Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey
   


High Liner Foods is optimistic about its operating performance for the full year (Photo: High Liner Foods)

High Liner Foods Reports Strong Operating Results for Q3 2012

  (CANADA, 11/13/2012)

High Liner Foods Incorporated (Public,TSX: HLF; HLF.A), leading North American value-added frozen seafood company, has reported financial results for the thirteen and thirty-nine weeks ended September 29, 2012.

Financial and operational highlights for the third quarter and first thirty-nine weeks of 2012 include (all comparisons are relative to the third quarter and first thirty-nine weeks of 2011, unless otherwise noted):

  • Sales for the third quarter increased by 35.3 per cent to CAD 218.8 million from CAD 161.7 million;
  • Reported net income for the third quarter, including one-time costs of the Icelandic USA Acquisition, of CAD 2.2 million (diluted earnings per share ("EPS") of CAD 0.14) compared with CAD 6.7 million (diluted EPS of CAD 0.44); CAD 5.0 million (diluted EPS of CAD 0.32) for the first thirty-nine weeks of 2012 compared with CAD 21.2 million (diluted EPS of CAD 1.38);
  • Adjusted EBITDA for the third quarter increased by 78.3 per cent to CAD 21.6 million from CAD 12.1 million; CAD 69.7 million for the first thirty-nine weeks of 2012 compared with CAD 41.3 million;
  • Adjusted Net Income of CAD 7.9 million (Adjusted diluted EPS(3) of CAD 0.51) for the third quarter compared with CAD 6.3 million (Adjusted diluted EPS of CAD 0.41); CAD 27.4 million (Adjusted diluted EPS of CAD 1.78) for the first thirty-nine weeks of 2012 compared with CAD 21.7 million (Adjusted diluted EPS of CAD 1.41);
  • Interest-bearing debt reduced by CAD 47.8 million in the first thirty-nine weeks of 2012;
  • The integration of Icelandic USA Acquisition continues to progress ahead of schedule.
Henry Demone,
president and CEO

"As we continue the process of integrating the Icelandic USA Acquisition operations with ours, we are pleased to report another strong quarter that saw sales and Adjusted EBITDA grow by 35.3 per cent and 78.3 per cent, respectively," said Henry Demone, president and CEO.

"The increases were largely due to the addition of the Icelandic USA Acquisition, which had a robust 5.9 per cent year-over-year sales growth on a pro forma basis that assumes the Icelandic USA Acquisition had been part of our operations for the same quarter in 2011. Our non-Icelandic USA sales declined by 4.8 per cent due to a variety of reasons. Overall, Adjusted EBITDA growth remained strong at 18.4 per cent on a pro forma basis. EBITDA growth was also positively affected by lower seafood input costs, which we previously forecasted would begin to show a favourable contribution to profitability in the third quarter."

"With regard to the Icelandic USA Acquisition integration, we are pleased that we have maintained our pace ahead of plan, and that High Liner is now operating under one enterprise resource planning (ERP) system. We now project synergies from the Icelandic USA acquisition of at least CAD 18 million, the high end of our original estimate of CAD 16-CAD 18 million."

"The Icelandic USA Acquisition was accretive on an adjusted basis for both the third quarter and year to date, and we continue to expect it to be accretive for the full year," said Mr. Demone. "As we have maintained an accelerated pace of integrating our U.S. operations with Icelandic USA's, we expect to benefit from the synergies earlier than anticipated and further solidify our leadership position in the North American frozen seafood food service market."

High Liner Foods Incorporated is a processor and marketer of superior quality seafood products

"Our Canadian retail operations continue to remain strong and we expect this performance to be sustained into next year. We began to see the benefits of lower seafood input costs during the third quarter, which we project to continue into the fourth, quarter and into 2013, as seafood costs are expected to remain favourable. Lower seafood costs will reduce our commodity sales as we pass on some of these lower product costs to customers. Lower commodity product costs should increase margins and profitability. All these factors considered, we are optimistic about our operating performance for the full year and beyond."

The company has made sustainability a key corporate goal, with the end objective being purchasing 100 per cent of raw materials and commodities from certified sustainably caught or farmed seafood

About High Liner Foods Incorporated

High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood. High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and Royal Sea labels, and are available in most grocery and club stores.

The Company also sells its products under the High Liner, FPI, Mirabel, Viking, Icelandic Seafood, Samband of Iceland, Seastar, and Seaside brands to restaurants and institutions, and is the 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 under the symbols HLF and HLF.A on the Toronto Stock Exchange.

Source: High Liner Foods

Related News

Margaret E.L. Stacey
Editor Companies and Products
[email protected]
www.seafood.media


Information of the company:
Address: 100 Battery Point - Box 910
City: Lunenburg
State/ZIP: NS (B0J 2C0 )
Country: Canada
Phone: +1 902 634 8811
Fax: +1 902 634 4785
E-Mail: [email protected]
More about:




Approval / Accreditation / Certified / Oversight by...
HACCP  Kosher  MSC/Marine Stewardship Council 



 Print


Click to know how to advertise in FIS
MORE ARTICLES
Norwegian Land-based Fish Farmer Bue Salmon has Harvested its First 514 Tonnes of Table-sized Fish
American Industrial Partners to Acquire Aker Biomarine's Feed Ingredients Business
ASC’s Growing Impact Comes to Life in New Visual Dashboard
American Seafoods Reaffirms Focus on Business and Growth Prospects
Frime Launches the First and Only Marinated Tuna Suitable for Raw Consumption
Naturally Sublime Caviar
North Coast Seafoods Launches New 100% Recyclable Packaging
Acme Smoked Fish Debuts Innovative New Products & Packaging
Long John Silver’s Partners with Leading Tech Innovators to Transform Customer Engagement
Discovery Tour to Showcase Responsible Salmon Farming in Norway
Skretting Introduces New Feed Formulation Concept
FDO Showcases Range of Seafood Products at HORECA Oman 2024
Atlantic Sapphire Further Reduces Carbon Footprint by Joining Esteemed FPL Solar Together Program
GSA Launches BAP Consumer Websites in French and German
High Liner Foods Invests US$10M in Andfjord Salmon
Blue Star Foods Reports 19% Growth to U$2.3 M Revenue for First Quarter Ended March 31
Filetfabrikken is Ready for the Future of Fish Processing
Wanda Fish Unveils Its First Cell-Cultivated Bluefin Tuna Toro Sashimi
Veramaris Achieves a Record-breaking Year With a 50% Increase in Production Volumes
Online registration is Now Open for Aquaculture Vietnam 2024
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
Alpescas condemns murder of fishing leader Minerva Pérez in Mexico
Mexico The alliance views with concern these acts that may be related to cartels or mafias that operate with illegal fishing, which is why they urge governments and authorities to put emphasis on comba...
Indian Ocean squid price index: Flying squid (Ommastrephes bartramii)
China In order to continuously enhance the ability to control squid resources and price influence, and conduct more accurate resource assessment and forecasting, the China Ocean Fisheries Association&n...
Japanese Scallop Exports to the US, Taiwan, and Southeast Asia Soar
Japan Japan's exports of raw frozen scallops to Vietnam and Thailand increased significantly in May, while exports of frozen meat to the United States and Taiwan also grew. Japanese scallops have tapped in...
A global perspective on fisheries bycatch solutions
New Zealand Many of you will know Rosa Edwards, one of Seafood New Zealand’s inshore fisheries managers and our Inshore Protected Species Programme Lead. Recently, courtesy of the Australian-based Minderoo ...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER