Answer by taking a quote from the following article:

Alexisonfire (pronounced "Alexis on fire") is a five-piece Canadian post-hardcore band that formed in St. Catharines, Ontario in 2001. The band consists of George Pettit (unclean vocals), Dallas Green (clean vocals, rhythm guitar, piano), Wade MacNeil (lead guitar, vocals), Chris Steele (bass guitar), and Jordan Hastings (drums, percussion). They describe their music as "the sound of two Catholic high-school girls in mid-knife-fight" (a reference to their song "A Dagger Through the Heart of St. Angeles", also the inspiration for their debut album cover art).

Alexisonfire had attracted considerable attention from major record labels, due to the success of their self-titled debut. However, when they started considering making a second album, the band felt that, for artistic reasons, they should remain independent, as it would give them better chances of developing and deciding their direction. They would remain with Distort Entertainment, and instead of using a famous producer, they recorded the album with Julius Butty at his studio near Hamilton, Ontario.  Watch Out! was released on June 29, 2004, and was immediately successful. It debuted at No. 6 on the Nielsen Soundscan Top 200, and received gold certification in Canada in twelve weeks. The good critical reception came from the fact that the band was more focused from the eighteen months of touring, helping them harness more aggression, release more emotion, and fine-tune all the tracks. This lay in comparison to their debut album, which was mostly first drafts.  On June 14, 2005 Alexisonfire posted a statement on their website revealing that founding drummer Jesse Ingelevics was leaving the band. The statement explained that the band and Ingelevics had slowly grown apart, and that he wanted to spend more time with his family and his fiancee.  While touring in support of the album with Johnny Truant and The Blood Roses in Glasgow, Scotland in October 2005, each member of all three bands had the word "Yeti" tattooed on themselves. On an episode of the MuchMusic program The New Music, Pettit and Green revealed that the inspiration for their "Yeti" tattoos came from the 1988 Gary Oldman film The Firm.

What happened with the second album?
Watch Out! was released on June 29, 2004, and was immediately successful.