Nice shot!
A couple of clues to help decipher the images:
The sea bass arches have space between them indicating that they are indeed individual fish and not a mass of bait.
Lighter arches among the full, colored arches indicate fish to the left and right of the boat as only those individuals that are in the center of the transducer's cone will display a colored arch.
Finally, the structure indicates a rocky bottom and the depth (50 feet) is a good indication of "who" might be "home".
The Lowrance 256 color display is an incredible tool and a fishing advantage that must be experienced to be believed. The ability to accurately perform species identification from the comfort of your helm seat really speaks for itself and is a capability that has the potential to significantly increase your fishing effectiveness!