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High Liner Foods sales increased by 13.9 percent to CAD 153.3 million (Photo: High Liner Foods)
Continued Growth For High Liner Foods
(CANADA, 8/17/2011)
High Liner Foods Incorporated (Public, TSX: HLF; HLF.A), a leading North American value-added frozen seafood company, has reported its financial results for the thirteen-week period ended July 2, 2011. All amounts are reported in Canadian dollars.
Financial and operational highlights for the second quarter include (all comparisons are relative to the second quarter of 2010, unless otherwise noted):
• Sales increased by 13.9 percent to CAD 153.3 million
• Sales volume increased by 12.7 percent to 44.5 million pounds
• Adjusted EBITDA(1) increased by 8.0 percent to CAD 10.3 million, or 6.7 percent of sales
• Net income increased by 8.2 percent to CAD 4.8 million, or diluted earnings per share ("EPS") of CAD 0.31, from CAD 4.4 million, or diluted EPS of CAD 0.28
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| High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood |
"High Liner's second quarter performance continued to be solid, driven primarily by our United States operations and the positive addition in December 2010 of Viking Seafoods to our results," said Henry Demone, president and CEO, High Liner Foods Incorporated.
"While Viking added 7.6 percent to the total growth in our sales volume, our base business also accounted for 5.1 percent. In particular, we are pleased to note a 5.5 percent improvement in sales in our Canadian operations, after several quarters of decline."
"The continued success of our new product introductions and cost-reduction strategies helped to offset the effect of the stronger Canadian dollar, providing the backbone to another strong quarter," he continued.
Outlook
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| Henry Demone |
"The strength from prior periods has continued into the second quarter of 2011, and we remain optimistic about our growth prospects for the remainder of the year," said Mr. Demone.
"The organic growth experienced from the launch of new product lines is very encouraging, as these products have resonated well with consumers and the market; specifically, the success of our FireRoastersTM product in the U.S. market is a testament to our experience in product innovation."
"We will look to maintain our emphasis on advertising, with the purpose of raising brand awareness, as this program has had positive results on sales of our branded products. Higher raw material costs, which prevailed in early 2011, appear to have reached a plateau and we do not expect further price increases on an aggregate basis for the balance of 2011."
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| New product introductions helped to offset the effect of the stronger Canadian dollar |
"While we are encouraged by the year-over-year improvement in sales in our Canadian operations, we continue to review initiatives to improve the trend in the Canadian retail market."
"In the U.S., the Viking acquisition has been fully integrated into our business, and we are pleased that the addition is meeting our high expectations."
"Overall, the improvement in the U.S. and Canadian economies has provided support to our business and the outlook for 2011 appears positive."
"We remain focused on expanding our growth in sales while continuing to identify and implement cost-reduction initiatives to produce continued strong future results," concluded Mr. Demone.
About High Liner Foods Incorporated
High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood.
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| High Liner Foods sales volume increased by 12.7 percent to 44.5 million pounds |
High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner (R), Fisher Boy (R), Mirabel (R)and Sea CuisineTM labels, and are available in most grocery and club stores.
The Company also sells its High Liner (R), FPI (R), Mirabel (R), and VikingTM food service products to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors. High Liner Foods is a publicly traded Canadian company trading on the Toronto Stock Exchange.
Source: High Liner Foods Incorporated
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Brian Loubet Jambert
[email protected]
www.seafood.media
Information of the company:
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Address:
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100 Battery Point - Box 910
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City:
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Lunenburg
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State/ZIP:
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NS (B0J 2C0 )
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Country:
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Canada
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Phone:
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+1 902 634 8811
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Fax:
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+1 902 634 4785
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E-Mail:
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[email protected]
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