Business
High Liner Foods Reports 62.5% Improvement in Adjusted EBITDA in 2012 and Announces 36% Dividend Increase
- First full year of Icelandic USA very accretive to sales, Adjusted EBITDA and Adjusted Net...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n\n\n\n- First full year of Icelandic USA very accretive to sales, Adjusted\n EBITDA and Adjusted Net Income -\n\n\nLUNENBURG, NS, Feb. 20, 2013 /CNW/ - High Liner Foods Incorporated (TSX: HLF), the leading North American value-added frozen seafood company, today\n reported financial results for the thirteen-week period and fiscal year\n 2012 ended December 29, 2012.  All amounts are reported in U.S.\n dollars, as will future earnings releases, as the Company has now\n commenced reporting results in U.S. dollars.\n\n\nFinancial and operational highlights for the fourth quarter of 2012 include (all comparisons are relative to the fourth quarter of 2011,\n unless otherwise noted):\n\n\n\nCompleted the integration of Icelandic USA into High Liner's operations\n in November 2012;\n\n\nSales increased by 26.6% to $218.3 million from $172.5 million;\n\n\nNet deferred financing costs of $8.7 million ($6.3 million after tax)\n were expensed in 2012 earnings as financing costs, relating to the\n favourable amendments on the Company's Term Loan B;\n\n\nThe Company reported a net loss of $2.7 million in 2012 (diluted loss\n per share of $0.18), compared with net loss of $2.9 million (diluted\n loss per share of $0.19) in the fourth quarter of 2011;\n\n\nAdjusted EBITDA1 increased by 54.2% to $22.1 million from $14.3 million;\n\n\nAdjusted Net Income2 of $10.6 million (Adjusted diluted earnings per share (\"EPS\")3 of $0.68), compared with $6.7 million (Adjusted diluted EPS of $0.44);\n and,\n\n\nSynergies achieved during the quarter on the integration of Icelandic\n USA amounted to $3.7 million.\n\n\n\nFinancial and operational highlights for the 2012 fiscal year include (all comparisons are relative to fiscal year 2011, unless\n otherwise noted):\n\n\n\nSales increased by 39.5% to $942.6 million from $675.5 million; the\n Icelandic USA acquisition added $275.8 million to sales versus $8.5\n million in 2011;\n\n\nReported net income of $2.2 million (diluted EPS of $0.14), compared\n with $18.7 million (diluted EPS of $1.22), in 2011, with the decrease\n attributable to costs related to the Icelandic USA acquisition and\n integration, higher stock compensation expense, higher financing costs,\n and the expensing of deferred financing costs in 2012 as mentioned\n above;\n\n\nAdjusted EBITDA1 increased by 62.5% to $91.7 million from...