**FORM      10-K/A**

**Amendment      No. 2**

** **

**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                * |
|---------------|----------------------------------------------------------------------------|

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| Report                of Independent Registered Public Accounting Firm                                                                           | *  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|----|
| Schedule                II - Valuation and Qualifying Accounts                                                                              | *  |
| Financial                Statements (Unaudited) of Sahlman Holding Company, Inc.:                                                                | 5  |
| -                Consolidated Balance Sheet (Unaudited) as of December 31,                2004                                                   | 6  |
| -                Consolidated Statement of Operations (Unaudited) for the year ended                December 31, 2004                            | 7  |
| -                Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) for                the year ended December 31, 2004 | 8  |
| -                Consolidated Statement of Cash Flows (Unaudited) for the year ended                December 31, 2004                            | 9  |
| -                Notes to Consolidated Financial Statements (Unaudited)                                                                          | 10 |
| Financial                Statements of Sahlman Holding Company, Inc.:                                                                            | 18 |
| -                Report of Independent Auditors: Sahlman Holding Company,                Inc.                                                    | 19 |
| -                Report of Independent Auditors: Sahlman Seafoods of Nicaragua,                S.A.                                              | 21 |
| -                Consolidated Balance Sheet as of December 31, 2003                                                                              | 22 |
| -                Consolidated Statement of Operations for the year ended December                31,                2003                         | 23 |
| -                Consolidated Statement of Changes in Shareholders’ Equity for the year                ended December 31, 2003             | 24 |
| -                Consolidated Statement of Cash Flows for the year ended December                31,                2003                         | 25 |
| -                Notes to Consolidated Financial Statements                                                                                      | 26 |
| Financial                Statements (Unaudited) of Sahlman Holding Company, Inc.:                                                                | 35 |
| -                Consolidated Balance Sheet (Unaudited) as of December 31,                2002                                                   | 36 |
| -                Consolidated Statement of Operations (Unaudited) for the year ended                December 31, 2002                            | 37 |
| -                Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) for                the year ended December 31, 2002 | 38 |
| -                Consolidated Statement of Cash Flows (Unaudited) for the year ended                December 31, 2002                            | 39 |
| -                Notes to Consolidated Financial Statements (Unaudited)                                                                          | 40 |
| Consent                of Independent Registered Public Accounting Firm                                                           | *  |
| Consent                of Independent Public Accounting Firm                                                                      | ** |
| Consent                of Independent Public Accounting Firm                                                                      | ** |

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|                                                        |   |  DECEMBER                  31,  |       |
|-------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                        |   | 2004                                      |       |
| **ASSETS**                                                  |   |                                      |       |   |
|                                                        |   |                                      |       |   |
| **CURRENT                  ASSETS**                         |   |                                      |       |   |
| Cash                  and cash equivalents                  |   | $                                         | 114,822    |   |
| Accounts                  receivable - net of allowance for |   |                                      |       |   |
| doubtful                  accounts of $14,406               |   |                                      | 1,224,575  |   |
| Inventories                                                 |   |                                      | 3,079,474  |   |
| Note                  and other receivables                 |   |                                      | 225,076    |   |
| Prepaid                  expenses                           |   |                                      | 438,542    |   |
| Prepaid                  and recoverable income taxes       |   |                                      | 48,900     |   |
| Deferred                  income taxes                      |   |                                      | 212,395    |   |
|                                                        |   |                                      |       |   |
| Total                  current assets                       |   |                                      | 5,343,784  |   |
|                                                        |   |                                      |       |   |
| **PROPERTY,                  PLANT AND EQUIPMENT, NET**     |   |                                      | 17,763,310 |   |
|                                                        |   |                                      |       |   |
| **OTHER                  ASSETS**                           |   |                                      |       |   |
| Foreclosed                  property                        |   |                                      | 179,744    |   |
| Goodwill,                  net                              |   |                                      | 165,366    |   |
| Other,                  net                                 |   |                                      | 116,875    |   |
|                                                        |   |                                      |       |   |
|                                                        |   |                                      | 461,985    |   |
|                                                        |   |                                      |       |   |
|                                                        |   | $                                         | 23,569,079 |   |
|                                                        |   |                                      |       |   |
|                                                        |   |                                      |       |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**   |   |                                      |       |   |
|                                                        |   |                                      |       |   |
| **CURRENT                  LIABILITIES**                    |   |                                      |       |   |
| Accounts                  payable                           |   | $                                         | 1,200,481  |   |
| Accrued                  expenses                           |   |                                      | 480,275    |   |
| Short-term                  debt                            |   |                                      | 1,264,439  |   |
| Current                  maturities of long-term debt       |   |                                      | 246,200    |   |
| Income                  taxes payable                       |   |                                      | 185,430    |   |
|                                                        |   |                                      |       |   |
| Total                  current liabilities                  |   |                                      | 3,376,825  |   |
|                                                        |   |                                      |       |   |
| **LONG-TERM                  DEBT**                         |   |                                      | 2,146,518  |   |
|                                                        |   |                                      |       |   |
| **DEFERRED                  INCOME TAXES**                  |   |                                      | 2,783,796  |   |
|                                                        |   |                                      |       |   |
| Total                  liabilities                          |   |                                      | 8,307,139  |   |
|                                                        |   |                                      |       |   |
| **SHAREHOLDERS'                  EQUITY**                   |   |                                      | 15,261,940 |   |
|                                                        |   |                                      |       |   |
|                                                        |   | $                                         | 23,569,079 |   |

----

|                                                |   | YEAR                  ENDED   |       |
|-----------------------------------------------------|--------|-------------------------------|------------|
|                                                     |   | DECEMBER                  31, |       |
|                                                |   | 2004                          |       |
|                                                |   |                          |       |   |
| **GROSS                  SALES**                    |   | $                             | 16,925,341 |   |
|                                                |   |                          |       |   |
| **EXPENSES**                                        |   |                          |       |   |
| Cost                  of goods sold                 |   |                          | 15,177,632 |   |
| Freight                  and other sales expense    |   |                          | 343,076    |   |
| General                  and administrative expense |   |                          | 1,843,940  |   |
|                                                |   |                          |       |   |
| Total                  expenses                     |   |                          | 17,364,648 |   |
|                                                |   |                          |       |   |
| **GAIN                  ON SALE OF ASSETS, NET**    |   |                          | 116        |   |
|                                                |   |                          |       |   |
| **LOSS                  FROM OPERATIONS**           |   |                          | (439,191   | ) |
|                                                |   |                          |       |   |
| **OTHER                  INCOME AND (EXPENSE)**     |   |                          |       |   |
| Interest                  expense                   |   |                          | (181,878   | ) |
| Other                  income                       |   |                          | 295,738    |   |
| Other                  expense                      |   |                          | (174,967   | ) |
|                                                |   |                          |       |   |
| **LOSS                  BEFORE INCOME TAXES**       |   |                          | (500,298   | ) |
|                                                |   |                          |       |   |
| **BENEFIT                  FROM INCOME TAXES**      |   |                          | (239,700   | ) |
|                                                |   |                          |       |   |
| **NET                  LOSS**                       |   | $                             | (260,598   | ) |

----

|                               |   |                            |    |                          |   |       |   |     |   |           |   |                |   |  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 | )      | $      | 15,602,024 |   | $ | 15,522,538 |   |
|                               |   |                            |    |                          |   |       |   |     |   |           |   |                |   |                   |      |    |   |     |   |   |       |   |   |   |   |
| NET                  LOSS          |   |                            | -       |                          |   | -          |   |     | -      |           |   | -                   |   |                   | -         |    |   | -        |   |   | (260,598   | )      |   | (260,598 | ) |
|                               |   |                            |    |                          |   |       |   |     |   |           |   |                |   |                   |      |    |   |     |   |   |       |   |   |   |   |
| BALANCE,                           |   |                            |    |                          |   |       |   |     |   |           |   |                |   |                   |      |    |   |     |   |   |       |   |   |   |   |
| DECEMBER                  31, 2004 |   |                            | (11,182 | )                             | $      | (1,805,111 | )      |     | 80,000 |           | $      | 8,000               |   | $                      | 1,949,000 |    | $      | (231,375 | )      | $      | 15,341,426 |   | $ | 15,261,940 |   |

----

|                                                                      |   | YEAR                  ENDED   |      |
|----------------------------------------------------------------------|--------|-------------------------------|-----------|
|                                                                      |   | DECEMBER                  31, |      |
|                                                                 |   | 2004                          |      |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**            |   |                          |      |   |
| Net                  loss                                            |   | $                             | (260,598  | ) |
| Adjustments                  to reconcile net loss to net cash       |   |                          |      |   |
| provided                  by operating activities -                  |   |                          |      |   |
| Depreciation                  and amortization                       |   |                          | 1,326,853 |   |
| Gain                  on sale of assets                              |   |                          | (116      | ) |
| Deferred                  income taxes                               |   |                          | (369,516  | ) |
| (Increase)                  decrease in operating assets -           |   |                          |      |   |
| Accounts                  receivable                                 |   |                          | 353,976   |   |
| Inventories                                                          |   |                          | 125,096   |   |
| Other                  receivables                                   |   |                          | (105,140  | ) |
| Prepaid                  expenses                                    |   |                          | 18,341    |   |
| Prepaid                  and recoverable income taxes                |   |                          | 176,726   |   |
| Other                  assets                                        |   |                          | 17,066    |   |
| (Decrease)                  increase in operating liabilities -      |   |                          |      |   |
| Accounts                  payable                                    |   |                          | 258,080   |   |
| Accrued                  expenses                                    |   |                          | 4,737     |   |
| Income                  taxes payable                                |   |                          | (657,790  | ) |
|                                                                 |   |                          |      |   |
| Net                  cash provided by operating activities           |   |                          | 887,715   |   |
|                                                                 |   |                          |      |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**            |   |                          |      |   |
| Purchase                  of property, plant and equipment           |   |                          | (546,683  | ) |
| Proceeds                  from sale of property, plant and equipment |   |                          | 1,250     |   |
| Proceeds                  from note receivable                       |   |                          | 1,239     |   |
|                                                                 |   |                          |      |   |
| Net                  cash used in investing activities               |   |                          | (544,194  | ) |
|                                                                 |   |                          |      |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**            |   |                          |      |   |
| Finance                  costs                                       |   |                          | (33,324   | ) |
| Proceeds                  from long-term debt                        |   |                          | 604,660   |   |
| Payments                  on long-term debt                          |   |                          | (569,102  | ) |
| Net                  payments under line of credit                   |   |                          | (466,561  | ) |
|                                                                 |   |                          |      |   |
| Net                  cash used in financing activities               |   |                          | (464,327  | ) |
|                                                                 |   |                          |      |   |
| **NET                  DECREASE IN CASH AND CASH EQUIVALENTS**       |   |                          | (120,806  | ) |
|                                                                 |   |                          |      |   |
| **CASH                  AND CASH EQUIVALENTS - BEGINNING**           |   |                          | 235,628   |   |
|                                                                 |   |                          |      |   |
| **CASH                  AND CASH EQUIVALENTS - ENDING**              |   | $                             | 114,822   |   |

| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW**    |   |   |    |   |
|--------------------------------------------------------------|--------|--------|---------|--------|
| **INFORMATION**                                              |   |   |    |   |
| Income                  taxes paid                           |   | $      | 360,803 |   |
|                                                         |   |   |    |   |
| Interest                  paid                               |   | $      | 183,638 |   |
|                                                         |   |   |    |   |
| **SUPPLEMENTAL                  DISCLOSURE OF NONCASH**      |   |   |    |   |
| **TRANSACTIONS**                                             |   |   |    |   |
| Transfer                  of note receivable to other assets |   |   |    |   |
| as                  a result of foreclosure on real property |   | $      | 179,744 |   |

----

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|  Land improvements           |  15              years      |
|-------------------------------------------------------|----------------------------------|
|  Building                                   |  5 - 30 years               |
|  Marine vessels              |  10 - 20              years |
|  Machinery and equipment     |  5              - 20 years  |

|                               |   | 2004   |      |
|------------------------------------|--------|--------|-----------|
| Seafood                  products  |   | $      | 1,233,091 |   |
| Supplies                           |   |   | 1,751,653 |   |
| Stock                  in ponds    |   |   | 94,730    |   |
|                               |   |   |      |   |
| Total                  inventories |   | $      | 3,079,474 |   |

----

|                                                 |   | 2004   |        |
|------------------------------------------------------|--------|--------|-------------|
| Land                  and land improvements          |   | $      | 825,405     |   |
| Buildings                                            |   |   | 6,054,805   |   |
| Marine                  vessels                      |   |   | 15,987,066  |   |
| Machinery                  and equipment             |   |   | 5,418,794   |   |
| Furniture                  and fixtures              |   |   | 350,041     |   |
|                                                 |   |   |        |   |
| Total                  property, plant and equipment |   |   | 28,636,111  |   |
| Less                  accumulated depreciation       |   |   | (10,872,801 | ) |
|                                                 |   |   |        |   |
| Property,                  plant and equipment, net  |   | $      | 17,763,310  |   |

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

----

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

|                                                         |   | 2004   |      |
|--------------------------------------------------------------|--------|--------|-----------|
| SouthTrust                  term loans                       |   | $      | 2,168,633 |   |
| Sahlman                  Seafoods of Nicaragua, SA bank loan |   |   | 224,085   |   |
|                                                         |   |   |      |   |
| Total                  long-term debt                        |   |   | 2,392,718 |   |
| Less                  current maturities of long-term debt   |   |   | 246,200   |   |
|                                                         |   |   |      |   |
| Total                  long-term debt                        |   | $      | 2,146,518 |   |

----

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

|                                             |   | 2004   |     |
|--------------------------------------------------|--------|--------|----------|
| Current                                          |   |   |     |   |
| Federal                                          |   | $      | (46,900  | ) |
| Foreign                                          |   |   | 49,377   |   |
|                                             |   |   |     |   |
| Total                  current                   |   |   | 2,477    |   |
|                                             |   |   |     |   |
| Deferred                                         |   |   |     |   |
| Federal                                          |   |   | (212,720 | ) |
| State                                            |   |   | (10,020  | ) |
| Foreign                                          |   |   | (19,437  | ) |
|                                             |   |   |     |   |
| Total                  deferred                  |   |   | (242,177 | ) |
|                                             |   |   |     |   |
| Total                  benefit from income taxes |   | $      | (239,700 | ) |

----

----

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

|                                               |   | Number |   |                                    |   |   |
|----------------------------------------------------|--------|--------|--------|-----------------------------------------|--------|--------|
|                                                    |   | of     |   |  Weighted                  Average |   |
|                                                    |   | 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 |   |

----

----

----

----

----

----

|                                                              |   | DECEMBER                  31, |       |
|--------------------------------------------------------------|--------|-------------------------------|------------|
|                                                         |   | 2003                          |       |
| **ASSETS**                                                   |   |                          |       |   |
|                                                         |   |                          |       |   |
| **CURRENT                  ASSETS**                          |   |                          |       |   |
| Cash                  and cash equivalents                   |   | $                             | 235,628    |   |
| Accounts                  receivable - net of allowance for  |   |                          |       |   |
| doubtful                  accounts of $9,000                 |   |                          | 1,578,551  |   |
| Inventories                                                  |   |                          | 3,204,570  |   |
| Note                  and other receivables, current portion |   |                          | 127,648    |   |
| Prepaid                  expenses                            |   |                          | 456,883    |   |
| Recoverable                  income taxes                    |   |                          | 225,626    |   |
| Deferred                  income taxes                       |   |                          | 221,798    |   |
|                                                         |   |                          |       |   |
| Total                  current assets                        |   |                          | 6,050,704  |   |
|                                                         |   |                          |       |   |
| **NOTE                  RECEIVABLE, LESS CURRENT PORTION**   |   |                          | 173,271    |   |
|                                                         |   |                          |       |   |
| **PROPERTY,                  PLANT AND EQUIPMENT, NET**      |   |                          | 18,512,798 |   |
|                                                         |   |                          |       |   |
| **OTHER                  ASSETS**                            |   |                          |       |   |
| Goodwill,                  net                               |   |                          | 165,366    |   |
| Other,                  net                                  |   |                          | 115,420    |   |
|                                                         |   |                          |       |   |
|                                                         |   |                          | 280,786    |   |
|                                                         |   |                          |       |   |
|                                                         |   | $                             | 25,017,559 |   |
|                                                         |   |                          |       |   |
|                                                         |   |                          |       |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**    |   |                          |       |   |
|                                                         |   |                          |       |   |
| **CURRENT                  LIABILITIES**                     |   |                          |       |   |
| Accounts                  payable                            |   | $                             | 942,401    |   |
| Accrued                  expenses                            |   |                          | 475,538    |   |
| Short-term                  debt                             |   |                          | 1,731,000  |   |
| Current                  maturities of long-term debt        |   |                          | 611,617    |   |
| Income                  taxes payable                        |   |                          | 843,220    |   |
|                                                         |   |                          |       |   |
| Total                  current liabilities                   |   |                          | 4,603,776  |   |
|                                                         |   |                          |       |   |
| **LONG-TERM                  DEBT**                          |   |                          | 1,745,543  |   |
|                                                         |   |                          |       |   |
| **DEFERRED                  INCOME TAXES**                   |   |                          | 3,145,702  |   |
|                                                         |   |                          |       |   |
| Total                  liabilities                           |   |                          | 9,495,021  |   |
|                                                         |   |                          |       |   |
| **SHAREHOLDERS'                  EQUITY**                    |   |                          | 15,522,538 |   |
|                                                         |   |                          |       |   |
|                                                         |   | $                             | 25,017,559 |   |

----

|                                                |   | YEAR                  ENDED   |       |
|-----------------------------------------------------|--------|-------------------------------|------------|
|                                                     |   | DECEMBER                  31, |       |
|                                                |   | 2003                          |       |
|                                                |   |                          |       |   |
| **GROSS                  SALES**                    |   | $                             | 15,802,189 |   |
|                                                |   |                          |       |   |
| **EXPENSES**                                        |   |                          |       |   |
| Cost                  of goods sold                 |   |                          | 15,200,241 |   |
| Freight                  and other sales expense    |   |                          | 349,161    |   |
| General                  and administrative expense |   |                          | 2,063,111  |   |
|                                                |   |                          |       |   |
| Total                  expenses                     |   |                          | 17,612,513 |   |
|                                                |   |                          |       |   |
| **GAIN                  ON SALE OF ASSETS, NET**    |   |                          | 233,671    |   |
|                                                |   |                          |       |   |
| **LOSS                  FROM OPERATIONS**           |   |                          | (1,576,653 | ) |
|                                                |   |                          |       |   |
| **OTHER                  INCOME AND (EXPENSE)**     |   |                          |       |   |
| Interest                  expense                   |   |                          | (131,578   | ) |
| Other                  income                       |   |                          | 130,409    |   |
| Other                  expense                      |   |                          | (480,525   | ) |
|                                                |   |                          |       |   |
| **LOSS                  BEFORE INCOME TAXES**       |   |                          | (2,058,347 | ) |
|                                                |   |                          |       |   |
| **BENEFIT                  FROM INCOME TAXES**      |   |                          | (729,104   | ) |
|                                                |   |                          |       |   |
| **NET                  LOSS**                       |   | $                             | (1,329,243 | ) |

----

|                                       |   |                            |    |                          |   |          |   |           |   |           |   |                |   |  ADDITIONAL   |      |  FOREIGN |   |     |   |   |  TOTAL |   |
|---------------------------------------|--------|---------------------------------|---------|-------------------------------|--------|---------------|--------|----------------|--------|----------------|--------|---------------------|--------|------------------------------|-----------|---------------|--------|----------|--------|--------|-------------|--------|
|                                  |   | TREASURY                  STOCK |    | COMMON                  STOCK |   |  PAID-IN |   |  CURRENCY |   |  RETAINED |   |  SHAREHOLDERS' |   |
|                                       |   |  SHARES               |    |  AMOUNT                  |   |  SHARES  |   |  AMOUNT   |   |  CAPITAL  |   |  TRANSLATION   |   |  EARNINGS               |      |  EQUITY  |   |
| BALANCE,                              |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| JANUARY                  1, 2003      |   |                            | (10,632 | )                             | $      | (1,717,067    | )      |           | 80,000 |           | $      | 8,000               |   | $                            | 1,949,000 |          | $      | (231,375 | )      | $      | 16,931,267  |   | $ | 16,939,825 |   |
|                                  |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| PURCHASE                  OF TREASURY |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| STOCK                                 |   |                            | (550    | )                             |   | (88,044       | )      |           | -      |           |   | -                   |   |                         | -         |          |   | -        |   |   | -           |   |   | (88,044 | ) |
|                                  |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| NET                  LOSS             |   |                            | -       |                          |   | -             |   |           | -      |           |   | -                   |   |                         | -         |          |   | -        |   |   | (1,329,243  | )      |   | (1,329,243 | ) |
|                                  |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| BALANCE,                              |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| DECEMBER                  31, 2003    |   |                            | (11,182 | )                             | $      | (1,805,111    | )      |           | 80,000 |           | $      | 8,000               |   | $                            | 1,949,000 |          | $      | (231,375 | )      | $      | 15,602,024  |   | $ | 15,522,538 |   |

----

|                                                                 |   | YEAR                  ENDED   |       |
|----------------------------------------------------------------------|--------|-------------------------------|------------|
|                                                                      |   | DECEMBER                  31, |       |
|                                                                 |   | 2003                          |       |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**            |   |                          |       |   |
| Net                  loss                                            |   | $                             | (1,329,243 | ) |
| Adjustments                  to reconcile net loss to net cash       |   |                          |       |   |
| provided                  by operating activities -                  |   |                          |       |   |
| Depreciation                  and amortization                       |   |                          | 1,560,586  |   |
| Gain                  on sale of assets                              |   |                          | (233,671   | ) |
| Deferred                  income taxes                               |   |                          | (1,084,045 | ) |
| (Increase)                  decrease in operating assets -           |   |                          |       |   |
| Accounts                  receivable                                 |   |                          | (198,869   | ) |
| Inventories                                                          |   |                          | 769,009    |   |
| Other                  receivables                                   |   |                          | 160,733    |   |
| Prepaid                  expenses                                    |   |                          | (118,780   | ) |
| Prepaid                  and recoverable income taxes                |   |                          | (225,626   | ) |
| Other                  assets                                        |   |                          | (403       | ) |
| (Decrease)                  increase in operating liabilities -      |   |                          |       |   |
| Accounts                  payable                                    |   |                          | (193,165   | ) |
| Accrued                  expenses                                    |   |                          | (15,597    | ) |
| Income                  taxes payable                                |   |                          | 724,750    |   |
|                                                                 |   |                          |       |   |
| Net                  cash provided by operating activities           |   |                          | (184,321   | ) |
|                                                                 |   |                          |       |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**            |   |                          |       |   |
| Purchase                  of property, plant and equipment           |   |                          | (681,275   | ) |
| Proceeds                  from sale of property, plant and equipment |   |                          | 1,102,319  |   |
| Proceeds                  from note receivable                       |   |                          | 7,086      |   |
|                                                                 |   |                          |       |   |
| Net                  cash provided by investing activities           |   |                          | 428,130    |   |
|                                                                 |   |                          |       |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**            |   |                          |       |   |
| Finance                  costs                                       |   |                          | (16,122    | ) |
| Proceeds                  from long-term debt                        |   |                          | 400,000    |   |
| Payments                  on long-term debt                          |   |                          | (799,228   | ) |
| Net                  borrowings under line of credit                 |   |                          | 220,953    |   |
| Purchase                  of treasury stock                          |   |                          | (88,044    | ) |
| Payments                  on short-term debt                         |   |                          | -          |   |
|                                                                 |   |                          |       |   |
| Net                  cash used in financing activities               |   |                          | (282,441   | ) |
|                                                                 |   |                          |       |   |
| **NET                  DECREASE IN CASH AND CASH**                   |   |                          |       |   |
| **EQUIVALENTS**                                                      |   |                          | (38,632    | ) |
|                                                                 |   |                          |       |   |
| **CASH                  AND CASH EQUIVALENTS - BEGINNING**           |   |                          | 274,260    |   |
|                                                                 |   |                          |       |   |
| **CASH                  AND CASH EQUIVALENTS - ENDING**              |   | $                             | 235,628    |   |
|                                                                 |   |                          |       |   |
| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW**            |   |                          |       |   |
| **INFORMATION**                                                      |   |                          |       |   |
| Income                  taxes refunded                               |   | $                             | (190,131   | ) |
|                                                                 |   |                          |       |   |
| Interest                  paid                                       |   | $                             | 134,045    |   |

----

|  Land improvements       |  15              years                  |
|-------------------------------|----------------------------------------------|
|  Building                |  5              -              30 years |
|  Marine vessels          |  10              - 20 years             |
|  Machinery and equipment |  5 - 20              years              |

----

|                               |   | 2003   |      |
|------------------------------------|--------|--------|-----------|
| Seafood                  products  |   | $      | 1,474,220 |   |
| Supplies                           |   |   | 1,635,113 |   |
| Stock                  in ponds    |   |   | 95,237    |   |
|                               |   |   |      |   |
| Total                  inventories |   | $      | 3,204,570 |   |

----

|                                                 |   | 2003   |        |
|------------------------------------------------------|--------|--------|-------------|
| Land                                                 |   | $      | 561,854     |   |
| Land                  improvements                   |   |   | 1,542,668   |   |
| Buildings                                            |   |   | 4,383,481   |   |
| Marine                  vessels                      |   |   | 15,990,078  |   |
| Machinery                  and equipment             |   |   | 5,802,766   |   |
| Furniture                  and fixtures              |   |   | 750,841     |   |
| Construction                  in progress            |   |   | 223,950     |   |
|                                                 |   |   |        |   |
| Total                  property, plant and equipment |   |   | 29,255,638  |   |
| Less                  accumulated depreciation       |   |   | (10,742,840 | ) |
|                                                 |   |   |        |   |
| Property,                  plant and equipment, net  |   | $      | 18,512,798  |   |

|                                           |   | 2003   |     |
|------------------------------------------------|--------|--------|----------|
| Goodwill                                       |   | $      | 566,880  |   |
| Less                  accumulated amortization |   |   | (401,514 | ) |
|                                           |   |   |     |   |
| Goodwill,                  net                 |   | $      | 165,366  |   |
|                                           |   |   |     |   |
| Deferred                  financing costs      |   | $      | 51,994   |   |
| Less                  accumulated amortization |   |   | (29,676  | ) |
|                                           |   |   |     |   |
| Deferred                  financing costs, net |   |   | 22,318   |   |
|                                           |   |   |     |   |
| Other                  assets (see Note 11)    |   |   | 93,102   |   |
|                                           |   |   |     |   |
| Total                  other assets, net       |   | $      | 115,420  |   |

----

| 2004   |   | $      | 9,224  |   |
|--------|--------|--------|--------|--------|
| 2005   |   |   | 8,674  |   |
| 2006   |   |   | 4,420  |   |
|   |   |   |   |   |
|   |   | $      | 22,318 |   |

|                                                         |   | 2003   |      |
|--------------------------------------------------------------|--------|--------|-----------|
| SouthTrust                  term loans                       |   | $      | 2,202,330 |   |
| Sahlman                  Seafoods of Nicaragua, SA bank loan |   |   | 150,000   |   |
| Other                                                        |   |   | 4,830     |   |
|                                                         |   |   |      |   |
| Total                  long-term debt                        |   |   | 2,357,160 |   |
| Less                  current maturities of long-term debt   |   |   | 611,617   |   |
|                                                         |   |   |      |   |
| Total                  long-term debt                        |   | $      | 1,745,543 |   |

----

| 2004   |   | $      | 611,617   |   |
|--------|--------|--------|-----------|--------|
| 2005   |   |   | 606,787   |   |
| 2006   |   |   | 1,138,756 |   |
|   |   |   |      |   |
|   |   | $      | 2,357,160 |   |

|                                                             |   | 2003   |       |
|------------------------------------------------------------------|--------|--------|------------|
| Current                                                          |   |   |       |   |
| Federal                                                          |   | $      | 354,941    |   |
| Foreign                                                          |   |   | -          |   |
|                                                             |   |   |       |   |
| Total                  current                                   |   |   | 354,941    |   |
|                                                             |   |   |       |   |
| Deferred                                                         |   |   |       |   |
| Federal                                                          |   |   | (1,038,397 | ) |
| State                                                            |   |   | (45,648    | ) |
| Foreign                                                          |   |   | -          |   |
|                                                             |   |   |       |   |
| Total                  deferred                                  |   |   | (1,084,045 | ) |
|                                                             |   |   |       |   |
| Total                  provision for (benefit from) income taxes |   | $      | (729,104   | ) |

----

----

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

|                                               |   | Number |   |                              |   |   |
|----------------------------------------------------|--------|--------|--------|-----------------------------------|--------|--------|
|                                                    |   | of     |   | Weighted                  Average |   |
|                                               |   | 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 |   |

----

----

|                                      |   |                                     |      |                                  |                                      |               |                          |  Amount Reported |      |
|-------------------------------------------|--------|------------------------------------------|-----------|---------------------------------------|-------------------------------------------|--------------------|-------------------------------|----------------------------|-----------|
|                                           |   |                                     |      |                                  |  Adjustment                |               |  in                  the |                       |
|                                           |   |                                     |      |                                  |  Due                  to Change |               |  Accompanying            |                       |
|                                           |   |  Amount                   |      |  to                  Twenty-Five |                                      |  Consolidated |                          |
|                                      |   |  Reported                  By  |      |  Year                  Life for  |                                      |  Financial    |                          |
|                                           |   |  Other                  Auditors    |      |  SSN                  Buildings  |                                      |  Statements   |                          |
|                                      |   |                                     |      |                                  |                                      |               |                          |                       |      |   |
| Accumulated                  depreciation |   | $                                        | 5,135,910 |                                  | $                                         | 1,294,314          |                          | $                          | 3,841,596 |   |

----

----

|                                                              |   | DECEMBER                  31, |       |
|--------------------------------------------------------------|--------|-------------------------------|------------|
|                                                         |   | 2002                          |       |
| **ASSETS**                                                   |   |                          |       |   |
|                                                         |   |                          |       |   |
| **CURRENT                  ASSETS**                          |   |                          |       |   |
| Cash                  and cash equivalents                   |   | $                             | 274,260    |   |
| Accounts                  receivable - net of allowance for  |   |                          |       |   |
| doubtful                  accounts of $2,000                 |   |                          | 1,379,682  |   |
| Inventories                                                  |   |                          | 3,973,579  |   |
| Note                  and other receivables, current portion |   |                          | 287,754    |   |
| Prepaid                  expenses                            |   |                          | 338,103    |   |
|                                                         |   |                          |       |   |
| Total                  current assets                        |   |                          | 6,253,378  |   |
|                                                         |   |                          |       |   |
| **NOTE                  RECEIVABLE, LESS CURRENT PORTION**   |   |                          | 180,984    |   |
|                                                         |   |                          |       |   |
| **PROPERTY,                  PLANT AND EQUIPMENT, NET**      |   |                          | 20,251,677 |   |
|                                                         |   |                          |       |   |
| **OTHER                  ASSETS**                            |   |                          |       |   |
| Goodwill,                  net                               |   |                          | 165,366    |   |
| Other,                  net                                  |   |                          | 107,975    |   |
|                                                         |   |                          |       |   |
|                                                         |   |                          | 273,341    |   |
|                                                         |   |                          |       |   |
|                                                         |   | $                             | 26,959,380 |   |
|                                                         |   |                          |       |   |
|                                                         |   |                          |       |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**    |   |                          |       |   |
|                                                         |   |                          |       |   |
| **CURRENT                  LIABILITIES**                     |   |                          |       |   |
| Accounts                  payable                            |   | $                             | 1,135,566  |   |
| Accrued                  expenses                            |   |                          | 491,135    |   |
| Short-term                  debt                             |   |                          | 1,510,047  |   |
| Current                  maturities of long-term debt        |   |                          | 1,471,510  |   |
| Deferred                  income taxes - current             |   |                          | 85,286     |   |
| Income                  taxes payable                        |   |                          | 118,470    |   |
|                                                         |   |                          |       |   |
| Total                  current liabilities                   |   |                          | 4,812,014  |   |
|                                                         |   |                          |       |   |
| **LONG-TERM                  DEBT**                          |   |                          | 1,284,878  |   |
|                                                         |   |                          |       |   |
| **DEFERRED                  INCOME TAXES**                   |   |                          | 3,922,663  |   |
|                                                         |   |                          |       |   |
| Total                  liabilities                           |   |                          | 10,019,555 |   |
|                                                         |   |                          |       |   |
| **SHAREHOLDERS'                  EQUITY**                    |   |                          | 16,939,825 |   |
|                                                         |   |                          |       |   |
|                                                         |   | $                             | 26,959,380 |   |

----

|                                                |   | YEAR                  ENDED   |       |
|-----------------------------------------------------|--------|-------------------------------|------------|
|                                                |   | DECEMBER                  31, |       |
|                                                |   | 2002                          |       |
|                                                |   |                          |       |   |
| **GROSS                  SALES**                    |   | $                             | 17,612,529 |   |
|                                                |   |                          |       |   |
| **EXPENSES**                                        |   |                          |       |   |
| Cost                  of goods sold                 |   |                          | 16,127,157 |   |
| Freight                  and other sales expense    |   |                          | 281,270    |   |
| General                  and administrative expense |   |                          | 2,165,342  |   |
|                                                |   |                          |       |   |
| Total                  expenses                     |   |                          | 18,573,769 |   |
|                                                |   |                          |       |   |
| **GAIN                  ON SALE OF ASSETS, NET**    |   |                          | 1,338,468  |   |
|                                                |   |                          |       |   |
| **INCOME                  FROM OPERATIONS**         |   |                          | 377,228    |   |
|                                                |   |                          |       |   |
| **OTHER                  INCOME AND (EXPENSE)**     |   |                          |       |   |
| Interest                  expense                   |   |                          | (175,764   | ) |
| Other                  income                       |   |                          | 144,556    |   |
| Other                  expense                      |   |                          | (421,924   | ) |
|                                                |   |                          |       |   |
| **LOSS                  BEFORE INCOME TAXES**       |   |                          | (75,904    | ) |
|                                                |   |                          |       |   |
| **PROVISION                  FOR INCOME TAXES**     |   |                          | 38,429     |   |
|                                                |   |                          |       |   |
| **NET                  LOSS**                       |   | $                             | (114,333   | ) |

----

|                                    |   |                            |    |                          |   |          |   |           |   |           |   |                |   |  ADDITIONAL   |      |  FOREIGN |   |     |   |   |  TOTAL |   |
|------------------------------------|--------|---------------------------------|---------|-------------------------------|--------|---------------|--------|----------------|--------|----------------|--------|---------------------|--------|------------------------------|-----------|---------------|--------|----------|--------|--------|-------------|--------|
|                               |   | TREASURY                  STOCK |    | COMMON                  STOCK |   |  PAID-IN |   |  CURRENCY |   |  RETAINED |   |  SHAREHOLDERS' |   |
|                                    |   |  SHARES          |    |  AMOUNT                  |   |  SHARES  |   |  AMOUNT   |   |  CAPITAL  |   |  TRANSLATION   |   |  EARNINGS               |      |  EQUITY  |   |
| BALANCE,                           |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| JANUARY                  1, 2002   |   |                            | (10,632 | )                             | $      | (1,717,067    | )      |           | 80,000 |           | $      | 8,000               |   | $                            | 1,949,000 |          | $      | (231,375 | )      | $      | 17,045,600  |   | $ | 17,054,158 |   |
|                               |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| NET                  LOSS          |   |                            | -       |                          |   | -             |   |           | -      |           |   | -                   |   |                         | -         |          |   | -        |   |   | (114,333    | )      |   | (114,333 | ) |
|                               |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| BALANCE,                           |   |                            |    |                          |   |          |   |           |   |           |   |                |   |                         |      |          |   |     |   |   |        |   |   |   |   |
| DECEMBER                  31, 2002 |   |                            | (10,632 | )                             | $      | (1,717,067    | )      |           | 80,000 |           | $      | 8,000               |   | $                            | 1,949,000 |          | $      | (231,375 | )      | $      | 16,931,267  |   | $ | 16,939,825 |   |

----

|                                                                      |   | YEAR                  ENDED   |       |
|----------------------------------------------------------------------|--------|-------------------------------|------------|
|                                                                 |   | DECEMBER                  31, |       |
|                                                                 |   | 2002                          |       |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES**            |   |                          |       |   |
| Net                  loss                                            |   | $                             | (114,333   | ) |
| Adjustments                  to reconcile net loss to net cash       |   |                          |       |   |
| provided                  by operating activities -                  |   |                          |       |   |
| Depreciation                  and amortization                       |   |                          | 2,101,966  |   |
| Gain                  on sale of assets                              |   |                          | (1,338,468 | ) |
| Deferred                  income taxes                               |   |                          | (120,803   | ) |
| (Increase)                  decrease in operating assets -           |   |                          |       |   |
| Accounts                  receivable                                 |   |                          | 406,218    |   |
| Inventories                                                          |   |                          | (496,787   | ) |
| Other                  receivables                                   |   |                          | 116,754    |   |
| Prepaid                  expenses                                    |   |                          | (47,131    | ) |
| Prepaid                  and recoverable income taxes                |   |                          | 305,542    |   |
| Other                  assets                                        |   |                          | 4,235      |   |
| (Decrease)                  increase in operating liabilities -      |   |                          |       |   |
| Accounts                  payable                                    |   |                          | 199,108    |   |
| Accrued                  expenses                                    |   |                          | 27,816     |   |
| Income                  taxes payable                                |   |                          | 118,470    |   |
|                                                                 |   |                          |       |   |
| Net                  cash provided by operating activities           |   |                          | 1,162,587  |   |
|                                                                 |   |                          |       |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**            |   |                          |       |   |
| Purchase                  of property, plant and equipment           |   |                          | (549,382   | ) |
| Proceeds                  from sale of property, plant and equipment |   |                          | 2,340,430  |   |
| Proceeds                  from note receivable                       |   |                          | 6,511      |   |
|                                                                 |   |                          |       |   |
| Net                  cash provided by investing activities           |   |                          | 1,797,559  |   |
|                                                                 |   |                          |       |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**            |   |                          |       |   |
| Payments                  on long-term debt                          |   |                          | (3,369,819 | ) |
| Net                  borrowings under line of credit                 |   |                          | 622,962    |   |
| Payments                  on short-term debt                         |   |                          | (257,000   | ) |
|                                                                 |   |                          |       |   |
| Net                  cash used in financing activities               |   |                          | (3,003,857 | ) |
|                                                                 |   |                          |       |   |
| **NET                  DECREASE IN CASH AND CASH EQUIVALENTS**       |   |                          | (43,711    | ) |
|                                                                 |   |                          |       |   |
| **CASH                  AND CASH EQUIVALENTS - BEGINNING**           |   |                          | 317,971    |   |
|                                                                 |   |                          |       |   |
| **CASH                  AND CASH EQUIVALENTS - ENDING**              |   | $                             | 274,260    |   |

| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW** |   |   |     |   |
|-----------------------------------------------------------|--------|--------|----------|--------|
| **INFORMATION**                                           |   |   |     |   |
| Income                  taxes refunded                    |   | $      | (277,551 | )      |
|                                                      |   |   |     |   |
| Interest                  paid                            |   | $      | 196,990  |   |

----

|  Land improvements                 |  15              years      |
|-------------------------------------------------------------|----------------------------------|
|  Building                                         |  5 - 30 years               |
|  Marine vessels                    |  10              - 20 years |
|  Machinery and equipment      |  5 - 20              years  |

----

|                               |   | 2002   |      |
|------------------------------------|--------|--------|-----------|
| Seafood                  products  |   | $      | 2,034,002 |   |
| Supplies                           |   |   | 1,737,804 |   |
| Stock                  in ponds    |   |   | 201,773   |   |
|                               |   |   |      |   |
| Total                  inventories |   | $      | 3,973,579 |   |

----

|                                                 |   | 2002   |        |
|------------------------------------------------------|--------|--------|-------------|
| Land                                                 |   | $      | 602,573     |   |
| Land                  improvements                   |   |   | 219,970     |   |
| Buildings                                            |   |   | 5,691,791   |   |
| Marine                  vessels                      |   |   | 17,754,989  |   |
| Machinery                  and equipment             |   |   | 5,560,965   |   |
| Furniture                  and fixtures              |   |   | 516,402     |   |
| Construction                  in progress            |   |   | 18,740      |   |
|                                                 |   |   |        |   |
| Total                  property, plant and equipment |   |   | 30,365,430  |   |
| Less                  accumulated depreciation       |   |   | (10,113,753 | ) |
|                                                 |   |   |        |   |
| Property,                  plant and equipment, net  |   | $      | 20,251,677  |   |

|                                           |   | 2002   |     |
|------------------------------------------------|--------|--------|----------|
| Goodwill                                       |   | $      | 566,880  |   |
| Less                  accumulated amortization |   |   | (401,514 | ) |
|                                           |   |   |     |   |
| Goodwill,                  net                 |   | $      | 165,366  |   |
|                                           |   |   |     |   |
| Deferred                  financing costs      |   | $      | 35,872   |   |
| Less                  accumulated amortization |   |   | (20,596  | ) |
|                                           |   |   |     |   |
| Deferred                  financing costs, net |   |   | 15,276   |   |
|                                           |   |   |     |   |
| Other                  assets (see Note 11)    |   |   | 92,699   |   |
|                                           |   |   |     |   |
| Total                  other assets, net       |   | $      | 107,975  |   |

| 2003   |   | $      | 6,600  |   |
|--------|--------|--------|--------|--------|
| 2004   |   |   | 3,850  |   |
| 2005   |   |   | 3,300  |   |
| 2006   |   |   | 950    |   |
| 2007   |   |   | 576    |   |
|   |   |   |   |   |
|   |   | $      | 15,276 |   |

----

|                                                       |   | 2002   |      |
|------------------------------------------------------------|--------|--------|-----------|
| SouthTrust                  term loans                     |   | $      | 2,745,763 |   |
| Other                                                      |   |   | 10,625    |   |
|                                                       |   |   |      |   |
| Total                  long-term debt                      |   |   | 2,756,388 |   |
| Less                  current maturities of long-term debt |   |   | 1,471,510 |   |
|                                                       |   |   |      |   |
| Total                  long-term debt                      |   | $      | 1,284,878 |   |

----

| 2003   |   | $      | 1,471,510 |   |
|--------|--------|--------|-----------|--------|
| 2004   |   |   | 398,211   |   |
| 2005   |   |   | 80,000    |   |
| 2006   |   |   | 806,667   |   |
|   |   |   |      |   |
|   |   | $      | 2,756,388 |   |

|                                              |   | 2002   |     |
|---------------------------------------------------|--------|--------|----------|
| Current                                           |   |   |     |   |
| Federal                                           |   | $      | 96,315   |   |
| Foreign                                           |   |   | 50,147   |   |
|                                              |   |   |     |   |
| Total                  current                    |   |   | 146,462  |   |
|                                              |   |   |     |   |
| Deferred                                          |   |   |     |   |
| Federal                                           |   |   | (155,873 | ) |
| State                                             |   |   | (12,404  | ) |
| Foreign                                           |   |   | 60,244   |   |
|                                              |   |   |     |   |
| Total                  deferred                   |   |   | (108,033 | ) |
|                                              |   |   |     |   |
| Total                  provision for income taxes |   | $      | 38,429   |   |

----

|                                        |   | 2002   |   |
|---------------------------------------------|--------|--------|--------|
| Class                  A common stock:      |   |   |   |   |
| Par                  value per share        |   |   | .10    |   |
| Shares                  authorized          |   |   | 60,000 |   |
| Shares                  outstanding, net of |   |   |   |   |
| treasury                  stock             |   |   | 27,618 |   |
|                                        |   |   |   |   |
| Class                  B common stock:      |   |   |   |   |
| Par                  value per share        |   |   | .10    |   |
| Shares                  authorized          |   |   | 50,000 |   |
| Shares                  outstanding, net of |   |   |   |   |
| treasury                  stock             |   |   | 41,750 |   |
|                                        |   |   |   |   |
| Class                  C common stock:      |   |   |   |   |
| Par                  value per share        |   |   | .10    |   |
| Shares                  authorized          |   |   | 40,000 |   |
| Shares                  outstanding, net of |   |   |   |   |
| treasury                  stock             |   |   | -      |   |
|                                        |   |   |   |   |
| Class                  D common stock:      |   |   |   |   |
| Par                  value per share        |   |   | .10    |   |
| Shares                  authorized          |   |   | 40,000 |   |
| Shares                  outstanding, net of |   |   |   |   |
| treasury                  stock             |   |   | -      |   |

----

|                                               |   | Number |   |                              |   |   |
|----------------------------------------------------|--------|--------|--------|-----------------------------------|--------|--------|
|                                               |   | of     |   | Weighted                  Average |   |
|                                                    |   | Shares |   | Option                  Price     |   |
| Options                  (granted and unexercised) |   |   |   |                              |   |   |   |
| at                  January 1, 2002                |   |   | 4,117  |                              | $      | 160.08 |   |
| Granted                                            |   |   | -      |                              |   | -      |   |
| Exercised                                          |   |   | -      |                              |   | -      |   |
| Forfeited                                          |   |   | -      |                              |   | -      |   |
|                                               |   |   |   |                              |   |   |   |
| Options                  (granted and unexercised) |   |   |   |                              |   |   |   |
| at                  December 31, 2002              |   |   | 4,117  |                              | $      | 160.08 |   |

----

----

| **Exhibit****Number** |  **Exhibit                Title**                                                                                                                                                      |      |
|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|                  |                                                                                                                                                                                        |      |
| 23.1             | Consent                of Independent Public Accounting Firm                                                                                                                           | **   |
| 23.2             | Consent                of Independent Public Accounting Firm                                                                                                                           | **   |
| 31.1             | CEO                Certification pursuant to Securities Exchange Act Rule 13a-14, as                adopted                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  | **   |
| 31.2             | CFO                Certification pursuant to Securities Exchange Act Rule 13a-14, as                adopted                pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  | **   |
| 32.1             | CEO                Certification required by 18 U.S.C. Section 1350, as adopted pursuant                to                Section 906 of the Sarbanes-Oxley Act of 2002.               | **#  |
| 32.2             | CFO                Certification required by 18 U.S.C. Section 1350, as adopted pursuant                to                Section 906 of the Sarbanes-Oxley Act of 2002.               | **#  |

----