YEAR-ROUND PRODUCTION OF CATFISH APPEARS DESIRABLE, BECAUSE PROCESSORS COULD UTILIZE FACILITIES MORE FULLY AND ENSURE A CONSTANT SUPPLY. YEAR-ROUND PRODUCTION ALSO COULD RESULT IN A LOWER CONSUMER PRICE AND THUS INCREASE CATFISH SALES. FOUR MAJOR FACTORS INFLUENCE CATFISH PRODUCTION -- FEED, FINGERLINGS, WATER, AND LABOR -- AND COSTS OF OVER-WINTERING WOULD BE AFFECTED BY EACH. 1) SINCE FISH MAY LOSE WEIGHT DURING THE WINTER EVEN THOUGH FED A MAINTENANCE RATION, FEED COSTS ARE INCREASED WITHOUT CORRESPONDING INCREASES IN THE VALUE OF THE PRODUCT. 2) FINGERLING COSTS FOR YEAR-ROUND PROGRAMS SHOULD NOT VARY GREATLY ALTHOUGH THOSE FOR SUMMER AND FALL-STOCKED FINGERLINGS MAY BE SLIGHTLY HIGHER AND HAVE A GREATER RISK OF DEATH LOSS. 3) HARVEST COSTS ARE INCREASED DURING SUMMER MONTHS SINCE FISH ARE MORE SUBJECT TO OXYGEN STRESS AT THAT TIME. CONVERSELY, WITH WINTER OR COOL WEATHER HARVEST, LESS AERATION IS REQUIRED IN TRANSPORTING FISH. DURING COLDER WEATHER CATFISH CAN BE TRANSPORTED WITHOUT WATER OR AERATION. 4) FISH PRODUCTION REQUIRES LIMITED LABOR EXCEPT AT HARVEST AND AS WINTER TRADITIONALLY HAS BEEN A TIME WHEN LABOR WAS FREE FROM OTHER PRODUCTION ACTIVITIES, IT WOULD BE AN ADVANTAGEOUS HARVEST PERIOD. OVER-WINTERING CATFISH THUS INCURS BOTH ADDITIONAL COST AND ADDITIONAL RISK FOR OPEN POND PRODUCTION. TO INCREASE PROCESSING EFFICIENCY BY YEAR-ROUND OPERATION, SEASONAL PRICE DIFFERENTIALS GREAT ENOUGH TO OVERCOME COST AND RISK DIFFERENTIALS MUST BE INSTITUTED.