603,776 |   |
|                                                         |   |                                            |       |   |   |   |   |
| **LONG-TERM                  DEBT**                          |   |                                            | 2,146,518  |   |   | 1,745,543 |   |
|                                                         |   |                                            |       |   |   |   |   |
| **DEFERRED                  INCOME TAXES**                   |   |                                            | 2,783,796  |   |   | 3,162,715 |   |
|                                                         |   |                                            |       |   |   |   |   |
| Total                  liabilities                           |   |                                            | 8,307,139  |   |   | 9,512,034 |   |
|                                                         |   |                                            |       |   |   |   |   |
| **SHAREHOLDERS'                  EQUITY**                    |   |                                            | 14,404,910 |   |   | 14,856,255 |   |
|                                                         |   |                                            |       |   |   |   |   |
|                                                         |   | $                                               | 22,712,049 |   | $ | 24,368,289 |   |

----

|                                                     |   |  YEAR                  ENDED DECEMBER 31,   |       |
|-----------------------------------------------------|--------|------------------------------------------------------------|------------|
|                                                |   |                                                       | 2004       |   |   | 2003 |   |   | 2002 |   |
| **GROSS                  SALES**                    |   | $                                                          | 16,925,341 |   | $ | 15,802,189 |   | $ | 17,612,529 |   |
|                                                |   |                                                       |       |   |   |   |   |   |   |   |
| **EXPENSES**                                        |   |                                                       |       |   |   |   |   |   |   |   |
| Cost                  of goods sold                 |   |                                                       | 15,368,379 |   |   | 15,200,241 |   |   | 16,147,352 |   |
| Freight                  and other sales expense    |   |                                                       | 343,076    |   |   | 349,161 |   |   | 281,270 |   |
| General                  and administrative expense |   |                                                       | 1,843,940  |   |   | 2,080,068 |   |   | 2,165,342 |   |
|                                                |   |                                                       |       |   |   |   |   |   |   |   |
| Total                  expenses                     |   |                                                       | 17,555,395 |   |   | 17,629,470 |   |   | 18,593,964 |   |
|                                                |   |                                                       |       |   |   |   |   |   |   |   |
| **GAIN                  ON SALE OF ASSETS, NET**    |   |                                                       | 116        |   |   | 233,671 |   |   | 1,338,468 |   |
|                                                |   |                                                       |       |   |   |   |   |   |   |   |
| **LOSS                  FROM OPERATIONS**           |   |                                                       | (629,938   | ) |   | (1,593,610 | ) |   | 357,033 |   |
|                                                |   |                                                       |       |   |   |   |   |   |   |   |
| **OTHER                  INCOME AND (EXPENSE)**     |   |                                                       |       |   |   |   |   |   |   |   |
| Interest                  expense                   |   |                                                       | (181,878   | ) |   | (131,578 | ) |   | (175,764 | ) |
| Other                  income                       |   |                                                       | 295,738    |   |   | 130,409 |   |   | 144,556 |   |
| Other                  expense                      |   |                                                       | (174,967   | ) |   | (147,461 | ) |   | (421,924 | ) |
|                                                |   |                                                       |       |   |   |   |   |   |   |   |
| **LOSS                  BEFORE INCOME TAXES**       |   |                                                       | (691,045   | ) |   | (1,742,240 | ) |   | (96,099 | ) |
|                                                |   |                                                       |       |   |   |   |   |   |   |   |
| **PROVISION                  FOR (BENEFIT FROM)**   |   |                                                       |       |   |   |   |   |   |   |   |
| **INCOME                  TAXES**                   |   |                                                       | (239,700   | ) |   | (383,863 | ) |   | 38,429 |   |
|                                                |   |                                                       |       |   |   |   |   |   |   |   |
| **NET                  LOSS**                       |   | $                                                          | (451,345   | ) | $ | (1,358,377 | ) | $ | (134,528 | ) |

----

|                                       |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |  ADDITIONAL   |      |          | FOREIGN |        |   |   |       |   | TOTAL  |       |
|---------------------------------------|--------|---------------------------------------------|--------------------|-------------------------------------|--------|------------|---------|-----------------------------------------------------------------|--------|----------|--------|--------|----------|------------------------------|-----------|---------------|---------|-------------|--------|--------|------------|--------|--------|------------|
|                                  |        | TREASURY                  STOCK   |               |  COMMON                  STOCK |   |       | PAID-IN |                                                            |   | CURRENCY |   |   | RETAINED |                         |      | SHAREHOLDERS' |    |
|                                  |   |                                        | SHARES   |                                |   | AMOUNT     |    |                                                            | SHARES |     |   | AMOUNT |     |                         | CAPITAL   |          |    | TRANSLATION |   |   | EARNINGS   |   |   | EQUITY     |   |
| BALANCE,                              |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| JANUARY                  1, 2004      |   |                                        | (11,182            | )                                   | $      | (1,805,111 | )       |                                                            | 80,000 |     | $      | 8,000  |     | $                            | 1,949,000 |          | $       | (231,375    | )      | $      | 14,935,741 |   | $      | 14,856,255 |   |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| NET                  LOSS             |   |                                        | -                  |                                |   | -          |    |                                                            | -      |     |   | -      |     |                         | -         |          |    | -           |   |   | (451,345   | )      |   | (451,345   | ) |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| BALANCE,                              |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| DECEMBER                  31, 2004    |   |                                        | (11,182            | )                                   | $      | (1,805,111 | )       |                                                            | 80,000 |     | $      | 8,000  |     | $                            | 1,949,000 |          | $       | (231,375    | )      | $      | 14,484,396 |   | $      | 14,404,910 |   |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
|                                       |   |                                        |               |                                |   |       |    |  YEAR                  ENDED DECEMBER 31, 2003   |   |     |   |   |     |                         |      |          |    |        |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| BALANCE,                              |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| JANUARY                  1, 2003      |   |                                        | (10,632            | )                                   | $      | (1,717,067 | )       |                                                            | 80,000 |     | $      | 8,000  |     | $                            | 1,949,000 |          | $       | (231,375    | )      | $      | 16,294,118 |   | $      | 16,302,676 |   |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| PURCHASE                  OF TREASURY |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| STOCK                                 |   |                                        | (550               | )                                   |   | (88,044    | )       |                                                            | -      |     |   | -      |     |                         | -         |          |    | -           |   |   | -          |   |   | (88,044    | ) |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| NET                  LOSS             |   |                                        | -                  |                                |   | -          |    |                                                            | -      |     |   | -      |     |                         | -         |          |    | -           |   |   | (1,358,377 | )      |   | (1,358,377 | ) |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| BALANCE,                              |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| DECEMBER                  31, 2003    |   |                                        | (11,182            | )                                   | $      | (1,805,111 | )       |                                                            | 80,000 |     | $      | 8,000  |     | $                            | 1,949,000 |          | $       | (231,375    | )      | $      | 14,935,741 |   | $      | 14,856,255 |   |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
|                                  |   |                                        |               |                                |   |       |    |  YEAR                  ENDED DECEMBER 31, 2002   |   |     |   |   |     |                         |      |          |    |        |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| BALANCE,                              |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| JANUARY                  1, 2002      |   |                                        | (10,632            | )                                   | $      | (1,717,067 | )       |                                                            | 80,000 |     | $      | 8,000  |     | $                            | 1,949,000 |          | $       | (231,375    | )      | $      | 16,428,646 |   | $      | 16,437,204 |   |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| NET                  LOSS             |   |                                        | -                  |                                |   | -          |    |                                                            | -      |     |   | -      |     |                         | -         |          |    | -           |   |   | (134,528   | )      |   | (134,528   | ) |
|                                  |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| BALANCE,                              |   |                                        |               |                                |   |       |    |                                                            |   |     |   |   |     |                         |      |          |    |        |   |   |       |   |   |       |   |
| DECEMBER                  31, 2002    |   |                                        | (10,632            | )                                   | $      | (1,717,067 | )       |                                                            | 80,000 |     | $      | 8,000  |     | $                            | 1,949,000 |          | $       | (231,375    | )      | $      | 16,294,118 |   | $      | 16,302,676 |   |

----

|                                                                 |   |  YEAR                  ENDED DECEMBER 31,   |      |
|-----------------------------------------------------------------|--------|------------------------------------------------------------|-----------|
|                                                            |   |                                                       | 2004      |   |   | 2003 |   |   | 2002 |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**       |   |                                                       |      |   |   |   |   |   |   |   |
| Net                  loss                                       |   | $                                                          | (451,345  | ) | $ | (1,358,377 | ) | $ | (134,528 | ) |
| Adjustments                  to reconcile net loss to net cash  |   |                                                       |      |   |   |   |   |   |   |   |
| provided                  by operating activities -             |   |                                                       |      |   |   |   |   |   |   |   |
| Depreciation                  and amortization                  |   |                                                       | 1,517,600 |   |   | 1,577,543 |   |   | 2,122,161 |   |
| Gain                  on sale of assets                         |   |                                                       | (116      | ) |   | (233,671 | ) |   | (1,338,468 | ) |
| Deferred                  income taxes                          |   |                                                       | (369,516  | ) |   | (738,804 | ) |   | (120,803 | ) |
| (Increase)                  decrease in operating assets -      |   |                                                       |      |   |   |   |   |   |   |   |
| Accounts                  receivable                            |   |                                                       | 353,976   |   |   | (198,869 | ) |   | 406,218 |   |
| Inventories                                                     |   |                                                       | 125,096   |   |   | 769,009 |   |   | (496,787 | ) |
| Other                  receivables                              |   |                                                       | (105,140  | ) |   | 160,733 |   |   | 116,754 |   |
| Prepaid                  expenses                               |   |                                                       | 18,341    |   |   | (118,780 | ) |   | (47,131 | ) |
| Prepaid                  and recoverable income taxes           |   |                                                       | 176,726   |   |   | (225,626 | ) |   | 305,542 |   |
| Other                  assets                                   |   |                                                       | 17,066    |   |   | (403 | ) |   | 4,235 |   |
| (Decrease)                  increase in operating liabilities - |   |                                                       |      |   |   |   |   |   |   |   |
| Accounts                  payable                               |   |                                                       | 258,080   |   |   | (193,165 | ) |   | 199,108 |   |
| Accrued                  expenses                               |   |                                                       | 4,737     |   |   | (15,597 | ) |   | 27,816 |   |
| Income                  taxes payable                           |   |                                                       | (657,790  | ) |   | 724,750 |   |   | 118,470 |   |
|                                                            |   |                                                       |      |   |   |   |   |   |   |   |
| Net                  cash provided by operating activities      |   |                                                       | 887,715   |   |   | 148,743 |   |   | 1,162,587 |   |
|                                                            |   |                                                       |      |   |   |   |   |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**       |   |                                                       |      |   |   |   |   |   |   |   |
| Purchase                  of property, plant and equipment      |   |                                                       | (546,683  | ) |   | (1,014,339 | ) |   | (549,382 | ) |
| Proceeds                  from sale of property, plant          |   |                                                       |      |   |   |   |   |   |   |   |
| and                  equipment                                  |   |                                                       | 1,250     |   |   | 1,102,319 |   |   | 2,340,430 |   |
| Proceeds                  from note receivable                  |   |                                                       | 1,239     |   |   | 7,086 |   |   | 6,511 |   |
|                                                            |   |                                                       |      |   |   |   |   |   |   |   |
| Net                  cash provided by (used in) investing       |   |                                                       |      |   |   |   |   |   |   |   |
| activities                                                      |   |                                                       | (544,194  | ) |   | 95,066 |   |   | 1,797,559 |   |
|                                                            |   |                                                       |      |   |   |   |   |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**       |   |                                                       |      |   |   |   |   |   |   |   |
| Finance                  costs                                  |   |                                                       | (33,324   | ) |   | (16,122 | ) |   | - |   |
| Proceeds                  from long-term debt                   |   |                                                       | 604,660   |   |   | 400,000 |   |   | - |   |
| Payments                  on long-term debt                     |   |                                                       | (569,102  | ) |   | (799,228 | ) |   | (3,369,819 | ) |
| Net                  (payments) borrowings under line of credit |   |                                                       | (466,561  | ) |   | 220,953 |   |   | 622,962 |   |
| Purchase                  of treasury stock                     |   |                                                       | -         |   |   | (88,044 | ) |   | - |   |
| Payments                  on short-term loan                    |   |                                                       | -         |   |   | - |   |   | (257,000 | ) |
|                                                            |   |                                                       |      |   |   |   |   |   |   |   |
| Net                  cash used in financing activities          |   |                                                       | (464,327  | ) |   | (282,441 | ) |   | (3,003,857 | ) |
|                                                            |   |                                                       |      |   |   |   |   |   |   |   |
| **NET                  DECREASE IN CASH AND CASH**              |   |                                                       |      |   |   |   |   |   |   |   |
| **EQUIVALENTS**                                                 |   |                                                       | (120,806  | ) |   | (38,632 | ) |   | (43,711 | ) |
|                                                            |   |                                                       |      |   |   |   |   |   |   |   |
| **CASH                  AND CASH EQUIVALENTS - BEGINNING**      |   |                                                       | 235,628   |   |   | 274,260 |   |   | 317,971 |   |
|                                                            |   |                                                       |      |   |   |   |   |   |   |   |
| **CASH                  AND CASH EQUIVALENTS - ENDING**         |   | $                                                          | 114,822   |   | $ | 235,628 |   | $ | 274,260 |   |

----

|                                                              |   |  YEAR                  ENDED DECEMBER 31,   |    |
|--------------------------------------------------------------|--------|------------------------------------------------------------|---------|
|                                                         |   |                                                       | 2004    |   |   | 2003 |   |   | 2002 |   |
| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW**    |   |                                                       |    |   |   |   |   |   |   |   |
| **INFORMATION**                                              |   |                                                       |    |   |   |   |   |   |   |   |
| Income                  taxes paid (refunded)                |   | $                                                          | 360,803 |   | $ | (190,131 | ) | $ | (277,551 | ) |
|                                                         |   |                                                       |    |   |   |   |   |   |   |   |
| Interest                  paid                               |   | $                                                          | 183,638 |   | $ | 134,045 |   | $ | 196,990 |   |
|                                                         |   |                                                       |    |   |   |   |   |   |   |   |
| **SUPPLEMENTAL                  DISCLOSURE OF NONCASH**      |   |                                                       |    |   |   |   |   |   |   |   |
| **TRANSACTIONS**                                             |   |                                                       |    |   |   |   |   |   |   |   |
| Transfer                  of note receivable to other assets |   |                                                       |    |   |   |   |   |   |   |   |
| as                  a result of foreclosure on real property |   | $                                                          | 179,744 |   | $ | - |   | $ | - |   |

----

----

----

----

|                               |   |   | 2004      |   |   | 2003      |   |
|------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|
| Seafood                  products  |   | $      | 1,233,091 |   | $      | 1,474,220 |   |
| Supplies                           |   |   | 1,751,653 |   |   | 1,635,113 |   |
| Stock                  in ponds    |   |   | 94,730    |   |   | 95,237    |   |
|                               |   |   |      |   |   |      |   |
| Total                  inventories |   | $      | 3,079,474 |   | $      | 3,204,570 |   |

|                                                 |   |   | 2004        |   |   | 2003        |   |
|------------------------------------------------------|--------|--------|-------------|--------|--------|-------------|--------|
| Land                                                 |   | $      | 559,801     |   | $      | 559,801     |   |
| Land                  improvements                   |   |   | 1,541,082   |   |   | 1,541,082   |   |
| Buildings                                            |   |   | 4,430,362   |   |   | 4,240,560   |   |
| Marine                  vessels                      |   |   | 15,987,066  |   |   | 15,987,066  |   |
| Machinery                  and equipment             |   |   | 5,559,121   |   |   | 5,767,265   |   |
| Furniture                  and fixtures              |   |   | 555,342     |   |   | 748,797     |   |
| Construction                  in progress            |   |   | 100,184     |   |   | 322,883     |   |
|                                                 |   |   |        |   |   |        |   |
| Total                  property, plant and equipment |   |   | 28,732,958  |   |   | 29,167,454  |   |
| Less                  accumulated depreciation       |   |   | (11,826,678 | )      |   | (11,303,926 | )      |
|                                                 |   |   |        |   |   |        |   |
| Property,                  plant and equipment, net  |   | $      | 16,906,280  |   | $      | 17,863,528  |   |

----

|                                           |   |   | 2004     |   |   | 2003     |   |
|------------------------------------------------|--------|--------|----------|--------|--------|----------|--------|
| Foreclosed                  property           |   | $      | 179,744  |   | $      | -        |   |
|                                           |   |   |     |   |   |     |   |
| Goodwill                                       |   | $      | 566,880  |   | $      | 566,880  |   |
| Less                  accumulated amortization |   |   | (401,514 | )      |   | (401,514 | )      |
|                                           |   |   |     |   |   |     |   |
| Goodwill,                  net                 |   | $      | 165,366  |   | $      | 165,366  |   |
|                                           |   |   |     |   |   |     |   |
| Deferred                  financing costs      |   | $      | 85,318   |   | $      | 51,994   |   |
| Less                  accumulated amortization |   |   | (44,479  | )      |   | (29,676  | )      |
|                                           |   |   |     |   |   |     |   |
| Deferred                  financing costs, net |   |   | 40,839   |   |   | 22,318   |   |
|                                           |   |   |     |   |   |     |   |
| Other                  assets (see Note 11)    |   |   | 76,036   |   |   | 93,102   |   |
|                                           |   |   |     |   |   |     |   |
| Total                  other assets, net       |   | $      | 116,875  |   | $      | 115,420  |   |

----

| 2005   |   | $      | 8,448  |   |
|--------|--------|--------|--------|--------|
| 2006   |   |   | 8,448  |   |
| 2007   |   |   | 8,448  |   |
| 2008   |   |   | 8,448  |   |
| 2009   |   |   | 7,047  |   |
|   |   |   |   |   |
|   |   | $      | 40,839 |   |

----

|                                                       |   |   | 2004      |   |   | 2003      |   |
|------------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|
| SouthTrust                  term loans                     |   | $      | 2,168,633 |   | $      | 2,202,330 |   |
| Sahlman                  Seafoods of Nicaragua,            |   |   |      |   |   |      |   |
| SA                  bank loan                              |   |   | 224,085   |   |   | 150,000   |   |
| Other                                                      |   |   | -         |   |   | 4,830     |   |
|                                                       |   |   |      |   |   |      |   |
| Total                  long-term debt                      |   |   | 2,392,718 |   |   | 2,357,160 |   |
| Less                  current maturities of long-term debt |   |   | 246,200   |   |   | 611,617   |   |
|                                                       |   |   |      |   |   |      |   |
| Total                  long-term debt                      |   | $      | 2,146,518 |   | $      | 1,745,543 |   |

----

----

| 2005   |   | $      | 246,200   |   |
|--------|--------|--------|-----------|--------|
| 2006   |   |   | 270,285   |   |
| 2007   |   |   | 146,200   |   |
| 2008   |   |   | 146,200   |   |
| 2009   |   |   | 1,583,833 |   |
|   |   |   |      |   |
|   |   | $      | 2,392,718 |   |

|                                                |   |   | 2004     |   |   | 2003     |   |   | 2002     |   |
|-----------------------------------------------------|--------|--------|----------|--------|--------|----------|--------|--------|----------|--------|
| Current                                             |   |   |     |   |   |     |   |   |     |   |
| Federal                                             |   | $      | (46,900  | )      | $      | 354,941  |   | $      | 96,315   |   |
| Foreign                                             |   |   | 49,377   |   |   | -        |   |   | 50,147   |   |
|                                                |   |   |     |   |   |     |   |   |     |   |
| Total                  current                      |   |   | 2,477    |   |   | 354,941  |   |   | 146,462  |   |
|                                                |   |   |     |   |   |     |   |   |     |   |
| Deferred                                            |   |   |     |   |   |     |   |   |     |   |
| Federal                                             |   |   | (212,720 | )      |   | (693,156 | )      |   | (155,873 | )      |
| State                                               |   |   | (10,020  | )      |   | (45,648  | )      |   | (12,404  | )      |
| Foreign                                             |   |   | (19,437  | )      |   | -        |   |   | 60,244   |   |
|                                                |   |   |     |   |   |     |   |   |     |   |
| Total                  deferred                     |   |   | (242,177 | )      |   | (738,804 | )      |   | (108,033 | )      |
|                                                |   |   |     |   |   |     |   |   |     |   |
| Total                  provision for (benefit from) |   |   |     |   |   |     |   |   |     |   |
| income                  taxes                       |   | $      | (239,700 | )      | $      | (383,863 | )      | $      | 38,429   |   |

----

----

----

|                                        |   |   | 2004   |   |   | 2003   |   |
|---------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Class                  A common stock:      |   |   |   |   |   |   |   |
| Par                  value per share        |   |   | .10    |   |   | .10    |   |
| Shares                  authorized          |   |   | 60,000 |   |   | 60,000 |   |
| Shares                  outstanding, net of |   |   |   |   |   |   |   |
| treasury                  stock             |   |   | 27,068 |   |   | 27,068 |   |
|                                        |   |   |   |   |   |   |   |
| Class                  B common stock:      |   |   |   |   |   |   |   |
| Par                  value per share        |   |   | .10    |   |   | .10    |   |
| Shares                  authorized          |   |   | 50,000 |   |   | 50,000 |   |
| Shares                  outstanding, net of |   |   |   |   |   |   |   |
| treasury                  stock             |   |   | 41,750 |   |   | 41,750 |   |
|                                        |   |   |   |   |   |   |   |
| Class                  C common stock:      |   |   |   |   |   |   |   |
| Par                  value per share        |   |   | .10    |   |   | .10    |   |
| Shares                  authorized          |   |   | 40,000 |   |   | 40,000 |   |
| Shares                  outstanding, net of |   |   |   |   |   |   |   |
| treasury                  stock             |   |   | -      |   |   | -      |   |
|                                        |   |   |   |   |   |   |   |
| Class                  D common stock:      |   |   |   |   |   |   |   |
| Par                  value per share        |   |   | .10    |   |   | .10    |   |
| Shares                  authorized          |   |   | 40,000 |   |   | 40,000 |   |
| Shares                  outstanding, net of |   |   |   |   |   |   |   |
| treasury                  stock             |   |   | -      |   |   | -      |   |

----

|                                               |   |   | Number                            |   |   | Weighted                  Average |   |
|----------------------------------------------------|--------|--------|----------------------------------------|--------|--------|-----------------------------------|--------|
|                                               |   |   | of                  Shares   |   |   | Option                  Price     |   |
| Options                  (granted and unexercised) |   |   |                                   |   |   |                              |   |
| at                  January 1, 2004                |   |   | 4,117                                  |   | $      | 160.08                            |   |
| Granted                                            |   |   | -                                      |   |   | -                                 |   |
| Exercised                                          |   |   | -                                      |   |   | -                                 |   |
| Forfeited                                          |   |   | -                                      |   |   | -                                 |   |
|                                               |   |   |                                   |   |   |                              |   |
| Options                  (granted and unexercised) |   |   |                                   |   |   |                              |   |
| at                  December 31, 2004              |   |   | 4,117                                  |   | $      | 160.08                            |   |
|                                               |   |   |                                   |   |   |                              |   |
|                                               |   |   | Number                            |   |   | Weighted                  Average |   |
|                                               |   |   | of                  Shares   |   |   | Option                  Price     |   |
| Options                  (granted and unexercised) |   |   |                                   |   |   |                              |   |
| at                  January 1, 2003                |   |   | 4,117                                  |   | $      | 160.08                            |   |
| Granted                                            |   |   | -                                      |   |   | -                                 |   |
| Exercised                                          |   |   | -                                      |   |   | -                                 |   |
| Forfeited                                          |   |   | -                                      |   |   | -                                 |   |
|                                               |   |   |                                   |   |   |                              |   |
| Options                  (granted and unexercised) |   |   |                                   |   |   |                              |   |
| at                  December 31, 2003              |   |   | 4,117                                  |   | $      | 160.08                            |   |

----

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